Merry Xmas everyone.
China treasury bond futures close higher — Dec. 25 – Xinhua | English.news.cn China’s treasury bond futures closed higher on Wednesday, with the contract for settlement in March 2014, the most actively traded, went up 0.12 yuan to finish at 91.792 yuan (15.01 U.S. dollars).
The contract for settlement in June 2014 closed at 92.238 yuan, up 0.05 yuan.
China Considers Rule Change for Challenging Land Disputes – WSJ.com A subgroup of China’s legislature began considering draft amendments that would strengthen a law governing how ordinary citizens can appeal government decisions by opening new channels for them to sue official bodies, the state-run Xinhua News Agency reported Tuesday. The agency said the amendment, if adopted, would be the first adjustment in the Administrative Procedure Law since its 1990 adoption.
Even A Dog Can Run China’s Banking System, Says Former State Council Spokesman China’s banks are a different breed of financial institution. They enjoy lucrative interest margins during good times, and when things head south, the state is there to clean up things up. In fact, the former chief economist and spokesman of China’s National Bureau of Statistics went so far as likening (in Chinese) the nation’s banking system to an automated system that even a dog could successfully run.
Golden age of SOEs draws to close amid reforms – BUSINESS – Globaltimes.cn Looking ahead, the future holds little more than the promise of new challenges and uncertainties. Based on official statements made since November’s third plenary session, the central government is clearly determined to press ahead with further market reforms designed to turn SOEs into truly competitive commercial entities.
Dependency on natural gas imports rises |Industries |chinadaily.com.cn Up to 32 percent of China’s natural gas use this year will depend on imports, Wang Xiaokun, an analyst at domestic commodities consultancy Sublime China Information Group Co Ltd, said on Tuesday.
Last year, 29 percent of China’s natural gas came from foreign sources, according to the consultancy’s estimates based on data from the National Bureau of Statistics and import data from the customs office.
Members Only No More: China’s Graft Crackdown Nixes Private Clubs for Officials | TIME.com Tony private clubs are the latest target of China’s anti-corruption crusaders, joining extravagant banquets and flashy cars as off limits for officials. Communist cadres must promise that they will refrain from belonging to or even visiting private clubs, said a Dec. 23 circular from the Central Commission for Discipline Inspection, the body charged with cleaning up government ranks amid allegations of widespread abuse of power and graft within the ruling party.
Yuan Trades Near 20-Year High as Yield Gap Seen Luring Capital – Bloomberg The yuan traded near its strongest level in 20 years on speculation the widening yield advantage on Chinese assets will attract capital inflows.
The People’s Bank of China boosted the currency’s reference rate for a second day today, raising it by 0.03 percent to 6.1145 per dollar. The yuan is up 2.6 percent this year, the best performance among 11 most-traded Asian exchange rates tracked by Bloomberg. The yield premium on Chinese one-year government bonds over similar-maturity U.S. notes increased by 1.4 percentage points to 4.1 percentage points in 2013, according to data compiled by Bloomberg.
China names new state assets regulator chief The State-owned Assets Supervision and Administration Commission (SASAC) said late on Tuesday that Zhang Yi had been appointed, replacing Jiang Jiemin.
Zhang was previously SASAC’s deputy head, and prior to that had worked as secretary-general for the ruling Communist Party’s anti-corruption watchdog.
Most employers to raise bonuses – BUSINESS – Globaltimes.cn About 64 percent of employers in China plan to raise annual bonuses for their employees in 2013, while another 23 percent mull cuts, according to a report released by Career International Consulting on Tuesday.
Alibaba spinoff moves further into the cloud|chinadaily.com.cn Aliyun, Alibaba’s spinoff cloud-computing division, is scheduled to set up data centers outside China to provide cloud-computing services to local enterprises and Chinese companies’ overseas operations, the company announced on Tuesday.
By building platforms for companies to manage and store data in the cloud, Aliyun will become the first Chinese company to reach out to the foreign public cloud segment, days after its US counterpart Amazon announced the launch of a similar services in China.
Notable Two Hundred Day Moving Average Cross – SNP – Forbes In trading on Monday, shares of China Petroleum & Chemical Corp. Inc (NYSE: SNP) crossed below their 200 day moving average of $79.88, changing hands as low as $79.64 per share. China Petroleum & Chemical Corp. Inc shares are currently trading down about 0.8% on the day. The chart below shows the one year performance of SNP shares, versus its 200 day moving average:
Bank of China Limited : BOC Releases Mobile Payment APP | 4-Traders The “BOC Mobile Payment” APP integrates multiple mobile payment products including BOC swift payment, payment via mobile banking, and payment by agreement, covering all the day-to-day mobile payment demands in a bid to create a customized mobile cashier desk for customers. Besides the mobile payment function, the “BOC Mobile Payment” APP also features such functions as inquiring about electronic payment transaction records, opening and closing various electronic payment transaction functions, and setting the transaction limit.
Banks announced $57.3 billion in refinancing – Headlines, features, photo and videos from ecns.cn|china|news|chinanews|ecns|cns Ten banks announced a 348.2 billion yuan ($57.3 billion) refinancing plan this year, reflecting the pressure on capital flow in the banking industry, Beijing-based Securities Daily reported.
China Minsheng Banking Co Ltd, Industrial Banking Co Ltd, Bank of Chongqing Co Ltd, Huishang Bank Co Ltd, and China Everbright Bank Co Ltd were some of the banks to complete refinancing.
Coal Giant Looks to Northern Neighbors to Satisfy Investment Hunger – As many in the coal industry have started to cut their assets or searched for new investments amid a market slump, Shenhua Group Co. has adopted another approach, aggressively seeking assets overseas.
China’s largest coal enterprise announced on December 11 it won license to jointly explore for coal and develop the Zashulanskoye deposit in the Transbaikal Territory with Russia’s En+ Group. The deposit is close to the Russia-China border. The deal came just after a late October announcement that Shenhua signed an agreement with the government of Mongolia to develop the Tavan Tolgoi thermal coal deposits in southern Mongolia and to build rail links from that site to China. Earlier, media reports also said that Shenhua was exploring investments in several coal mines in Australia.
The term facility attracted banks from Asia, North America, Europe, Australia and the Middle East and pays a margin of 1.23 percent, the statement from United Overseas Bank Ltd. and the Royal Bank of Scotland Group Plc said. Tiptop Energy Ltd. and Sinopec Century Bright Capital Investment Ltd. are the borrowing entities and the facility is guaranteed by Sinopec Group, as China Petrochemical is more commonly known.
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