Market Archives - Page 23 of 43

23May

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China, Market, Singapore

Monetary Authority of Singapore and People’s Bank of China Advance Collaboration in Green and Transition Finance

The Monetary Authority of Singapore (MAS) and the People’s Bank of China (PBC) discussed initiatives to advance cooperation in green and transition finance between China and Singapore at the 2nd China-Singapore Green Finance Taskforce (GFTF) meeting held on 20 May 2024. The initiatives discussed covered the alignment of taxonomies, facilitation of green finance flows, and the development of a decarbonisation rating platform. The GFTF was set up in 2023, with three workstreams led by private and public sector players which focus on initiatives to scale up green and transition financing flows between Singapore, China and the region. The 2nd GFTF meeting progressed on the joint initiatives under each workstream and discussed the following: Taxonomies and Definitions: MAS and P...

21May

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Asia, Market, USA, World

BMW and Jaguar used banned China parts – US probe

BMW, Jaguar Land Rover (JLR) and Volkswagen (VW) used parts made by a supplier on a list of firms banned over alleged links to Chinese forced labour, a US congressional report has said. At least 8,000 BMW Mini Cooper cars were imported into the US with components from banned Chinese firm Sichuan Jingweida Technology Group (JWD), according to the report by Senate Finance Committee chairman Ron Wyden's staff. "Automakers’ self-policing is clearly not doing the job," the Democrat Senator said. BMW said it had "strict standards and policies regarding employment practices, human rights, and working conditions, which all our direct suppliers must follow". It added it had taken steps to "halt the importation of affected products and will be conducting a service action with custo...

21May

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Asia, China, Market, World

Assessment of the coupling coordination relationship between the green financial system and the sustainable development system across China

Abstract Green finance (GF) is recognized as a key driver of sustainable development. While existing studies have extensively discussed the relationship between GF and the Sustainable Development Goals (SDGs), few have explored the coupling coordination relationship between GF and SDGs. In this paper, we use data from thirty Chinese provinces (municipalities and autonomous regions) from 2008–2021 to examine the degree of coupling coordination development (CCD) between GF and the SDGs systems using the CCD model. We find that most SDGs and their sub-goals exhibit a significant upward trend, except for SDG8, 14–16. GF presents a fluctuating upward trend, with a significant decline in 2010 and 2019. The CCDs between GF and SDGs and their sub-goals generally show an M-shaped upward trend i...

21May

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China, Market, World

Financial Cooperation between the Bank of Thailand and the People’s Bank of China

Mr. Sethaput Suthiwartnarueput, Governor of the Bank of Thailand (BOT) and Mr. Pan Gongsheng, Governor of the People’s Bank of China (PBC), together with their respective delegations met in Beijing, the People’s Republic of China on 21 May 2024. The discussions focused on strengthening banking and financial cooperation, including the promotion of local currency usage as well as cross-border payment and settlement. On this occasion, both governors signed the Memorandum of Understanding (MoU) on a Framework for Cooperation to Promote Bilateral Transactions in Local Currencies. The MoU is aimed at enhancing accessibility and efficiency in local currency usage to promote its broader adoption. This aligns with the BOT’s continuous efforts to create ecosystems that facilitate trade and inves...

21May

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China, Market, USA

Janet Yellen urges EU to join US in curbs on cheap Chinese exports

Janet Yellen, the US treasury secretary, has urged the EU to intervene urgently to dampen the growing export levels of Chinese cut-price green technology including solar panels and wind turbines, pushing European leaders to move to a full-scale trade war. At the same time she urged German bank executives on Tuesday to step up efforts to comply with sanctions against Russia and shut down efforts to circumvent them to avoid potential penalties themselves that could see the US cut them off from dollar access. Her remarks, in Frankfurt, come just hours after the European Commission president, Ursula von der Leyen, gave her strongest hint yet that the EU would join the US and impose tariffs on Chinese electric vehicles after a soon-to-be completed investigation into alleged state su...

21May

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Asia, Market, World

The renminbi’s long march

The dollar remains the most dominant currency in global trade finance and forex reserves. But geopolitical tensions and rising trade fragmentation are driving the slow but steady ascent of China’s renminbi. In a geopolitical landscape of rising bifurcation, money talks – and it is telling a story of two worlds drifting ever farther apart. Visual Capitalist shows what the currencies are telling us. Global geopolitical tensions and the rising fragmentation of trade and foreign direct investment patterns are accelerating changes to the way the world makes cross-border payments and foreign exchange reserves. The currency composition, long dominated by the US dollar, has been slowly but surely shifting. Dollar dominance remains undisputed as the global currency of trade and foreign exc...

20May

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Asia, China, Market, World

UK cannot afford to give ‘cold shoulder’ to China, says City minister

The UK cannot afford to give the “cold shoulder” to China, the City minister said on Monday, in comments that will distance the British government from the Biden administration’s protectionist crackdown. Addressing financial services bosses at the City Week conference in London’s Guildhall, Bim Afolami said it was “crucial” to engage with strategic competitors such as Beijing, and that the UK risked losing control of its economic future if it failed to find common ground. “Like with any bilateral relationship, we don’t agree on everything, [but] we are very clear that you simply cannot give the cold shoulder to an economy that is home to a fifth of the world’s globally systemic important banks, four of the world’s largest banks, and almost a third of the world’s leading global finan...

20May

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Asia, China, Market, World

Navigating Uncertain Waters: China’s E-CNY Expansion Overseas And The Quest For Global Payment Influence

In recent years, China has embarked on an ambitious journey to redefine its role in the global financial landscape, leveraging technological advancements to potentially reshape how global transactions are conducted. Central to this initiative is the pilot program for the e-CNY, China's digital currency, which is now making its way into overseas markets, notably in Hong Kong, for retail use which was announced in May 2024. This move mirrors China's previous efforts to expand the reach of its payment solutions, such as UnionPay and Alipay, which have had mixed success abroad. The path forward for the e-CNY is shrouded in uncertainty. The introduction of a state-backed digital currency on an international scale presents a myriad of technological, regulatory, and geopolitical challenges...

17May

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Asia, Market, World

Cop29 at a crossroads in Azerbaijan with focus on climate finance

Oil is inescapable in Baku, the capital of Azerbaijan. The smell of it greets the visitor on arrival and from the shores of the Caspian Sea on which the city is built the tankers are eternally visible. Flares from refineries near the centre light up the night sky, and you do not have to travel far to see fields of “nodding donkeys”, small piston pump oil wells about 6 metres (20ft) tall, that look almost festive in their bright red and green livery. It will be an interesting setting for the gathering of the 29th UN climate conference of the parties, which will take place at the Olympic Stadium in November. Mukhtar Babayev, the minister of ecology for Azerbaijan, who will chair the fortnight-long Cop climate summit, likes to position the country as at the crossroads of the world...

15May

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China, Market, World

Alibaba’s Hong Kong primary listing plan can open the doors to China’s 210 million investors

Alibaba Group Holding is paving the way for China’s 210 million investors to buy a stake in the e-commerce giant as it pushes ahead with a plan for a primary listing of its shares in Hong Kong, Asia’s third-largest stock market. The process, expected to be completed by end-August, is a prerequisite to be included in the cross-border exchange link programme and will allow the US$400 billion company to leverage on its visibility and investor familiarity in the world’s second-largest economy. The Hangzhou-based company, whose shares are not listed on mainland China, disclosed a progress report on the plan while unveiling its financial results for the financial year that ended in March with JPMorgan Chase saying Alibaba’s shares could be included in the Stock Connect scheme by September...

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