The State Food and Drug Administration (SFDA) said it stopped production of an herbal injection that is suspected in the deaths of three people. The company, Heilongjiang-based Wandashan Pharmaceutical Co, voluntarily recalled all of its injectable products, including ciwujia, which the SFDA said had been soaked by rain and contaminated by bacteria. The action comes [...]
A group of foreign creditors of the mainland steel firm FerroChina including Citigroup and Citadel Investment Group are planning to size and sell the company’s assets to recoup some of the US$1 billion it owes them. The creditors, who also include CLSA Capital Partners and Credit Suisse Group, hired UK law firm Clifford Chance to [...]
Guangzhou R&F Properties, the Guangdong capital’s largest real estate developer, announced plans to sell US$882 million in five- to 10-year bonds in order to repay loans and supplement its working capital. The company said it would apply to list the bonds on the mainland stock exchange. In August, R&F said it needed between US$1.6 billion [...]
The renminbi’s (RMB) recent sharp rise against the euro has will further hurt Chinese exporters, intensifying pressure on policy makers in Beijing to come to their aid. Though it is still unclear how much trade with the European Union will be affected but the weak euro, trade publications have noted that it will particularly have [...]
The mainland’s top negotiator with Taiwan said the recent anti-Beijing protests on the island would not hinder efforts to strengthen cross-strait relations. Chen Yunlin, who is on a five-day visit to Taiwan this week that has so far resulted in deals on cross-strait transport, said that although some Taiwanese have differing views on relations with [...]
China’s vice minister of foreign affairs said Chinese delegates would concentrate on pushing for developing countries’ interests, rather than whether China will provide funds to address the global financial crisis, at next week’s economic summit in Washington. He Yafei said government representatives at the conference would seek improve “fairness” for developing nations in the world [...]
The People’s Bank of China (PBOC) is considering introducing a facility to extend cash to foreign banks in China on a temporary basis. The central bank has inquired about foreign-owned banks’ financial situation in preparation for a possible launch of a mechanism along the lines of the Term Auction Facility created by the US Federal [...]