Foreign owners of US Treasury Securities (January 2009)
Nation billions of dollars percentage
People's Republic of China 739.6 24.07%
Japan 634.8 20.66%
Oil exporters 186.3 6.06%
Caribbean banking centers 176.6 5.75%
Brazil 133.5 4.35%
United Kingdom 124.2 4.04%
Russia 119.6 3.89%
Grand Total 3072.2
Sunday, June 07, 2009
China Construction Bank opens branch in the U.S.
NEW YORK, June 5 (Xinhua) -- China Construction Bank Corporation (CCB), the world's second largest bank by market value, opened its New York branch on Friday.
The New York branch, CCB's first branch in the United States, extends CCB's global presence and marks a significant milestone in CCB's global strategy, said CCB's Chairman Guo Shuqing told Xinhua after the opening ceremony.
The establishment of CCB's branch in New York, the world's largest financial center, will significantly improve CCB's ability to provide worldwide services to its customers, he added.
The New York branch will engage in wholesale banking activities, including lending, acceptance of wholesale deposits, trade finance, U.S. dollar clearing and treasury, according to the CCB.
The New York branch, CCB's first branch in the United States, extends CCB's global presence and marks a significant milestone in CCB's global strategy, said CCB's Chairman Guo Shuqing told Xinhua after the opening ceremony.
The establishment of CCB's branch in New York, the world's largest financial center, will significantly improve CCB's ability to provide worldwide services to its customers, he added.
The New York branch will engage in wholesale banking activities, including lending, acceptance of wholesale deposits, trade finance, U.S. dollar clearing and treasury, according to the CCB.
China aircraft program
China launches assembly center for large aircraft program
Commercial Aircraft Corporation of China unveiled its manufacturing and assembling center Saturday, the latest step towards the goal to manufacture China's homegrown large aircraft.It was one of its three key entities which were responsible for aircraft design, manufacturing and service.
Commercial Aircraft Corporation of China unveiled its manufacturing and assembling center Saturday, the latest step towards the goal to manufacture China's homegrown large aircraft.It was one of its three key entities which were responsible for aircraft design, manufacturing and service.
China News
U.S. President Obama, French President Sarkozy, British Prime Minister Brown and Canadian Prime Minister Harper marked the 65th anniversary of the D-Day landing.
Rio Tinto stops propose $19.5 billion investment by Chinalco
Rio Tinto scraped the proposed $19.5 billion of investment by Chinalco, and would pay a break fee of $195 million to the Chinese aluminum maker.
Monday, September 01, 2008
China has US $1.7 trillion in currency reserves
The People's Republic of China has US $1.7 trillion in currency reserves.
China has established an Investment Fund, intending to invest in large projects worldwide, with $200 billion United States dollars of assets under management, which makes it the world's fourth largest Sovereign Wealth Fund. This sovereign wealth fund officially began operations on Saturday, September 29, 2007. It bought a US $ 3 billion stake of Blackstone Group in June, and a 9.9% stake of Morgan Stanley worth US $ 5 billion on December 19, 2007.
China has established an Investment Fund, intending to invest in large projects worldwide, with $200 billion United States dollars of assets under management, which makes it the world's fourth largest Sovereign Wealth Fund. This sovereign wealth fund officially began operations on Saturday, September 29, 2007. It bought a US $ 3 billion stake of Blackstone Group in June, and a 9.9% stake of Morgan Stanley worth US $ 5 billion on December 19, 2007.
Thursday, August 28, 2008
Chinese Yuan sets new high against US Dollar.
Chinese Yuan breaks new mark on battered US dollar
Last Updated(Beijing Time):2008-02-29 13:19
The Chinese currency continued to set a new high on Friday, breaking the 7.11 mark to a central parity rate of 7.1058 yuan against one US dollar.
Observers attribute the rise to a weakened US dollar, which devaluated to 1.5229 to one euro on Thursday, a record low since the euro's introduction in 1999.
The Chinese yuan climbed 151 basis points from Thursday, reaching the 19th new high in the past two months.
The yuan has appreciated by more than 2.58 percent against the dollar this year and more than 13 percent since it was de-pegged from the dollar in July 2005.
US critics have argued an undervalued yuan makes China-made products unfairly cheaper and brings a massive trade deficit to the United States.
The US Federal Reserve Chairman Ben Bernanke said on Wednesday in testimony to Congress that a devalued yuan could help reduce trade deficits, triggering a new round of dollar selling.
The US currency was further driven down by downbeat economic figures released on Thursday.
Reports show the US gross domestic product in the fourth quarter rose by an annual rate of 0.6 percent, smaller than expected. The number of first-time unemployment claims rose last week by 19,000 to 373,000, the highest level since late January.
Source:Xinhuanet
Last Updated(Beijing Time):2008-02-29 13:19
The Chinese currency continued to set a new high on Friday, breaking the 7.11 mark to a central parity rate of 7.1058 yuan against one US dollar.
Observers attribute the rise to a weakened US dollar, which devaluated to 1.5229 to one euro on Thursday, a record low since the euro's introduction in 1999.
The Chinese yuan climbed 151 basis points from Thursday, reaching the 19th new high in the past two months.
The yuan has appreciated by more than 2.58 percent against the dollar this year and more than 13 percent since it was de-pegged from the dollar in July 2005.
US critics have argued an undervalued yuan makes China-made products unfairly cheaper and brings a massive trade deficit to the United States.
The US Federal Reserve Chairman Ben Bernanke said on Wednesday in testimony to Congress that a devalued yuan could help reduce trade deficits, triggering a new round of dollar selling.
The US currency was further driven down by downbeat economic figures released on Thursday.
Reports show the US gross domestic product in the fourth quarter rose by an annual rate of 0.6 percent, smaller than expected. The number of first-time unemployment claims rose last week by 19,000 to 373,000, the highest level since late January.
Source:Xinhuanet
China consumer spending report, HSBC
HSBC report: China consumer spending still strong and accelerating
The increase in China's retail sales volume exceeded 20 percent year on year in the last eight months and is still accelerating, enough to sustain economic growth above 9.5 percent for the rest of the year, a HSBC report said.
According to the report "China Economic Spotlight" released on Tuesday, consumer spending has performed strongly despite the slowing economy, the disastrous earthquake and the cancellation of the May Day golden week.
Taking into account the retail price index, the real retail sales growth hit a decade record of 15.4 percent year on year (to about 100 billion U.S. dollars) in July from 14.8 percent in June, substantially higher than the monthly average of 12.4 percent in 2007.
Both urban and rural areas showed strong retail sales growth in real terms over the same period last year, with rural retail up 14percent to 280 billion yuan and that of urban areas up 17 percent to 600 billion yuan.
Strong consumer spending is attributable to the rapidly increasing expenditure on accommodation and catering, up 26.5 percent year on year in July, and the robust growth of wholesale and retail trading, said the report.
In terms of commodities, petroleum products, jewellery, cosmetics, garments and automobiles are taking the lead. Petroleum products sales rose 55.2 percent year on year in July from 44.4 percent in the first half, reflecting the still strong demand despite the fuel price rise in June.
However, as a side effect of a less vibrant property market, the growth of building material sales fell further to -3.4 percent in July from the -1.8 percent in Jan-Jun period, a sharp decline from the 41 percent growth in the first half of 2007.
The report attributed the vibrant spending to the strong income growth of the past few years and the structural upgrading of spending on consumer goods.
In real terms, urban disposable income growth has maintained 10percent growth annually in the last three years, while rural residents' net income is increasing even faster. From January to June, urban per capita disposable income rose by 6.3 percent, while rural incomes increased 10.3 percent.
With nearly 1,900 US dollars per annum of disposable income for the urban residents and almost 700 US dollars per annum cash income for farmers, Chinese people are upgrading their consumption structure, said the report. They spend more on recreational goods, dine out more frequently, buy cars and go on more holidays, hence the fast rising sales of automobiles, garments, cosmetics and jewellery.
In terms of the tumbling stock market, the HSBC report held that the sharp fall in the market had a limited negative wealth effect because shareholders represent less than 5 percent of the population.
Source:www.chinaview.com
2008-08-27
The increase in China's retail sales volume exceeded 20 percent year on year in the last eight months and is still accelerating, enough to sustain economic growth above 9.5 percent for the rest of the year, a HSBC report said.
According to the report "China Economic Spotlight" released on Tuesday, consumer spending has performed strongly despite the slowing economy, the disastrous earthquake and the cancellation of the May Day golden week.
Taking into account the retail price index, the real retail sales growth hit a decade record of 15.4 percent year on year (to about 100 billion U.S. dollars) in July from 14.8 percent in June, substantially higher than the monthly average of 12.4 percent in 2007.
Both urban and rural areas showed strong retail sales growth in real terms over the same period last year, with rural retail up 14percent to 280 billion yuan and that of urban areas up 17 percent to 600 billion yuan.
Strong consumer spending is attributable to the rapidly increasing expenditure on accommodation and catering, up 26.5 percent year on year in July, and the robust growth of wholesale and retail trading, said the report.
In terms of commodities, petroleum products, jewellery, cosmetics, garments and automobiles are taking the lead. Petroleum products sales rose 55.2 percent year on year in July from 44.4 percent in the first half, reflecting the still strong demand despite the fuel price rise in June.
However, as a side effect of a less vibrant property market, the growth of building material sales fell further to -3.4 percent in July from the -1.8 percent in Jan-Jun period, a sharp decline from the 41 percent growth in the first half of 2007.
The report attributed the vibrant spending to the strong income growth of the past few years and the structural upgrading of spending on consumer goods.
In real terms, urban disposable income growth has maintained 10percent growth annually in the last three years, while rural residents' net income is increasing even faster. From January to June, urban per capita disposable income rose by 6.3 percent, while rural incomes increased 10.3 percent.
With nearly 1,900 US dollars per annum of disposable income for the urban residents and almost 700 US dollars per annum cash income for farmers, Chinese people are upgrading their consumption structure, said the report. They spend more on recreational goods, dine out more frequently, buy cars and go on more holidays, hence the fast rising sales of automobiles, garments, cosmetics and jewellery.
In terms of the tumbling stock market, the HSBC report held that the sharp fall in the market had a limited negative wealth effect because shareholders represent less than 5 percent of the population.
Source:www.chinaview.com
2008-08-27
Fiat sets up engine plant in Chongqing China
Fiat to set up engine plant in Chongqing
Italy's Fiat SpA has signed a memorandum of understanding to build a light-duty diesel engine plant in the southwestern city of Chongqing, with total investment projected at 1.8 billion yuan ($263 million), said the local government.
The Chongqing government said in a statement on its website that the plant's capacity will be 100,000 units annually. 70 percent of production will be exported.
Fiat expects the plant to become its largest outside Italy, according to the statement.
Source:www.chinadaily.com
2008-08-27
Italy's Fiat SpA has signed a memorandum of understanding to build a light-duty diesel engine plant in the southwestern city of Chongqing, with total investment projected at 1.8 billion yuan ($263 million), said the local government.
The Chongqing government said in a statement on its website that the plant's capacity will be 100,000 units annually. 70 percent of production will be exported.
Fiat expects the plant to become its largest outside Italy, according to the statement.
Source:www.chinadaily.com
2008-08-27
Bank of China venture with Canada's Bank of Nova Scotia
Bank of Beijing to launch fund management venture with Canadian bank
Bank of Beijing, China's biggest city bank in terms of assets, said on Monday it would establish a fund management venture with Canada's Bank of Nova Scotia.
The Beijing-based joint venture would have a registered capital of 300 million yuan (44 million U.S. dollars), it said in the half-year report.
The Bank of Nova Scotia, Canada's third largest lender by assets, will own 33 percent of the venture, while Bank of Beijing and an unnamed third party would shoulder the remainder. No other details were given.
"The Bank of Beijing is seeking to expand its business nationwide, and plans to improve its banking service network in three years," said chairman Yan Zhubing.
The bank would open its Shenzhen branch before the end of September, while Hangzhou branch has been officially approved by the government.
The bank's first-half net profit was 2.9 billion yuan, representing an increase of 121.48 percent over the end of last year. Earnings per share rose 80.77 percent to 0.47 yuan.
Total assets stood at 363 billion yuan by June, up 2.58 percent over the end of 2007.
The bank's shares rose 1.7 percent to close at 9.67 yuan on Tuesday.
Source:Www.people.com
2008-08-27
Bank of Beijing, China's biggest city bank in terms of assets, said on Monday it would establish a fund management venture with Canada's Bank of Nova Scotia.
The Beijing-based joint venture would have a registered capital of 300 million yuan (44 million U.S. dollars), it said in the half-year report.
The Bank of Nova Scotia, Canada's third largest lender by assets, will own 33 percent of the venture, while Bank of Beijing and an unnamed third party would shoulder the remainder. No other details were given.
"The Bank of Beijing is seeking to expand its business nationwide, and plans to improve its banking service network in three years," said chairman Yan Zhubing.
The bank would open its Shenzhen branch before the end of September, while Hangzhou branch has been officially approved by the government.
The bank's first-half net profit was 2.9 billion yuan, representing an increase of 121.48 percent over the end of last year. Earnings per share rose 80.77 percent to 0.47 yuan.
Total assets stood at 363 billion yuan by June, up 2.58 percent over the end of 2007.
The bank's shares rose 1.7 percent to close at 9.67 yuan on Tuesday.
Source:Www.people.com
2008-08-27
Sunday, February 24, 2008
US stagflation limited impact on China
Impact from US stagflation on China limited
(Xinhua)
Updated: 2008-02-25 06:38
BEIJING -- The US may slip into stagflation with the subprime crisis, but that would have a limited impact on China, the World Bank's new chief economist and senior vice president Justin Yifu Lin said Sunday.
Lin told a seminar in Peking University the US economy would slip into recession as the subprime crisis hurt consumer spending and the declining dollar added inflation pressures by making the imports more expensive. The two factors may work to usher in stagflation for the US, he added.
He noted the US subprime crisis would have limited impact on China as demand by the US, China's second-largest trading partner, would not decrease by a large margin as most of Chinese imports were low- and middle-end.
The US would not allow further decline of the dollar if it faced stagflation and that would reduce the appreciation pressure on Chinese yuan against the greenback and the euro, he said.
Lin, head of the China Center for Economic Research (CCER) at Peking University, said that unlike some other Olympic hosts, China would not face recession after the Beijing Olympics.
"That (recession) would not be repeated in China," he said, adding that compared with the nation's total investment, the size of the Olympic-related investment was very small.
"China will experience a better economic growth after the Beijing Olympics, as investment, consumption and export, the three economic growth drivers, remain strong," he said.
Lin planned to officially assume office at the end of May after teaching spring courses at Peking University and completing CCER work.
(Xinhua)
Updated: 2008-02-25 06:38
BEIJING -- The US may slip into stagflation with the subprime crisis, but that would have a limited impact on China, the World Bank's new chief economist and senior vice president Justin Yifu Lin said Sunday.
Lin told a seminar in Peking University the US economy would slip into recession as the subprime crisis hurt consumer spending and the declining dollar added inflation pressures by making the imports more expensive. The two factors may work to usher in stagflation for the US, he added.
He noted the US subprime crisis would have limited impact on China as demand by the US, China's second-largest trading partner, would not decrease by a large margin as most of Chinese imports were low- and middle-end.
The US would not allow further decline of the dollar if it faced stagflation and that would reduce the appreciation pressure on Chinese yuan against the greenback and the euro, he said.
Lin, head of the China Center for Economic Research (CCER) at Peking University, said that unlike some other Olympic hosts, China would not face recession after the Beijing Olympics.
"That (recession) would not be repeated in China," he said, adding that compared with the nation's total investment, the size of the Olympic-related investment was very small.
"China will experience a better economic growth after the Beijing Olympics, as investment, consumption and export, the three economic growth drivers, remain strong," he said.
Lin planned to officially assume office at the end of May after teaching spring courses at Peking University and completing CCER work.
China tight monetary policy
China Tight monetary policy to stay - banker
(Agencies)
Updated: 2008-02-24 18:50
China's money and credit growth will slow this year as the central bank implements a battery of tightening measures to achieve its primary goal of taming inflation, a senior central bank official said on Sunday.
Yi Gang. [file]
Yi Gang, vice governor of the People's Bank of China , told a financial forum that growth in the broad M2 measure of money supply would ease to around 16.0 percent from 16.7 percent in 2007.
Consumer inflation hit an 11-year high of 7.1 percent in January, prompting concerns that price pressures could spread from specific products such as meat and edible oils to the broader economy.
Yi said the central bank would not back off from the shift it declared in December to a "tight" monetary policy from a "prudent" stance, even though domestic and global economic risks had grown since then.
Yi said the deepening of the fallout from the US subprime mortgage crisis and the devastating snow storms that hit much of central and southern China in late January had made the policy-making environment more complex.
Related readings:
Nation faces increasing inflation risk
Hopes for credit ease fade as inflation jumps
CPI rises 7.1%, highest in 11 years
WB cuts China 2008 GDP growth to 9.6%
Slow down in GDP a healthy sign
GDP expands 11.4 percent, fastest in 13 years
"But taking into consideration all of these changes, we still think inflation is our biggest threat and we should spare no effort to tame prices," he said.
"In 2008, we will keep implementing a tight monetary policy by adopting open market operations, using bank reserve ratios and guiding banks to extend loans in a reasonable fashion," Yi said.
"We will stick to such a policy no matter how the domestic and international conditions change."
He said he expected gross domestic product to grow by around 10.0 percent this year, compared with 11.4 percent in 2007. The International Monetary Fund has also pencilled in 10 percent growth, through some private economists are less optimistic.
Yi's estimate of 16 percent M2 growth this year is the most concrete target for money growth from the central bank so far.
He said loan growth would probably slow this year too. Domestic currency lending expanded by 16.1 percent in 2007.
"This framework is exactly what a tight monetary policy means," he said of the expected slowdown in M2 and lending.
In its latest monetary policy report, released on Friday, the PBOC said it would step up use of the yuan's exchange rate to help bring better balance to the country's international payments and the domestic economy.
Yi made no specific reference to the yuan, but his focus on inflation largely echoed that of Friday's report.
The central bank let the currency reach 7.1413 per dollar on Thursday, the highest level since it scrapped a dollar peg in July 2005 and allowed it to float in managed bands.
(Agencies)
Updated: 2008-02-24 18:50
China's money and credit growth will slow this year as the central bank implements a battery of tightening measures to achieve its primary goal of taming inflation, a senior central bank official said on Sunday.
Yi Gang. [file]
Yi Gang, vice governor of the People's Bank of China , told a financial forum that growth in the broad M2 measure of money supply would ease to around 16.0 percent from 16.7 percent in 2007.
Consumer inflation hit an 11-year high of 7.1 percent in January, prompting concerns that price pressures could spread from specific products such as meat and edible oils to the broader economy.
Yi said the central bank would not back off from the shift it declared in December to a "tight" monetary policy from a "prudent" stance, even though domestic and global economic risks had grown since then.
Yi said the deepening of the fallout from the US subprime mortgage crisis and the devastating snow storms that hit much of central and southern China in late January had made the policy-making environment more complex.
Related readings:
Nation faces increasing inflation risk
Hopes for credit ease fade as inflation jumps
CPI rises 7.1%, highest in 11 years
WB cuts China 2008 GDP growth to 9.6%
Slow down in GDP a healthy sign
GDP expands 11.4 percent, fastest in 13 years
"But taking into consideration all of these changes, we still think inflation is our biggest threat and we should spare no effort to tame prices," he said.
"In 2008, we will keep implementing a tight monetary policy by adopting open market operations, using bank reserve ratios and guiding banks to extend loans in a reasonable fashion," Yi said.
"We will stick to such a policy no matter how the domestic and international conditions change."
He said he expected gross domestic product to grow by around 10.0 percent this year, compared with 11.4 percent in 2007. The International Monetary Fund has also pencilled in 10 percent growth, through some private economists are less optimistic.
Yi's estimate of 16 percent M2 growth this year is the most concrete target for money growth from the central bank so far.
He said loan growth would probably slow this year too. Domestic currency lending expanded by 16.1 percent in 2007.
"This framework is exactly what a tight monetary policy means," he said of the expected slowdown in M2 and lending.
In its latest monetary policy report, released on Friday, the PBOC said it would step up use of the yuan's exchange rate to help bring better balance to the country's international payments and the domestic economy.
Yi made no specific reference to the yuan, but his focus on inflation largely echoed that of Friday's report.
The central bank let the currency reach 7.1413 per dollar on Thursday, the highest level since it scrapped a dollar peg in July 2005 and allowed it to float in managed bands.
Subscribe to:
Posts (Atom)
