BEIJING ACTS TO STOP FOREIGN CURRENCY FLIGHT
Article Abstract:
Beijing avoided US$20 mn foreign currency going away from China by prohibiting Chinese banks from buying and transferring foreign currencies to customers. Only foreign banks are permitted in foreign currency transactions for the convenience of foreign-funded enterprises. Apart form this, Beijing ordered all mainland firms incorporated or listed firms on Hong Kong stock exchange to repatriate their offshore currency holdings by 1 October 1998. China's foreign exchange reserves was US$140.2 bn in early August of 1998, down from US$140.7 bn at the end of March of 1998. This moves aims to better control on illegal capital flow in foreign currencies and end the fears of yuan devaluation. *
Comment:
China: Beijing avoids $20 mil fgn currency going away by prohibiting banks from buying & transferring fgn currency to customers
Publication Name: HK Standard
Subject: Business, international
ISSN:
Year: 1998
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world bank to provide $624 mn in loans
Article Abstract:
The World Bank may provide HK$624 mn loans to the mainland flooding regions esp. in Hubei, Hunan and Jiangxi. The loans are divided into hard loans, 6.5% interest rates by International Bank for Reconstruction and Development, and soft loans, interest free by International Development Association. The loans will be used in building damaged roads, bridges, schools, hospitals, water and electricity supply system and other public facilities, buying equipment and machines. It hopes the reconstruction will be commenced before winter of 1998. *
Comment:
China: World Bank may provide HK$624 mil loans to mainland flooding regions, particularly in Hubei, Hunan & Jiangxi
Publication Name: HK Standard
Subject: Business, international
ISSN:
Year: 1998
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China bank comes to defence of yuan
Article Abstract:
China's central bank, the People's Bank of China, bought the yuan whenever it approached the key 8.2800 level in order to support the yuan against the US dollar on the national foreign exchange market in Shanghai. Dealers in New York said the Bank of China bought yen against the US dollar in recent days. Besides, it was a frequent seller of US Treasury bills, implying that it may be using some dollar reserves to support the yen. *
Comment:
China: Central bank buys Yuan whenever it approaches key 8.2800 level to support yuan against $ on natl foreign exchange mkt
Publication Name: HK Standard
Subject: Business, international
ISSN:
Year: 1998
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