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News from China
Yuan extends decline against US dollar but remains stable overall
22nd November 2016

 HE Chinese currency extended its decline against the US dollar yesterday, 

while analysts expect the central bank to place short-term priority on the 
yuan’s stability against a basket of currencies rather than the dollar alone.
 
The central parity of the yuan against the dollar weakened for a 12th day 
in a row to 6.8985, the lowest in more than eight years.
 
Triggered by heightening expectations for a US interest rate hike, the yuan’s 
retreat has accelerated since Donald Trump’s victory in the US presidential election.
 
The real estate mogul has vowed to roll out a fiscal stimulus package in the US and 
threatened to brand China as a currency manipulator, both weighing on the yuan’s value 
against the dollar.
 
The dollar may keep strengthening at the end of this year and next year, putting 
depreciation pressure on the yuan, but the Chinese currency is expected to stay stable 
against a basket of currencies, said Lian Ping, chief economist with the Bank of Communications.
 
China’s policy-makers have been wise to avoid reckless interventions to shore up the yuan 
against the dollar, which would have wasted large amounts of foreign exchange reserves and 
compromised the market mechanism, Lian said.
 
However, “the yuan’s short-term fluctuation does not mean the authorities have opened the door 
and given up currency management,” he said, stressing that China still applies a “managed” floating 
exchange rate mechanism.
 
The People’s Bank of China’s current strategy is to keep the yuan stable against non-dollar currencies, 
Lian said.
 
“The bank may go with the tide for now and intervene only at the proper time,” he noted.
 
Compared with the yuan, other currencies have weakened even more against the dollar, while the yuan remained 
stable against them.
 
The yuan’s market rate against the dollar weakened by 1.49 percent in October, but the eurozone, 
Japan and Singapore saw their currencies weaken by 2.05 percent, 3.02 percent and 1.87 percent, respectively, 
against the dollar, according to data released by the China Foreign Exchange Trade System.
 
In the meantime, the yuan exchange rate composite index strengthened by 0.16 percent against a basket of 
currencies in October, the CFETS said.
 
Lian’s view was echoed by Liu Yuhui, professor at the Chinese Academy of Social Sciences, a government think tank.
 
The central bank’s decision on whether to intervene in the currency market largely depends on the yuan’s status 
against a basket of currencies instead of the dollar alone, according to Liu.
 
Meanwhile, he was cautious about the dollar outlook, noting that the market has yet to see how Trump’s future policies materialize.
 
Lian said the dollar may see some corrections after rapid upward movement due to profit-taking and market digestion of the 
US interest rate hike.
 
The dollar will gain at a milder pace next year, and its appreciation may not be sustained as long-term dollar strength will 
hurt US exports and manufacturing, Lian predicted.
 
The weakening yuan has aggravated concerns about capital outflow as China’s economy grew at the slowest pace since the global 
financial crisis.
 
Chinese officials have repeatedly ruled out the possibility of sharp, sustained yuan depreciation against the dollar, citing China’s 
economic fundamentals, current account surplus and huge forex reserves
Source: Shanghai Daily, November 22, 2016
China-UK movie that is wild about cats
21st November 2016

 THE film unit of Chinese e-commerce giant Alibaba and the British “Harry Potter” 

producer David Heyman announced yesterday that they will make a fantasy movie “Warriors” 
based on a book series about warring cats.
 
The live action film with computer-generated cats is based on the British books for young 
adults about clans of wild cats, with themes including adventure, forbidden love and good 
versus evil.
 
The series has a fan following in countries including China, and the film is intended for 
worldwide audiences.
 
Heyman, an independent film producer behind “Paddington” and “Gravity,” said he sought out 
Alibaba when he was in China almost two years ago on a trip to promote British creativity 
and British-Chinese cultural exchange.
 
“This is becoming the largest market in the world so you are looking to understand that market,” 
he said at a news conference at the British Embassy in Beijing.
 
“It’s hard to get a film made today. I’ve had some success but every time you start a film you start 
a new business, so I’m always looking for people over the world.”
 
He said “Warriors” was a “perfect Chinese-British story because its values are universal.”
 
Heyman added it was too early to say how much of the creative team would be Chinese and they 
still did not have a script for the film, which would likely be in 3D.
 
There was no guarantee the movie would be shown in China, he said.
 
Alibaba Pictures Group was formed in 2014. Its first film, “The Ferryman,” comes out next month.
 
It has already invested in Hollywood films including “Mission: Impossible — Rogue Nation” and 
“Star Trek Beyond,” and last month announced it would partner with Stephen Spielberg’s Amblin 
Partners to co-produce films for global audiences.
 
Alibaba Pictures secured the film rights to “Warriors” last month.
Source: Shanghai Daily, November 21, 2016
China imposes anti-dumping duties on iron based alloy ribbon imports
18th November 2016

 THE Ministry of Commerce (MOC) announced Friday that it will impose 

anti-dumping duties on imports of iron based amorphous alloy ribbon 
from the United States and Japan.
 
The duties will last for five years starting Friday, the ministry said.
 
According to the ministry's final ruling, companies from the United States
 and Japan have dumped the ribbon on the Chinese market and such imports 
have caused substantial damage to the domestic industry.
 
Anti-dumping duty rate for US imports was set at 48.5 percent, and for 
Japanese imports it was set at 25.9 percent, said the ministry.
 
It launched an anti-dumping probe into imported iron based amorphous alloy 
ribbon in November last year.
 
Iron based amorphous alloy ribbon, a solid metallic material, is used in the 
production of transformers and inductors.
 
Source: Shanghai Daily, November 18, 2016
Guide to innovate, reform in northeast
17th November 2016

 CHINA has issued guidelines to speed up innovation and reform in the country’s northeast 

to rejuvenate the rust belt region.
 
The central government decided to accelerate reforms in administration, state-owned enterprises 
and the private economy to give full play to the region’s vitality, according to a statement 
released by the State Council yesterday.
 
The provinces of Liaoning, Jilin and Heilongjiang in the northeast were among the first areas 
in China to be industrialized. However, this once robust industrial base has been faced with 
a more acute slowdown than the rest of the country, trailing behind in GDP growth.
 
The northeast will pilot a negative list program for investment. The region also aims to set up 
at least one private bank before next June to encourage growth of the private economy.
 
The central government urged the three provinces to update their industries and issued a three-year 
action plan. It will offer fiscal support to develop emerging sectors, such as tourism, accordingto the document.
Source: Shanghai Daily, November 17, 2016

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