US Treasury Secretary John Snow said at a Senate Banking Committee hearing that he believed China would relax its currency regime by mid-October, according to media reports. Snow said that while China should not de-peg the yuan from the dollar immediately, it should begin to allow the yuan to appreciate by subjecting it to market […]
Category:
Categories
Nestle milk powder removed from sale
Officials in Zhejiang Province have pulled from the region's supermarket shelves a milk powder produced by Nestle which has been found to contain excess iodine, thus failing to meet China's iodine content standards, state media reported. In a statement, Nestle said it is investigating why the "Jin Pai Growing 3-Milk Powder" didn't meet government specs, […]
Categories
DBS negotiating bank stake
Singapore bank DBS said it is negotiating to buy a stake in an undisclosed mainland bank, with an eye to establishing joint-venture fund management and securities companies in China, state media reported, citing Richard Leung, the bank's China chief. DBS launched its consumer banking business on the Mainland this week, with more branches in Shanghai […]
Meeting its WTO commitment, China will open its petroleum and refined oil market by the end of 2006, state media reported, citing Gong Jialong, president of the Petroleum Chamber of Commerce who made the remarks at an energy conference. At that time, global petroleum companies will be allowed to enter the Chinese market, with oil […]
Categories
Changan-Ford-Mazda JV approved
The State Development and Reform Commission has approved a three-party joint venture engine manufacturing company to be formed by Changan Automotive Group, Ford Motor Co and Mazda Motor Corp, state media reported. The Changan Ford Mazda Engine Company Ltd joint venture will supply engines to the nearby joint venture vehicle assembly plant, the Changan Ford […]