FOREX

Conversion of the Chinese currency unit CNY (Yuan or RMB) against the USD:

CNY 1.00 is worth: USD 0.16066
USD 1.00 is worth: CNY 6.22399

 

ECONOMIC OVERVIEW

= NO HAWKER BEECHCRAFT FOR CHINA’s SUPERIOR AVIATION =

Beijing, October 20, 2012; = China’s Superior Aviation Beijing’s plan to buy Hawker Beechcraft has fallen through. The deal collapsed amid concerns of potential US-government national security objections and difficulties separating Hawker Beechcraft's defense aerospace operations from other businesses. Superior Aviation was offering USD 1.79 bln for the company’s aerospace division. The failed deal is the latest in a series of business attempts by Chinese companies looking to buy American enterprises or establish businesses in the US.

= SEPTEMBER SEES FOREIGN TRADE RECOVERY =

Beijing, October 16, 2012; = Mainland China's trade bounced back strongly in September 2012, giving optimism to recovering demand at home and abroad that may lead to a soft landing in Q4 of this year. Exports increased 9.9% from a year earlier to USD 186.3 bln in September, up from the increase of 2.7% in August. Imports also rose 2.4% to USD 158.7 bln, reversing the 2.6% drop a month earlier. This left a trade surplus of USD 27.6 bln in September, compared with USD 26.6 bln in August.

= CHINA TO PROCURE MORE THAN 2,500 NEW AIRLINE PLANES =

Beijing, May 23, 2012; == During the period 2011 to 2015 China will buy more than 2,500 new aircraft and the country's total number of civil aircraft (airline planes) will exceed 4,500 by 2015, said LI Jia-Xiang, head of the national aviation regulator, Civil Aviation Administration of China (CAAC) today.

= CHINA SIGNED TAX AGREEMENT WITH HOLLAND =

Beijing, Apr. 25, 2012; == At the invitation of the Administration of Taxation and Customs of The Netherlands and the Organization for Economic Cooperation and Development (OECD) a delegation from China’s State Administration of Taxation (SAT) visited The Netherlands and France earlier this month to exchange opinions on issues related to taxation. During his visit to the Netherlands, SAT’s Chief Xiao Jie signed the “Technical Cooperation Arrangement 2013-2015 between the SAT and The Netherlands Tax and Customs Administration (NTCA)” with Dutch State Secretary for Finance Frans Weekers. Both parties reviewed the previous technical cooperation between the SAT and the NTCA, as well as exchanged ideas on how to further deepen bilateral cooperation on taxation. Xiao Jie also discussed ways to further deepen bilateral cooperation on taxation with the Secretary-General of the OECD Angel Gurría, as well as with directors from the French and Dutch Ministries of Finance and Taxation.

= CHINA CALLS FOR DEEPER SINO-DUTCH COOPERATION =

Beijing, Nov. 06, 2011; == China's top political advisor JIA Qing-Lin said China and The Netherlands should deepen cooperation in order to boost common prosperity. According to Jia, Holland has been China's second biggest trading partner in the European Union for eight consecutive years. Bilateral trade between the two countries reached a record high of USD 56.2bn in 2010, while investment from the Netherlands in China has so far amounted to USD 12bn.

= JP MORGAN CONFIDENT IN CHINA’s GROWTH =

Beijing, Oct. 31, 2011; == JP Morgan said its business in China will maintain robust growth, despite gloomy prospects for the global financial sector. Due to new banking regulations and financial turmoil in the Euro zone, banking profitability has been in decline over the past 12 months. Shao Zili, China head of JP Morgan, said the bank remains confident in its plan to double its revenue in China over the next three years. The rapid growth in China comes as JP Morgan reported this month that its global third-quarter earnings fell 4% overall.

= CHINESE BANKS HALT EUROPEAN FX DEALS =

Beijing, Sep. 23, 2011; == The Bank of China (BOC) stopped foreign exchange forwards and swaps trading with several European banks due to the unfolding debt crisis in Europe. Another Chinese bank also said it had halted interest rate swaps trading with some European banks, indicating that Chinese lenders had also joined the growing ranks of institutions cutting exposure to the crisis-hit euro zone. The European banks include French lenders Société Générale, Crédit Agricole and BNP Paribas.

= AMERICAN FIRM SUES FOR CHINESE ESPIONAGE =

Washington DC, Sep.22, 2011; == American wind-turbine designer American Superconductor decided to sue its biggest customer — Chinese manufacturer Sinovel Wind Group Co — for corporate espionage. The US company accuses Sinovel of agreeing to pay more than USD1m to an American Superconductor employee in Austria to steal valuable software that controls turbines and gave it to the Chinese company. The individual now faces criminal charges for the alleged theft. The software was expected to account for 70% of American Superconductor's revenue this year.

= JP MORGAN RECRUITS MOST OF ITS BANKERS FROM CHINA =

New York, Feb.25,2011; == During 2010 JP Morgan hired the biggest number of bankers in China for its global corporate bank business and it is confident that expansion will not slow in 2011 as the bank taps on the higher outbound investments by Chinese companies. The New York-based bank hired about 100 bankers last year and several hundred supporting staff. The bank said earlier it would invest USD100mln annually to hire bankers for the business to aim for a market share of more than 10% over the short to medium period.

= CHINA RESTRICTS INTERNATIONAL CONFERENCES =

Beijing, Feb. 14, 2011; = International conferences held in the country will be subject to stricter government approval procedures and sterner budgetary oversight, according to a joint statement issued by the Ministry of Finance and Foreign Affairs Ministry in Beijing. Any bid to hold international conferences must be approved by the relevant authorities, the statement said, and events lacking substantial content will not be permitted, it added. The notice, in principle, also forbids conferences being held purely under reciprocal arrangements by domestic or foreign partners. Events held under this arrangement, where, for example, a meeting is held in China after being held in another country the year before, must be evaluated for their importance and sustainability. The new rules aim to tighten the management of international conferences held in China, and the scale of such events should be restricted, the ministries said. "The presumption that conferences with more participants are more important is wrong and should be corrected. Prudence should be exercised for events with more than 100 participants, or they face possible rejection” according to the statement. The notice also stipulates that local governments and departments should restrict the number of international conferences inviting Party or State leaders, and should not promise foreign participants the presence of Chinese leaders. Words such as "summit" or "international seminars" should not be used without approval, it said. The Ministry of Finance also ordered local governments and all government departments to cap expenditure for hosting international conferences. Hotel budgets should be strictly monitored, and items such as toothpaste, towels, toothbrushes, souvenirs, and gifts "should not be given", it said. Sightseeing trips and visits should be banned and only buffets, instead of banquets, should be served. In addition, foreign participants, except VIPs, will have to cover their own traveling costs and accommodation expenses, the ministries ordered.

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