China National Chemical Corporation, also known as ChemChina, is in talks with commodities firm Mercuria to expand its 12% stake in exchange for interest in its onshore refining system, sources told the Financial Times. ChemChina, the country’s third largest oil refiner behind Sinopec and PetroChina, processes over 500,000 barrels a day. With the finalising of […]
Category: Brief
Changes made by the World Bank to its lending model will see China eligible for fewer loans as the US pushes for more money to be allocated to poorer countries, the Financial Times reports. The White House reached a deal with the World Bank last week in which the US will contribute a further $13 […]
Foreign investors will be allowed to buy Chinese iron-ore futures from May 4th, announced the China Securities Regulatory Commission on Friday, in another move designed to open up the country’s markets to the wider world. Last month saw the issuance of the first yuan-denominated crude oil futures in Shanghai, which many interpreted as Beijing’s bid […]
China has announced plans to establish a free trade zone on the tropical island province of Hainan by 2020 and will encourage multinational businesses to set up their headquarters there, Reuters reports. The announcement, published jointly by the Communist Party and State Council, comes days after President Xi Jinping’s speech at the Boao Forum, a high-profile economic […]
The People’s Bank of China has relaxed the upper limit to interest rates for some commercial bank deposits, sources told Reuters during the weekend, but will not follow through on suggestions made previously that it will lift the cap on all deposit types. Instead, commercial banks will have greater freedom to adjust their certificate of […]