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China has given the green-light for the private placement of bonds, another step towards expanding the role of direct financing in the economy, China's interbank association has announced.
China need not worry about the effect of the weakening dollar on its foreign exchange reserves and should not quicken the pace of yuan appreciation because of "temporary" factors, a former deputy foreign exchange regulator said on Tuesday.
The value of Chinese currency renminbi (RMB), or the yuan, continued to weaken Wednesday following Tuesday's slide from the record high of 6.4990 per US dollar on April 29.
The China Banking Regulatory Commission (CBRC) said on Tuesday that new rules setting tougher criteria for lenders' capital adequacy, provisions, leverage, and liquidity conditions will take effect at the beginning of 2012.
Chinese shares closed higher Tuesday with the benchmark Shanghai Composite Index up 20.68 points, or 0.71 percent, to 2,932.19.
China's stock index futures closed higher Tuesday with the contract for May, the most actively traded, up 0.11 percent from the previous trading day to 3,210.4.
The Industrial and Commercial Bank of China (ICBC), the country's largest asset lender, said on Tuesday that its international settlement volume rose 44 percent year on year to reach $1.06 trillion last year.
More Internet companies in China are turning to private share placements for funding that they could previously raise only from initial public offerings in overseas stock markets, Bao Fan, chief executive officer of China Renaissance Partners, said.
You know the feeling, you have $3 trillion in foreign currency burning a hole in your pocket and you are itching to spend. But on what? A mountain of gold, a sea of oil or a pile of paper?
China remained the largest holder of US securities with a total of $1.611 trillion as of the end of June, the US Treasury department said on Friday.
The yuan strengthened beyond 6.5 a dollar for the first time since 1993, supported by speculation the central bank will allow appreciation to help tame the fastest inflation in more than two years.
Net profits of Chinese companies listed both in Shanghai and Shenzhen climbed more than 30 percent in 2010 from a year earlier, as all companies have released their annual reports till April 30.
