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China will establish a renminbi clearing bank in the U.S. in the future, said Yi Gang, deputy governor of the People's Bank of China (PBOC) Tuesday.
China’s economy still faces downside pressure in the second half year. With the continuous introduction of proactive fiscal policies, the economy is likely to bottom out. Industry insiders indicated that the macroeconomic adjustment will transfer to “ease fiscal policy plus stable monetary policy”.
While analysts have welcomed the apparent shift in Chinese policy towards structural economic reform, it could in the short term lead to rising liquidity and credit risks that are problematic for banks.
Wang Zhengqiang, 52, retired eight years early during a layoff at a steel mill in Tangshan, North China's Hebei province.
When investors place their bets in the A-share market this week, one of the key factors they would weigh is the progress of the reform and restructuring of the country's loss-making State-owned enterprises, analysts said.
Last week, the central government offered intensive instructions on state-owned enterprises (SOEs) reform, including laying out the tasks and ways of reform and detailed timetable. It has paved the way for further accelerating the reform. Relevant instructions and arrangements recently have also been reiterated in the ten sorts of pilot reforms.
Beijing pledged to take a substantial step forward to liberalise its commodity futures market by allowing foreign investors and domestic financial institutions to deal in contracts that bet on prices for crude oil, iron ore and rubber.
The central government, in the Outline of the National Strategy of Innovation-Driven Development released by Minister of Science and Technology Wan Gang at a press conference held by the State Council Information Office on May 23, defined the goals, development direction and key tasks for China's innovation-driven development in next three decades.
Journalist from the China Securities Journal learnt that, based on issued Guidelines on Major Assets Restructuring Information Disclosure and Trading Suspension & Resumption of Listed Companies and Notice on Further Standardize Trading Suspension & Resumption and Related Information Disclosure of Listed Companies (exposure draft), newly revised rules on trading suspension & resumption are likely to issue next week at the soonest. “Cheating restructuring” problems concerned by the market will be strictly controlled. Meanwhile, new rules will restrict the random trading suspension & resumption or long-term suspension in the A-share market, which is regarded as a move to sweep out the obstacles for A shares to be included in the MSCI index.
The head of a mainland China bank has signalled confidence that the central government will loosen requirements for lenders’ bad-debt provisions, a move that could help them to report larger profits.