China’s Ministry of Industry and Information Technology has announced it will partner with Ping An Bank via an industry group it controls to establish a US$30 billion fund to support the country’s electronics industry, The New York Times reported, citing state media. The signing ceremony was attended by representatives from representatives of major Chinese tech […]
Category: Banking & Finance
Last week saw three essays by department heads at the People’s Bank of China highlight the central bank’s focus on replacing its old lending cap with a new policy benchmark interest rate, suggesting China is still grappling with the transition away from frequent open-market operations it has historically used to implement monetary policies, South China […]
China’s central bank has ended an eight-day streak of raising the yuan’s trading band to weaken the currency, setting the daily reference rate 0.02% stronger than the previous day at 6.5636 per dollar, The Financial Times reported. Confusion has mounted recently over how the People’s Bank of China sets the fix: While the bank claims […]
China’s foreign exchange reserves plunged by US107.9 billion in December to close the year at US$3.33 trillion, down from US$3.84 trillion at the end of 2014, South China Morning Post reported. The sudden end of a soft peg against the US dollar in August resulted in sharp depreciation for the yuan, forcing the People’s Bank […]
A recent announcement from the China’s central bank outlining a new Macro Prudential Assessment (MPA) system indicates that the official reserve requirement ratio for commercial banks will increasingly be used to enforce financial stability instead of as a tool to manage liquidity, Bloomberg reported. Ma Jun, chief economist of the People’s Bank of China research bureau, […]