China Business Briefs 8/12//13

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.

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.

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

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.

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.

COMPANIES

“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.”

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.

Major Chinese lenders including Bank of Communications Co., Bank of Communications Co. Ltd. Agricultural Bank of China Ltd. 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.

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