介绍:
IMF: Renminbi is fairly valued
The International Monetary Fund has declared that the exchange rate of the Renminbi is fairly valued.
The IMF held a press conference for the completion of the 2015 Article IV Consultation to China in Beijing.
The organization's First Deputy Managing Director, David Lipton said the the exchange rate of Renminbi is no longer undervalued after the past 12 months.
"While the undervaluation of Renminbi was a major factor causing the large imbalance in the past, our assessment now is that the substantial real effective appreciation over the past year has brought the exchange rate to a level that is no longer undervalued."
He also highlights the need to make rapid progress towards greater exchange rate flexibility as China is integrating rapidly to the global financial market.
He added that the Renminbi has become wildly used in neighboring countries and regions, which is good for China's businesses and people.
IMF also projects that China's economy will grow at 6.8 percent this year, consistent with the Chinese government's growth target of about 7 percent.
Reserve ratio or interest rates cuts more likely in June: analysts
Analysts say China is likely to announce another bank reserve requirement ratio cut or interest rate cut in June.
Haitong Securities chief analyst Jiang Chao says that following a lackluster money supply in April, the central bank will probably make an additional four RRR and rates cuts to speed up banks' lending capacity.
The earliest will probably happen in the coming month.
A researcher for the China Macroeconomic Information Network, Zhao Zhaoyi, believes there is plenty of room for more RRR and rates cuts in the second quarter.
China's central bank cut interest rates by 25 basis points on May 11, the third such rate cut in six months.
CNOOC starts Australian LNG supply base
An overseas liquefied natural gas supply base of China National Offshore Oil Corp has commenced operation.
The base is located in Queensland, Australia, and is set to secure an annual supply of 3.6 million tons of liquefied natural gas for China for 20 years.
Proven and explorable reserves in the base total 350 billion cubic meters.
China's appetite for natural gas has grown substantially with industrialization and urbanization initiatives to cut carbon emissions.
So far, China has imported a total of 70 million tons of liquefied natural gas from overseas.
China Railway Corp issues 15bil yuan in bonds
China Railway Corporation issued a second batch of corporate bonds worth 15 billion yuan or some 2.4 billion U.S. dollars earlier today.
Of the raised total, 90 billion yuan will be used in railway projects, and the other 60 billion yuan will be used to purchase railway-related equipment.
The company issued an initial tranche of 20 billion yuan ten days ago, including some 15 billion yuan with a tenor of 10 years and 5 billion yuan with a 20-year tenor.
Analysts point out that the frequency of the bond issues indicates that railway construction projects are under fundraising pressure.
China's banking giant ICBC takes over Turkish lender
The Industrial and Commercial Bank of China has completed its acquisition of a 75-percent stake in Turkish bank Tekstilbank.
Tekstilbank mainly caters to small and medium-sized businesses, as well as to retail customers.
ICBC Chairman of the board Jiang Jianqing says the acquisition will provide convenience to local business.
"After acquisition, the Tekstilbank will specially improve service quality to Turkish medium-large enterprises, enhance financing and settlement services for Turkish large enterprises and multinational companies. We are also dedicated to providing quality service to small enterprises and costumer services, to accelerating finance services for trade to China, and to promoting offshore RMB settlement."
The purchase of the majority stake is the first Chinese banking foray into Turkey.
ICBC says it is also prepared to make a full purchase of Tekstilbank if the Turkish government will allow it.
ICBC is now active in 42 countries and regions around the world.
Shake-up in key Samsung assets to cement heir's grip as succession looms
Samsung Group's de facto holding company on Tuesday sought another cornerstone to smooth the path for management succession.
As the move reconstructs the conglomerate, the company is offering more than $8 billion to buy an affiliate with a key stake in flagship firm Samsung Electronics.
Cheil Industries, with interests from construction to fashion, is offering new stock priced at about 8 billion U.S. dollars to buy building firm Samsung C&T Corp.
After recent market jitters on Samsung's overhaul, shares in both rose nearly 15 percent.
The move combines what analysts consider two key companies in the sprawling family-controlled conglomerate.
Malaysia Airlines revamp due
Loss-making Malaysia Airlines is set to undergo a complete overhaul as it is restructured into a new company.
With a rebranding and changes that will be unveiled next week, the new CEO of the company Christoph Mueller says the new company will be like a start-up.
Changes will be made to its fleet and network strategies. A massive layoff is also expected very soon.
It is estimated that the layoff will affect 6 thousand out of 20 thousand staff.
The airline, which has seen successive years of losses, suffered huge damage to its brand after flight MH370 disappeared in March last year, followed by the shooting down of MH 17 over Ukraine.
The airline was then pulled from the stock market and taken private by Khazanah Nasional, Malaysia's sovereign wealth fund.
Microsoft Reportedly May Acquire BlackBerry
Microsoft is reportedly looking to get a bigger piece of the mobile market by buying BlackBerry.
Reports claim that, the company is just one of many companies trying to do so.
Chinese firms including Huawei, Lenovo and Xiaomi are also interested in picking up BlackBerry following the company's recent return to profitability.
This comes on the heels of BlackBerry announcing it is cutting jobs across its global business units in an attempt to consolidate its software, hardware and applications business.
