The yuan can be directly traded on the interbank foreign exchange market with seven currencies from Monday, reported Securities Daily. The currencies are the Swedish krona, Hungarian forint, Danish krone, Polish zloty, Mexican peso, Turkish lira and the Norwegian krone. The move aims to decrease dependency on the US dollar and promote the use of the yuan in foreign trade and investment with these countries. In total 12 currencies gained approval to be traded directly against the yuan on the interbank market this year, the report added.
Three prongs of economic reform set for 2017
The Politburo meeting of the Communist Party of China convened on December 9 has set the tone of the next Central Economic Work Conference, signaling that the government will continue economic reforms next year, the Securities Daily reported on Monday. The three reform directions were on deepening supply side reform, revitalizing the real economy and improving the long-term health of the property market.
Hebei cuts 16 million tons of steel capacity
A total of 16 million metric tons of steel capacity in Hebei province had been reduced by November 8, meeting its provincial target of cutting overcapacity this year, the 21st Century Business Herald reported, citing Zhao Zixi, the former deputy minister of Metallurgy. Of the total reduction 97% came from private enterprises, while the rest came from state-owned enterprises, Zhao added. The nationwide reduction target on overcapacity is 45 million metric tons this year, with Hebei accounting for one third of the total amount, the report said.
Debt-reliant US stalls economy: People’s Daily
The People’s Daily published four opinion pieces from experts on Saturday, commenting on the mounting government debt the United States faces. The articles published in the Communist Party’s mouthpiece said the debt-reliant economy could not move forward and the dollar-dominated international monetary system had serious flaws that could not be overcome.
Baoneng’s Yao Zhenhua indirectly owns most of Foresea Life Insurance stock
Public data shows that Baoneng owner Yao Zhenhua controls 51% of Foresea Life Insurance through a unit called Jushenghua Co, but a Caixin report published Saturday afternoon found that Yao was also connected to the rest of Foresea’s stock. Four companies that hold the remaining shares, initially registered as Baoneng Group units, have set up companies together with Jushenghua.
China ranks sixth in official gold holdings
World Gold Council data shows that China is ranked the first in Asia and the sixth globally in gold holdings as of December 2016, Tencent Finance reported on Saturday morning.
Aging population to peak at 400 million by 2055
China’s aging population is estimated to peak at 400 million by 2055, the Beijing Times said, citing the Pension Financial Development in China report on Monday. Three demographic characteristics are predicted: getting old at an earlier age, more elderly people will be living in villages than urban areas and there will be more female elderly than male.