The Chinese yuan, also known as the renminbi, is already convertible under the current account - the broadest measure of trade in goods and services. However, the capital account, which covers portfolio investment and borrowing, is still closely managed by Beijing because of worries about abrupt capital flows.
China had announced it would let firms in Qianhai, a US$45 billion special economic zone in Shenzhen, take out yuan loans from banks just across the border in Hong Kong, with tenors and interest rates to be set independently, also a major step towards liberalising the country’s interest rate mechanisms.Tuesday, 29 January, 2013, 3:40am 5 comments
The mainland should be prepared for big swings in speculative capital flows amid global economic uncertainties, the country's foreign exchange regulator said yesterday.26 Jan 2013 - 2:43am
The Hong Kong stock market is poised to receive a windfall from a renewed effort by Beijing to allow more mainland citizens to buy securities listed on overseas exchanges.13 Jan 2013 - 4:34am
Morgan Stanley, the sixth-largest US bank by assets, plans to eliminate about 1,600 jobs from its investment bank and support staff in coming weeks, a person familiar with the matter said. About half the reductions will be in the US and the rest will affect international employees, the person said. All levels of employees will be affected.10 Jan 2013 - 4:21am
Yuan trades between counterparties based outside China rose to 18 per cent of the deals in the currency settled in Hong Kong.14 Dec 2012 - 5:33pm
Despite perceptions that China's new leadership under Xi Jinping will be conservative, some analysts believe Xi's administration-in-waiting seriously intends to undertake economic reforms.
Laura Cha Shih May-leung, a Hong Kong deputy to the National People's Congress, is one of those believers.27 Nov 2012 - 4:08am
ICBC is easily China's most outward-looking bank...15 Nov 2012 - 1:29pm
The exchange rate of the Chinese yuan against the US dollar will be 5.7 in 2017, Caixin reports, citing a private think tank’s prediction.7 Nov 2012 - 3:12pm
China says its currency has approached its equilibrium rate against the US dollar, indicating chances are slim that the yuan will continue rising significantly.
People's Bank of China governor Zhou Xiaochuan , in a speech delivered in Tokyo on his behalf by one of his deputies, stressed the yuan's valuation is mainly determined by the market, not government intervention.15 Oct 2012 - 8:36am
China’s currency has reached its equilibrium rate and its value is mainly determined by the market, rather than intervention, Beijing’s central bank chief said on Sunday, signalling there is little likelihood of major movement in the yuan’s value in the near future.29 Aug 2013 - 4:13am
True to form, mainland policymakers played safe in setting the latest five-year blueprint for the nation's financial sector, with no ambitious deadlines set for important reforms.2 Oct 2012 - 2:46am
Taiwan export orders from mainland rise21 Sep 2012 - 2:46am
A high level forum of Hong Kong and London bankers will meet again in December to study measures to push the two cities' roles in the internationalisation of the yuan, according to David Wootton, Lord Mayor of the City of London.15 Sep 2012 - 4:03am
Head-on crash hurts 10
Ten people were injured in Miyuan county when a minivan being used as an illegal taxi struck their vehicle head-on, the Beijing Times reports. At least one of the injuries was serious. One injured passenger said the minivan crossed into their lane while trying to avoid another car.15 Sep 2012 - 3:45am
Foreign exchange accumulation on the mainland decelerated drastically this year, limiting the central bank's alternatives in boosting money supply.
The People's Bank of China's purchases of foreign exchange totalled 298.8 billion yuan (HK$365.79 billion) in the first seven months of the year, a year-on-year slump of 87 per cent, it said.24 Aug 2012 - 3:37am