Comments from Vincent Duhamel, Asia head of private Swiss bank Lombard Odier, appeared to confirm rumors that the Renminbi Qualified Domestic Institutional Investment (RQDII) program allowing yuan funds to be channeled into investments offshore has been effectively suspended, South China Morning Post reported. “Before, there were more institutions that were trying to create products for […]
Category: Banking & Finance
The People’s Bank of China is looking into the creation of its own digital currency based on the findings of a research team it set up in 2014, Bloomberg reported, citing a statement on the bank’s website. The central bank said it had consulted with experts from Citigroup and Deloitte on the matter, but gave […]
The People’s Bank of China has instructed banks that provide multinational corporations with yuan cash pooling services to restrict outflows as of January 19, Caixin reported, citing unnamed sources. The central bank’s order to not let firms send more funds overseas than they bring in was an “obvious attempt to reduce the supply of yuan […]
Revenue from the VIP market at Macau’s casinos dropped by 39.9% to MOP127.82 billion (US$15.89 billion) in 2015, falling to 50% of total gambling revenues from 80% previously, South China Morning Post reported, citing data from the Macau Gaming Inspection and Coordination Bureau. The bureau said casino gross gaming revenue had fallen by 34.3% in 2015 […]
The People’s Bank of China announced on Tuesday evening it would inject over RMB600 billion of liquidity into China’s financial system to head off an expected liquidity squeeze ahead of this year’s Lunar New Year holiday, which begins on February 8, Reuters reported. Liquidity often tightens ahead of the week-long holiday, and the central bank […]