NEWS

Photo By: GBTimes Hong Kong's Secretary for Financial Services and the Treasury, K C Chan, believes that there are tremendous opportunities ahead for Hong Kong's financial center as China continues to liberalize its currency, the renminbi (RMB). In remarks at a seminar held by the London Business School, Chan observed that Hong Kong has already been playing a "key role" in the RMB liberalization process, noting that the offshore RMB market was effectively born in Hong Kong in 2003. "The combined value of deposits and certificates of deposits in Hong Kong is about RMB1.1 trillion (USD180bn) at the end of...

NEWS 2020

Photo By: KingWorld News China is close to its goal of making the renminbi convertible for investment purposes, a senior Chinese central banker has said, highlighting Beijing’s view that strict controls on cross-border capital flows are consistent with convertibility.  China is actively seeking the International Monetary Fund’s endorsement of the renminbi as an official reserve currency, a designation that requires a currency to be “freely usable”. Yet the comments by Pan Gongsheng, deputy governor of the People’s Bank of China, highlight how China’s vision of convertibility falls well short of the unfettered trading that many foreign investors and deregulation enthusiasts...

NEWS 2020

Photo By: AsiaBriefing On May 24, Premier Li Keqiang and a delegation of Chinese senior officials arrived in Chile. During the visit, China and Chile signed a double taxation avoidance agreement (DTA), updated their Free Trade Agreement and agreed on setting up an RMB clearing center in Chile. China and Chile have developed a strong diplomatic relationship over the years. Chile was the first South American country to establish diplomatic ties with China, in 1970. It is also the first Latin American country to have signed a Free Trade Agreement with China, the other two being Peru and Costa Rica....

NEWS 2020

Photo By: Top Rated Travel Bahamas Prime Minister Perry Christie has signed an agreement in principle with the President of China to allow the Bahamas to trade in the Chinese Renminbi (RMB). Bahamas Minister of Financial Services Hope Strachan said establishing a Bahamian RMB center would significantly boost the territory and would "further cement its position as the leader in the region for financial services." "It would also assist in increasing trade between China and The Bahamas and indeed the region by enabling China-Bahamas trade to be denominated in Chinese RMB and Bahamian dollars, rather than the current practice of...

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Photo By: Sesame Credit Alitrip (www.alitrip.com), the online travel booking platform under Alibaba Group, today (June 4th.) announced its collaboration with the Consulate General of the Grand Duchy of Luxembourg in Shanghai to introduce in the near future a credit-based online visa application process for mainland Chinese residents traveling to Luxembourg. Leveraging the scoring system of Sesame Credit, a credit agency under Alibaba Group’s related company Ant Financial Services Group, the move aims to give eligible Chinese residents increased convenience to travel abroad by lowering their barrier to obtaining travel visas and expediting their visa application process. Alitrip unveiled its...

NEWS 2020

Asia Outbound summit series has made another milestone success by hosting its 5th. flagship summit series with its Spring summit at the Grand Hyatt in Shenzhen. The two-day summit (May 27th and 28th, 2015) has revealed the reason behind the trend of China’s rapid growth of outbound investment, and suggested many ideas as well as brand new strategies to internationally manage Chinese HNWI’s wealth and investments. The Asia Outbound Summit was launched in 2010 and was for the first time held in Shenzhen this year, in recognition of the city's fast developing and innovative industries, centered on hi-tech and advanced manufacturing....

NEWS 2020

Photo By: Xinhua Finance Agency To deepen the financial cooperation between China's Guangdong, Hong Kong and Macao and realize cross-border investment facilitation, the Guangzhou Branch of the People's Bank of China issued the Provisional Regulations of Cross-border RMB Loan Pilot Management program in Nansha and Hengqin on July 13, and launched the cross-border RMB loan service. According to the regulations, registered and operating enterprises in Nansha and Hengqin, and enterprises that invest in Nansha and Hengqin key projects from Guangdong, are allowed to borrow money from Hong Kong and Macao banks. Additionally, the money can be used both inside and...

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Photo By: Xinhua China and South Korea yesterday (June 1st) have formally signed a bilateral free trade agreement (FTA) as the Asian economies seek to benefit from each other. Chinese Commerce Minister Gao Hucheng and his South Korean counterpart Yoon Sang-jick formally signed the bilateral FTA on June 1st in central Seoul, China's official Xinhua news agency reported. The signing comes three years after the countries began talks on the FTA in May 2012. Negotiations on the pact witnessed rapid progress after Chinese President Xi Jingping visited South Korea in July 2014. The deal will be implemented after it is approved by the...

NEWS 2020