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  • October 24, 2014
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  1. Battle of the renminbi

    Posted Sep 13th 2003, 12:00am by Staff Reporter

    ... A bill has been introduced in the US Congress to impose economic sanctions on China if it refuses to revalue its currency, which is pegged to the US dollar. If the bill goes through, China's US$134 billion in exports to the US could suddenly face tariffs of nearly 30 per cent. The congressmen argue that China's renminbi exchange rate is artificially low and Chinese ...

  2. Hong Kong as a trading post for the renminbi

    Posted Aug 25th 2003, 12:00am by Tony Latter

    ... When the world is eventually presented with a fully convertible renminbi - as it surely will be, although it is a bold person who predicts the timing - where is most financial business ... what can we make of the recent announcement that the central government has agreed to give preference to Hong Kong in the context of offshore renminbi business and to 'consider ...

  3. Renminbi peg for Hong Kong dollar 'is worth considering'

    Posted Aug 28th 2003, 12:00am by Kelvin Chan

    ... Switching the Hong Kong dollar's peg from the US dollar to the renminbi is the only alternative worth considering, one of the original architects of Hong Kong's currency system ... School of Economics, he said: 'I think the choice is either a renminbi peg or a dollar peg.' A renminbi peg was an option because the Hong Kong and mainland economies were now so ...

  4. Tang presses for renminbi deposits

    Posted Aug 30th 2003, 12:00am by Gary Cheung

    ... He seeks channel for exchanging yuan circulating in HK Financial Secretary Henry Tang Ying-yen has urged mainland officials to allow Hong Kong banks to offer renminbi deposit and exchange services as soon as possible. Speaking at the end of his first working visit to Beijing as finance chief, Mr Tang said allowing renminbi deposit-taking, remittances, exchange and credit card ...

  5. New rules mean business as usual

    Posted Nov 19th 2003, 12:00am by Kelvin Chan

    ... Cheung Chi-fai and Kelvin Chan The new rules allowing Hong Kong banks to take renminbi business will bring both convenience and competition but some people still prefer to use long ... said yesterday. The man, who gave his name only as Mr Tang and who runs the China-Hong Kong Renminbi Exchange in Mongkok, said: 'The banks already offer renminbi exchanges. What makes ...

  6. Bank chief fails to attend panel discussion

    Posted Nov 04th 2003, 12:00am by Staff Reporter

    ... Ironically, it was a top US Nobel prize-winning economist and officials from other overseas countries who came to China's defence. 'Floating the renminbi would lead to disastrous ... policies. I am sorry the Japanese government has insisted on the revaluation of the renminbi. I almost have been 100 per cent supportive of my successor but on this matter I disagree.' Mr ...

  7. Revaluation of yuan ruled out

    Posted Jul 25th 2003, 12:00am by Staff Reporter

    ... must maintain renminbi [yuan] stability,' he said at the Asia-Europe Meeting economic ministers' conference, which ended yesterday. 'But it doesn't mean we won't adjust ... at the concluding press conference. The ministers tried their best to avoid the controversy surrounding the renminbi policy. They did not even talk about it during their ministerial meeting. But they could ...

  8. Winning with a stronger yuan

    Posted Aug 24th 2003, 12:00am by Stephen Seawright

    ... of the low costs,' said Mr Tang. 'So if the renminbi goes up ... this should hit their competitiveness.' Such companies include electronics manufacturer Alco Holdings and packaging ... computer manufacturer Legend Group stood to gain the most. 'Legend Group would be positively exposed to a renminbi appreciation because virtually all its revenues and only 70 per cent of its ...

  9. Demands for yuan revaluation unlikely to work, says economist

    Posted Aug 14th 2003, 12:00am by Staff Reporter

    ... time using the same tactic to force China to revalue the renminbi, a top US economist said yesterday. However, Donald Straszheim said if China did not relent, it could face reprisals. 'If ... in 1984.' Mr Straszheim said he believed mainland officials should use a more flexible negotiating tactic when it came to the renminbi dispute. 'It would be to China's advantage to state ...

  10. 'One country, two currencies' boosts economic integration

    Posted Nov 19th 2003, 12:00am by Chris Yeung

    ... Chris Yeung The central government's decision to allow Hong Kong banks to accept business in renminbi will further enhance the visibility of the currency in daily life here. For many ... for renminbi transactions will provide much convenience. Although the renminbi has long been circulating here widely, albeit outside the banking system, the policy change will formally usher in an era ...




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