During their visits to various Southeast Asian countries in October 2013, China’s president, Xi Jinping, and premier of the State Council, Li Keqiang, announced their first plans for the creation of the Asian Infrastructure Investment Bank (AIIB).
Top Chinese banking authorities are in the process of gradually releasing the country’s banking system from the state’s ironclad grip. The People’s Republic of China’s top banking regulator, China Banking Regulatory Commission (CBRC), is planning to open the banking sector to more private capital. It will accomplish this by easing approval procedures for interested private firms and by involving CBRC’s local offices more.
The idea of setting up a pan-Asian framework facilitating funds trading across national borders was first suggested by the Australian Financial Centre Forum in 2010 and has since then gained considerable traction. The latest milestone in the initiative was the release of a consultation paper in May that details the arrangements stipulated in the proposed framework and seeks to probe public opinion on the matter.
Banks and financial institutions in Asia have been facing a number of problems they need to address; they plan to do this through market creation and capacity building. These problems can be felt both on the supply side and the demand side of the industry.At the Asian Bankers Association conference Chairman Lorenzo Tan remarked
Swedish Multinational fashion Retailer H&M (Hennes & Mauritz) have published their third quarter, 2013, financial report. The reported net profit for the third quarter is $690 million (SEK 4.4 billion). The company has achieved 22% growth in this period when compare with their performance in the same period last year. The Asian markets, particularly Japan and China, helped the company to achieve growth.
Being the official currency of China, the renminbi is considered legal tender around the country except in Macau, Hong Kong,…