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BEIJING (MNI) - The following are highlights from the Chinese press for
Friday, January 12:
China will further increase the use of yuan in cross-border trade and
profits remittance for foreign companies to increase its acceptance in offshore
markets, the 21st Century Business Herald reported Friday. China needs to enrich
forex products to attract more foreign investors, as they may not want to hold
the yuan if the currency trends weaker this year after gaining more than 6% in
2017, the report warned
M2 growth may slow further to about 9.5% in 2018, extending a slowdown seen
last year, the 21st Century Business Herald reported, citing economists. Last
year's broad money-supply growth was already the slowest in 20 years, but a
global economic recovery helped revive China's exports, it said. Looking ahead,
the Chinese economy lacks solid new drivers, as innovation and productivity
gains may not be enough to offset declining and aging labor, the newspaper said.
China is further probing entrusted loans that channeled massive
asset-management funds into risky borrowers outside the normal markets, Caixin
reported Friday. Security regulators have banned the investment of the so-called
collective asset management plans into entrusted loans and other non-standard
assets, it said. These plans are funds managed by brokerages for as much as 200
retail investors, Caixin cited unidentified sources as saying.
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