From Bloomberg News: The U.S. has been calling for China to allow the yuan to appreciate for three years. Now, a growing number of Chinese policy makers are seeking faster gains in the currency. Top officials in China including Zhu Baoliang, chief economist at a research group linked to the main economic planning agency, have […]
Read MoreFrom Shenzhen Daily: Bank of China Friday launched its first fund for investing clients’ money overseas. The bank said in a statement it would immediately start selling a fund using its US$2.5 billion quota under the country’s Qualified Domestic Institutional Investor (QDII) program. Corporate investors can make purchases from Friday through Aug. 9, after which […]
Read MoreFrom BusinessWeek: Standard & Poor’s Ratings Services raised its long-term sovereign credit rating on the People’s Republic of China on July 27 to A from A-. The outlook is stable. At the same time, Standard & Poor’s raised its long-term credit ratings on China Development Bank and Export-Import Bank of China to A from A-. […]
Read MoreFrom China Daily via China Economic Net: The government will impose individual income tax on second-hand property transactions from August 1, a move that’s expected to further squeeze speculation in the overheated market. The government will levy an assets transfer tax on second-hand house trading from individual sellers with a fixed rate of 20 per […]
Read MoreFrom International Herald Tribune: Citic Group, China’s biggest state-run company, announced the retirement of its chairman, Wang Jun, on Thursday, triggering a government-directed management reshuffle among the country’s biggest financial institutions. Wang will be replaced by Kong Dan, president of the company, which is based in Beijing. Replacing Kong as president and vice chairman of […]
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