US, EU demand boosts China trade – FT.com The government said November shipments rose 12.7 per cent from a year earlier, a much higher rate than the roughly 7 per cent clip expected by analysts surveyed by Bloomberg and Reuters.
Bank Charted Business Linked to China Hiring – NYTimes.com Federal authorities have obtained confidential documents that shed new light on JPMorgan Chase’s decision to hire the children of China’s ruling elite, securing emails that show how the bank linked one prominent hire to “existing and potential business opportunities” from a Chinese government-run company.
Bitcoin plunges on PBOC ban|chinadaily.com.cn The price of the virtual currency dropped to 6,148.89 yuan ($1,010.62) on Friday at 5 pm from Thursday’s high of 7,005.01 yuan on BTC China, the country’s largest Bitcoin online trading platform by trading volume.
The PBOC said Thursday that Bitcoins have no “real meaning”. Market players said the central bank’s warning probably dented investors’ confidence, and some holders of the currency sold their Bitcoins immediately after the PBOC warning.
China enhances trade finance supervision – Xinhua | English.news.cn China’s forex regulator said Saturday that it will intensify supervision on commercial banks’ trade finance businesses to curb fake financing activities and prevent abnormal cross-border forex movement.
The State Administration of Foreign Exchange (SAFE) said in a statement that its local branches should urge banks to enhance authenticity and compliance examinations for their trade finances.
China Exports Rise More Than Estimated – Bloomberg Outbound shipments rose 12.7 percent from a year earlier, the General Administration of Customs said today in Beijing. That exceeded estimates from 41 of 42 analysts surveyed by Bloomberg News. The trade surplus of $33.8 billion was the biggest since January 2009, while imports gained 5.3 percent, compared with a median projection of 7 percent.
The export figures reflect pickups in shipments to the U.S., Europe and South Korea, according to customs data. Stronger demand from abroad may give Premier Li Keqiang more room to implement reforms to increase the role of markets in the economy while helping meet the 7.2 percent annual growth pace he says is needed to ensure stable employment
China tightens clampdown on fake trade invoicing | China Bystander In July, it was revealed that some Chinese export companies were in effect disguising hot money as trade payments, writing up fake invoices so they could skirt capital controls and make a fast buck speculating on the yuan’s rise. This was going on on a sufficient scale to be affecting the official trade figures.
SAFE cracked down on those, warning trading houses that were cooking their books to get them in order in short order. But it is clear the chicanery, or something like it, is continuing. SAFE lambasted the commercial banks for not being sufficiently vigilant in rooting out the practice among their customers, saying it would now carry out its own assessments. State media says penalties for abuses will be increased — and imposed on both the companies and their bankers.
Nations to jointly tap nuclear markets – Chinadaily.com.cn China and France will jointly explore the international nuclear power market, while pushing ahead with existing nuclear projects.
This was announced by Premier Li Keqiang and visiting French Prime Minister Jean-Marc Ayrault on Friday at a news briefing after they met.
“We agreed to jointly exploit third-party nuclear energy markets. China hopes the two countries can find broader space in the markets,” Li said.
China’s Asian Import-Export Figures Indicative of Growing Ties | China Briefing News Year-on-year import and export figures released by the Chinese government indicate growing ties with ASEAN and increases in bilateral trade with nearly all countries in Asia with the exception of Japan and India. Evidence of increasing consumerism in China came from export figures from Australia, the Philippines and Vietnam, all of whom showed healthy increases of exports to China. Imports from China rose significantly in Malaysia, Thailand and Vietnam, showing that Chinese companies are increasing their spread into Southeast Asia and are taking advantage of the ASEAN-China Free Trade Agreement.
Xiaomi will open a Singapore office “as quickly as possible” At the press conference, Xiaomi president Lin Bin, vice president Li Wanqiang, and the newly-appointed vice president Hugo Barra, the former VP for Android that was spectacularly poached from Google, revealed the answer to what everyone’s been wondering: where will Xiaomi go next?
“I’ve been spending a lot of time with potential partners in other countries, in Southeast Asia primarily,” Barra said. “We just came back from a trip to Singapore a few weeks ago, where we’re trying to get up our operations for Southeast Asia set up as quickly as possible.”
Buying China’s bad debt manager is a bet against the banks | China Economic Review Few recent Chinese IPOs have sounded worse for investors’ health than that of China Cinda Asset Management, the company that has bought up more than US$400 billion in bad debt from Chinese banks since 1999.
Commentary on the listing, which launched on Thursday, has been scathing since word leaked earlier this year that the company would go public in Hong Kong. Some have called Cinda “China’s insolvent toxic-waste dump.” Others have simply labeled the floatation not only China’s biggest IPO of the year, but also its worst.
Chinese Banks to Sell Yuan Bonds in Taiwan – WSJ.com Earlier this year, Taiwan allowed companies—except those from China—to issue yuan bonds for the first time. Already, companies have raised nearly 4 billion yuan (US$656.4 million) through the sale of six bonds in the island’s fledgling yuan-bond market, and the Financial Supervisory Commission’s decision Wednesday to allow Chinese companies to issue yuan bonds to institutional investors will help deepen Taiwan’s bond market.
Major Chinese lenders including Bank of Communications
Co., Bank of Communications Co. Ltd. , Agricultural Bank of China
and China Development Bank are set to be among the first issuers of yuan-denominated bonds, or Formosa bonds, in Taiwan.
Moody’s assigns (P)A1 to CSSC Capital 2013 Limited’s bonds
Moody’s Investors Service has assigned a provisional (P)A1 rating to the credit enhanced bonds to be issued by CSSC Capital 2013 Limited (unrated).
The bonds will be supported by an irrevocable and standby letter of credit from the China Construction Bank Corporation (CCB, A1/P-1/D+, stable), Hong Kong Branch.
Posted from Diigo.