Rules for currency swaps simplified, starting January
China is set to simplify its rules for currency swaps and options in order to encourage investors to manage their currency risks, the country’s regulator said Thursday. As China relaxes its grip over the yuan’s valuation, authorities want domestic investors and companies to learn how to deal with currency risks to minimize financial losses that may threaten the health of the world’s No 2 economy. From Jan 1, financial institutions that already offer currency forwards to clients can start providing currency and foreign exchange swaps without needing further approvals, the State Administration of Foreign Exchange said in a statement. Banks also can offer net payments of foreign exchange and currency swaps under the new rules, the regulator said, a step that brings China in line with international practices. Ralph Haupter, Microsoft’s chairman and chief executive officer for its Greater China Region. The Changchun Microsoft Innovation Center will also promote the upgrading of the auto industry in Changchun, a major vehicle production base in China, Haupter said at the launch ceremony. cap for the share price of Zhejiang Zheneng on Thursday, according to the Shanghai Stock Exchange’s official Sina micro blog. Out of 1.07 billion total issued Zhejiang Zheneng shares, 608 million were available for trading on Thursday. After the IPO, Zhejiang Zheneng Electric Power will increase its investments in nuclear power stations and gas electric businesses, the Beijing News reported, citing an unnamed source.