The U.S. urged China to reduce currency interventions and let markets play a bigger role in setting the value of the yuan, in a report that declined to name any major trading partner a foreign-exchange manipulator.
China is pushing forward on exchange-rate reforms in a “bold” fashion, while adopting a more gradual approach toward loosening controls over interest rates and capital markets, according to People’s Bank of China Deputy Governor Yi Gang.
Bank of East Asia Ltd. said it has signed an agreement with Shanghai Shengpay e-payment Service Co. to provide cross-border electronic payment services. * Bank of East Asia to become first foreign bank to provide cross-border electronic renminbi payment services in Shanghai’s pilot free-trade zone, the company said in a press release today * the pact will enable Bank of East Asia to further develop its international trade payment and cross-border RMB settlement business * China’s banking regulator also recently approved the bank’s Shanghai free-trade zone sub-branch to conduct personal banking business, the release said.
Oversea-Chinese Banking Corp. offered HK$38.4 billion ($5 billion) to buy Wing Hang Bank Ltd. in the biggest takeover of a Hong Kong lender since 2001 to gain a foothold in the expanding Chinese financial hub.