all in the name of project. hopefully this will be short.
anyway, Chinese New Year is coming. but i doubt there will be a lot of fun for me. there will be two mid-term tests right after the festive holiday break.
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HONG KONG: China may allow its yuan to appreciate, but it won’t be anytime within the next 12 months, according to banking giant Standard Chartered.
China has been under pressure from its trading partners to allow its currency to appreciate, but it is keeping to its position that it will proceed with currency reforms at its own pace, and in a controlled manner.
The pressure on China to allow its currency to appreciate has been growing.
China’s key trading partners are arguing that the yuan is undervalued and creating imbalances with other major economies.
This was one issue raised by US President Barack Obama during his visit last week, but so far, Chinese leaders show no signs of budging.
And Standard Chartered said China is not likely to make any change in the next 12 months.
Sundeep Bhandari, regional head of North East Asia Global Markets at Standard Chartered, said: “We don’t expect to see any significant move of the yuan, at all. In fact we’ll probably see some movement again from 2011 onwards.
“And that will be about 2 to 3 percent. There’s no real desire for the Chinese authorities to let the yuan revalue at this point in time.”
The Chinese yuan has maintained at the same level against the US dollar over the past year. Some analysts say continued sluggish growth in exports and private investment give China little incentive to make a shift.
There are also concerns that any rapid appreciation of the currency could deal a blow to China’s export-driven industries.
There has also been talk of the yuan possibly de-pegging from the US dollar, but StanChart said it does not see that happening for the next few years.
Sundeep Bhandari added: “Maybe in the longer term, maybe in three to five years as the renminbi looks to become fully convertible, which is one of the aspirations obviously that the Chinese authorities have.
“The 2020 vision of Shanghai being a financial centre. But I think in the immediate term, one to three years, I don’t envision a scenario when this would happen.”
Source: http://www.channelnewsasia.com/stories/economicnews/view/1020566/1/.html
Chinese banks to be punished for risky lending
Posted: 24 November 2009 1700 hrs
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Chinese 100 Yuan notes are counted at a bank in ShanghaiBEIJING : China has stepped up its moves to curb banks lending massive amounts of money by issuing a rare warning it will restrict lenders’ access and other operations if they do not meet risk requirements.
Banks that fail to comply will face “restrictions on market access, overseas investment, and outlets and business expansion,” the China Banking Regulatory Commission (CBRC) said.
China’s banking laws have set the capital adequacy ratio — the amount of capital banks must hold against their risk — at a minimum eight percent.
Lenders must also raise their loan-loss provisions to at least 150 percent of their bad loans by the end of the year, the CBRC said in a statement posted on its website late Monday.
Such provisions at China’s commercial banks stood at 144.1 percent at the end of September, latest official data showed.
The published list of punishments banks may face was an unusual move, highlighting Beijing’s rising concern that brisk loan activity could result in asset bubbles and a slew of bad loans.
New bank loans reached 7.4 trillion yuan (1.1 trillion dollars) in the first half of the year, as banks heeded the government’s calls to pump money into the world’s third largest economy.
The pace slowed after regulators told banks to rein in lending and step up risk management, while seasonal factors also played a role, economists said.
New loans dropped to 253.0 billion yuan in October, the lowest monthly level since the beginning of the year, official data showed.
source: http://www.channelnewsasia.com/stories/afp_asiapacific_business/view/1020222/1/.html
China’s economy could grow 10% in fourth quarter
Posted: 22 November 2009 1437 hrs
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Workers transfer window glass outside a new building construction site located at the Central Business District in BeijingBEIJING: China’s economy could grow by over 10 per cent in the fourth quarter of 2009 spurred by massive investment and rising consumption, the state press said Sunday, citing a top government think tank.
“The economy is benefiting from fast-paced investment, record levels of consumption, rising exports to international markets and the stable resumption of industrial growth,” China News Service cited Yu Bin, a top economist at the cabinet’s State Council Developmental Research Centre, as saying.
Yu told a symposium that China’s economy would witness growth of more than 10 per cent year-on-year in the last three months of 2009, with full year growth of around 8.5 per cent, the report said.
China could also maintain double-digit growth next year, Yu said, but the economy faced several challenges, including inflation linked to a vigorous government stimulus package and the appreciation of the yuan.
“If the Chinese yuan appreciates too fast, the huge numbers of export industries will suffer,” Yu said.
“But a small appreciation will attract more capital inflows and speculation over the yuan could bring instability to financial markets. China is facing these two difficulties.”
The government must also adequately stabilise real estate markets that were responsible for a significant portion of the nation’s growth this year and which have gobbled up nearly one fourth of investment in 2009, he said.
In the coming year, the government should continue to pump-prime the economy to ensure that consumption and investment did not sharply fall off, he added.
Earlier this month, the World Bank upgraded its 2009 growth forecast for China to 8.4 per cent on the back of huge public spending but said stronger domestic demand was needed to ensure a sustainable recovery.
China grew by 8.9 per cent in the third quarter – the fastest pace in a year – after expanding by 7.9 per cent in the second quarter and 6.1 percent in the first three months, the slowest pace in more than a decade.
source: channelnewsasia.com – China’s economy could grow 10% in fourth quarter.
This morning i was introduced to Kindle 2. It is a ebook device that seems very useful. Currently, if you google it, you only see amazon because it is only sold there. The newer generation is sold at US$259 (i think).
Went to find some more information about it and i thought i should share this.
10 reasons to buy a Kindle 2… and 10 reasons not to
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By three methods we may learn wisdom: First, by reflection, which is noblest; Second, by imitation, which is easiest; and third by experience, which is the bitterest.
- Confucius
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Recess week just passed. It is a week full of meetings and projects. I think it has become a way of life for SMU students. I think i am going to fail my MS and CAT mid-term two Saturdays back. CAT project better be good.
I just realise that if i take two modules in summer, i can finish my degree in 3 years (Jun 2011)with a single major. If i intend to have a second major, i am able to complete in 3.5years (Dec 2011). I guess I will have to take 5.5 course units next sem again. Then at least for the final year i can have 5 modules and 4 modules.
anyway, i got to go. need to sleep. having lessons at 8:30am later.
love,
shir
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Seriously. I have no confident in my management accounting module. It is horrible. I am not sure what will be my results for the graded quiz that just pass. The answers that I have are different from my friends. And I do not think that their’s are wrong. sigh! whatever done is done. just have to work harder for the next one.
Anyway, been quite busy. CAT assignment was a killer. spent like almost whole of my saturday working on just one question. I have like ten thousand and one things to do but it is only in week 4. Something is wrong somewhere. And I have not start on my CAT project because prof is still not done with the grouping. There are two guys in the class who have to split and join any 2 of the 3 groups remaining and they do not look willing to split.
On a brighter side, marketing project is moving well. bsm project should not be a problem. managment accounting is not a big problem too. facilitation and counseling is a very relaxing module.
love,
shir
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As of 21st August 2009, Project Play It Right (PIR) is done with phase 1.
Background of Project PIR:
A student initiated project that aims to increase awareness of problem gambling among youths, especially the undergraduates. The message was spread to undergraduates of NTU, NUS and SMU through roadshows. Cause champions went around the campus to pass the message that one should know their personal limits and not cross that boundary and end up being a problem gambler. aAso when the need arise, they are aware of a helpline that is mended by the National Council on Problem Gambling (NCPG) where they can seek help.
Anyway, for the last two week, my life was all about Project PIR. By the first weekend, I was so drained that I slept 13hours. I realise that it is alright for me to wake up early but I will be sleepy once afternoon comes. First week of school was not that bad. Project groups were formed for MA, Marketing and BSM. CAT is the only one outstanding. I dont know how to form a group for that because of the criteria given by prof.
I am taking the maximum course units this semester. Yes, 5.5 CU.
love,
shir
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I was back from Hong Kong on Thursday night. Trip was good, wonderful in fact. The only problem that I have is that I did not change enough money and so did not have much excess to shop more. Of the 9-day trip, I spend 3 days in Guang Zhou where it was more of warming up, and eating plus a little shopping. And another day was spent in Macau. It was a short trip. One that was not enough for darling and myself to move around. Just spent a bit of time at St. Paul’s ruins and Sands.
I spent the most money in Tung Chung outlet mall. I practically spent like close to 2hrs in the Quiksilver/Roxy shop. Then zoom in and out of esprit in 45mins because it was already their closing time. And for two nights, I head to the Esprit outlet at TST at about 10pm. Got some tops and went back to the hotel. Hotel in Hong Kong was Butterfly on Prat which is good. Service at the reception, the look of the reception area and the interior of the rooms makes it feel very cosy.
Maybe the next time darling and myself should try out Taiwan and make the comparison. But, I do want to go back to Hong Kong again.
love,
shir
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