China 

Facebook’s Libra set to face competition as China races to launch digital currency, official media says

China’s central bank is racing to release its own digital currency ahead of Facebook’s Libra, according to mainland Chinese media.China Daily reported on Tuesday that the time is “almost ripe” to introduce a government-backed digital currency, citing experts close to the People’s Bank of China (PBOC).Yang Dong, director of the Research Centre of Finance Technology and Cyber Security at Renmin University of China, told the state-backed newspaper that China’s digital currency is inspired by… Source link

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Home 

US should not expect China to keep yuan stable alone, says former senior official with China’s foreign exchange watchdog

US President Donald Trump should not expect China to keep its yuan stable with the US dollar when he keeps rocking market sentiment and provoking disputes, says a former senior official with China’s foreign exchange watchdog.“It (maintaining the yuan’s stability) is a bilateral thing. It is unreasonable that you (US president Trump) insist on provoking disputes, striking market sentiment, while requiring China on its own handle the mission of stabilising the exchange rate,” Guan Tao, a… Source link

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Singapore 

Delay in eating food from Spize may have contributed to man’s death: MOH official, Singapore News

SINGAPORE – A man who died after eating food from popular restaurant Spize had consumed it more than three hours after its delivery. The coroner’s court heard on Thursday (Aug 15) that the delay may have contributed to Mr Mohamad Fadli Mohd Saleh’s death on Nov 14 last year. The bento boxes were sent to the Kaki Bukit office of security company Brink’s Singapore at 11.33am on Nov 6 last year and an invoice from the eatery stated that the food had to be eaten within an hour of delivery. The invoice…

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Vietnam 

Official channel to feed real estate market with supply info – Economy – Vietnam News | Politics, Business, Economy, Society, Life, Sports

  A view of Hà Nội. Lack of information on real estate supply was blamed for land fevers and price manipulation practices. — VNA Photo  HÀ NỘI — An official channel that will provide Việt Nam’s real estate businesses with information such as the number of licensed projects and projects awaiting licenses in a given area is being developed by the Department of Properties and Real Estate Management under the Ministry of Construction and the Vietnam National Real Estate Association (VNREA). Official sources said a pilot programme is underway to collect…

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Home 

Chinese stocks rise for first time in four days on interest rate cuts comment by US Federal Reserve official

Chinese stocks closed higher for the first time in four days on Friday, following comments by a Federal Reserve official that suggested the US central bank would cut interest rates more aggressively than anticipated.The Shanghai Composite Index rose 0.9 per cent to 2,924.2 at the close, snapping a three-day, 1.4 per cent losing streak. The gauge was down 0.2 per cent for the week. In Hong Kong, the Hang Seng Index added 1.1 per cent to 28,765.40.Benchmarks across Asia, from Japan to South Korea… Source link

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China 

Trade war is harming American economy more than China’s, claims official sent to US to defend Beijing’s position

The United States has sustained more economic losses than China related to the year-long trade war, a Chinese government official sent to the US to defend Beijing’s position in the stand-off and seek input from foreign policy specialists said on Wednesday.China’s slower economic growth is due more to government efforts to cut manufacturing overcapacity and rebalance towards a service economy and less about the trade war, Bi Jiyao, vice-president of the Chinese Academy of Macroeconomic Research,… Source link

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Vietnam 

Airlines need to take the initiative in human resources, says transport ministry official – Economy – Vietnam News | Politics, Business, Economy, Society, Life, Sports

Việt Nam is considered one of the fastest-growing aviation markets. The domestic market, including Vietnam Airlines, Jetstar Pacific, Vietjet Air, Bamboo Airways and Vasco, has witnessed the newest name Vinpearl Air, a member of Vingroup. The development of the aviation industry will require human resources and infrastructure. Deputy Minister of Transport Lê Đình Thọ yesterday spoke with Vietnam News Agency about the sector. How can airlines deal with the shortage of human resources? The appearance of new airlines in recent years has increased competition in Việt Nam’s…

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China 

Facebook’s Libra forcing China to step up plans for its own cryptocurrency, says central bank official

Facebook’s plans to create its own cryptocurrency have forced China’s central bank into stepping up research into creating its own digital currency as Libra could potentially pose a challenge to Chinese cross-border payments, monetary policy and even financial sovereignty, a People’s Bank of China official said on Monday.“If [Libra] is widely used for payments, cross-border payments in particular, would it be able to function like money and accordingly have a large influence on monetary policy,… Source link

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Singapore 

Victims of ‘Chinese official’ scams lose $4.8m in four months, Singapore News

SINGAPORE – Mr Soh panicked when he got a call, purportedly from Singtel, telling him his mobile account was going to be terminated, as he had been implicated in a crime. The 33-year-old Malaysian, who was working in a wholesale company, headed to Liang Court to transfer $1,200 on the instruction of an “official” from China, and was about to do so when two police officers at the mall noticed his frantic demeanour and approached him. Luckily, their intervention prevented him from becoming another victim of “Chinese official” scams and losing…

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Vietnam 

Cần Thơ welcomes Japanese investment: municipal official – Economy – Vietnam News | Politics, Business, Economy, Society, Life, Sports

  Cần Thơ authorities and Japanese business representatives at the meeting on June 19. — VNA/VNS Photo Ánh Tuyết CẦN THƠ — Japanese investors are welcome in Cần Thơ and local authorities will create favourable conditions to lure more foreign investment, according to Vice Chairman of the city’s People’s Committee Dương Tấn Hiển. Hosting a reception for representatives from KATO Group and Wons Company on June 19, Hiển said he hopes both corporations will establish representative offices in the city and more Japanese investments will be poured in the prioritised sectors of seafood,…

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