Rules for cur­rency swaps sim­pli­fied, start­ing Jan­uary

China Daily (Canada) - - BUSINESS -

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.

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