Perng continues as Taiwan Central Bank governor

Taiwan Central Bank Gov. Perng Fai-nan was reappointed for a fourth term Feb. 23, making him the longest-serving head in the institution’s 89-year history. Perng’s new term, which runs Feb. 26, 2013, to Feb. 25, 2018, comes as no surprise. His effective leadership is considered one of the key reasons for Taiwan weathering the Asian […]

Central bank starts 4.8 bln USD repurchase operation

The People’s Bank of China (PBOC) on Tuesday started a 28-day repurchase operation worth 30 billion yuan (4.8 billion U.S. dollars) for the first time since June, according to a statement on its website. A repurchase operation is a central bank operation to withdraw funds in the open market to prevent rampant liquidity. Chinese stocks […]

China’s personal income tax revenue slows sharply

The Chinese government saw its fiscal revenue from personal income tax drop 3.9 percent year on year in 2012, sharply down from the 25.2-percent growth seen during the previous year, according to latest data from the Ministry of Finance. It showed that money collected from personal income tax last year totaled 582.02 billion yuan (92.69 […]

ICBC appointed as yuan clearing bank in Singapore

The People’s Bank of China has designated the Singapore branch of the Industrial and Commercial Bank of China (ICBC) as the yuan-clearing bank in Singapore, it said on Friday. Singapore is also the first regional financial center outside China to have a yuan clearing bank. In China’s Hong Kong and Taiwan, the local units of […]

China’s bankcard consumer confidence rises in January

Chinese consumers using bank cards spent their money more confidently in January than a month earlier, according to the Bankcard Consumer Confidence Index (BCCI) released on Friday. The BCCI, compiled by the Xinhua News Agency and China UnionPay, a national bank card association, rose 0.42 points to 87.10 in January from December. A higher reading […]

China’s central bank warns of inflation

China’s central bank on Wednesday warned of inflationary pressure, saying the influence of rebounding demand, labor supply changes and global monetary easing on prices must be watched closely. The recovery in the economy and in demand may translate into consumer price movements very quickly and “particular attention needs to be paid to the effect of […]

China’s current account more balanced in 2012

China’s ratio of current account surplus to gross domestic output (GDP) dropped to 2.6 percent in 2012, its lowest in eight years, over more balanced foreign trade, official data showed on Wednesday. The ratio was down 0.2 percentage points from 2011 and extended a falling streak since peaking at 10.1 percent in 2007, according to […]

HSBC sells stakes in Ping’an Insurance to CP Group

The Thailand-based Charoen Pokphand Group (CP Group) has bought HSBC’s shares in Ping’an Insurance Co., replacing the latter as the insurer’s largest stock holder. The China Insurance Regulatory Commission on Friday gave the go ahead for CP Group to buy all of HSBC’s stakes in Ping’an, or 15.57 percent of stock in the country’s second-largest […]

A different investment climate in China doesn’t mean it is worse

China’s investment climate for foreign companies is different now from what it was a decade ago, but it is far-fetched to say the investment climate has become worse, world business leaders has told Xinhua. “China’s investment climate has changed in the last decade, and requires a different investment approach, but ‘different’ doesn’t mean ‘worse’,” said […]

China’s Q4 property loans accelerates

Loans to the Chinese property sector accelerated in the fourth quarter of 2012 as the industry showed signs of recovering, according to official figures released Thursday. Outstanding yuan-denominated lending from Chinese and foreign financial institutions to the property sector increased 12.8 percent year on year to 12.11 trillion yuan (1.93 trillion U.S. dollars) at the […]