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News from China
China further loosens QFII rules
5th February 2016

China has further loosened controls over investment of Qualified Foreign Institutional Investors (QFII) to further the opening of the domestic capital market.

China relaxed investment quotas for single institutions under QFII programs and allowed for more convenient capital flow, according a new policy released by the State Administration of Foreign Exchange (SAFE). The rules became effective on Wednesday.
 
The move aims to improve the convertibility of China's currency, the yuan, in the capital account and facilitate cross-border investment and financing, the SAFE said.
 
The yuan is convertible for trade purposes under the current account, while the capital account, which covers portfolio investment and borrowing, is still largely controlled by the state over concerns of abrupt capital flows in and out of the country.
 
To gradually open the capital account, the government introduced the QFII and RMB-denominated Qualified Foreign Institutional Investors (RQFII) programs in 2003 and 2011 respectively. 

 

Source: Xinhua
Chinese yuan strengthens to 6.5419 against USD Thursday
4th February 2016

The central parity rate of the Chinese currency renminbi, or the yuan, strengthened by 102 basis points to 6.5419 against the U.S. dollar on Thursday, according to the China Foreign Exchange Trading System.

In China's spot foreign exchange market, the yuan is allowed to rise or fall by 2 percent from the central parity rate each trading day.
The central parity rate of the yuan against the U.S. dollar is based on a weighted average of prices offered by market makers before the opening of the interbank market each business day.
 
Source: Xinhua
European Parliament debates China market economy status
2nd February 2016

The European Parliament (EP) on Monday debated whether the European Union should recognize China as a market economy.

 
China joined the World Trade Organization (WTO) in 2001. The WTO accession protocol means China will automatically transit to a market economy for Europe by Dec. 11, 2016 -- the 15th anniversary of its accession to the organization.
 
However, Europe insists on having it debated. Some WTO members, such as Australia, have already recognized China as a market economy in their law.
 
China achieving MES would make it much harder for discriminatory measures against its exports, such as the so-called "anti-dumping" operations by the EU.
 
In a report to the European Commission (EC), trade commissioner Cecilia Malmstrom pointed out that 1.38 percent of imports from China into the EU are currently affected by anti-dumping investigations.
 
The EC is conducting a full impact assessment on the potential effects of China achieving MES.
 
Helmut Scholz of the left wing GUE/NGL party suggested that the EU negotiate with China outside the WTO to strike a bilateral anti-dumping agreement.
 
Swedish center-right member Christofer Fjellner said the issue was not whether China should achieve MES but respect for China as a member of the WTO and respect for international trade rules.
 
"We have to present a proposal that respects the rules, doesn't provoke a trade conflict with China, and is politically implementable," he said.
 
Speaking for the liberal ALDE group, Dutch MEP Marietje Schaake said some EU politicians have already taken an emotional stance on the issue "to put forward their own protectionist positions, but they seem to forget that the EU has importers as well as exporters who also provide jobs," she said.
Source: Xinhua
Chinese premier, IMF chief discuss economic, financial situation over phone
29th January 2016

Chinese Premier Li Keqiang on Thursday talked with International Monetary Fund (IMF) Managing Director Christine Lagarde on the phone upon her request about the global economic and financial situation and that in China.

Li said that the world economy, which is in the middle of deep adjustments, remains in a complicated situation, weighed down by a weak recovery and rising uncertainties. An international consensus has emerged on the need to bolster growth, take forward restructuring and enhance cooperation.
 
Li said that China's economy has been deeply integrated into the global economy. Alongside the slow-down in growth of the world economy and trade and heightened volatility in international financial markets, China's ability to deliver a medium-high growth of 6.9 percent, solid employment, higher income and savings growth than gross domestic product, and steadily improving environment last year came as no mean feat.
 
The Chinese premier pointed out that reform holds the key to China's development.
 
In the face of downward pressure on the global economy and deep-seated imbalances at home, China will toughen its resolve, rise to the challenge, and tap into the huge potential, resilience and room for maneuvering of the Chinese economy through a combination of policy measures, he said.
 
"While expanding aggregate demand in an appropriate way, we will vigorously pursue structural reform, particularly supply-side structural reforms," he said.
 
The premier said China will continue to implement a proactive fiscal policy and prudent monetary policy, push forward the innovation-driven development strategy, and encourage mass entrepreneurship and innovation to unleash people's enthusiasm and creativity.
All these will help to generate new and stronger impetus for development and upgrade traditional growth drivers, making it possible for China to maintain continued steady growth of its economy, he said.
 
When talking about the RMB exchange rate, Li stressed that the Chinese government has no intention of boosting exports by devaluing the yuan. Still less would China go for a trade war. The fact is the RMB exchange rate has remained basically stable against a basket of currencies. And there is no basis for continuous depreciation of the RMB.
 
"We will press ahead with the reform of the RMB exchange rate formation mechanism in line with the principles of independence, gradualism and controllability, enhance communication with the market, and keep the RMB exchange rate basically stable at an adaptive and equilibrium level," he said.
 
Li commended the active role the IMF has played over the years in boosting global growth and maintaining financial stability. He said that the Chinese government will deepen dialogue with the IMF and other international institutions on economic development and macro policies, and work with other countries and parties to send positive signals for world economic recovery and growth and strengthen market confidence.
 
Lagarde expressed confidence in the steady growth of the Chinese economy through the implementation of such effective measures as robust macro policies, structural reform, a coherent exchange rate policy, and enhanced communication with the market.
 
The IMF will step up communication and cooperation with China to jointly convey to the market the commitment to reform and confidence in growth, she said.
 
Source: Xinhua

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