Yuan-dollar trading band widened

The People's Bank of China, the country's central bank, has widened the yuan's daily trading limit against the US dollar to 1 percent from the previous 0.5 percent effective April 16.

In the foreign exchange spot market, Chinese banks can exchange the yuan 1 percent above or below the central parity against the US dollar announced by the China Foreign Exchange Trading System each trading day.

China's current foreign exchange market is developing more maturely and trading entities are more capable of pricing independently and managing their risks, the PBoC said in a statement on its website.

China increases US holdings to $1.18tr

China remained the largest foreign creditor of the United States in February amid a rebound in the country's foreign-currency reserves as Japan's purchases of Treasuries picked up.

China's holdings rose for a second straight month, increasing by 1.1 percent to $1.18 trillion (899 billion euros), according to data released by the US Treasury Department.

Those of Japan, America's second-largest lender, climbed 1.2 percent to $1.1 trillion after the Asian nation intervened in months prior to stem the yen's appreciation.

Banking

Temasek buys ICBC shares

Singapore state investor Temasek has purchased $2.3 billion worth of Hong Kong-listed shares in Industrial and Commercial Bank of China Ltd from Goldman Sachs, piling into three of China's top four banks.

Ding Wei, Temasek's China head, said it bought into ICBC because the price was "reasonable" and the state investor was positive on the bank and China's long-term development. Temasek already owns stakes in China Construction Bank Corp and Bank of China Ltd.

Materials

Brazil's Vale joins iron ore platform

Brazilian miner Vale SA has become a member of China's first iron ore physical trading platform, which Beijing hopes will help it gain more influence over pricing and provide more transparency in the spot market, the platform's operator said.

The move came after the miner earlier signed a memorandum of understanding with the China Beijing International Mining Exchange, which operates the platform. Other miners, including Rio Tinto and Fortescue Metals, also joined the platform.

Employment

KPMG to double workforce in China

Accounting firm KPMG International Cooperative plans to double the size of its workforce in China to 18,000 employees within four years, according to Michael Andrew, global chairman of the company.

He said China is probably the country where KPMG has the biggest investment in. The accounting firm will also continue to increase headcount and set up new offices in emerging cities this year, Andrew said.

Auto

BMW China to recall 414 cars

German auto major BMW's Chinese unit will recall 414 imported BMW, Mini and Rolls-Royce cars from April 24 due to defective electronic pumps, China's General Administration of Quality Supervision, Inspection and Quarantine said.

The vehicles in question were produced between March and August last year, according to a statement released by the quality watchdog.

They include some cars under the brands BMW 7-series, X5 and X6; Mini Cooper; as well as Rolls-Royce Ghost.

Trade

No antidumping duties on steel wheels

The US has decided not to impose antidumping duties or countervailing duties against steel wheel imports from China.

The US International Trade Commission made a final determination that "the US industry is not materially injured or threatened with injury by reason of imports of certain steel wheels from China that the US Commerce Department has determined are subsidized and sold in the United States at less than fair value."

China Daily-Agencies