Central Bank

Now is the right time for interest rate reforms in China

A woman reads the newspaper outside the People's Bank of China in Beijing. Photo: AP

Now is the right time to loosen state controls on interest and exchange rates, a move that can only serve to boost China's market economy. At a State Council meeting on May 6, nine priorities were mapped out to widen economic reforms.

Thursday, 16 May, 2013, 2:47am

Canadian picked to head Bank of England

Mark Carney

Bank of Canada governor Mark Carney was unexpectedly appointed as the next head of the Bank of England, succeeding Mervyn King.

27 Nov 2012 - 3:14am

South African central bank holds key rate, fears inflation

South Africa is highly dependent on imports. A weaker currency increases the cost of many goods bought into South Africa, with the country effectively importing inflation.

Despite weak economic growth South Africa’s Reserve Bank opted to leave interest rates on hold on Thursday, fearing any move to stimulate the economy now could fuel inflation.

The bank left its key interest rate at 5.0 per cent, underscoring a growing quandary facing policymakers in Africa’s largest economy, who expect inflation to peak early next year.

22 Nov 2012 - 10:25pm

Price of gold tipped to remain high

China this year is expected to unseat India as the biggest consumer of gold. Photo: Bloomberg

Gold prices will likely stay high next year as mine-supply is tipped to be restrained, demand is expected to pick up in India and the mainland and central bank buying will remain robust, according to the World Gold Council and Barclays.

14 Nov 2012 - 2:58am

New loans weaker than expected

New loans advanced by banks on the mainland came in weaker than expected last month, suggesting a need for more effective stimulus policies to revive lacklustre demand in the economy, analysts say.

15 Aug 2012 - 11:29pm

Poof! the magic Draghi

Mario Draghi, the president of the European Central Bank, caused an optimistic stir last month with his stirring, almost clarion, promise that the bank was 'ready to do whatever it takes' to preserve the euro. 'Believe me, it will be enough,' he added to underline his resolve. Headlines heralded 'the Magic Draghi'.

15 Aug 2012 - 11:10pm

Second interest rate cut in month

China made a surprise move yesterday to cut interest rates for the second time in a month. At the same time, the European Central Bank cut interest rates to a historic low and the Bank of England took steps to further ease credit.

6 Jul 2012 - 12:00am

Feast of sovereign bonds a real gift

Bankers say the government's record 23 billion yuan (HK$28.2 billion) dim sum bond offer will boost the city as an offshore yuan trading centre and cement the renminbi as a true international currency.

30 Jun 2012 - 12:00am

Beijing to foster HK-Shenzhen ties

China is poised to announce measures promoting the integration of Hong Kong and Shenzhen, after issuing its fourth and largest batch of sovereign bonds in Hong Kong yesterday.

A mainland official said Beijing would soon announce policies to strengthen ties between Hong Kong and Shenzhen's US$45 billion Qianhai Bay Economic Zone.

29 Jun 2012 - 12:00am

Greater interest rate freedom forces banks to shift focus

Last week's long anticipated first move towards interest rate deregulation on the mainland means the country's banks can no longer sit back and take interest margins for granted.

They will now have to come up with new ways of making money.

12 Jun 2012 - 12:00am

Banks push up deposit rates after rate cut

Big mainland banks yesterday responded to an official cut in lending rates by raising deposit rates, underscoring intensifying competition as the central bank edges towards interest rate deregulation.

In the first rate cut since 2008, the People's Bank of China on Thursday cut the benchmark one-year lending and deposit rates by 25 basis points, effective from yesterday.

9 Jun 2012 - 12:00am

Lai See

Airport Authority's green credentials may never take off

2 Jun 2012 - 12:00am

Forget Achilles heels, euro zone's weakness is unleavened

Hong Kong's stock market yesterday suffered its biggest loss this year, with more than HK$500 billion wiped off the value of shares, as institutional investors offloaded stock on fears Greece may have to give up the euro.

SCMP, May 17

20 May 2012 - 12:00am

Wenzhou's grey loan market in downturn

Private lending in Wenzhou, Zhejiang, a seedbed for private businesses over the past three decades has plunged since a credit crisis almost crippled the local economy, city data shows.

14 May 2012 - 12:00am

China gives the yuan more muscle

Beijing set the reference rate for the yuan at a record high yesterday, one week ahead of an economic summit between the nation's top policymakers and their United States counterparts.

The People's Bank of China put the central parity rate at 6.2829 per US dollar yesterday, 0.15 per cent higher than Wednesday's 6.2923 per dollar, and the third straight increase.

27 Apr 2012 - 12:00am