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Cross-border renminbi trade flourishes
March 1, 2011--Bank of China, the country’s fourth-largest lender by assets, has said it expects to see continued exponential growth in cross-border renminbi trade settlement as more companies in China and around the world choose to pay and be paid in the Chinese currency.
Total cross-border renminbi settlement last year hit Rmb510bn ($77.6bn) after the central bank expanded a pilot project allowing Chinese and foreign companies to settle trade transactions in renminbi. BoC’s branches across mainland China handled Rmb160bn, or 28 per cent of all the cross-border trade settled in renminbi last year, making it the market leader in the promising new business.
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Source: FT.com
China’s Treasury holdings ‘underestimated’
March 1, 2011--China’s holdings of US government bonds are even higher than this week’s dramatic upward revision by the Treasury Department, say strategists.
On Monday, the Treasury released its annual revision of US Treasury securities held by foreign investors, which sent China’s holdings to $1,160bn at the end of December from a prior estimate of $892bn made just two weeks ago.
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Source: FT.com
India says shaky global recovery could hit growth
March 1, 2011-- India's finance minister warned Tuesday the country should not be complacent about its growth prospects in the face of a fragile global recovery and domestic challenges such as high inflation.
Pranab Mukherjee's comments came a day after he presented a populist budget in which he forecast Asia's third-largest economy could grow by nine percent in the financial year starting April 1.
Mukherjee told a business audience India's economy had proved "remarkably resilient to external shocks" but warned against complacency. Domestic inflation was "unacceptably high", he conceded.
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Source: EUbusiness
ANMI and ICMA sign agreement to co-operate on capital market development
ANMI and ICMA sign agreement to co-operate on capital market development.
The two trade associations have signed an agreement in India strengthening their commitment to collaboration on the development of best practice standards for capital markets.
February 28, 2011--The Association of National Exchanges Members of India (ANMI) and the
International Capital Market Association (ICMA) have today signed a Memorandum of Understanding which will strengthen their relationship and enable sharing of expertise and
information between the two organisations as they seek to raise standards of market practice in the international and Indian capital markets respectively.
The two associations share common interests and will cooperate by a bilateral exchange of skills and experience in securities regulation, market infrastructure, and professional training for market participants.
At the signing of the MoU which took place at ANMI’s offices in Mumbai the President of ANMI said:
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Source: ICMA
China plans sweeping economic change in Five-Year Plan
February 28, 2011--China’s leadership is promising to steer the economy in a new direction in its blueprint for the next five years that would empower consumers and narrow a yawning wealth gap but require politically contentious reforms.
The latest Five-Year Plan -- a throwback to central planning but a useful roadmap of party goals -- calls for creating self-sustaining growth based on domestic consumption and reducing China’s reliance on exports and investment. That will require a cut in subsidies to state industries and curbs on local development plans that could provoke a backlash among some in the ruling Communist Party.
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Source: Todays Zaman
India’s Iron Ore Duty to Quadruple
February 28, 2011--India, the world’s third-largest exporter of iron ore, is to quadruple export duties on the commodity in a move that could push up prices from near-record levels.
Pranab Mukherjee, finance minister, announcing the rise in a national budget on Monday, said iron ore was a “natural resource which needs to be conserved”.
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Source: FT.com
New Asian Hedge Funds Raise $3.8 bln in 2010
February 25, 2011--Assets raised by new hedge funds in Asia surged nearly 50 percent to $3.84 billion in 2010 from a year earlier, yet another sign that investor interest in regional funds has been on the mend since a tough 2008.
The number of fund launches increased to 95 last year from 78 in 2009 while the average launch size rose to $40 million from $33 million, according to a survey by AsiaHedge. "Despite a slightly lacklustre second half, new Asian hedge fund launches continued to see sustained interest," said AsiaHedge editor Aradhna Dayal in Hong Kong. "Anecdotal evidence suggests that U.S. allocators were probably the largest contributors to start-up capital last year."
Source: Reuters
Vietnam's woes spell big bucks for frontier investors
February 24, 2011--Vietnam's underperforming stock market has thrown the spotlight on investment opportunities in the country, where sectors from banking to retail to insurance are on the radar of private equity firms and fund investors with an appetite for frontier market risk.
The risks to investing are significant, and include this month's 8.5 percent currency devaluation, as well as sovereign downgrades from Moody's and Standard & Poor's in December. The country's main stock index .VNI has dropped 10 percent in the past week after the government announced new measures to curb double-digit inflation.
Source: Reuters
Asia's Cash-Starved Small Hedge Funds Vulnerable to Dodd-Frank
February 25, 2011--Asia’s smaller hedge funds may be hardest hit by new rules in the U.S. making it costlier to raise and manage funds from the world’s biggest investment market.
Overseas hedge funds with more than 15 U.S. clients and investors managing more than $25 million for them will have to register for the first time with the Securities and Exchange Commission by July 21 as part of the Dodd-Frank regulatory overhaul. That means higher costs as managers have to keep the SEC up to date with assets and trading positions, and comply with U.S. securities laws. For smaller managers, such as Solaris Asset Management, registration and monitoring costs are prohibitive. A decision not to register may shut the door on a region that contributes about 40 percent of assets for Asia’s hedge funds, exacerbating a capital shortage since the financial crisis.
Source: Bloomberg
The Commencement Date, etc. of "Indicative Net Asset Value" for Exchange Traded Funds
February 25, 2011--Tokyo Stock Exchange (TSE) will begin calculating and publishing real-time Indicative Net Asset Value (Indicative NAV) per share for Exchange Traded Funds (ETFs) in order to improve investor convenience as announced on December 29, 2010.
Currently each ETF sponsor discloses Net Asset Value (NAV) for ETFs once a day, but through the calculation and release of Indicative NAV investors are provided with an understanding of NAV in real time, thus improving transparency and comparability with market price when buying and selling ETFs.
TSE has decided upon the commencement date, etc for calculating and publishing. Indicative NAV as follows.
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Source: Tokyo Stock Exchange
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