Renminbi News
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Germany’s commercial links to China give Frankfurt an advantage over other financial centers competing to become yuan trading hubs, said Deutsche Bank AG co- Chief Executive Officer Juergen Fitschen.
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The yuan was little changed, halting a two-day gain, on speculation its rally this year will stall as the dollar strengthens against most currencies.
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When President Barack Obama made his first trip to China in November 2009, he was burdened by the highest U.S. jobless rate in 26 years, a shrinking economy and the biggest federal budget deficit in U.S. history.
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The yuan advanced for a second day after the People’s Bank of China strengthened the currency’s reference rate to a record.
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Siemens AG’s project-financing unit is on track to meet its growth target ahead of schedule, helped by demand from Asian customers for credits to support infrastructure investments.
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Singapore kicked off its challenge to Hong Kong’s dominance of the $42 billion offshore yuan bond market yesterday, with HSBC Holdings Plc and Standard Chartered Plc offering the city-state’s first Dim Sum notes.
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Signs China will widen the yuan’s trading band have driven a rally in Dim Sum corporate bonds, cutting their yield premium in May by the most in eight months.
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HSBC Holdings Plc and Standard Chartered Plc sold the first yuan-denominated bonds in Singapore, making the city state the third offshore hub for notes in the Chinese currency.
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Emerging market currencies weakened and Turkey’s bond yields climbed the most since October 2008 as concern the U.S. will reduce economic stimulus measures curbed demand for riskier assets.
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HSBC Holdings Plc and DBS Group Holdings Ltd. are planning the first-ever sales of yuan- denominated bonds in Singapore as the city competes with Hong Kong and Taiwan as an offshore hub for the currency.
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