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HSK – Global Conditions Looked At In Rate Decision

lessmanbjcn — Thu, 30 Jun 2011 09:03:28 +0000

CHINA has to take global conditions into consideration in its interest rate policy making process, a Chinese central bank official said yesterday in Shanghai.

“Previously, we only look at demand and supply within China, but now we have to pay attention to the international situation,” Wang Xiaoya, vice research head of the People’s Bank of China, told the Lujiazui Forum.

“So, when the United States is implementing a zero interest rate policy, we have to think about that in deciding how to use our own interest rate policy tools,” she added.

China has raised interest rates twice so far this year, but some economists said higher interest rates may lure new hot money inflows to worsen domestic inflation.

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learn mandarin – Wison wins contract

lessmanbjcn — Wed, 29 Jun 2011 08:11:15 +0000

SHANGHAI-BASED Wison Engineering has won an engineering and construction service contract from BASF for the German chemical company’s major plant in Chongqing.

BASF in March won approval from the Chinese government to build the 8 billion yuan (US$1.2 billion) plant for MDI, a core component for versatile polyurethane products.

learn Chinese online – Canon’s high goal

lessmanbjcn — Tue, 28 Jun 2011 08:09:17 +0000

CANON Inc will generate revenue of US$10 billion in China in 2016, almost half of its income of Asia, excluding Japan, the world’s biggest camera maker said yesterday in Shanghai.

The Japan-based firm aims to double its sales in Asia, excluding Japan, from US$10 billion in 2012 to US$20 billion 2015, said Fujio Mitarai, Canon’s chairman and chief executive.

learn Chinese – SOEs expand

lessmanbjcn — Mon, 27 Jun 2011 08:07:20 +0000

China’s state-owned enterprises continued to expand in the first four months of this year, but at a slower pace, the Ministry of Finance said yesterday.

Profits from the non-financial SOEs rose 24.2 percent from the same period of last year to 712.59 billion yuan (US$109.49 billion) from January to April, versus a 24.1 percent annual gain in costs, which stood at 10.44 trillion yuan, the ministry said.

Chinese School – Ford JV invests

lessmanbjcn — Sun, 26 Jun 2011 08:06:04 +0000

A Ford Motor Co joint venture in China will spend US$350 million to build the company’s first transmission plant in the world’s largest auto market.

The company yesterday said the factory in southwest China’s Chongqing Municipality will be able to build 400,000 six-speed automatic transmissions.

It will make them for Changan Ford Mazda Automobile Ltd, the Chinese joint venture.

The company said construction will start in July and production will begin in late 2013.

Chinese language – Rules may let overseas yuan return

lessmanbjcn — Sat, 25 Jun 2011 08:04:19 +0000

CHINA is drafting rules to allow overseas companies to invest in yuan on the Chinese mainland as part of efforts to boost the currency’s global footing, a central bank official said yesterday in Shanghai.

A small number of companies are participating in a limited trial to allow yuan-backed foreign direct investment in China and regulations on the trial are being drafted, Li Bo, director-general of Monetary Policy Department II of the People’s Bank of China, told a discussion in the run-up to the Lujiazui Forum, which opened yesterday.

Companies want to repatriate the yuan that has been accumulated in overseas markets back to the mainland as they seek more investment channels for their money. The demand is increasing as more yuan are circulating overseas amid growing popularity of using the yuan in the trade settlement program.

In mid-2009, China relaxed restrictions on the use of the yuan for cross-border trade under a trial, which was initially limited to Shanghai and four cities in Guangdong Province. The catalyst came in June 2010 when the program was expanded to 20 provinces and municipalities across the nation.

Li told Shanghai Daily that China will expand the scheme nationwide this year.

“We are expecting to receive applications from all the remaining provinces within one to two months to start the program,” Li said. “Hopefully, we will promote the program nationwide within this year.”

Li said he expects the rapid growth of the yuan settlement to continue.

“It’s a market choice, rather than a government drive,” he said.

The number of mainland companies authorized to settle trade accounts in yuan rose from 365 at the start of the program in 2009 to more than 67,000 so far.

The cross-border trade settlement hit 530 billion yuan (US$82 billion) in the first four months of this year, more than for the whole of 2010.

China Business – Banks seek even stricter home deposit

lessmanbjcn — Fri, 24 Jun 2011 08:02:13 +0000

BANKS in Shanghai have asked home buyers to place a down payment that is above regulatory requirement on their second homes amid the central government’s tight control on housing loans, the local banking regulator said yesterday.

Banks required an average 64 percent down payment on second homes in March, up from 56 percent in January, because of a tighter regulatory requirement, said the Shanghai Bureau of the China Banking Regulatory Commission, quoting data from four lenders.

China launched its toughest measures to curb surging prices and speculation in the home market in January. On January 26, the State Council, China’s Cabinet, increased the minimum down payment on second homes from 50 percent to 60 percent, with interest rates 1.1 times the benchmark rate in a bid to drive out credit-driven speculation. Banks are also banned from offering loans to third or more homes.

In February, most banks, including the Industrial and Commercial Bank of China and the Bank of China, stopped giving rate discount for first home buyers. Previously, a 15 percent discount on mortgage rates was given on first homes.

China tightened its monetary policy this year, shifting from moderately easing to prudent.

Some banks even halted granting mortgages against the backdrop, the CBRC said, without naming the banks.

The outstanding value of bad loans in real estate dropped to 3.5 billion yuan at the end of March, down 320 million yuan.

HSK – HK’s jobless rate climbs to 3.5%

lessmanbjcn — Thu, 23 Jun 2011 08:01:35 +0000

Hong Kong’s Central business district is illuminated at night over a construction site. Hong Kong’s unemployment rate rose for the first time in 11 months as job opportunities failed to keep pace with the number of people looking for work. The jobless rate for the February-April period climbed to 3.5 percent from a 31-month low of 3.4 percent in the January-March period.

learn mandarin – US home market still weak

lessmanbjcn — Wed, 22 Jun 2011 07:56:34 +0000

A home in Clinton, New Jersey, is for sale. Fewer Americans bought previously occupied homes in April. Activity among first-time home buyers rose and foreclosure sales fell, but those factors weren’t enough to signal a recovery in the weak housing market. Sales of previously occupied homes fell 0.8 percent in April to a seasonally adjusted annual rate of 5.05 million units, the US National Association of Realtors said yesterday. Purchases made by first-

learn Chinese online – High chance of yuan clearing bank

lessmanbjcn — Tue, 21 Jun 2011 07:54:10 +0000

Douglas Flint (left), chairman of HSBC Holdings Plc, speaks as Stuart Gulliver, chief executive officer of HSBC Holdings Plc, listens during a news conference following a shareholder’s meeting in Hong Kong yesterday. HSBC Holdings Plc sees a “quite high” chance to be a yuan clearing bank in Hong Kong if rules allow, Peter Wong, the bank’s chief executive officer for the Asia-Pacific region, said yesterday