China’s yuan strengthens to record high against USD

The Chinese currency Renminbi, or yuan, strengthened 80 basis points to a record high of 6.1867 against the U.S. dollar on Friday, according to the China Foreign Exchange Trading System. Read More, Xinhua News

HONG KONG: BEFORE THE OPEN, 24May2013

FXI rebounds overnight; H7N9 goes airborne; HK$8mm loan for what?; The HK Yuan gold trade; Cost overruns on high speed rail; Here’s what you need to know before the open.

Yuan gold trade in HK triples

From Bloomberg:

Trading in gold using the Chinese currency has tripled in Hong Kong this year as the yuan’s rally to a 19-year high helps limit risks for jewelers.

TAIWAN: CLOSING WRAP, 16May2013

TWSE almost at 8,400; AT&T may of dropped HTC First; Boycott the Philippines; Will Taiwan property echo HK’s recent rise? Here’s what you missed today.

Opinion: Taiwan property next home for mainland money

From Want China Times:

Taiwan is close to the mainland; the people speak the same language, live a similar life, have an easy social life, and the Chinese government has no power to investigate its citizens. In other words, Taiwan is the safest place for them,” my friend said.

CHINA: BEFORE THE OPEN, 14May2013

Local papers are pushing the yuan band expansion story. Moody’s is beating the shadow banking drum, but who really cares what a credit agency says anymore.  Vice Premier Wang Yang is grabbing a quick dim sum with Warren Buffet today in Beijing. Shanghai housing data, PBOC 3 month paper and govt support for chickens. Here’s what you need to know!!

2% each way RMB trading band continues to gain media traction

人民幣兌一美元近期持續創新高，並迫近每日1%漲停上限，《上海證券報》指，每日上下波幅限制，或由現時的1%，可能擴大至2%。而人民幣兌一美元昨收市報6.1468，跌0.08%，結束連續3日新高。

RMB against the U.S. dollar continued innovation and approaching the maximum limit of 1% per day, “Shanghai Securities News” states the 1% up and down daily fluctuation limit may be expanded to 2%. The RMB against the U.S. dollar from yesterday’s close at 6.1468, down 0.08%, the end of three consecutive daily high. Read More, AM730 News

Trade payment flows targeted by SAFE

From China.org.cn:

It said in a statement it would hand down warnings within 10 days if it finds that a firm’s capital flows do not match physical goods shipments, or if the firm is channeling unusually large amounts of money into China.

China names yuan convertibility plan among goals

China will this year put forward a plan for allowing yuan capital-account convertibility as part of measures to loosen control over its currency and interest rates, the nation’s cabinet said. Read More, The Korea Herald

ICBC launches RMB denominated paper gold

The returns of physical gold with the security of a bag of magic beans. Read More, SCMP