China Business Briefs 9/12/13

China’s Hot Money Headache – China Real Time Report – WSJ China reported strong export numbers on Sunday, in part due to demand from Western nations ahead of the holiday season.

Some observers think another factor could be at play: Companies overstating the value of exports as a way to circumvent rules that restrict the flow of capital into the country.

China Bank Funding Set to Ease With Certificate of Deposits – Bloomberg Chinese banks’ funding constraints are set to ease after policy makers authorized the sale of certificate of deposits in a move toward loosening control over interest rates in the world’s second-largest economy.

The prices for negotiable certificate of deposits, or NCDs, will be set by trading on the interbank market, with the Shanghai Interbank Offered Rate used as a reference rate, the People’s Bank of China said in a statement yesterday. Deposit-taking firms are permitted to sell NCDs of at least 50 million yuan ($8.2 million) to other financial institutions under rules that go into effect today.

PBOC Said to Be Talking to Major Banks about Deposit Insurance – The central bank has been consulting executives of major banks  about creating a deposit insurance mechanism and may announce a draft plan early  next year, a source close to the situation said.

China says poorly prepared to fight impact of climate change | Reuters China is poorly prepared to tackle the impact of climate change that presents a serious threat to the country, thanks to a lack of planning and public awareness, the government said on Monday.

The world’s most populous country already faces challenges from weather extremes, with 2,000 people dying on average each year since the 1990s in natural disasters that are set to get worse, China’s powerful economic planning agency said.

Enlight shares rise due to ‘The Four 2’ – BUSINESS – Globaltimes.cn Beijing Enlight Media Co, one of China’s biggest private media and entertainment companies, saw its shares surge on Friday, which analysts attributed Sunday to positive market expectation for its Friday-released 3D Chinese hero film The Four 2.

Everbright Bank Said to Seek $2.8 Billion in Hong Kong Offering – Bloomberg The lending unit of state-controlled China Everbright Group is offering 5.06 billion new shares at HK$3.83 to HK$4.27 apiece, said the people, who asked not to be identified because the information is private. Shares of Beijing-based Everbright Bank have traded in Shanghai since 2010.

Tencent to Invest RMB10 billion in Financial Services including WeChat Payments, CEO Says The Chinese Internet giant has registered several companies on e-commerce and finance there with RMB1.6 billion (more than $200 million) in total registered capital, according to Mr. Ma. The businesses those companies will cover include WeChat Payments, online financial services, foreign currency exchange, etc.

Posted from Diigo.

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