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China joins global central bank gold rush as its foreign exchange reserves stabilise

China has joined a global central bank gold rush in the last two months by increasing its official gold reserves, even though the purchase remains modest compared to the volume of the mainland’s foreign exchange reserves, according to data released by the People’s Bank of China on Monday. The country’s gold reserves rose slightly to 59.94 million ounces at the end of January from 59.56 million ounces at the end of December 2018, marking a second straight month of increase. The latest gold purchase by the world’s second-largest economy came…

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China 

China’s foreign exchange reserves rise for second month as yuan expectations stabilise

China’s foreign exchange reserves rose modestly in December for the second consecutive month as sentiment about the yuan exchange rate remained stable. China’s foreign exchange reserves, its accumulation of assets valued in foreign currencies, rose by US$11 billion in December to US$3.073 trillion, according to data released on Monday, slightly above median forecast of US$3.072 trillion in a Bloomberg survey. Many economists view the change in China’s reserves as a gauge of the People’s Bank of China’s (PBOC) intervention in the foreign exchange market to support the yuan exchange rate…

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China 

Beijing to stabilise the yuan, but intervention to cushion – not halt – currency’s decline, say analysts

Beijing will resist downward pressure on the yuan “for now”, although moderate depreciation in the Chinese currency is probably still on the cards, according to analysts. These comments follow the publication on Friday of a third-quarter monetary policy implementation report by the People’s Bank of China, in which the central bank says it will keep the yuan’s exchange rate at an equilibrium level. In the report, the bank replaces the phrase that it would “increasingly allow market forces to determine the exchange rate” with a pledge to “reinforce macro-prudential management…

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Singapore 

Doctor helps stabilise crash victim near Lau Pa Sat while waiting for ambulance, Singapore News

SINGAPORE – A doctor and a nurse were in their car on their way to see a patient in Jurong when they spotted a man lying on the road near Lau Pa Sat on Sunday night (Oct 7). The man was clearly in need of help, so Dr Shravan Verma – who runs a 24-hour mobile medical service – and the nurse decided to check on him. “Because we go for our mobile medical visits with all of the medical equipment, we thought why not just see how he is…

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Investment 

Chinese airlines climb as central bank steps in to stabilise weakening yuan

Chinese carriers, led by Juneyao Airlines and China Southern Airlines, jumped on Monday after the central bank said it is taking measures to stem a loss in the yuan, spurring optimism that a stronger local currency will reduce their foreign debt burden. In Shanghai, Juneyao Airlines rose 3.1 per cent to 13.25 yuan, China Southern Airlines added 4.5 per cent to 6.97 yuan and Air China gained 3.3 per cent to 7.62 yuan. The benchmark Shanghai Composite Index rose 1.9 per cent as the strengthening yuan also bolster confidence among…

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Investment 

Mainland and Hong Kong stocks rally after Chinese central bank moves to stabilise the yuan

The Hong Kong and mainland China stock markets rallied on Monday, after the Chinese central bank signalled it would guide the market more proactively in the face of a stronger US dollar and the ongoing trade war between Washington and Beijing. Shares in the automobile sector also surged after Brilliance China Automotive Holdings posted better than expected interim results. In Hong Kong, the Hang Seng Index rose by 2.2 per cent, or 599.40 points, to 28,271.27, its biggest daily rise since February 14. The Hang Seng China Enterprises Index also…

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