Yuan tops payments in Asia Pacific

    THE yuan has become the most used currency in Asia Pacific for payments with the Chinese mainland and Hong Kong, placing fifth as recently as 2012, global transaction services organization SWIFT said yesterday.

    On average, 31 percent of payments in Asia Pacific with the Chinese mainland and Hong Kong are now made in yuan, up from 7 percent in April 2012, the SWIFT said. Payments in yuan exchanged with the Chinese mainland and Hong Kong within Asia Pacific increased by 327 percent in April from three years ago, surpassing the Japanese yen, Hong Kong dollar, U.S. dollar and Australian dollar.

    Citic Bank to buy stake in CTBC

    IN the first case of a mainland bank investing in a Taiwan peer, China Citic Bank Corp. will own 3.8 percent of CTBC Financial Holding Co. after buying shares worth 2.35 billion yuan (US$379.28 million) in a private placement.

    Citic Bank will also sell a bank unit to CTBC. The share exchange will boost the companies’ competitiveness on the mainland and in Taiwan. Citic Bank will acquire 602.7 million shares of CTBC, which will buy 100 percent of China CITIC Bank International Ltd. for T$11.67 billion (US$381.41 million).

    Liuzhou Steel chairman charged with corruption

    THE chairman of Guangxi Liuzhou Iron & Steel has been charged with embezzlement and taking bribes, media reported, in an apparent sign that the government has escalated an anti-graft campaign in the steel sector.

    Liang Jingli, chairman of Liuzhou Steel, went on trial Tuesday and was accused, along with other top company officials, of taking advantage of their positions for personal gain, Xinhua reported late Tuesday. Liuzhou Steel is the only large-scale mill in southwestern China’s Guangxi Zhuang Autonomous Region.

    Zijin buys stakes in gold, copper projects

    ZIJIN Mining Group, which announced two acquisitions Tuesday for more than US$700 million, believes now is a good time to buy overseas assets as the mining sector is weak, a senior executive said yesterday.

    “In terms of acquisitions, the prices are low now, good opportunity,” the Zijin executive said. The two acquisitions are shares in Barrick Gold’s unit and Ivanhoe Mines’ copper project. The executive said gold and copper were the focus of the company’s overseas assets.