Central bank condemns yuan media reports

    CHINA’S central bank Friday condemned two news reports from foreign media outlets published last week about currency reforms and monetary policy.

    The People’s Bank of China said the reports “fabricated facts, misled readers, misled markets” and that it reserved the right to take legal action. The statement referred to the headlines of two news articles published last week but did not identify the outlets. The headlines appeared on articles published last week by The Wall Street Journal and Bloomberg. The Wall Street Journal article was published last Monday. The Bloomberg article was published Wednesday.

    ICBC unit to operate as US-registered swap dealer

    ICBC Standard Bank has become the first Chinese bank to operate as a U.S.-registered swap dealer, its latest international expansion effort.

    The bank, which is 60 percent owned by Industrial and Commercial Bank of China Ltd. (ICBC), said Friday that it had received approval from the U.S. Commodity Futures Trading Commission to be a “provisionally registered swap dealer,” a role that would allow the bank to offer over-the-counter derivatives to U.S. clients. A swap dealer acts as a market maker in the swap market, often by entering into swap agreements with counterparts.

    Baosteel Group says US breaks WTO rules

    CHINA’S Baosteel Group on Friday accused the United States of breaking World Trade Organization (WTO) rules and vowed to appeal against a U.S. investigation of the company.

    The company, parent of Baoshan Iron & Steel, urged the Chinese Government to take all necessary measures to ensure fair treatment for the sector. U.S. regulators Thursday launched an investigation into complaints by United States Steel Corp. that Chinese steelmakers, including Baosteel, stole its secrets and fixed prices.

    Lenovo reports first loss in six years

    LENOVO Group Ltd., the world’s biggest maker of personal computers, Friday reported its first loss in six years, hit by exceptional acquisition and restructuring costs as well as weak sales for its smartphones business.

    Lenovo booked a net loss of US$128 million for the year ended March 31, which compared with a profit of US$829 million the previous year. Revenue fell 3 percent to US$44.9 billion, although at constant currency exchange rates revenue rose 3 percent.