Free Trial

MNI China Press Digest, Nov 7: Yuan, Small Bank, Euro Bond

     BEIJING (MNI) - The following lists highlights from Chinese press reports
on Thursday:
     Chinese regulators should continue to relax restrictions and promote the
internationalization of the yuan, said Huo Yingli, director of macro-prudential
management bureau at the PBOC. As reported in the China Business News, Huo said
the PBOC has shortened the time needed for foreign investors to enter the
Chinese market, has improved policy transparency, clarified tax payment
arrangements and introduced overseas rating agencies. The further opening of
financial markets would further promote the cross-border use of the yuan, Huo
     China's yuan internationalization has created a good foundation and will
play an important role in the development of Free Trade Zones, China Securities
Journal reported. Citing Chen Yulu, vice governor of the PBOC, the Journal's
report said the internationalization of the yuan would serve the real economy
and facilitate trade and investment. The currency was increasingly an
independent choice for market participants, Chen said.
     China should further reform the small and medium-sized banking sector to
enhance its contribution to the real economy, Securities Times has reported,
citing official sources. The Times reported on the meeting held by the Financial
Stability and Development Committee of the State Council held on Wednesday,
which discussed measures such as supporting small banks to replenish capital,
optimise their capital structure and improve their risk management. The meeting
also discussed improving the banking business model for the sector.
     The success of China's first euro bond in 15 years highlights the world's
confidence in China's economic prospects, Xinhua News Agency said in a
commentary. Chinese financial products have become a safe-haven for
international investors, and they regard China as one of the most worthwhile
investment markets amid the global economic slowdown, Xinhua said.
--MNI Beijing Bureau; +86 (10) 8532-5998; email:
--MNI Sydney Bureau; +61 405322399; email:
[TOPICS: M$A$$$,M$Q$$$,MI$$$$]

To read the full story



MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.