Top Biz News

China starts interbank clearing house in Shanghai, PBOC Says

(Agencies)
Updated: 2009-11-28 15:38

The People's Bank of China, the central bank, set up an interbank market clearing house in Shanghai today to help improve financial innovations in currency and bond trading.

Related readings:  Clearing bank in Shanghai needed: political advisor  HK to be yuan clearing center  Fed to seek oversight of clearing trades

The clearing house will help "improve the efficiency of clearing, reduce costs and provide technical support for innovations of financial products," said Governor Zhou Xiaochuan, according to a statement on the website of the central bank today.

The clearing system will also "help prevent systematic financial risks and maintain stability of the financial system," Zhou said.

Specials

World Expo 2010

Guangzhou Auto Show 2009

China Int'l Travel Mart

Obama's Asian Tour

more

• 

  Weddings and Economy Boom

  China is in the midst of a golden age of weddings, a boon for businesses from photo studios to global platinum miners and to the housing market.

• 

  Garlic Beats Gold

  Shao Mingqing was a jobless young man with only a junior high school diploma when his luck turned around a few months ago with the skyrocketing price of garlic.

• 

  "Up In The Air"

  George Clooney star of the film "Up In The Air" poses with girlfriend Elisabetta Canalis,at the film's premiere in Los Angeles, California November 30,2009.

• 

  Thanksgiving

  Jennifer Aniston attends the Gala evening to celebrate the re-opening of Hotel La Mamounia on November 26, 2009 in Marrakech, Morocco.

• 

  Female applicants for the army are being asked to showcase their talents in an interview process never before used and exclusively for women.

Column

You Nuo

Looking for post-crisissolutions

Chen Weihua

China beats US in green shopping bags

Raymond Zhou

Saintly Sinner of Shaolin temple

Hong Liang

A beacon on the financial horizon

more

China Daily E-paper

China Daily

US Edition

21st Century

Business Weekly

China Daily PDF

Subscribe

Advertise

Jobs

About Us