Fitch Ratings has downgraded China's sovereign credit rating, warning about a credit build-up in the economy that could threaten the recovery. The agency cited “underlying structural weaknesses” and a growing risk from shadow banking. The downgrade is for Yuan-denominated debt, not foreign currency debt.
China's central bank cut interest rates for the second time in two months to bolster an economy widely expected to record its sixth successive slide in growth in April-June.
China will make part of the booming Shenzhen economic zone, a test ground for freer Yuan usage and capital account convertibility, the National Development and Reform Commission said on Friday.
China will allow the Yuan to trade in a wider daily range against the US dollar from Monday, taking another major step to further liberalise its exchange rate regime and make its currency more market oriented.
United States announced it will press for further appreciation of the Yuan arguing the currency is undervalued, while declining to brand China a manipulator of its exchange rate.
China Security Regulatory Commission exposed its biggest-ever case of stock market manipulation in a show of strength by the new securities regulator, who has vowed to crack down on rampant illegal trading.
China's central bank cut the reserve requirement ratio for its commercial lenders on Wednesday for the first time in nearly three years to ease credit strains and shore up an economy running at its weakest pace since 2009.
The role of the Yuan as an international currency is “inevitable” and it is most feasible that Latin American countries will begin accumulating foreign exchange reserves in that currency forecasted an Argentine expert in foreign relations.
China and the UK are to develop an offshore trading hub for the Yuan based in London. UK Chancellor George Osborne confirmed the agreement after meeting with Chinese vice-premier Wang Qishan in London.
China’s trade surplus surged to 31.5 billion dollars in July, the highest level in more than two years, as exports rose to a record. Exports climbed 20.4% from a year earlier while imports surged 22.9%, the Customs bureau said on its website Wednesday.