Archives for: July 2017


Permalink 02:46:17 pm, by dacare, 173 words, 200 views   English (US)
Categories: Banking & Financial Services

China's central bank injects cash into market

China's central bank on Friday continued to pump money into the interbank market via reverse repos to ensure stable liquidity.

The People's Bank of China (PBOC) conducted 100 billion yuan (nearly 15 billion U.S. dollars) of seven-day reverse repos with an interest rate of 2.45 percent, and 40 billion yuan of 14-day reverse repos with an interest rate of 2.6 percent.

Offset by 100 billion yuan of maturing operations, the move resulted in a net injection of 40 billion yuan.

In Friday's interbank market, the overnight Shanghai Interbank Offered Rate, which measures the cost at which banks lend to one another, rose 2.92 basis points to 2.8152 percent.

There was a total of 280 billion yuan of net cash injections for financial institutions from Monday to Friday, down from 510 billion yuan a week ago.

The PBOC has increasingly relied on open-market operations for liquidity, rather than cuts in interest rates or reserve requirement ratios, to maintain a stable money market.

China set the tone of its monetary policy in 2017 as prudent and neutral, keeping an appropriate liquidity level but avoiding excessive injections.

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Permalink 02:24:01 pm, by dacare, 242 words, 126 views   English (US)
Categories: News of China

Xiaomi recruiting more MIUI 9 Beta Testers

MIUI 9 has been leaked already and we learned Xiaomi will bring picture-in-picture and split-screen features. Global Beta ROM has started rolling out and Xiaomi has been busy preparing for its official launch on July 26. It will be unveiled together with a new phone in a special event in China.

Beta testers are still needed to evaluate the MIUI 9. If you own a Xiaomi smartphone, you can volunteer to join the program. The Chinese OEM is recruiting more Beta Testers for MIUI 9 China ROM. The Global ROM is almost ready but this testing is only for China, at least, for now.

If you are already part of the MIUI community, you are automatically given the privilege to test MIUI 9 without having to apply. The first batch will be open to a limited number of testers for certain mobile devices.

Here is a list of Xiaomi phones that can test the MIUI 9:

Mi 6, Mi 5s Plus, Mi 5s, Mi 5c, Mi 5, Mi 4S, Mi 4c, Mi 4, Mi 3, Mi 2/2S, Mi MIX, Mi Max 2, Mi Max, Mi Note 2, Mi Note/Pro, Mi Pad 2, Mi Pad 1, Redmi Note 4X (MTK), Redmi Note 4X (SD), Redmi Note 4, Redmi Note 3 (MTK), Redmi Note 3 (SD), Redmi Note 2, Redmi Note, Redmi Pro, Redmi 4X, Redmi 4A, Redmi 4, Redmi 4 Prime, Redmi 3S/Prime, Redmi 3, Redmi 2A, Redmi 2/Prime, Redmi 1S, Redmi 1

Some of these latest Xiaomi models will get the MIUI 9 immediately: Redmi Note 4 (Qualcomm), Redmi Note 4X, and the Mi 6.

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Permalink 03:14:33 pm, by dacare, 257 words, 130 views   English (US)
Categories: News of China

Graduates getting paid better, but still job-hopping

Last year's graduates of local colleges started in jobs at wages 25 percent higher than their predecessors — more than 6,000 yuan ($886.75) a month.

But still over 21 percent have hopped from their first jobs, said a survey released by the city's employment promotion center and the students' affairs center.

The conclusions were based on officially registered information from the 97,000 students graduating from local colleges and who began working in Shanghai in 2016.

The report showed that those graduates' average term of employment was 29.2 months — 0.4 months longer than their peers graduating in the previous year.

Now, 95.9 percent of the these graduates choosing to work in Shanghai are still employed, 1.2 percentage points more than the survey result in the previous year.

Almost 70 percent of them worked in areas related to what they had learned in colleges, said the report.

About 80 percent of them said they were very satisfied or relatively satisfied with their jobs, while 6.1 percent said they were not quite satisfied or very dissatisfied.

Their average salary one year after graduation was 6,236 yuan per month, up 25 percent from their starting pay.

The average salary for 2015 graduates was 5,659 yuan a month after the same period of working.

The current average pay was 4,645 yuan a month for junior college graduates, 5,495 for those with a bachelor's degree and 8,972 for those with master's or higher.

The finance industry still leads the pay level with 8,216 yuan per month, followed by education and health at 7,908 and 7,653 yuan per month respectively.

The proportion of job-hoppers was 2.6 points higher than that of graduates in 2015 during the first year after graduation.

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Permalink 02:24:42 pm, by dacare, 159 words, 129 views   English (US)
Categories: News of China

Beijing named best city for entrepreneurship

Beijing was recently named the best mainland Chinese city for entrepreneurship in 2017.

The ranking emphasized the impact of a city's policies and talents on its entrepreneurship. The main gauge was the enthusiasm of establishing start-ups, government policies and intellectual support.

Report shows that there are five major entrepreneurship regions in China, one of which is the North China region with Beijing and Tianjin at its core.

As the birthplace of the policy of innovation and entrepreneurship, Beijing has demonstrated increasing competitiveness in this aspect. A total of 1,450 Beijing enterprises are listed in the National Equities Exchange and Quotations, roughly equal to the combined total of those in Shanghai (878 enterprises) and Shenzhen (686 enterprises).

Beijing is also home to 174 national innovation and entrepreneurship platforms, still roughly the sum of those in Shanghai (89 platforms) and Shenzhen (86 platforms).

In addition, Beijing continued to relocate non-capital functions in 2016, which will grant more development opportunities to neighboring cities including the newly established Xiongan New Area.

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Permalink 05:04:14 pm, by dacare, 135 words, 214 views   English (US)
Categories: News of China

New Beijing Hyundai plant completed in Chongqing

A new Beijing Hyundai plant was completed in southwest China's Chongqing Municipality Thursday, raising the company's annual capacity by 22 percent to 1.65 million units.

The plant, the fifth factory of the company, will start operation in August, with an annual production of 300,000 automobiles and 200,000 engines.

Construction of the plant started in June 2015 with a total investment of 7.75 billion yuan (1.15 billion U.S. dollars).

Beijing Hyundai is a joint venture between Beijing Automotive Industry Holding and the Republic of Korea car maker Hyundai Motor.

Chongqing's auto output continued to take the lead in China, with automakers churning out 3.16 million cars last year, 11 percent of the country's total.

The output values of the automobile and electronics manufacturing industries climbed 11.7 percent and 17.7 percent respectively in 2016, and the two industries contributed 55 percent to the city's gross industrial growth last year.

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Permalink 05:16:07 pm, by dacare, 228 words, 346 views   English (US)
Categories: News of China

Wanda to sell 13 tourism programs and 76 hotels to Sunac for $9.3 billion

Dalian Wanda Group agreed to sell 13 tourism programs as well as 76 hotels to Tianjin-based property company Sunac China Holding in a deal worth 63.17 billion yuan ($9.3 billion) on Monday, according to a statement Wanda sent to the Global Times the same day.

Sunac will acquire 91 percent of the 13 cultural and tourism programs, including those based in Xishuangbanna, Southwest China's Yunnan Province, Hefei, capital of East China's Anhui Province and Harbin, capital of Northeast China's Heilongjiang Province, after paying 29.58 billion yuan to Wanda, the statement said. The Hong Kong-listed company will then undertake all the loans for developing those programs.

The company also agreed to buy out 76 hotels owned by Wanda, including Wanda Realm Beijing and Wanda Reign Wuhan for 33.6 billion yuan, the statement noted.

The two firms are expected to sign a detailed agreement by July 31 and complete the transfer of payment, assets and shares "as soon as possible", according to the statement.

After the deals are settled, the transferred cultural and tourism programs will still use the Wanda brand. Wanda is also still responsible for their construction, operation and management.

As of 11:20 a.m., the share price of Dalian Wanda Commercial Properties, the Hong Kong-listed arm of Wanda, has surged to HK$ 1.16 (14.85 cents), almost double the number listed from the opening earlier this morning. The Sunac's shares were suspended from trading on Monday ahead of the acquisition announcement.

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