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BEIJING: China's central bank has signed a bilateral currency swap agreement totaling 3.5 billion yuan ($513 million) with the Central Bank of Iceland. The agreement has a three-year maturity and can be extended if both sides agree, according to the statement posted on the People's Bank of China's website Thursday. The move aims to deepen financi...
BEIJING - China National Petroleum Corp (CNPC), the country's largest oil and gas producer, has signed an agreement with the national oil company of Uzbekistan to buy 10 billion cubic meters of natural gas per year from the Central Asian country, CNPC said on Thursday. CNPC and Uzbekneftegaz signed a framework agreement for gas on Wednesday afternoon. ...
BEIJING - Foreign and domestic enterprises should brace themselves for hefty wage rises in the coming years after labor discontent at Foxconn and Honda units in the Pearl River Delta area, experts have said. "They (such disputes) send a clear signal of tighter labor supply," Cai Fang, director of the Institute of Population and Labor Economics at ...
BEIJING - The government is studying a proposal to reduce the tax on domestic iron ore resources in order to stimulate domestic suppliers and reduce dependence on costly imports, a top official from the China Mining Association said on Tuesday. The association recently floated a proposal to cut taxes on domestic iron ore mines to the National Developmen...
China's inflation rate, export growth and bank loans exceeded economists' forecasts in May, Reuters reported, spurring an rally in stocks by showing no evidence Europe's debt crisis is impairing the Chinese expansion. Consumer prices rose 3.1 percent from a year earlier, exports jumped about 50 percent and new loans totaled 630 billion yuan ($92.3 bi...
BEIJING - China's monthly passenger vehicle sales continued to decline in May, bringing the risk of a glut to vehicle producers after they aggressively expanded production capacity in response to last year's unexpected market boom. A total of 1 million cars, multi-purpose vehicles, sports-utility vehicles and minivans were sold in the nation in...
DETROIT: General Motors Co on Tuesday announced a recall of about 1.5 million trucks, crossovers and cars from model years 2006-2009 because the unit that heats the windshield washer fluid could catch fire. Jeff Boyer, GM director for safety, said GM will remove the unit that heats washer fluid, because the supplier who made the module has stopped manuf...
BEIJING - The trade surplus for May is expected to far exceed the $1.68 billion mark of April, triggering speculation that an impending reform of the foreign exchange policy is on the cards. Economists said the reforms are likely to coincide with the forthcoming G20 summit on June 26-27 in Toronto, Canada and would be implemented on a gradual basis rath...
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