WASHINGTON - Britain favors the eventual inclusion of the Chinese yuan in the International Monetary Fund's SDR basket of currencies, finance minister George Osborne said on Friday, saying it was important to include emerging powers in the world system.
BEIJING/SHANGHAI - Alibaba Group Holding Ltd and its finance affiliate accelerated a drive to be a full-fledged Chinese online financial network, with the launch on Thursday of an e-commerce tracking stock index and plans for a June start of an internet bank.
SHANGHAI/HONG KONG - Chinese investors, for the first time, used the entire 10.5 billion yuan ($1.7 billion) daily quota in a cross-border program buying Hong Kong stocks, boosting turnover under the Shanghai-Hong Kong Stock Connect to a record.
BEIJING - China should establish a national housing bank to optimize use of the country's housing provident funds, which have over 3.7 trillion yuan ($597.45 billion) at their disposal, according to an article written by an official with Ministry of Housing and Urban, Rural Construction.
BRUSSELS - China is closer to joining the major league of reserve currencies with a deal possible later this year to include the yuan in the International Monetary Fund's unit of account, international finance officials say.
- Hainan Airlines Co Ltd , China's fourth-largest carrier, said on Wednesday it plans to order 30 Boeing Co B787-9 jets as it seeks to expand international routes to tap into growing demand for overseas travel from China.
BEIJING - The current level of China's yuan <CNY=CFXS> is appropriate because it reflects foreign exchange supply and demand and economic fundamentals, a top central bank researcher said on Saturday, playing down talk of suspected official intervention.
SINGAPORE - Bearish bets on most emerging Asian currencies increased in the last two weeks, with short positions in the Singapore dollar at a six-year high, as the Federal Reserve moved closer to raising interest rates, a Reuters poll showed on Thursday.
HONG KONG/BEIJING - China's long-awaited international payment system to process cross-border yuan transactions is ready, and may be launched as early as September or October, three sources with direct knowledge of the matter told Reuters.
LONDON - Drugmaker GlaxoSmithKline , which was fined 3 billion yuan ($479 million) in China last year for bribery, is dismissing 110 employees in the country for misconduct, people familiar with the matter said on Friday.
The yuan charge
The Obama administration is taking China head on over the yuan. As Congress comes closer to punishing Beijing for not letting the currency strengthen more rapidly, Reuters explains the factors behind the yuan's sudden gains. Document