SYDNEY – The major Australian supermarket chain, Woolworths, today signed off with China’s national credit card, UnionPay International, to accept UnionPay cards across selected Woolworths supermarkets.
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HONG KONG - The People’s Bank of China today repriced the cost of short-term funding by raising its 7-day reverse repo rate by 10 basis points to 2.35% from 2.25%, a move which ANZ Bank describes as significant because it suggests the PBoC will adopt a flexible interest rate regime in 2017.
HONG KONG – BBVA researchers expect the RMB exchange rate to finally shift to a “clean float” as the authorities intended to do in August 2015. “Financial turmoil following the unsuccessful reform (then) could slow the pace of the transition but can’t change the final destination,” BBVA suggests.
BRISBANE – Andrew Griffiths, newly-appointed Executive Dean of the University of Queensland’s Faculty of Business, Economics and Law, plans to strengthen the faculty’s international position by continuing to develop and expand its Asia Pacific focus. He also wants to strengthening its ties in North America.
BEIJING – In what is seen as a “first” in China, the Nanjing Intermediate People’s Court has handed down a decision recognising and enforcing a civil judgment made by the Singapore High Court, based on the principle of reciprocity. The landmark development is the first time a Chinese court has recognised and enforced a Singapore commercial judgment, according to lawyers Baker & McKenzie.
NEW DELHI – With India’s 2017/18 Budget due to be handed down on Wednesday (February 1), ANZ Bank is tipping Finance Minister Arun Jaitley to set a fiscal deficit target of 3.3% and is maintaining its 2017/18 financial year GDP forecast of 8% growth.
TAIPEI - S&P Global Ratings has raised its long-term issuer credit rating on Taiwan Business Bank (TBB) to 'BBB+' from 'BBB', and says the outlook is stable.
MANILA - The Philippines’ GDP growth moderated to 6.6 % y/y in Q4 of 2016 compared to 7.0% in the previous quarter, giving a full-year figure of 6.8%. ANZ Bank is tipping 2017 GDP growth to rise to 6.9% on the back of increased fiscal spending.
HONG KONG - China is strengthening its regulatory practice with respect to the outflow of overseas investment funds, and restricting domestic enterprises from making irrational or risky overseas investments, lawyers Baker & McKenzie warn in a Client Alert. “Although we have yet to see a formal, unified approach, we have seen regulators closely examining overseas investments for authentic investment transactions and for strict compliance with all related rules and regulations,” the Alert says.
HONG KONG – The SWIFT RMB Tracker shows an overall decline in global RMB payments by value for 2016, closing out the year in sixth place among currencies used for international payments. The payments value for the RMB decreased by as much as 29.5%.
HONG KONG - Singapore has reported an impressive industrial production (IP) result, up 21.3% YoY in December, mirroring trends in other Asian tiger countries, such as South Korea and Taiwan. But the question is whether it will last, says global asset manager Natixis. This note seeks to answer three questions: a) what is driving the rebound?; b) will this cyclical upturn last into 2017?; and c) what impact will this have on growth?
HONG KONG – Ratings agency Standard & Poors says China's reforms to its fiscal and monetary policies, coupled with its anti-corruption campaign, should help support its sovereign creditworthiness. S&P today affirmed its 'AA-/A-1+' sovereign credit ratings on China, but said reliance on credit-fuelled growth poses the downside risk of a hard landing.
LONDON - Despite falling arrivals, Hong Kong remained the top city destination in the world for the seventh consecutive year in 2015, with 26.7 million international visitors, according to Euromonitor International research. Bangkok overtook London as the world’s second most visited city, with 10% growth in international arrivals.
PARIS - The Banking Commission of the International Chamber of Commerce (ICC), the Wolfsberg Group, and the Bankers Association for Finance and Trade (BAFT) have jointly issued a guidance document which updates the Wolfsberg Group's Trade Finance Principles paper last revised in 2011.
SEOUL - South Korea’s GDP growth declined for the second straight quarter in Q4, despite marginally beating expectations. ANZ Bank says the easing of growth was broadly expected on the back of the slowdown in construction activity in the first two months of the quarter.
SHANGHAI - China's e-commerce giant, Alibaba, said its quarterly revenue jumped 54% on-year in the third fiscal quarter ending December. The group's revenue was about RMB53.2 billion (US$7.67 billion) in the quarter, beating market expectations.