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Regional Impact Of Renminbi Depreciation: ADB Chief Economist Shang-Jin Wei
The move by People’s Bank of China’s (PBoC) this week to loosen the renminbi (RMB) exchange rate, inducing a depreciation of the RMB against the US dollar by 3.5% in two days, has sparked intense debate among economists, pundits and policymakers. Does the depreciation show the People’s Republic of China (PRC) is moving against or … Continue reading
China’s Stock Index Has Just Made Its Best Week In 2 Months While Yuan Volatility Shakes The Markets
China’s benchmark stock index has just made its biggest weekly gain in two months. Investors bet that the weaker yuan will help to boost the economy. The Shanghai Composite Index rose 0.3% at the close today and this week the index advanced by 5.9%. The yuan lost 3% for the week as a result of Tuesday’s surprise devaluation. Gerry Alfonso, a sales trader at Shenwan … Continue reading
China Rejects $17.6 Billion Construction Projects
“China rejected 17 proposed construction projects involving a total investment of 109 billion yuan (17.6 billion U.S. dollars) for reasons of environmental protection in the first half of 2015,” the Ministry of Environmental Protection (MEP) said Friday, according to Xinhua. According to the news agency: The 17 projects were among 92 examined by the MEP in … Continue reading
BRICS Mutual Trade Increased By 70% Since 2009
Trade between BRICS countries has increased 70% over the past 6 year, according to South African President Jacob Zuma, RT reports. The economies of the five BRICS nations (Brazil, Russia, India, China and South Africa) account for almost 30% of global GDP. BRICS presents an aggregate GDP exceeding $32 trillion. This marks a 60% growth since … Continue reading
Chinese Yuan: More “Significant Work” Is Needed Before Deciding Whether To Grant The Renminbi Reserve Currency Status, IMF Says
“The International Monetary Fund said the yuan trails its global counterparts in major benchmarks and that “significant work” in analyzing data is needed before deciding whether to grant the Chinese currency reserve status,” Bloomberg reports. According to the news agency: IMF staff members also opened the door to a possible delay in any approval with … Continue reading
China Tightens Short-Selling Rules
“China stepped up its crackdown on short-selling of shares on Tuesday, unveiling rules that make it harder for speculators to profit from hourly price changes, as some of the nation’s major brokerages suspended their short-selling businesses,” Reuters reports. According to the news agency: China’s stock exchanges and market watchdogs are cracking down on short-selling as … Continue reading
De-Dollarization: Will China’s Yuan Become A Global Reserve Currency?
In recent months, China has stepped up a longstanding campaign for its currency (officially called the renminbi [RMB] but also referred to as the yuan), to be included as a part of the composition of the International Monetary Fund’s (IMF’s) Special Drawing Rights (SDR). By Templeton Emerging Markets Group While the media is abuzz with the … Continue reading
BRICS: $100 Billion Liquidity Reserve Fund Comes Into Force
“The agreement on the BRICS $100 billion currency reserve pool came into force Thursday. The fund was set up by the developing nations group to protect their national currencies from volatility in global markets,” RT reports. “The arrangement is important not only because it provides the possibility to quickly obtain additional liquidity, but its very … Continue reading
De-Dollarization: Yuan Spreads To World’s Biggest $15Tn Metals Bourse
The London Metal Exchange (LME) on Tuesday started accepting yuan as collateral against contracts after getting permission from the Bank of England. “The renminbi [yuan – Ed.] is on its way to becoming one of the world’s most widely-used currencies. We are pleased to be able to help our members take advantage of the opportunities … Continue reading
China’s Record Dumping Of US Treasuries Leaves Goldman Speechless
On Friday, alongside China’s announcement that it had bought over 600 tons of gold in “one month”, the PBOC released another very important data point: its total foreign exchange reserves, which declined by $17.3 billion to $3,694 billion. By Tyler Durden (Zero Hedge) We then put China’s change in FX reserves alongside the total Treasury holdings … Continue reading
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