Walkingstick: BRICS bank to begin borrowing in yuan
Published time: 1 Dec, 2015 09:34
The BRICS New Development Bank (NDB) could start operations by borrowing in the Chinese currency, according to the bank’s Vice President Vladimir Kazbekov.
He says the bank will focus on loans in the national currencies of the bank’s potential customers.
“Considering the stability of the Chinese currency and the scale of the Chinese debt market, I think that one of the first steps in providing the New Development Bank with funds may be entering the Chinese market to borrow in yuan,” Kazbekov said on Tuesday at the opening of a BRICS media summit in Beijing.
On Monday, the Chinese yuan was included in the IMF Special Drawing Rights (SDR) joining the US dollar, euro, British pound and the Japanese yen.
Kazbekov said the NDB is examining ways of entering the financial markets of other BRICS members, Brazil, Russia, India and South Africa.
“We want to find new flexible instruments of lending, to significantly reduce the time to consider a loan, and try to actively use the model of private-public partnership,” he added.
There might be a lack of resources for long-term projects without the active attraction of private capital, according to the NDB Vice President.
NDB was established by the BRICS countries Brazil, Russia, India, China and South Africa in 2014. Its main goal is to promote sustainable development projects within the BRICS complementing the World Bank. In July the bank opened operations in Shanghai with start-up capital of $50 billion.
JJonesmx: The first draft amendment to the law the sale and rental of state funds No. (21) for the year 2013
Council of Ministers decided to approve the first draft amendment to the law the sale and rental of state funds No. (21) for the year 2013, the auditor of the State Council, and forwarded to the House of Representatives, according to the provisions of Articles (61 / I and item 80 / item II) of the Constitution.
Walkingstick: Kurdistan imported 46 tons of gold during the past nine months
04:59:52 2015-12-01 | (Voice of Iraq) – Twilight News official in the Kurdistan Regional Government said that the region imported during the past nine months about 46 thousand tons of gold from abroad, noting that the Arab Emirates and Turkey comes at the forefront of exporting gold states to Kurdistan.
The standardization and quality control of gold Director ornaments in the province Bakr Aziz said in remarks told Anatolian and followed up Twilight News, said the past nine months of this year saw import about 46 000 tons of gold to the region, adding that 16 thousand and 347 kg of which responded to Arbil and 28 thousand 224 kilograms other to Sulaymaniyah in Dohuk imported 983 kilograms of gold. Aziz said that the 1500 vacation formulation given in the provinces of the region in addition to the 200 maintenance workshop and industry gold ornaments.
And on the comparable imported from gold quantities of Kurdistan to the same period last year, said last year saw the import of 77 779 kg of gold, he is stressing that the UAE is at the forefront of gold exporting countries of the region and followed by Turkey. Add Comment
Walkingstick: BY REQUEST….SNIPPET:
IMF’s Executive Board Completes Review of SDR Basket, Includes Chinese Renminbi
Press Release No. 15/540
November 30, 2015
The Executive Board of the International Monetary Fund (IMF) today completed the regular five-yearly review of the basket of currencies that make up the Special Drawing Right (SDR). A key focus of the Board review was whether the Chinese renminbi (RMB) met the existing criteria to be included in the basket.
The Board today decided that the RMB met all existing criteria and, effective October 1, 2016 the RMB is determined to be a freely usable currency and will be included in the SDR basket as a fifth currency, along with the U.S. dollar, the euro, the Japanese yen and the British pound.
Launching the new SDR basket on October 1, 2016 will provide sufficient lead time for the Fund, its members and other SDR users to adjust to these changes.
JJonesmx: China Focus: China takes over G20 presidency on Dec.1
Xinhua Finance 2015-12-01 10:05 BEIJINGshare
China will host the 2016 Group of Twenty (G20) summit in the eastern city of Hangzhou from Sept. 4 to 5, and formally take over the presidency of G20 on Dec. 1, 2015.
China’s host of the summit shows not only a high degree of trust in China from the international community, but also China’s sincere willingness to contribute more to the international community, Chinese President Xi Jinping said in a statement released on Monday night.
The G20 presidency rotates annually among its members. To ensure continuity, the presidency is supported by a “troika” made up of the current, immediate past and next host countries.
In 2015, the members of the “troika” are Turkey, Australia and China. Last year’s G20 summit was held in Brisbane, Australia, and this year’ s summit was in Antalya, Turkey.
In 2008, the first G20 summit was held in Washington, D.C., the United States, and the group played a key role in response to the global financial crisis.
Xi reviewed the past development of G20 and emphasized that the most valuable thing is the members’ partnership, and cooperation will be an inevitable choice for all countries to meet challenges and realize development.
At present, the world economy and international economic cooperation face an important turning point, can we consolidate the foundation of economic recovery and growth to resist risks? Can we grasp the historic opportunity of technology progress and new industry revolution to make the global economy a new round of growth? The answer depends on our common choice and action, Xi said.
At the moment, the international community switches their attention to G20, Xi said, noting that as an important platform where developed countries, developing countries and emerging-market economies have cooperation, G20 plays a crucial role in promoting international economic cooperation.
Xi called on G20 to do more to promote the solution of some extrusive problems of global economy, so as to make efforts to realize the goal of strong, sustainable and balanced growth.
The president called on countries concerned to devote themselves to build an innovative, invigorated, interconnected and inclusive world economy, adding that they will invigorate the global economy and inject impetus to economic growth in relevant countries through innovation-driven development and structural reform.
Xi also called for building community of common destiny, strengthening intercommunication and interconnectivity, enhancing positive economic interaction, improving global economic and financial governance, reducing imbalanced and unequal development, aiming to make people all over the world enjoy benefits equally.
China stands ready to work with relevant countries to implement the consensus reached in the G20 summits of all previous years to initiate new phase of international economic cooperation, Xi said.
U.S. President Barack Obama voiced support for China’s presidency, saying that he looks forward to attending the Hangzhou summit, he told Xi on the sidelines of the Antalya summit this month.
Hangzhou, a famous historical and cultural city, is a hub of innovation and vitality. With a population of nearly 8.9 million, it is the capital and largest city of Zhejiang Province. Zhejiang, well-known for its robust private businesses, ranked fourth among the 31 provincial-level regions on the Chinese mainland in terms of GDP in 2014.
Xi worked in Zhejiang between 2002 and 2007 as head of the provincial committee of the Communist Party of China. “I am looking forward to meeting you in Hangzhou in September next year.” Xi said