April Wu

China Market Strategy

May 22, 2014

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Banking News This Week – May 22

The top 5 banking news stories in emerging markets this week.

1 – China to launch US$2bn multilateral Africa investment

China and the African Development Bank plan to launch a US$2 billion investment vehicle this week, Financial Times reported, citing officials familiar with the project. Called the “Africa Growing Together Fund,” the project represents Beijing’s first ever departure from its much-criticized “cheque book” policy of bilateral deals with African countries largely to benefit its own construction groups. >>

2 – Nomura forms joint venture in Shanghai free-trade zone

Japanese investment bank Nomura yesterday signed an agreement with three mainland firms to establish a joint venture in Shanghai’s free-trade zone after the authorities approved at least 12 foreign financial institutions to operate in the high-profile testing ground for economic reform. >>

3 – Philippines to showcase economic comeback at ‘Asia’s Davos’

The Philippines will on Wednesday launch a high-profile sell of its surging economy as it welcomes hundreds of business chiefs and government leaders for Asia’s edition of the World Economic Forum. After decades of lagging behind many of its neighbours, the Southeast Asian nation has in recent years won investment-grade ratings and recorded stock market highs as its economy has expanded at one of the fastest rates in the region.>>

4 – Temasek maintains optimism in Thailand’s long-term investment allure

THAILAND – “The situation in Thailand is obviously complex but what we think about Thailand is that there is a large population and the country is mixed with a large number of investment opportunities. The regulatory political cycle needs some time to resolve [itself],” Stephen Forshaw, managing director for strategic and public affairs at Temasek, told The Nation yesterday.>>

5 -China signals it will allow local governments to directly sell bonds

The mainland is getting closer to allowing local governments to directly sell bonds for the first time, the National Development and Reform Commission signalled yesterday, while adding that opaque financing vehicles thought to have built up trillions of dollars of high-risk debt would be phased out. >>

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