Vietnam 

Central city, US partners agree to boost investment – Economy – Vietnam News | Politics, Business, Economy, Society, Life, Sports

  Universal Alloy Corporation from the US starts construction of its first aircraft components manufacturing plant in Đà Nẵng. The city has called for investment from the US in hi-tech and information technology parks. — VNS Photo Công Thành  ĐÀ NẴNG — Three Memorandums of Understanding (MoUs) on promoting investment, hi-tech manufacturing and expert training have been signed among the central city’s Hi-tech Park and Information Technology Park, American partners Ai20X Silicon Valley and Meritronics technology joint-stock company based in Silicon Valley, the US. The city’s people’s committee said in a…

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Vietnam 

Authorities urged to promote Central region’s economy – Economy – Vietnam News | Politics, Business, Economy, Society, Life, Sports

  Prime Minister Nguyễn Xuân Phúc (centre) hands over certificates of merit to representatives of An Nhơn and Hoài Nhơn districts in the central coastal province of Bình Định, which have completed the construction of new rural areas. This is part of his working visit to the province to host the economic conference on Tuesday. — VNA/VNS Photo Thống Nhất HÀ NỘI — Prime Minister Nguyễn Xuân Phúc wants the central regions of Việt Nam to become a driving force for the country’s socio-economic development and an important sea gateway of…

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Vietnam 

Central city to boost cashless transactions – Economy – Vietnam News | Politics, Business, Economy, Society, Life, Sports

  The city has set a target to bring the amount of cash-based transactions to less than 10 per cent and reach 30 million credit and debit card transactions in 2020. — Photo thebank.vn ĐÀ NẴNG — The city of Đà Nẵng, the region’s major economic driver, is making headway in raising awareness on the benefits of cashless transactions as well as in building financial and technical infrastructure for the future development of a cashless society. The city has implemented a project to help distribute information on cashless transactions to local…

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Home 

China’s central bank now has ‘bigger say’ over lending rates, but analysts question level of impact

China’s central bank has gained a “bigger say” in deciding the country’s lending rates after taking a subtle but significant step towards monetary policy independence, but analysts have questioned the level of impact the mechanism change will have.Under direction from the State Council executive meeting on Friday, the People’s Bank of China announced on Saturday that it requires banks to benchmark their loan rates against the medium-term lending facility (MLF) instead of the official benchmark… Source link

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Home 

Central needs upgrades to foster better connectivity for both people and cars, even as Admiralty takes over as leading hub

During Hong Kong’s early colonial period, Central was the centre of the city’s administration. One of the lasting legacies of 150 years of British rule is that Central remains Hong Kong’s financial hub, containing not only the headquarters of all the city’s leading banks, but also its financial regulatory authorities – the Monetary Authority, the Securities and Futures Commission and the Hong Kong stock exchange.But all cities change over time. Following completion of the Shatin-Central Link… Source link

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China 

China close to launching its own cryptocurrency, says central bank, amid pressure from Facebook’s Libra

The People’s Bank of China is “close” to issuing its own cryptocurrency, according to a senior official.The central bank’s researchers have been working intensively since last year to develop systems, and the cryptocurrency is “close to being out”, Mu Changchun, deputy director of the People’s Bank of China (PBOC)’s payments department, said at an event held by China Finance 40 Forum over the weekend in Yichun, Heilongjiang. He did not give specifics on the timing.Mu repeated the PBOC’s… Source link

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Home 

China’s central bank signals move to shore up yuan, de-escalate ‘weaponising’ currency after 24 hours of mayhem on global markets

China’s central bank will sell 30 billion yuan (US$4.3 billion) worth of short-term yuan denominated securities in Hong Kong next week, signalling its plan to absorb offshore liquidity and cushion against further depreciation of its currency versus the US dollar.The People’s Bank of China (PBOC) unveiled the plan in a statement on its official website at 9am on Tuesday, saying the operation would commence with the issuance of central bank bills in Hong Kong on August 14.“It is a clear message… Source link

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Global 

China’s central bank’s lack of independence less of an issue amid Donald Trump’s clashes with Fed

US President Donald Trump has rekindled the debate over the importance of central bank independence, with analysts questioning whether the sometimes “problematic” People’s Bank of China could be reformed in the long term to ensure more accountable financial polices.US Federal Reserve chairman Jay Powell and other officials have vociferously denied that they react to political pressure, but their first rate cut in more than a decade on Wednesday is seen as a reaction to at least Trump’s policy… Source link

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China 

Fed cut could spark China interest rate reform, rather than easing from the central bank

Beijing could use Wednesday’s expected US Federal Reserve interest rate cut to usher in long-awaited market-oriented interest rate reform.With the Chinese economy facing growing pressure from the trade war with the United States, the reform plan would have the ultimate aim of lowering financing costs for small companies, thereby improving business conditions for those hardest hit by tariffs and depressed market sentiment.The Fed’s first cut in a decade will mark the reversal of its rate… Source link

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China 

China’s central bank issues draft rules on financial holding companies in move to rein in risk

China’s central bank on Friday released a draft regulation on financial holding companies, as it seeks to contain the potential spread of risk from their business to other sectors.“There is a regulatory vacuum around some financial holding companies, especially those starting from non-financial businesses, which has led to risk accumulation and exposure,” the People’s Bank of China (PBOC) said in an online statement.The draft rules, which will be finalised after feedback is received by late… Source link

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