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Beijing China debt Economy reform Top News 

China’s top banking regulator tells banks to push forward with reform

June 24, 2017 BEIJING (Reuters) – China’s top banking regulator has told banks to reform by tackling China’s “zombie firms”, control regional housing market bubbles and push forward with debt to equity swaps, according to a statement posted on the regulator’s website late Friday. Guo Shuqing, who was appointed chairman of China’s banking regulator in February, met with representatives from a number of the country’s largest commercial banks on Friday to check up on their progress implementing the central government’s reform agenda. Beijing is promoting supply-side structural reform as a…

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accounts China Economy PBOC spending Top News 

China not facing same pressure as Fed to shrink balance sheet: PBOC adviser

June 22, 2017 SHANGHAI (Reuters) – China’s central bank will not take action to shrink its balance sheet like the U.S. Federal Reserve as it does not face the same pressures due to its use of different policy tools, an adviser to the People’s Bank of China (PBOC) said on Thursday. The Fed is looking to start reducing its massive $4.2 trillion portfolio of Treasury bonds and mortgage-backed securities beginning later this year. Most of the assets were purchased in the wake of the 2007-2009 financial crisis and recession. However,…

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bank China Economy Top News Zhou Xiaochuan 

Protectionism would compromise China’s financial sector: PBOC’s Zhou

June 20, 2017 SHANGHAI (Reuters) – Healthy financial institutions are a prerequisite for preventing a financial crisis and further opening will strengthen the sector, China’s central bank governor Zhou Xiaochuan said on Tuesday at a forum in Shanghai. Some vested interests have argued in favor of protecting the financial sector until domestic players were strong, but protectionism would only compromise the competitiveness of the sector, Zhou said. The financial services industry had benefited from opening up, and must continue to do so, he said. (Reporting by Andrew Galbraith and Winni…

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China Commerce Department Commerce Dept Economy Top News United States 

U.S. finds some China firms dumped hardwood plywood: Commerce Department

June 20, 2017 WASHINGTON (Reuters) – The U.S. Commerce Department said on Monday it had reached a preliminary determination that some Chinese companies are dumping hardwood plywoods in the United States, which imported an estimated $1.12 billion worth of the products from China in 2016. A Commerce Department investigation found that exporters from China had sold hardwood plywoods used for wall panels, kitchen cabinets, tabletops and flooring in the United States for as much as 114.72 percent below fair value, the department said in a statement. The department preliminarily set…

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China Economy month security Top News World Trade Organization-related 

U.S. sees possible legal challenges to crackdown on steel imports

June 19, 2017 WASHINGTON (Reuters) – The Trump administration expects U.S. and World Trade Organization-related legal challenges in response to a possible crackdown on foreign imports of steel or aluminum, U.S. Secretary of Commerce Wilbur Ross said on Monday. President Donald Trump ordered the investigation in April under the rarely used section 232 of the Trade Expansion Act of 1962. It allows the president to impose restrictions on imports for reasons of national security. Ross is expected to announce within days the outcome of the steel inquiry. “We assume that…

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China Economy month Ryan Woo Sam Xie Top News 

China’s month-on-month home price growth remains robust in May

June 19, 2017 By Yawen Chen and Ryan Woo BEIJING (Reuters) – Prices in China’s sizzling property market kept pace in May with the previous month, indicating resilient demand despite the imposition of tougher official measures to curb surging prices. Firm price gains highlight the challenge Chinese authorities face in taming an overheating market without disrupting the economy, in which real estate is a major driver of growth. Average new home prices in China’s 70 major cities rose 0.7 percent in May from the previous month, in line with April,…

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China Economy month National Bureau Top News 

China May home prices rise 0.7 percent m/m, 10.4 percent y/y

June 19, 2017 BEIJING (Reuters) – Average new home prices in China’s 70 major cities rose 0.7 percent in May from the previous month, in line with April, Reuters calculated from an official survey out on Monday. Compared with a year ago, new home prices rose 10.4 percent in May, slowing slightly from an 10.7 percent gain in April, Reuters calculated from National Bureau of Statistics (NBS) data. Regulators have intensified their crackdown on speculators since late March by taking tougher measures in at least two dozen cities to curb…

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China CSRC Economy Top News 

China securities regulator quickens pace of fines: Xinhua

June 17, 2017 SHANGHAI (Reuters) – China’s securities regulator has doled out more fines, totaling almost $1 billion, in the first five months of this year than during the whole of 2016, the official Xinhua news agency said on Saturday. Chinese regulators have launched a raft of new rules and increased scrutiny over China’s financial services sector in a bid to reduce leverage as growth in the world’s second-largest economy slows. The China Securities Regulatory Commission had slapped fines totaling 6.14 billion yuan ($901.65 million) by the end of May…

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bank China Kyle Bass Money Moody Investors Service Top News 

Kyle Bass still short yuan, says China credit bubble ‘metastasizing’

June 15, 2017 By Jennifer Ablan NEW YORK (Reuters) – Hayman Capital Management founder Kyle Bass on Thursday said he remains short the Chinese yuan despite the country’s latest change to the guidance rate, because he believes credit bubble problems are “metastasizing.” “What the public narrative is and what they have been doing behind the scenes are two completely different stories,” Bass said in a telephone interview. “China has been masterful controlling the public narrative. As a fiduciary, I have no idea how anyone can invest in China.” Famed for…

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bank China Economy PBOC rates Top News 

China stands pat on rates this time after Fed lifts benchmark

June 15, 2017 By John Ruwitch and Winni Zhou SHANGHAI (Reuters) – China’s central bank left interest rates for open market operations unchanged on Thursday, shrugging off an overnight increase in the U.S. Federal Reserve’s key policy rate. The People’s Bank of China (PBOC) did not explain its rationale for keeping rates unchanged, but the yuan is on steadier footing and domestic liquidity conditions are much tighter than they were in mid-March, when it followed a Fed hike within hours. Markets had been divided over whether the PBOC would raise…

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