Yam backs yuan as international currency

Joseph Yam

Yam backs yuan as international currency
21-06-2010

The former head of the Monetary Authority, Joseph Yam, says China should internationalise the yuan -- and should do so quickly.

Mr Yam - who's an adviser to the People's Bank of China - says with China's economic growth rate and its proven track record of effective macro-economic management, the yuan could be "the third leg of the international monetary system".

He says currently the US dollar and the Euro are structurally unstable and many have argued for another alternative currency that would command international confidence.

Yuan hits five-year high against dollar

Yuan

Yuan hits five-year high against dollar
21-06-2010

The yuan has hit its highest level against the US dollar for five years, after policymakers pledged to make the currency more flexible.

The yuan surged to 6.8089 to the dollar on the nation's main foreign exchange trading market - its highest level since July 2005.

The People's Bank of China said on Saturday that it would "strengthen the flexibility" of the yuan exchange rate.

But at the same time, it said there would be no "large swings" in the currency and no one-off adjustment.

The Bank today left the daily yuan reference rate unchanged at 6.8275 to the dollar.

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Blessings Garden

Hong Kong

Blessings Garden
Block 1
27A , 95 Robinson Road
Mid-levels West
High-rise apartments
HK$43,000 inclusive per month
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Layout
Area: 1,068 sq ft
3 Bedrooms, 2 Bathrooms
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Century 21 HK (C-008247)
Ivan Chan (S-311974)
Tel: 852+26356598
E-mail: Ivan Chan

The Summit 61A

Hong Kong

The Summit 61A
41C Stubbs Road
Mid Level East
High-rise apartments
HK$144,000 exclusive per month
Management fee approx. HK$13,100 per month
Government Rates approx. HK$7,810 per month
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Layout
Area: 3,254sq ft
4 Bedrooms, 2 Bathrooms, 1 Carpark
Sought-after Duplex Apartment at Great Value!
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Century 21 HK (C-008247)
Ivan Chan (S-311974)
Tel: 852+26356598
E-mail: Ivan Chan

Valiant Park

Hong Kong

Valiant Park
33F
52 Conduit Road
Mid Level West
High-rise apartments
HK$25,000 inclusive per month
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Area: 699 sq ft
2 Bedrooms, 1 Bathroom
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Century 21 HK (C-008247)
Ivan Chan (S-311974)
Tel: 852+26356598
E-mail: Ivan Chan

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Hong Kong

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6D-6E Babington Path
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High-rise apartments
HK$40,000 inclusive per month
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3 Bedrooms, 2 Bathrooms
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E-mail: Ivan Chan

China Mobile sacks vice-chairman

Zhang Chunjiang

China Mobile sacks vice-chairman
08-01-2010

China Mobile has dismissed its vice-chairman, who a business magazine reported is being investigated for misconduct when he worked for another operator.

Zhang Chunjiang, a prominent figure in China's state-owned telecoms industry, was earlier fired as an executive of China Mobile's parent company and secretary of its Communist Party committee, according to state media.

Mr Zhang was removed yesterday, the company said in a statement. It cited "alleged serious financial irregularities"' but gave no details.

China's most prominent business magazine, Caijing, said he was suspected of hiding losses at another state-owned phone company where he was chairman before he joined China Mobile in 2008.

RBS to sell assets

Royal Bank of Scotland (RBS)

RBS to sell assets
08-01-2010

Royal Bank of Scotland has agreed to sell assets to Aberdeen Asset Management for almost 85 million pounds.

It said that subject to regulatory approval, the deal is expected to be completed in the first quarter of the year.

RBS is 84-percent owned by the government after receiving a massive bailout from it during the global financial crisis.

Hutchison offer for subsidiary

Tycoon Li Ka-shing

Hutchison offer for subsidiary
08-01-2010

Hutchison Whampoa has offered to take over its loss-making telecoms subsidiary in a deal valued at US$545 million.

The group, headed by tycoon Li Ka-shing, said the proposal to acquire Hutchison Telecom would allow it to manage the troubled firm's investments more flexibly.

Shareholders in the telecoms group will be offered HK$2.20 a share.

Hutchison Whampoa currently holds a 60.4 percent stake in the firm.

China becomes World's top exporter

China

China becomes World's top exporter
08-01-2010

New trade figures released by the German national statistics office show that China is now the world's leading exporter, ahead of Germany.

In the 11 months from January to November, mainland exports reached a total value of US$1.07 trillion. German exports amounted to US$1.05 trillion.