equipment
chinese machinary      chinese equipment      
Main page | News | Guestbook | Contact us
Русская версия

Products:
Mini-factories
Transport
Equipment
Instruments
Food products
Building materials
Leisure and garden inventory
Medicine and public health
Gas and gas equipment
Oil equipment
Chinese Silk
Underwear, T-shirts
Fashion
Various production line by Customers order
Silver coins
Safety
ABOUT US

Contact us
Tel: +86 13945101993
Email: mega@asia-business.biz

News from China
Yuan joins elite club of reserve currencies
3rd October 2016

 THE yuan’s inclusion in the International Monetary Fund’s elite reserve currency basket on Saturday was hailed by Chinese businesses and analysts as a “historic moment.”

“Ten years ago, the yuan could hardly go out of the country. But now China’s opening-up and huge economic size has made it more and more popular in the international market,” said Lu Jian, vice president of Guangdong Guangken Rubber Group Co Ltd.

Early this year, Guangken Rubber launched a US$270 million bid for Thailand’s Thai Hua Rubber, the world’s third-largest rubber producer.

The company then sought loans from domestic and overseas banks, with some offering to fund its bid in yuan.

The acquisition in yuan helps reduce foreign exchange risks as well as fund-raising costs, said Lu.

“Ten years ago, all our overseas business was conducted in the US dollars and we often did not have yuan clearing banks. It’s quite a different scenario now,” he said.

Today, China has 21 overseas yuan clearing banks across the world.

“Despite the fluctuations in the exchange rate, the international market has not lost interest in the yuan and on the contrary, global demand is increasing,” Lu said.

On Friday, the IMF announced the launch of its new Special Drawing Right basket, including the yuan, effective from Saturday, saying it was a “historic milestone” for China, the IMF and the international monetary system.

The inclusion makes the yuan one of the five reserve currencies fully endorsed by the 189-member organization, joining the US dollar, the euro, the Japanese yen and the British pound.

Now, the yuan accounts for the third-largest share of the new SDR basket with 10.92 percent, following the US dollar’s 41.73 percent and the Euro’s 30.93 percent.

“The yuan’s inclusion reflects the progress made in reforming China’s monetary, foreign exchange and financial systems and acknowledges the advances made in liberalizing and improving the infrastructure of its financial markets,” IMF Managing Director Christine Lagarde said.

The yuan has moved into the top 10 but still trails the other major currencies, according to the Bank for International Settlements.

Created in the 1960s, the “Special Drawing Right” is a unit of account used by the IMF as a foreign exchange reserve asset and is not a freely traded currency. To help manage financial crises, the IMF issues loans to member countries denominated in SDRs.

In July 2009, China approved pilot program for cross-border trade settlement in yuan, embarking on the internationalization process of the currency.

The yuan was the fifth most active currency for global payments by value in July, with a share of 1.9 percent, an increase from 1.72 percent in June, according to data from global transaction services organization SWIFT.

China’s central bank said on Saturday that the country will continue to push forward financial reforms and market opening after the yuan’s inclusion.

Zhang Lijun, a partner with PricewaterhouseCoopers China, said the yuan’s inclusion was of similar significance to China’s joining the World Trade Organization.

“The two cases also have showed that China helped to improve rather than topple global rules and this has positive significance for the coordination of global economic governance,” said Zhang.

Source: Shanghai Daily, October 3, 2016
China sets up VR industry alliance
30th September 2016

 CHINA’S first government-endorsed virtual reality industry alliance was founded yesterday in Beijing, which is expected to establish industry standards and a strong VR ecosystem in the country.

The Industry of Virtual Reality Alliance, or IVRA, which is supported by the Ministry of Industry and Information Technology, aims to enhance the development of the VR ecosystem in China by promoting innovation in technology, formulating industry standards, bridging hardware, software, content, platforms and industrial application.

More than 170 enterprises and institutions have joined IVRA, such as companies including HTC, Alibaba, Huawei, JD.com, NetEase, LeEco, iQiYi, Samsung, Nokia, AMD, NVIDIA and ARM; research centers and education institutions like Peking University, Zhejiang University, Columbia University, Stanford University and the University of Washington.

Industrial parks and investment institutions such as China Nanchang VR Industrial Base, Shanghai Jinqiao Economic and Technological Development Zone and VR Venture also joined IVRA.

HTC is committed to promoting VR technology innovation in China, Cher Wang, chairwoman and CEO of HTC, said in a statement. It will also assist MIIT to formulate industry standards.

China has great market potential for VR device makers, smartphone vendors and content providers, with the market value expected to be 55 billion yuan (US$8.3 billion) by 2020, or a 36-fold jump from 2014, according to iResearch, a Shanghai-based research firm.

VR devices including HTC’s Vive and Sony PlayStation VR are already available in China.

Source: Shanghai Daily, September 30,2016
Rail freight volume drops 6.3% in 8 months
29th September 2016

 CHINA’S national rail freight volume, an indicator of economic activity, declined in the first eight months of the year, the country’s top economic planner said yesterday.

Rail freight volume between January and August dropped 6.3 percent year on year to 2.1 billion tons, compared with a 3.2 percent rise in the first seven months, according to the National Development and Reform Commission.

In August, rail freight volume rose 0.1 percent year on year to 277 million tons, the commission said.

China’s economic growth held steady at 6.7 percent in the second quarter, still the lowest level since the 2009 global financial crisis but within the government’s target range for this year.

Source: Shanghai Daily, September 27, 2016
Foreign service trade deficit widens
28th September 2016

 CHINA saw its foreign service trade deficit expand in August, according to statistics released by the State Administration of Foreign Exchange yesterday.

Income from trade in services stood at US$22.8 billion last month, while expenditure was US$48.2 billion, resulting in a deficit of US$25.4 billion.

The deficit was higher than the July total of US$22.5 billion and the US$19.4 billion June deficit.

Distinct from merchandise trade, trade in services refers to the sale and delivery of intangible products such as transport, tourism, telecommunications, construction, advertising, computing and accounting.

China’s service trade volume grew from US$362.4 billion in 2010 to US$713 billion in 2015, doubling the average international growth speed in the sector.

The country is aiming to increase its service trade volume to more than US$1 trillion by 2020.

The State Council has pledged measures to improve the development of services trade, including gradually opening up the finance, education, culture and medical sectors.

In August, China saw a surplus of US$52.7 billion in foreign merchandise trade, up from US$50 billion in July, according to SAFE.

Source: Shanghai Daily, September 28, 2016

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 86 87 88 89 90 91 92 93 94 95 96 97 98 99 100 101 102 103 104 105 106 107 108 109 110 111 112 113 114 115 116 117 118 119 120 121 122 123 124 125 126 127 128 129 130 131 132 133 134 135 136 137 138