介绍:
Shares of 3 Chinese firms soar 44 pct on debut
Shares in three small Chinese companies have soared by over 40 percent in their debuts on Thursday.
All three companies rose by 44 percent, the maximum amount allowed on the first day of trade.
These are the first mainland listings in over four months.
Analysts say the surge highlights the challenges stock regulators faces in weeding out speculation and curbing volatility in the market.
The three IPOs on the Shenzhen stock exchange drew robust demand, with subscription rates of between 120 and 218 times over the number of shares on offer.
The China Securities Regulatory Commission resumed the IPO market earlier this year after halting listings for 14 months.
But after a two month flurry of activity, no offerings were approved until early June, when seven companies got the go-ahead.
China Removes Cap on FX Deposit Rates in Shanghai
One of the new liberal banking policies being piloted in the Shanghai Free Trade Zone will be expanded into the rest of the city on Friday.
It means that more banks in the city will now have the freedom to set foreign-currency deposit rates.
The move has been approved by the China's central bank.
This should fully liberalize interest rates offered on smaller foreign currency accounts in Shanghai.
Under the plan, China will first liberalize interest rates on small-sum foreign exchange deposits from companies, and then expand the scheme to individuals.
The People's Bank of China abolished the upper limits on deposit rates offered by banks on foreign exchange accounts holding below three million US dollars in March.
China launched the Shanghai FTZ last September.
China Central Bank's new survey
Anchor:
A new survey by the People's Bank of China shows around 47 percent of bankers surveyed say they believe China's economic climate has been "relatively cool" through the second quarter.
The same survey also shows that more and more people believe business confidence has cooled.
But at the same time, the analysis from the central bank suggests a growing number of bankers in China believe the PBOC is on the right track when it comes to its monetary policies.
The central bank polls bankers, households and businesses every quarter to get their views on a range of issues, including the economy, inflation and home prices.
For more on the Central Bank's new survey, Paul James spoke earlier with Cao Can, CRI's financial commentator.
…
Back Anchor:
Cao Can, CRI's Financial Commentator.
China to introduce more forex derivatives, strengthen supervision
China's foreign exchange regulator says it will increase the number of foreign exchange derivative products available on the market.
The State Administration of Foreign Exchange also says it will strengthen the supervision of derivatives trading by banks.
The move is aimed at ensuring that the trade helps reduce risk for companies, and expands the variety of tools available, focused on foreign exchange options.
The regulator says it will add principal swap transactions for currency swaps and lower the entry threshold for companies and bank branches.
China Merchants Securities gets UK nod for commodity risk business
China Merchants Securities has been approved by UK regulators to broker listed derivatives as it aims to build up a commodities business in London.
It is one of China's top five investment banks.
The bank plans to initially offer commodities risk management services to meet demand within China.
London is competing with other financial capitals such as Singapore to become an offshore yuan-clearing hub.
The yuan is expected to become a leading reserve currency, meaning it will be stockpiled by central banks.
Gazprom says yuan payments may feature in dealing with China
Russia's top natural gas producer Gazprom is preparing to accept payments in yuan while selling gas to China.
Gazprom's Chief Financial Officer Andrei Kruglov says the company has agreed to sell 38 billion cubic metres of gas a year to China starting from 2018.
Kruglov says Gazprom is "ready for payments in yuan."
The deal is valued at 400 billion US dollars.
GM halts sales of Cruze model over airbags
General Motors has told dealers in the US and Canada to halt sales of some Chevrolet Cruze models due to a potential problem with the airbag.
It says the driver's side airbag in the affected cars may not deploy properly, due to a wrong part being used.
The part was supplied by Japan's Takata Corp.
A defective part from Takata is already the subject of a major global recall by various manufacturers.
But GM says its issue was not related to a defective part.
The recent moves by various car makers including Honda, Nissan and Toyota, to recall million of cars globally, were triggered by the use of a defective part.
Samsung, LG launch smartwatches with new Google software
South Korea's Samsung and LG have launched rival smartwatches powered by Google's new software "Android Wear."
Samsung's "Gear Live" and LG's "G Watch" are the first devices to adopt the new Google software specifically designed for wearables.
