China will impose a reserve requirement on offshore renminbi deposits, the central bank said on Monday, in an effort to soak up liquidity and raise the cost of speculating on renminbi depreciation.The move marks an escalation of efforts by the People’s Bank of China to discourage capital outflow and curb renminbi weakness in both the onshore and offshore markets.The spread between onshore and offshore renminbi widened to a record early this month before the PBoC intervened in the offshore — or CNH — market in Hong Kong to narrow the gap. The onshore renminbi has fallen 2.7 per cent against the...
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China and Iran upgraded their ties to form a comprehensive strategic partnership, visiting Chinese President Xi Jinping and Iranian counterpart Hassan Rouhani said on Saturday, calling it a "new season" in bilateral relations.Xi is the first Chinese president to visit Iran in 14 years. He has visited Saudi Arabia and Egypt as well during a Middle East tour that began on Jan 19.China and Iran have no fundamental conflicts, and there are only consistent mutual support and mutual benefit between them, President Xi said.In history, there had been no wars or disputes between the two natio...
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Disruptive labor market changes will result in a loss of more than 5.1 million jobs from 2015 to 2020, according to a latest report by World Economic Forum (WEF).The Fourth Industrial Revolution, which includes developments in fields such as artificial intelligence and machine-learning, robotics, nanotechnology, 3D printing, and genetics and biotechnology, will cause widespread disruption not only to business models but also to labor markets over the next five years, according to the report, The Future of Jobs, published Monday by the WEF.This trend will lead to a loss of more than 5 million j...
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China intended to issue a digital currency as soon as possible, the central bank said Wednesday, a move that could help the yuan offset the global dominance of the US dollar and limit capital outflows.The announcement by the People’s Bank of China came as it wrapped up a symposium on digital currency in Beijing, where it discussed issuance frameworks and related technologies such as encryption.In a statement summarising the forum and posted on its website, the bank said the currency could reduce the costs involved in circulating banknotes, facilitate economic activities and help combat money-l...
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Chinese economic growth decelerated to the 25-year low of 6.9 percent in 2015, down from7.3 percent in 2014, according to data released Tuesday by the National Bureau of Statistics.The GDP growth rate was reported as 6.8 percent in the fourth quarter, down from 6.9percent in the third and 7 percent in the first two quarters last year.The growth rate is still within a reasonable range as it achieved the government’s annual growth target, described as "around 7 percent", said economists.The service industry, for the first time in history, contributed more than a half of the total GDP g...
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