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BEIJING—China will start allowing exporters to keep some of their foreign-currency earnings offshore, beginning a new relaxation of the nation’s currency controls that could eventually slow its buildup of foreign-exchange reserves and reduce pressure on the yuan to appreciate. The trial program announced Friday by the State Administration of Foreign Exchange eases the so-called “surrender requirement” [...]
From the makers of the Big Mac comes a small bond deal that is making bankers giddy as kids with a Happy Meal. McDonald’s Thursday became the first nonfinancial foreign company to launch a yuan-denominated bond in Hong Kong, according to Standard Chartered PLC, the Asia-focused U.K. bank that underwrote the deal. The bank [...] China’s Biggest E-Commerce Site Aims to Take on Its Competitors With Cheaper Ticket Prices BEIJING—Alibaba Group, which operates China’s biggest e-commerce site, said it is expanding its travel business to include international-airline-ticket sales, and plans to take on China’s largest online travel company. Taobao.com, Alibaba’s retail website, on Wednesday began selling tickets online for international [...] By Robert Cookson in Hong Kong A number of the world’s biggest banks have launched international roadshows promoting the use of the renminbi to corporate customers instead of the dollar for trade deals with China. HSBC, which recently moved its chief executive from London to Hong Kong, and Standard Chartered, are offering discounted transaction fees and other [...] BEIJING (MNI) Aug 23- 2010 – The People’s Bank of China set the yuan’s central parity rate at 6.7999 to the U.S. dollar on Tuesday, lower than the previous trading day’s central parity of 6.7989. Today’s parity was set below the record high of 6.7685 on Aug.9. The yuan finished at 6.8003 against the U.S. dollar on [...] |
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