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Government calls in banks for foreign exchange chat

The most important and market-moving stories from the Chinese-language media

November 29, 2016 9:13 AM (UTC+8)

The government is turning its attention to foreign exchange flows as the yuan weakens against the dollar, according to reports on YiCai that point to moves by the State Administration of Foreign Exchange — with the encouraging acronym of SAFE — and the People’s Bank of China.  SAFE called in banks to tell them its imposing stricter regulations on cross-border business audits, especially on direct foreign investments and M&A, YiCai reported citing multiple sources. Meantime, the PBOC wants to ensure yuan outflow for, say, M&A is being used for the stated purpose and not just hedging currency risk, according to YiCai.
多地外管机构召集银行开会:对外投资审核加码
跨境人民币考核指标或纳入宏观审慎评估体系,跨境并购仍受支持

October rail freight points to strong economy

October rail freight rose 11.2% on month to 307 million metric tons and set a 20-month high on the back of rising volumes of coal and steel, the Economic Daily reported, citing the National Development and Reform Commission and SinoLink Securities.
铁路货运连续3月正增长 多指标印证中国经济持续改善

Shanghai takes a shot at property speculators

Shanghai is raising the downpayment for residential property to 35% and restricting new loans to those holding no property in the province, according to a joint statement on Monday evening by People’s Bank of China Shanghai Branch, local banking regulators and other authorities, reported Caixin on the same day. The new rules are part of a package of restrictions coming into effect on Tuesday and join property curbs introduced in Shanghai on October 8.
上海限贷政策加码 购房首付比上调至35%

Government tackling land rights expiry problem

Unclear regulations have left a vast number of properties in China holding expiring leases, a problem the government pledged to deal with by setting a clear legal framework, according to a statement on Monday reported by Caixin on the same day. The issue caused a public outcry earlier this year when the local government in Wenzhou tried to charge homeowners as much as one-third of the value of their properties to renew land deeds.
党中央国务院:研究土地使用权续期法律安排

China approves US$35.68 bln commuter rail plan

Plans to build a 247 billion yuan (US$35.68 billion) intercity rail link between Beijing, Tianjin and Hebei provinces were approved by the National Development and Reform Commission. The aim is to create a one-hour commuter link between the three provinces by 2020, National Business Daily reported.
4年9条城际铁路1100公里 京津冀2470亿投资吸引民资分羹

Shandong tackles “zombie companies”

Shandong province will shut down or turn around 125 state-owned “zombie companies” by the end of this year, reported Xinhua news agency on Monday evening. The term refers to companies that have reported no profit in the past three years or have been running at half or less of production capacity. Shandong had identified 321 such zombies and planned to deal with them over three years.
山东今年将完成125户国企“僵尸企业”处置

Guizhou takes a shine to health-care industry

Guizhou province plans 320 projects in the health-care industry worth 524.8 billion yuan, Xinhua news agency reported Monday evening. Profit from Guizhou health care businesses in the first half increased more than 20% to 45.53 billion yuan, accounting for 9.2% of the province’s GDP.
贵州发布大健康产业重点工程包 总投资超五千亿元

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