US Treasury Undersecretary John Taylor said that China remains willing to end its decade-long currency peg and is committed to establishing a flexible exchange rate for the yuan. Speaking to reporters after the meeting of G7 finance ministers and central bankers in London, Taylor said he had seen "steps that are consistent" with China making […]
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Profits stall at Lenovo
Computer giant Lenovo blamed slowing demand in the Chinese PC market and stiffening competition for a stall in profits. The company, which announced a take-over of IBM's PC business last December, said it recorded profits for the last quarter of 2004 of US$43m, up less than 1% on a year earlier. China's PC market has […]
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Gambling official arrested
A government official who fled his post after losing US$423,000 in public funds and borrowed money at a casino in North Korea was arrested by Chinese police, state media reported. Cai Haowen has been the subject of a high-profile manhunt since he disappeared in late 2004 after an 11-month gambling binge at the Hong Kong-built […]
The Chinese government denied that it had provided loans to the Russian government to fund its purchase of a key subsidiary of the troubled oil giant Yukos. The statement follows reports earlier in the week, including in the state-run Xinhua news agency, and comments from the Russian Finance Minister that China has provided US$6bn to […]
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Geely sales rise 29% in January
Chinese independent automaker Geely said it saw sales grow by 29% in January over December, partly due to the completion of a new nationwide sales and supply network. The company, which makes low-cost cars primarily for the China market, has ambitious plans to increase sales significantly this year, including selling some 10,000 units overseas. Geely's […]