Central bank vows to push yuan’s IMF inclusion

    CHINA’S central bank reiterated its resolve to get the yuan included in the International Monetary Fund’s special reserve asset, known as the special drawing rights.

    It is part of China’s broad efforts to promote the yuan’s role as a currency for international trade and investment. The People’s Bank of China said it also encourages other countries to include the yuan in their foreign exchange reserves, according to an annual report published on its website last week.

    Kaisa has no plan for strategic investors now

    KAISA Group Holdings Ltd. has no plan to introduce new equity investors at the moment as its founder only recently returned, said the company’s chief of restructuring.

    The top priority is to lift sales blockage on the developer’s Shenzhen projects as soon as possible so it can sell apartments and generate cash, Tam Lai-ling said. Tam is Kaisa’s former vice chairman and resigned with founder Kwok Ying-shing last year, before being brought back in May to lead the restructuring of the company’s debt of 65 billion yuan (US$10.5 billion). Shenzhen-based Kaisa in April became the first Chinese developer to default on offshore dollar bonds.

    Guangxi Non-Ferrous Metals Group avoids default

    CHINA Guangxi Non-Ferrous Metals Group Co., a State-owned metal producer that last Monday warned it might miss a bond payment due Friday, said it has made full payment of its obligation.

    The payment was announced in a statement from the company Thursday night. If the firm had not repaid the 1.3 billion yuan (US$209.5 million) 4.48 percent coupon medium-term note, it would have been the second State-owned firm known to default in China’s bond markets. State-owned Baoding Tianwei Group, an energy equipment firm, defaulted in April.

    Stock market value exceeds US$10 trillion

    THE value of Chinese stocks rose above US$10 trillion for the first time after doubling this year amid a world-beating rally.

    The Shanghai Composite Index climbed 2.9 percent last week to its highest level since January 2008. Companies with a primary listing in China were valued at US$10.03 trillion at the end of Friday, an increase of US$5.1 trillion since the end of 2014. Japan’s stock market was valued at US$5 trillion, while the United States was at almost US$25 trillion at the end of Friday.