People’s Bank of China (PBOC) Governor Zhou Xiaochuan defended the gap between China’s deposit and lending rates and denies that the constitute a hidden subsidy to banks. China’s one-year benchmark lending rate is 5.31%, compared with a one-year benchmark deposit rate of 2.25%. Beijing has committed to further liberalizing the country’s interest rate system. In [...]
Canadian Finance Minister Jim Flaherty said China is backing Canada in its fight against a US-European proposal to create an international tax on banks. The idea of a bank levy, supported by the International Monetary Fund as a way to ensure taxpayers are not forced to bail out failing banks as they were during the [...]
Zhou Xiaochuan, governor of the People’s Bank of China, promised “a proactive fiscal policy and a relatively easy monetary policy” in order to maintain China’s recovery in an uncertain global economic climate. The Chinese economy expanded 11.9% in the first quarter of 2010 and Zhou said “stable and relatively rapid” growth would continue this year. [...]
Chongqing municipality plans to spend $147 billion on infrastructure and property projects to boost its economy, with one-fifth to be spent this year. The money will be spent on 323 projects including the world’s tallest twin towers, railways, power generation and low-cost housing; two-thirds of spending will come from the government. Fixed-asset investment in Chongqing [...]
Senior Chinese officials appear divided over the issue of renminbi revaluation following comments by the country’s top banker to the National People’s Congress. Zhou Xiaochuan, governor of the People’s Bank of China, told the NPC that the currency peg to the dollar, which was formally introduced in 2008, was a “special measure” and that “these [...]
China thus far has remained an oasis of relative economic stability in an uncertain global economy. A weaker domestic economy aside, a host of data suggests China may have turned the corner. If this rebound is sustained, Beijing can claim to have delivered on its policy objectives far quicker than any of its global counterparts. [...]
The term “print money” translates easily and directly into Chinese, and it is among the first words heard in any conversation in Beijing about Washington’s current approach to the financial crisis. The news that the Federal Reserve would support the market for Treasury bills by making purchases on its own account has not been greeted [...]
China’s central bank governor Zhou Xiaochuan said Tuesday that a lack of consensus on how to solve the global economic crisis will lengthen the process of resolving it. He reiterated China’s position that the country is willing to “support” the International Monetary Fund in raising funds to ameliorate economic stress. Earlier this month the central [...]
China and Argentina have agreed to a currency swap that will allow Chinese exporters to receive renminbi instead of US dollars for goods shipped to the Latin American country. The US$10.24 billion swap agreement was signed in Columbia on Sunday by Zhou Xiaochuan, governor of the People’s Bank of China, and Martin Redrado, president of [...]
China is lambasting world governments prior to the G20 meeting next week, telling the governments of developed economies to dedicate more funds to stimulus and to repair their financial supervision policies. On Thursday, Central bank Governor Zhou Xiaochuan criticized governments which have not imitated China’s “decisive” economic policies. Zhou recently suggested that a new international [...]
