Archive for News
Child Labor : still a long way to go …
Given the business I am in with AsiaInspection, I can only react to the news of Beijing Olympic Games merchandises being manufactured by Chinese rogue factories employing children…There is a highly symbolic value to this news, which brings together 2…
Danone Sues Wahaha — Accuses Partner of Parallel Operations
Danone is now sadly forced to wash its dirty linen in public: “After a long investigation, Danone officials concluded that their closest partner in China, Wahaha’s longtime chairman, Zong Qinghou, was operating a series of secret companies outside the joint…
Jun 12, Shanghai Gold Exchange to enroll foreign bank members
China’s central bank said on June 8 it had agreed in principle that foreign banks operating in China could be enrolled as members of the Shanghai Gold Exchange (SGE) in a move that, industry analysts say, marks the opening of China’s gold market.
“It will help combine the domestic and overseas gold market, increase the market liquidity and reduce transaction risks,” said Zhou Hongtao, a gold investment analyst.
Zhou said the foreign members would bring advanced trading and managerial experience and contribute to leveling off the price gapbetween domestic and overseas markets.
The central bank has told the SGE to set up as soon as possible a regulatory plan for qualification of foreign members and submit the plan to the central bank for approval.
The central bank said the plan would be put on record with the State Administration of Foreign Exchange along with the results of foreign members’ qualification examinations submitted by the SGE.
An official with the SGE said that, so far, several foreign banks including HSBC and Standard Chartered Bank had contacted the exchange.
Meanwhile, the SGE is negotiating with its Hong Kong counterpart and the Airport Authority Hong Kong for future cooperation in trading, clearing and delivery, said the official.
The SGE, approved by the State Council and founded by the People’s Bank of China, is a non-profit and self-managing legal entity which organizes gold, silver and platinum transactions.
The SGE adopts a membership system. Its members consist of qualified commercial banks and corporations registered in China. They are licensed to produce, smelt, process and trade precious metals including gold, silver and platinum.
The SGE now has 150 members.
Xin hua
Accurate Valuation of China Stocks 65% Lower?
An article worth reading in its entirety, from Bloomberg: China’s benchmark CSI 300 Index would need to fall as much as 54 percent to come in line with the price-to-earnings ratio of Hong Kong’s Hang Seng China Enterprises Index, which…
China Rejects U.S. Food Imports!
More of the old back and forth. Only a piddling amount of money is involved — as yet — if any. It appears to be a simple statement without any details of the offending shipments. Did it really occur, i.e.,…
Jun 8, Education Faces Problem in China
Education Faces Problem in China, Learn primary schoo books in kindergarten,learn middle school books in primary school, learn college books in middle school, and learn MORAL in college
Check Your June Issue of the ABA Journal
Those of you who are members of the American Bar Association may wish to check your June issue of the ABA Journal, where your editor, Rich Kuslan, is quoted. See Terry Carter’s article, “A Chinese Puzzle,” on page 30. Interesting…
China CSI 300 Index Plunges 7.7%
Another remarkable drop. 6?1???????????????????????????????????6?1???????????133455???????37590.24??????????????43.44???????44.24????????40253????????20533?????????173708????????5610??? Bloomberg takes it calmly. Chinese media outlets stress instead the need for calm. ???????6?4??????????????????????????????????????????????????????????????????????????????????????????????…
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