TheBeltandRoadInitiative,proposedbyChinaintheautumnof2013,wasaimedtodrawonthestrengthofeachcountrytopursueajointdevelopmentthroughenhancinginternationalcooperat
FinancialinstitutionsweresettomaximizeHongKong'sadvantageasthelargestoffshorerenminbi(RMB)centerintheworld.ThebankingindustrybelievedtheBeltandRoadInitiativeasw
Both domestic and overseas market entities have adopted an optimistic attitude on the internationalization of the RMB, with nearly 70 percent of overseas enterprises planning to use the RMB or increase usage of the RMB, according to a bank report.
A child named Luo Yixiao has become a buzzword on WeChat, as tens of thousands of users repost her father's heart-wrenching missives. The father's journals, which contain a call for help in curing his daughter's leukemia, have already raised 2 million RMB, including 500,000 RMB of promised "aid" from a company for the father.
Most generous: Private and state-owned enterprises are biggest contributors
China Securities Regulatory Commission (CSRC) and Securities & Futures Commission (SFC) of Hong Kong stated in a joint announcement at 19:00 of Nov. 25 that eligible stock trading via Shenzhen-Hong Kong Stock Connect will start on Dec. 5.
China' s currency, the renminbi (RMB), is breaking the financial world' s ultimate glass ceiling and embarking on a new journey towards global reserve status when it formally joins the elite currency club of the International Monetary Fund (IMF) on Saturday.
"As The People's Bank of China (BOC) has announced that Bank of China New York branch as the first Renminbi (RMB) clearing bank in the United States, BOC is now introducing more RMB products and offering more RMB services to US investors." Xu Haifeng, Executive VP of Bank of China USA told Xinhua Sunday.
The People’s Bank of China (PBOC), or the central bank, announced yesterday that it authorizes Bank of China, New York branch as clearing bank of RMB business in the U.S.
The founding of the first renminbi (RMB) clearing bank in the United States and the yuan's imminent formal inclusion in an elite reserve currency basket are the RMB's latest victories on the way to becoming a global currency.
U.S. Secretary of Treasury Jacob Lew said on Wednesday that China's current RMB exchange rate fluctuations reflect market forces, pointing to the G20 forums as important mechanism to foster global commitments.
China's authorities have largely succeeded in its objective of revamping the foreign exchange mechanism to make the currency renminbi (RMB) more market-oriented and relative stable to a basket of currencies over the past year, thanks to improved policy communication, U.S. experts have said.
Today marks the one year anniversary of China’s exchange rate reform started from August 11, 2015, when the People’s Bank of China (PBOC) decided to launch reform on the central parity price mechanism of RMB, the Chinese currency. Over the past year, RMB has experienced three sharp fluctuations.
The spot exchange rate of CNY/USD dropped below 6.7 last night, setting a new low since November 2010. Yesterday, the central parity rate of CNY/USD plummeted by 159 base points to 6.6961, a new low for a half and five years.
According to the People’s Daily, as of 6:00 am, June 24 local time, votes of only 8 among the 328 electorates across Britain remained to be calculated. But the Leave camp won over half of the votes at 16,800,000, 1,200,000 votes more than the Remain camp. The Leave camp won the referendum, and Britain will leave the European Union.
While the pace of renminbi (RMB) internationalisation overall is slowing, further progress is being made, with the Chinese currency starting to make headway in the United States.
Over the past week, discussion on whether a Fed rates hike in June is possible or not continued to heat up. At the same time, the Brexit vote also kicks in the nerves of the market. Foreign exchange traders are on the alert to the two possible black swarm events likely to happen in June. To the concern of market, the RMB continues to lose its strength as the U.S. dollar rallies.
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