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‘Chinese pig’ remark lands UBS in trouble as state firm excludes Swiss bank from bond sale

One of China’s biggest state-owned infrastructure companies excluded UBS Group from a bond deal after the bank’s global chief economist sparked a furore with his use of the phrase “Chinese pig”.China Railway Construction Corp decided against hiring UBS as a joint global coordinator on a dollar-bond sale, a CRCC spokesman said. The decision was prompted by last week’s pig remark, sources said earlier. UBS declined to comment.CRCC is the first known corporate issuer to distance itself from UBS… Source link

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China 

Chinese banks rejected nearly US$144 billion in loans last year using credit scoring system, central bank says

Chinese banks used the government’s new centralised credit scoring system to reject loan applications worth nearly 1 trillion yuan (US$144 billion) last year, the People’s Bank of China reported Friday, showcasing that its deleveraging campaign to reduce high debt and risky lending is succeeding.In total, 21 banking institutions rejected loan applications worth 911.7 billion yuan (US$131.7 billion) from “high risk” customers, while also receiving alerts on outstanding “high risk” loans worth 1… Source link

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Global 

Trade war with US could spark global financial ‘chaos’, warns former China central bank governor

China’s former central bank governor has warned that the ongoing trade war could cause financial “chaos” to the global financial order should emerging markets who rely on exports try to claim a share of the new openings in the United States and China by opting for a series of currency devaluations.Zhou Xiaochuan believes that countries caught up in the trade war may have no choice but to devalue their currencies to gain trade advantages, or “competitive devaluations”.In late May, Zhou dismissed… Source link

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Vietnam 

Central bank unveils monetary policy for H2 2019 – Economy – Vietnam News | Politics, Business, Economy, Society, Life, Sports

  Customers make transaction at Bảo Việt Bank in Hà Nội’s Trần Hưng Đạo Street. — VNS Photo Trương Vị HÀ NỘI — The State Bank of Việt Nam (SBV) will continue to follow a pro-active, flexible and cautious monetary policy as well as working in close conjunction with fiscal and other policies to control inflation, sustain the macro-economy and support economic growth in the second half of this year. SBV Deputy Governor Nguyễn Thị Hồng made the statement at a conference to review the SBV’s monetary policy…

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China 

Indonesia benefiting as China’s shoemakers shift production as US trade war worsens, central bank official says

Indonesian exports are gaining market share in the United States in some sectors as supply chains shift away from China’s manufacturing base to the Southeast Asian nation, even though the trade war has hurt more than benefited emerging economies, said Bank Indonesia deputy governor Dody Budi Waluyo.In particular, Indonesian footwear exports to the US are seeing “some progressive performance”, Waluyo said.In the first four months of 2019, Indonesia exported footwear worth US$559.91 million to… Source link

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Vietnam 

World Bank offers new credit to develop urban centres – Economy – Vietnam News | Politics, Business, Economy, Society, Life, Sports

The World Bank (WB) Board of Executive Directors yesterday approved a US$194.36 million credit plan to help four secondary cities in Việt Nam build critically-needed municipal infrastructure and strengthen urban planning.— Photo ndh.vn WASHINGTON — The World Bank (WB) Board of Executive Directors yesterday approved a US$194.36 million credit plan to help four secondary cities in Việt Nam build critically-needed municipal infrastructure and strengthen urban planning. The Dynamic Cities Integrated Development Project aims to increase access to improved urban services in Kỳ Anh in Hà Tĩnh Province, Tĩnh Gia in Thanh Hóa…

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China-backed infrastructure bank AIIB to start local currency financing amid trade war, forex concerns

The Beijing-headquartered Asian Infrastructure Investment Bank (AIIB) will soon conduct financing activity in local currencies, in response to significant demand from member countries amid an escalating trade war between China and the United States and related uncertainties, it said on Monday.“From the second half of this year, we are going to start piloting local currency financing, in currencies such as the Indian rupee and the Indonesia rupiah, for example,” Danny Alexander, the bank’s vice… Source link

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Singapore 

Commemorative $20 notes out of stock at several bank branches on first day, Singapore News

SINGAPORE – New $20 notes issued to commemorate Singapore’s 200 years of history were all snapped up at some bank branches on Monday (June 10), the first day the note was available for exchange. Long queues were seen at many branches across the island from early morning. Five banks, responding to media queries, told The Straits Times that at least 40 per cent of their stocks had been depleted due to overwhelming demand. The note, issued by the Monetary Authority of Singapore (MAS) to mark Singapore’s bicentennial year, depicts the…

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Vietnam 

Most adults to have bank accounts by 2030 – Economy – Vietnam News | Politics, Business, Economy, Society, Life, Sports

According to new targets, 90 per cent of the Vietnamese population aged over 15 will have bank accounts by 2030. cafef.vn HÀ NỘI – The State Bank of Việt Nam (SBV) must take action to ensure 90 per cent of the Vietnamese population over the age of 15 have bank accounts by 2030. This instruction was included in Decision No 681/QĐ-TTg on implementing sustained development targets for Việt Nam until 2030 issued by the Prime Minister last week. The target for 2020 will be 70 per…

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China 

Constructive US Treasury Secretary Steven Mnuchin has ‘candid’ trade discussion with China’s central bank chief Yi Gang

US Treasury Secretary Steven Mnuchin said he held a “candid” discussion about trade with China’s central bank governor Yi Gang on Sunday, as the tariff war between the world’s two biggest economies rages on.The pair met on the sidelines of the G20 Finance Ministers and Central Bank Governors Meeting in Fukuoka, Japan. It was the first face-to-face meeting of senior officials from the US and China since trade negotiations faltered last month.“Had constructive meeting with PBOC [People’s Bank of… Source link

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