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News from China
Antitrust draft for auto sector on cards
13th October 2015

 The first draft of an antitrust guideline for the automobile sector in China is expected to be finished by the end of October, according to the National Development and Reform Commission.
In addition to policy guidelines on monopoly violations, the draft, to be reviewed by the Anti-Monopoly Commission under the State Council by June next year, will also cover price-fixing violations by car makers selling products online.
With the rise of retailers such as Alibaba and JD.com, consumers are looking for better deals online, and cars are no exception. This has caused controversy as it is unclear what is classed as fair play.
Concerns abound over the possibility that websites will facilitate price fixing, and, thus, impede market fairness.
China’s antitrust law enforcement has been actively restricting price fixing in the automobile industry this year. Dongfeng Nissan was fined 123.3 million yuan (US$19.45 million) last month on price fixing charges. Mercedes-Benz was fined 350 million yuan in April on similar issues. In total, two billion yuan of monopoly-related fines were issued in the auto sector this year.

Source: Shanghai Daily
Reform for yuan to be in SDR
12th October 2015

CHINA will continue to push ahead financial reforms with the hope that its currency can be included in the special drawing rights basket later this year, an official said.
Yi Gang, deputy governor of the People’s Bank of China, made the remarks at the International Monetary Fund annual talks held in Lima, Peru, according to a statement on the website of the central bank on Saturday.
The IMF is expected to assess the possible inclusion of the yuan before the year end.
China has opened its interbank bond market and forex market to overseas financial institutions and has been promoting data transparency, following SDR requirements, Yi said.
The PBOC has further freed the yuan exchange rate through changes to the central parity rate mechanism to make the exchange rate more flexible, he said.
China will continue with its stable monetary policies, he said.
 

Source: Shanghai Daily
Chinese buyers spend big money shopping online
9th October 2015

CHINESE consumers of luxury products are spending increasingly big money online as growing use of smartphones makes Internet shopping ever easier, according to a new industry report.
The report, by auditor KPMG, Chinese e-retailer Mei.com and Twitter equivalent Sina Weibo, analyzed survey responses from more than 10,000 luxury consumers.
Forty-five percent said they purchased most of their luxury items online. The maximum amount most felt comfortable paying online for a single item was 4,200 yuan (US$661), more than double the figure in 2014, the first time this research was undertaken.
“The smartphone is the most commonly used device for retail; we expect mobile commerce expenditure to soon far exceed the PC Internet platform, as Chinese consumers become more sophisticated,” said Egidio Zarrella, clients and innovation partner at KPMG China.
The average expenditure was 28 percent higher than in 2014. Chinese consumers are now spending around 2,300 yuan in each luxury transaction.
The top driver for purchasing online remains pricing. However, close to a third of the respondents had made luxury online purchases at the full, non-discounted price. The report’s authors said this was an important development as factors including product origin and uniqueness are starting to impact more on purchases.
“Price is becoming less of a driver. But value remains important as customers are well informed about global prices,” said Thibault Villet, CEO of Mei.com.
 

Source: Shanghai Daily
Decline in foreign exchange reserves narrows
8th October 2015

CHINA’S foreign exchange reserves fell for the fifth month in September but the decline narrowed, indicating milder capital outflow pressure.
The reserves decreased by US$43.26 billion in September, slower from the record US$93.9 billion decline in August when the central bank engineered a 3 percent devaluation of the yuan against the US dollar, the People’s Bank of China said yesterday. The monthly fall also outperformed expectations for US$57 billion, according to a Bloomberg survey of economists.
The stockpile stood at US$3.514 trillion by the end of September, 12 percent off its peak of nearly US$4 trillion by the end of June last year, but remained the world’s largest.
Economists said the figure showed that capital outflow continued but the pace was slower, and the central bank will still take measures to stabilize the yuan’s exchange rate.
“The market is coping with the changes of yuan exchange rate in September with relatively weak sentiment,” the China Merchants Securities said in a note yesterday. “But the central bank’s measures to counter market expectations are taking effect, reducing panic sales and speculative trading.”
The note said China’s foreign exchange reserves may continue to fall in the coming months, as the global market worries about US monetary policies.
Ding Shuang, chief China economist at Standard Chartered Bank, said he expected capital outflow from China to slow down in the coming months as companies had improved their foreign debt structure, helping offset foreign exchange outflow.
The central bank will still try to stabilize the yuan’s exchange rate, but interference will be milder as capital outflow pressure eases, Ding said.
Fuelled by exports, China’s foreign exchange reserves have been growing for more than a decade to peak in June 2014.
China’s foreign exchange watchdog last Wednesday attributed recent declines in the reserves to shrinking valuation of non-US dollar assets, companies and banks adjusting their debt structure, overseas investment of companies and overseas spending by tourists.
The State Administration of Foreign Exchange said long-term investment capital is still flowing into China as foreign direct investment continues to build up and fundraising is still active for Chinese firms listed overseas.
 

Source: Shanghai Daily

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