China

SHANGHAI: China’s renminbi slipped a notch to become the sixth most-used global currency over the course of last year, hit by depreciation and government capital controls, a report said Thursday. Analysts said the drop was a setback for Beijing’s ambitious plans to dramatically increase the use of its currency abroad and make it a mainstay […]

TOKYO –  Sin Tokyo and Shanghai lost ground Monday in quiet trading with most of the region’s other key markets closed for public holidays. Both Japan and China declined as investors cashed in on a recent global rally fuelled largely by expectations for the incoming administration of US President-elect Donald Trump. Incentives were few and […]

SHANGHAI: China has indicated it could relax restrictions on foreign investment in some sectors as it struggles to counter an overseas exodus of capital, while facing accusations of protectionism from US President-elect Donald Trump. A record-setting wave of Chinese investment abroad has fuelled concern in Beijing over capital flight, reckless spending overseas, and the yuan’s fall […]

The Chinese government is making strategic moves to construct an Asia-based economic bloc based on the Chinese yuan, also known as the renminbi, with the ambition of turning it into a currency capable of replacing the dollar in the world economy. But China’s currency strategy under the one-party rule of the Communist Party may have […]

SHANGHAI: China on Tuesday weakened the yuan’s fix against the dollar to a nearly eight-year low as the surging dollar put further pressure on the unit, complicating Beijing’s efforts to manage it. The central People’s Bank of China set the value of the yuan — also known as the renminbi — at 6.8495 to the […]

China and the United States on Sunday committed anew to refrain from competitive currency devaluations, and China said it would continue an orderly transition to a market-oriented exchange rate for the yuan CNY=CFXS. A joint “fact sheet”, issued a day after US President Barack Obama and his Chinese counterpart Xi Jinping held talks, also said […]

LONDON: The Chinese yuan has overtaken the Mexican peso as the most actively traded emerging market currency, reflecting China’s growing influence on the global economy, a survey of the foreign exchange industry showed on Thursday. The yuan or renminbi was the world’s eighth most actively traded currency overall, moving up from the ninth position in […]

SHANGHAI/HONG KONG: The World Bank has set an indicative yield range for its three-year Special Drawing Right (SDR) bonds for sale in China at yields well below those for similar Chinese bonds, highlighting Beijing´s challenge in getting global recognition for its yuan currency and SDR assets. The World Bank guidance for the landmark SDR bonds, […]

BEIJING: Canada will apply to join the China-backed Asian Infrastructure Investment Bank (AIIB), Ottawa’s finance department said Wednesday, in a coup for Beijing after Washington had tried to dissuade US allies from signing up. “Canada is always looking for ways to create hope and opportunity for our middle class as well as for people around the […]

BEIJING: MasterCard Inc hopes to apply this year to become a payment service provider in China after the government opened the market, but the company is still weighing whether to do so alone or with a partner, senior executives said on Friday. The world’s most populous country is “pretty crucial” to its future, but MasterCard […]

sidebar