China
Focus on trade rather than stimulus: business leaders to G20
International Chamber of Commerce honorary chair Victor Fung calls on G20 to focus on boosting international trade rather than monetary stimulus to raise growth; currency tensions expected to feature heavily at Seoul Summit
India’s PM backs QE2
Backing from Manmohan Singh follows attacks from other emerging markets
Finland finds limitations in China’s monetary policy
Bank of Finland study finds China’s monetary policy strongly influences asset prices but not household consumption
King demands collaboration
Bank of England governor Mervyn King says countries must reach collective solution over global imbalances or risk crippling the global economy through protectionist policies
ADB launches landmark renminbi bond in Hong Kong
Asian Development Bank launches ground-breaking international renminbi bond in Hong Kong; Hong Kong Monetary Authority’s Peter Pang hails likely effects on renminbi trade, settlement
Yilmaz: Turkish economy booming
Central Bank of the Republic of Turkey governor Durmuş Yilmaz says growth in Turkey outpaced most emerging markets in second quarter
US Treasury stalls on decision to name China ‘manipulator’
US Treasury says it will delay publication of report on exchange rates until after G20 gathering in Seoul
RBNZ reports NZ$111m loss
Reserve Bank of New Zealand makes loss after appreciation in New Zealand dollar, slashes dividend payment to government
PBoC proposes technological solution to address labour-driven inflation
People’s Bank of China monetary policy report says higher productivity will address rising labour costs
Take responsibility: ECB’s Bini-Smaghi to EMEs
European Central Bank executive board member Lorenzo Bini-Smaghi says emerging markets seeking bigger global role must take responsibility for imbalances
IIF calls for accord to fix imbalances
Institute for International Finance (IIF) says major economies must broker agreements on critical macroeconomic and exchange-rate issues
Meirelles flags travails of financial reform
Central Bank of Brazil governor Henrique Meirelles says reform must be unified; Chinese, Indian ambassadors note shortcomings of G20
IMF makes FSAPs compulsory
Fund says 25 countries with systemically important financial sectors will be required to undergo check-ups every five years
Bank of Thailand opens shop in China
People's Bank of China says Bank of Thailand's new representative office in Beijing will aid cooperation
More than half of Hong Kong banknotes held outside territory
Hong Kong Monetary Authority research cites increased integration with mainland and popularity of Macao as factors
Beijing makes two changes to MPC
People’s Bank of China deputy governor Du Jinfu and Industrial and Commercial Bank of China president Jiang Jianqing will join advisory Monetary Policy Committee
Beijing looks to further internationalise renminbi
People’s Bank of China says it must work to match growing demand for renminbi outside of mainland; sets out further steps including opening domestic market to international institutions
RBA’s Lowe on links with China
Reserve Bank of Australia assistant governor notes stronger correlation between Chinese and Australian GDP
BoE’s Haldane: China must not overshoot on financial reform
Bank of England executive director Andrew Haldane says China must continue to promote patience while harnessing impatience
India and China set to drive global demand for gold
World Gold Council says demand for gold jewellery in India and China will ensure robust gold market in 2010
Ability of Bric nations to revive global economy exaggerated, say analysts
The contribution of Brazil, Russia, India and China to the world economy is still too small to compensate for low demand in advanced economies.
Beijing welcomes world into interbank capital market
People’s Bank of China grants foreign banks and central banks access to interbank bond markets for the first time; move inspired by need to internationalise the renminbi
China overtakes Japan as world’s second largest economy
Figures from Japanese Cabinet Office show that China’s GDP exceeded that of Japan in the three months to June
CIC arm to raise $28 billion through bond issuance: reports
Central Huijin Investment, part of China’s sovereign wealth fund, set to offer bonds to private investors; joins state investment companies in Singapore and the Middle East in tapping bond markets