Analysts believe the cross-border RMB loans business helps not only the development of the offshore RMB market in HK, but the internationalization of the currency as well.
The first batch of banks including Hang Seng Bank and China Construction Bank will be signed up as pilot lenders to extend cross-border loan businesses next week.
Han Baoxing, 52, who is a key player in offshore yuan-related matters at CDB, will replace Liu Hao.
Guo suggested low-income people or those who live on pensions pick some other safer and lower-risk financing choices instead of stocks, and called the recent decline in newly-opened accounts a “good sign”.
The BoJ doubled its inflation target from1 to 2 percent, and said it would maintain an open-ended asset purchase program
Orient Securities forecast that China's local financing platform loans is likely to top 12.77trillion yuan in 2013, up 12% from a year earlier.
The cross-border RMB transactions should be enlarged, and the openness of the capital account should be boosted, Wen said.
The new stock trading accounts which have always been seen as the “barometer for small investors’ sentiment” suggest on-going pessimism towards China’s ailing stock market.
By that measure, the total maximum RQFII and QFII quota is expected to reach 2-3 trillion yuan in the future.
The November decline in forex reserves also explains the drop in position for forex purchase in the same month.
Sources close to the matter told Caijing that the most probable target ceiling is 30-40 billion yuan, and will be no more than 50 billion
An employee at China Construction Bank's branch denied accusations of misleading investors into buying a wealth management product that underperformed
More than 70 percent of respondents predicted that growth of revenue and profit at their banks will slump to below 20 percent in the coming three years
Forty-one Chinese companies turned to the HK Main Board for IPOs, raising as much as 36.42billion yuan in the first eleven months of 2012, almost 94% of all overseas financing.
Foreign investors snapped up 3 times, 9 times, and 10 times of the combined amount in the January-July period of Chinese stocks in August, September, and October, respectively.
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