From Bloomberg: China’s bank regulator called on the country’s lenders to prepare for currency fluctuations, a day after Central Bank Governor Zhou Xiaochuan said more flexibility will be introduced. The government’s plan to liberalize the foreign exchange market “heightens the need for more products by banks and corporations to hedge their currency risks,” Liu said […]
Read MoreFrom The New York Times: In the summer of 1998 at a picnic in Silicon Valley, Eric Xu, a 34-year-old biochemist, introduced his shy, reserved friend Robin Li to John Wu, then the head of Yahoo’s search engine team. Mr. Li, 30 at the time, was a frustrated staff engineer at Infoseek, an Internet search […]
Read MoreFrom The Wall Street Journal: Wal-Mart Stores Inc., the world’s largest retailer in terms of sales, will announce the launch of its first credit card in China today in conjunction with China’s Bank of Communications, according to Wal-Mart and bank officials. The venture is likely the first credit card issued by a foreign retailer, analysts […]
Read MoreFrom Bloomberg: China cut export incentives for steel and textiles and increased them for high-technology and biomedical goods, seeking to curb a record trade surplus and encourage production of higher-value goods. Export rebates on steel and textiles were cut by as much as 3 percentage points while incentives for technology and processed agricultural products were […]
Read MoreFrom Los Angeles Times: It happens every year, under cover of darkness, in the waning days of September. The giant portrait of Chairman Mao in Tiananmen Square ” he of the Mona Lisa gaze, flushed cheeks and trademark gray suit ” is spirited away and replaced by a new Mao. He looks just like the […]
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