ecns [expanded by feedex.net]
ecns
IFC to issue record RMB bonds in London
http://www.ecns.cn/business/2014/02-27/102523.shtml
Feb 26th 2014, 22:46
2014-02-27 07:46
The International Finance Corporation (IFC), a member of the World Bank Group, will issue RMB-denominated bonds worth 1 billion yuan (165 million U.S. dollars) next month in London, announced sources with the IFC China branch in Beijing on Wednesday.
The issuance, the largest ever on the London Stock Exchange by a multilateral agency, is aimed at increasing foreign investment in China, according to IFC Vice President Hua Jingdong.
It will demonstrate the strong demand from international investors for offshore RMB bonds, while providing an alternative source of RMB funding for investment in China, he said.
China has been trying to introduce the RMB into the global market in an unprecedented fashion. It has been pushing the currency through cross-border trade settlement since June, 2009, as its capital account is largely closed.
Since that year, China has promoted RMB internationalization with a three-pronged approach: facilitating international trade and investment denominated and settled in RMB, encouraging offshore RMB service centers to develop offshore RMB-denominated financial products, and encouraging central banks to hold the currency as part of their foreign exchange reserves.
The IFC pioneered the international issuance of RMB-denominated bonds in China (Panda bonds) and Hong Kong (Dim Sum bonds). It was also first to set up a program to issue offshore RMB-denominated discount notes on regular basis.
You are receiving this email because you subscribed to this feed at https://blogtrottr.com
If you no longer wish to receive these emails, you can unsubscribe here:
https://blogtrottr.com/unsubscribe/qhG/Zc7fXt
Wednesday, February 26, 2014
ecns [expanded by feedex.net]: BYD shows sign of smashing local protectionism
ecns [expanded by feedex.net]
ecns
BYD shows sign of smashing local protectionism
http://www.ecns.cn/business/2014/02-27/102526.shtml
Feb 26th 2014, 22:52
2014-02-27 07:52
Shares of Chinese automobile maker BYD soared on Wednesday on stock exchanges after its new energy sedans were granted access to the markets of Beijing and Shanghai.
It's good news for the Shenzhen-based auto giant, and also signals that the sector has started to break the local protectionism that has hindered its development for years.
BYD's shares listed on the Shenzhen stock exchange surged soon after market opening on Wednesday, and finished at 53.42 yuan (8.73 U.S. dollars) per share, hitting the 10-percent ceiling set by Chinese regulators.
The rise happened against the cross-boarder lackluster performance on the two bourses and was attributed to the latest breakthrough of the carmaker in squeezing its environmentally friendly models into Beijing and Shanghai's new energy vehicle market.
On Wednesday, Beijing's Municipal Commission of Economy and Information Technology released a list of companies and products covered by a government program to encourage the use of new energy cars.
BYD's pure electric E6 appeared on the list, together with a model manufactured by BAIC Motor, a Beijing-based firm.
Shanghai's municipal government on Tuesday included Qin, a plug-in electric car model made by BYD, on its list for promoting new energy car use, according to a statement.
The Qin model sells at a market price of around 160,000 yuan, and each buyer will receive a central government subsidy of 33,250 yuan, according to the statement.
China's new energy vehicle sector has gathered steam, boosted by strong government supports and increasing public awareness on environmental protection.
Earlier this month, the Chinese government announced the renewal of the favorable policies for the sector including financial aids and a broader promotion program in an effort to save energy and cut emissions.
On that backdrop, BYD's newly gained market access is worthy of note as it was won amid prevalent local protectionism among China's provincial new energy sedan market.
China's central government has provided hefty subsidies to drive sales by new energy car makers and initiated a pilot program to promote the cars in 40 cities and regions, the local governments of which have the right to determine which cars enjoy the subsidies and related favorable policies.
Consequently, local authorities have commonly been partial to local car makers that contribute to local tax revenue and economic growth, triggering difficulties for manufacturers from other provinces to enter the regional market.
Jia Xinguang, a seasoned auto analyst, bashed that practice, which has restrained the development of China's new energy vehicles, and called for a unified market with free access to all car makers.
Previously, BYD's electric and hybrid models had only entered the markets of Shenzhen and Tianjin cities, and Shaanxi and Hunan provinces. The company's senior managers had to visit city by city to persuade local authorities to add its models into the list.
The sector will only be ready for boom times if the local protective policies are eliminated, Jia said.
You are receiving this email because you subscribed to this feed at https://blogtrottr.com
If you no longer wish to receive these emails, you can unsubscribe here:
https://blogtrottr.com/unsubscribe/qhG/Zc7fXt
ecns
BYD shows sign of smashing local protectionism
http://www.ecns.cn/business/2014/02-27/102526.shtml
Feb 26th 2014, 22:52
2014-02-27 07:52
Shares of Chinese automobile maker BYD soared on Wednesday on stock exchanges after its new energy sedans were granted access to the markets of Beijing and Shanghai.
It's good news for the Shenzhen-based auto giant, and also signals that the sector has started to break the local protectionism that has hindered its development for years.
BYD's shares listed on the Shenzhen stock exchange surged soon after market opening on Wednesday, and finished at 53.42 yuan (8.73 U.S. dollars) per share, hitting the 10-percent ceiling set by Chinese regulators.
The rise happened against the cross-boarder lackluster performance on the two bourses and was attributed to the latest breakthrough of the carmaker in squeezing its environmentally friendly models into Beijing and Shanghai's new energy vehicle market.
On Wednesday, Beijing's Municipal Commission of Economy and Information Technology released a list of companies and products covered by a government program to encourage the use of new energy cars.
BYD's pure electric E6 appeared on the list, together with a model manufactured by BAIC Motor, a Beijing-based firm.
Shanghai's municipal government on Tuesday included Qin, a plug-in electric car model made by BYD, on its list for promoting new energy car use, according to a statement.
The Qin model sells at a market price of around 160,000 yuan, and each buyer will receive a central government subsidy of 33,250 yuan, according to the statement.
China's new energy vehicle sector has gathered steam, boosted by strong government supports and increasing public awareness on environmental protection.
Earlier this month, the Chinese government announced the renewal of the favorable policies for the sector including financial aids and a broader promotion program in an effort to save energy and cut emissions.
On that backdrop, BYD's newly gained market access is worthy of note as it was won amid prevalent local protectionism among China's provincial new energy sedan market.
China's central government has provided hefty subsidies to drive sales by new energy car makers and initiated a pilot program to promote the cars in 40 cities and regions, the local governments of which have the right to determine which cars enjoy the subsidies and related favorable policies.
Consequently, local authorities have commonly been partial to local car makers that contribute to local tax revenue and economic growth, triggering difficulties for manufacturers from other provinces to enter the regional market.
Jia Xinguang, a seasoned auto analyst, bashed that practice, which has restrained the development of China's new energy vehicles, and called for a unified market with free access to all car makers.
Previously, BYD's electric and hybrid models had only entered the markets of Shenzhen and Tianjin cities, and Shaanxi and Hunan provinces. The company's senior managers had to visit city by city to persuade local authorities to add its models into the list.
The sector will only be ready for boom times if the local protective policies are eliminated, Jia said.
You are receiving this email because you subscribed to this feed at https://blogtrottr.com
If you no longer wish to receive these emails, you can unsubscribe here:
https://blogtrottr.com/unsubscribe/qhG/Zc7fXt
ecns [expanded by feedex.net]: Huawei holds Broader Way Forum at Mobile World Congress
ecns [expanded by feedex.net]
ecns
Huawei holds Broader Way Forum at Mobile World Congress
http://www.ecns.cn/business/2014/02-27/102525.shtml
Feb 26th 2014, 22:50
2014-02-27 07:50
Chinese telecommunications giant Huawei held a session of its Broader Way Forum on the sidelines of the Mobile World Congress here Wednesday on the topic of revolution in the mobile industry.
Speaking at the forum, Huawei Vice-President Ken Hu described new technology as the motor of the revolution, as it helped transform the world's industries and influence the global economy.
Hu said the development of the Internet is not only fundamental for the world of business, but also changed education.
The forum also discussed public policies related to innovation and collaboration in infrastructure construction.
Wen Ku, general director of the Science and Technology Department of China's Ministry of Industry and Information Technology, said work was being carried out to build broadband networks in China's rural areas at a reasonable price.
The forum, which has been held in a number of countries, brings together leaders and experts from the country's information and communication technology industries to explore opportunities for the future of national broadband.
You are receiving this email because you subscribed to this feed at https://blogtrottr.com
If you no longer wish to receive these emails, you can unsubscribe here:
https://blogtrottr.com/unsubscribe/qhG/Zc7fXt
ecns
Huawei holds Broader Way Forum at Mobile World Congress
http://www.ecns.cn/business/2014/02-27/102525.shtml
Feb 26th 2014, 22:50
2014-02-27 07:50
Chinese telecommunications giant Huawei held a session of its Broader Way Forum on the sidelines of the Mobile World Congress here Wednesday on the topic of revolution in the mobile industry.
Speaking at the forum, Huawei Vice-President Ken Hu described new technology as the motor of the revolution, as it helped transform the world's industries and influence the global economy.
Hu said the development of the Internet is not only fundamental for the world of business, but also changed education.
The forum also discussed public policies related to innovation and collaboration in infrastructure construction.
Wen Ku, general director of the Science and Technology Department of China's Ministry of Industry and Information Technology, said work was being carried out to build broadband networks in China's rural areas at a reasonable price.
The forum, which has been held in a number of countries, brings together leaders and experts from the country's information and communication technology industries to explore opportunities for the future of national broadband.
You are receiving this email because you subscribed to this feed at https://blogtrottr.com
If you no longer wish to receive these emails, you can unsubscribe here:
https://blogtrottr.com/unsubscribe/qhG/Zc7fXt
ecns [expanded by feedex.net]: PBOC calms liquidity worries
ecns [expanded by feedex.net]
ecns
PBOC calms liquidity worries
http://www.ecns.cn/business/2014/02-27/102527.shtml
Feb 26th 2014, 22:53
2014-02-27 07:53
China's current liquidity is rich and moves to soak up liquidity do not mean changes in monetary policy, a central bank source said on Wednesday, as Chinese shares continue to endure stock market falls.
China's money market rates have been running low with the Shanghai Interbank Offered Rate (Shibor), a gauge of interbank borrowing costs, below 2 percent for the overnight reading and below 4 percent for the seven-day reading, the official with the People's Bank of China told Xinhua.
Banks reported rich liquidity after the Spring Festival and the central bank has conducted repo operations to slow the growth in liquidity, said the source, who declined to be named.
The repo operations are normal moves after the Spring Festival to keep money market rates at reasonable levels, and they do not indicate any changes in monetary policy, according to the source.
Chinese shares have been slumping since last Thursday amid worries on market liquidity tightening.
You are receiving this email because you subscribed to this feed at https://blogtrottr.com
If you no longer wish to receive these emails, you can unsubscribe here:
https://blogtrottr.com/unsubscribe/qhG/Zc7fXt
ecns
PBOC calms liquidity worries
http://www.ecns.cn/business/2014/02-27/102527.shtml
Feb 26th 2014, 22:53
2014-02-27 07:53
China's current liquidity is rich and moves to soak up liquidity do not mean changes in monetary policy, a central bank source said on Wednesday, as Chinese shares continue to endure stock market falls.
China's money market rates have been running low with the Shanghai Interbank Offered Rate (Shibor), a gauge of interbank borrowing costs, below 2 percent for the overnight reading and below 4 percent for the seven-day reading, the official with the People's Bank of China told Xinhua.
Banks reported rich liquidity after the Spring Festival and the central bank has conducted repo operations to slow the growth in liquidity, said the source, who declined to be named.
The repo operations are normal moves after the Spring Festival to keep money market rates at reasonable levels, and they do not indicate any changes in monetary policy, according to the source.
Chinese shares have been slumping since last Thursday amid worries on market liquidity tightening.
You are receiving this email because you subscribed to this feed at https://blogtrottr.com
If you no longer wish to receive these emails, you can unsubscribe here:
https://blogtrottr.com/unsubscribe/qhG/Zc7fXt
ecns [expanded by feedex.net]: Two-way yuan volatility normal: watchdog
ecns [expanded by feedex.net]
ecns
Two-way yuan volatility normal: watchdog
http://www.ecns.cn/business/2014/02-27/102524.shtml
Feb 26th 2014, 22:47
2014-02-27 07:47
The latest round of yuan volatility during the past week is normal, China's forex watchdog said on Wednesday.
Recent movements of the Renminbi, or the yuan, resulted from the market correcting previous yuan trade strategies, said the State Administration of Foreign Exchange in a statement.
Two-way fluctuations of the yuan will be normal because of reforms in the yuan forex rate formation mechanism, and more of a role played by the market, it said.
The two-way fluctuations will help boost international income balances, improve the external economic environment and guard against financial risks, the statement said.
China's domestic foreign exchange spot change rate on Tuesday hit a seven-month low, according to the statement.
The yuan weakened 8 basis points to 6.1192 against the U.S. dollar on Wednesday, according to the China Foreign Exchange Trading System.
In China's foreign exchange spot market, the yuan is allowed to rise or fall by 1 percent from the central parity rate each trading day.
You are receiving this email because you subscribed to this feed at https://blogtrottr.com
If you no longer wish to receive these emails, you can unsubscribe here:
https://blogtrottr.com/unsubscribe/qhG/Zc7fXt
ecns
Two-way yuan volatility normal: watchdog
http://www.ecns.cn/business/2014/02-27/102524.shtml
Feb 26th 2014, 22:47
2014-02-27 07:47
The latest round of yuan volatility during the past week is normal, China's forex watchdog said on Wednesday.
Recent movements of the Renminbi, or the yuan, resulted from the market correcting previous yuan trade strategies, said the State Administration of Foreign Exchange in a statement.
Two-way fluctuations of the yuan will be normal because of reforms in the yuan forex rate formation mechanism, and more of a role played by the market, it said.
The two-way fluctuations will help boost international income balances, improve the external economic environment and guard against financial risks, the statement said.
China's domestic foreign exchange spot change rate on Tuesday hit a seven-month low, according to the statement.
The yuan weakened 8 basis points to 6.1192 against the U.S. dollar on Wednesday, according to the China Foreign Exchange Trading System.
In China's foreign exchange spot market, the yuan is allowed to rise or fall by 1 percent from the central parity rate each trading day.
You are receiving this email because you subscribed to this feed at https://blogtrottr.com
If you no longer wish to receive these emails, you can unsubscribe here:
https://blogtrottr.com/unsubscribe/qhG/Zc7fXt
ecns [expanded by feedex.net]: China closes high-end clubs in anti-decadence campaign
ecns [expanded by feedex.net]
ecns
China closes high-end clubs in anti-decadence campaign
http://www.ecns.cn/2014/02-26/102517.shtml
Feb 26th 2014, 08:10
2014-02-26 17:10 Xinhua Web Editor: Mo Hong'e
High-end clubs and restaurants in public parks have either closed or undergone an overhaul since the central government issued a call to stamp out "unhealthy practices" in such places.
The Communist Party of China (CPC) ordered officials to shun high-end clubs and promised severe penalties for partygoers in December, as part of its campaign to clamp down on unacceptable practices.
The Shanghai municipal government has inspected 158 parks in the city and ordered three private clubs and eight high-end restaurants to rectify problems, said the office of the CPC's "mass line" campaign in a statement on Wednesday.
Beijing municipal government summoned operators of 27 high-end restaurants in parks and cultural relic protection sites to discuss their operations. Some were told to suspend business until they resolved outstanding issues.
The government of Hangzhou, capital city of east China's Zhejiang Province, has closed or suspended business at 15 high-end restaurants and clubs in parks or scenic spots.
In a similar move, the government in east China's Jiangsu Province has shut ten clubs, according to the statement.
Eight central government departments including the Ministry of Public Security and the State Administration of Taxation have also inspected businesses. Their focus was on how often government organs, government-sponsored bodies, state-owned companies and financial institutions were visiting such premises.
Private clubs are often illegally built using public resources, sometimes in historical buildings or parks, and frequented by the rich and powerful.
"Some clubs are luxuriously built, illegally operated and infringe on the interests of the public, triggering discontent," the statement added.
The "mass-line" campaign was launched last June to bridge gaps between CPC officials and members, and the general public, while cleaning up undesirable work styles such as formalism, bureaucracy, hedonism and extravagance.
The CPC's Central Commission for Discipline Inspection, which is also the steering group of the "mass line" campaign, in December ordered Party officials not to enter nor accept membership of private clubs.
The office on Wednesday said clubs would continue to be investigated and punishments handed down to violators.
0)
Share
You are receiving this email because you subscribed to this feed at https://blogtrottr.com
If you no longer wish to receive these emails, you can unsubscribe here:
https://blogtrottr.com/unsubscribe/qhG/Zc7fXt
ecns
China closes high-end clubs in anti-decadence campaign
http://www.ecns.cn/2014/02-26/102517.shtml
Feb 26th 2014, 08:10
2014-02-26 17:10 Xinhua Web Editor: Mo Hong'e
High-end clubs and restaurants in public parks have either closed or undergone an overhaul since the central government issued a call to stamp out "unhealthy practices" in such places.
The Communist Party of China (CPC) ordered officials to shun high-end clubs and promised severe penalties for partygoers in December, as part of its campaign to clamp down on unacceptable practices.
The Shanghai municipal government has inspected 158 parks in the city and ordered three private clubs and eight high-end restaurants to rectify problems, said the office of the CPC's "mass line" campaign in a statement on Wednesday.
Beijing municipal government summoned operators of 27 high-end restaurants in parks and cultural relic protection sites to discuss their operations. Some were told to suspend business until they resolved outstanding issues.
The government of Hangzhou, capital city of east China's Zhejiang Province, has closed or suspended business at 15 high-end restaurants and clubs in parks or scenic spots.
In a similar move, the government in east China's Jiangsu Province has shut ten clubs, according to the statement.
Eight central government departments including the Ministry of Public Security and the State Administration of Taxation have also inspected businesses. Their focus was on how often government organs, government-sponsored bodies, state-owned companies and financial institutions were visiting such premises.
Private clubs are often illegally built using public resources, sometimes in historical buildings or parks, and frequented by the rich and powerful.
"Some clubs are luxuriously built, illegally operated and infringe on the interests of the public, triggering discontent," the statement added.
The "mass-line" campaign was launched last June to bridge gaps between CPC officials and members, and the general public, while cleaning up undesirable work styles such as formalism, bureaucracy, hedonism and extravagance.
The CPC's Central Commission for Discipline Inspection, which is also the steering group of the "mass line" campaign, in December ordered Party officials not to enter nor accept membership of private clubs.
The office on Wednesday said clubs would continue to be investigated and punishments handed down to violators.
0)
Share
You are receiving this email because you subscribed to this feed at https://blogtrottr.com
If you no longer wish to receive these emails, you can unsubscribe here:
https://blogtrottr.com/unsubscribe/qhG/Zc7fXt
ecns [expanded by feedex.net]: China Red Cross offers humanitarian aid to Myanmar
ecns [expanded by feedex.net]
ecns
China Red Cross offers humanitarian aid to Myanmar
http://www.ecns.cn/2014/02-26/102518.shtml
Feb 26th 2014, 08:12
2014-02-26 17:12 Xinhua Web Editor: Mo Hong'e
The Red Cross Society of China (RCSC) has completed a first round of aid to displaced Myanmar people, marking progress for China's philanthropic organizations in supporting international humanitarian causes.
Humanitarian aid worth five million yuan (817,100 US dollars) was transported to northern Myanmar from Kunming, capital of southwest China's Yunnan Province, which borders Myanmar, as part of a project that started Feb. 21.
The relief goods, including rice, cooking oil, salt and quilts, will be distributed to 10,000 families displaced in more than 100 relocation sites.
"This is the first time the organization has given aid to neighboring countries embroiled in conflict," said Hao Linna, deputy head of the RCSC.
Hao said it will not be a one-time project. The RCSC will discuss possibilities to provide further humanitarian assistance to Myanmar people after settling on the most effective forms of aid with its counterpart in Myanmar.
Sun Shuopeng, head of the RCSC project, said he felt a sense of accomplishment when he saw the relief goods light up the faces of displaced people.
The project staff also investigated the medical services and public hygiene situation in relocation sites to prepare for the second round of aid.
The family of Meiya (pronunciation) moved to a relocation site about a 20 minutes' drive to the city of Laza in 2011. There, her family of seven squeezed into a makeshift shelter of less than 10 square meters.
She told staff from the RCSC that personal hygiene has become a problem as summer draws nearer. There are no drugs or mosquito repellent to prevent her five children from being infected with malaria.
Pharmacists have been sent to the site, but people are in urgent need of doctors, she said.
She added that it's a long walk for her fellow displaced people to get clean water everyday.
"The Red Cross societies of both countries will discuss ways to improve displaced people's lives through community programs," said Sun, after visiting several relocation sites.
U Hla Pe, secretary of the Myanmar Red Cross Society, said the two countries' Red Cross societies represent "a humanitarian spirit that goes beyond national boundaries and politics."
He said the RCSC and other international organizations have previously offered humanitarian aid to the Myanmar people in times of natural disaster.
He expressed gratitude for the help the Chinese people have offered on behalf of the Myanmar Red Cross Society and said he hoped both societies will strengthen cooperation and exchanges.
0)
Share
You are receiving this email because you subscribed to this feed at https://blogtrottr.com
If you no longer wish to receive these emails, you can unsubscribe here:
https://blogtrottr.com/unsubscribe/qhG/Zc7fXt
ecns
China Red Cross offers humanitarian aid to Myanmar
http://www.ecns.cn/2014/02-26/102518.shtml
Feb 26th 2014, 08:12
2014-02-26 17:12 Xinhua Web Editor: Mo Hong'e
The Red Cross Society of China (RCSC) has completed a first round of aid to displaced Myanmar people, marking progress for China's philanthropic organizations in supporting international humanitarian causes.
Humanitarian aid worth five million yuan (817,100 US dollars) was transported to northern Myanmar from Kunming, capital of southwest China's Yunnan Province, which borders Myanmar, as part of a project that started Feb. 21.
The relief goods, including rice, cooking oil, salt and quilts, will be distributed to 10,000 families displaced in more than 100 relocation sites.
"This is the first time the organization has given aid to neighboring countries embroiled in conflict," said Hao Linna, deputy head of the RCSC.
Hao said it will not be a one-time project. The RCSC will discuss possibilities to provide further humanitarian assistance to Myanmar people after settling on the most effective forms of aid with its counterpart in Myanmar.
Sun Shuopeng, head of the RCSC project, said he felt a sense of accomplishment when he saw the relief goods light up the faces of displaced people.
The project staff also investigated the medical services and public hygiene situation in relocation sites to prepare for the second round of aid.
The family of Meiya (pronunciation) moved to a relocation site about a 20 minutes' drive to the city of Laza in 2011. There, her family of seven squeezed into a makeshift shelter of less than 10 square meters.
She told staff from the RCSC that personal hygiene has become a problem as summer draws nearer. There are no drugs or mosquito repellent to prevent her five children from being infected with malaria.
Pharmacists have been sent to the site, but people are in urgent need of doctors, she said.
She added that it's a long walk for her fellow displaced people to get clean water everyday.
"The Red Cross societies of both countries will discuss ways to improve displaced people's lives through community programs," said Sun, after visiting several relocation sites.
U Hla Pe, secretary of the Myanmar Red Cross Society, said the two countries' Red Cross societies represent "a humanitarian spirit that goes beyond national boundaries and politics."
He said the RCSC and other international organizations have previously offered humanitarian aid to the Myanmar people in times of natural disaster.
He expressed gratitude for the help the Chinese people have offered on behalf of the Myanmar Red Cross Society and said he hoped both societies will strengthen cooperation and exchanges.
0)
Share
You are receiving this email because you subscribed to this feed at https://blogtrottr.com
If you no longer wish to receive these emails, you can unsubscribe here:
https://blogtrottr.com/unsubscribe/qhG/Zc7fXt
Subscribe to:
Posts (Atom)