 |
|
|
 |
|
Bank of China (BOC) Hong Kong Ltd has cut its interest rate for yuan deposits in Hong Kong. That's after money held in accounts rose to a record in February, reflecting increased demand for trade and investment in the currency.
BOC Hong Kong (Holdings) Ltd said China's central bank has lowered the yuan clearing interest rate in Hong Kong by 27 basis points to 0.72 percent, effective Friday.
China's State Administration of Foreign Exchange said Friday that the country saw a rapid growth in cross-border renminbi trade settlements last year as more Chinese and foreign-funded companies chose to pay and be paid in renminbi, the Chinese currency.
Shanghai on Friday signed an agreement to launch the city's first financial prosperity index. The agreement underscores the city's determination to become an international financial center by reflecting the development of, and problems with, its financial sector.
Chinese shares closed higher Friday with the benchmark Shanghai Composite Index up 39.3 points, or 1.34 percent, to 2,967.41.
Issuing a global reserve currency gives countries some benefits in the short term, but this special status may harm their long-term economic development, China's central bank chief said in a statement on Friday.
Several major Chinese and foreign banks conducted China's first onshore yuan/dollar options on Friday, with the options' volatilities quoted in line with offshore yuan/dollar options, traders said.
China will likely raise interest rates further this year in a bid to squelch stubborn inflation and bring real deposit rates back into positive territory, the China Securities Journal reported on Friday, citing an adviser to the Chinese central bank.
Citibank,the New York-based consumer banking division of Citigroup Inc, plans to increase investment in its branch network in Asia this year. That's as the bank continues to seek growth in China by opening more "smart banking" outlets, said senior bank executives.
China Unionpay, a national bank card association, and China Construction Bank (Asia) on Thursday launched a dual-currency credit card in Hong Kong to facilitate card holders who travel across the mainland and Hong Kong.
Financier Jacob Rothschild has launched a $750 million private equity fund to help Chinese investors to take part in international deals.
Only roughly one-eighth of Chinese cities revealed their property price-growth targets on Thursday - the deadline set by the central government. However, industry analysts said a move such as targets is unlikely to curb property price growth.
