Archive | July, 2014
Finance sector development

Globalizing the RMB? Beijing appoints three new clearing banks in London, Frankfurt, and Seoul

By . Posted July 29, 2014
Globalizing the RMB? Beijing appoints three new clearing banks in London, Frankfurt, and Seoul
In the span of three weeks from late June to early July 2014, the central bank of the People’s Republic of China (PRC) appointed three new RMB clearing banks successively for London (China Construction Bank), Frankfurt (Bank of China), and Seoul (Bank of Communications). The three new clearing banks join the existing group of RMB clearing banks of the Industrial & Commercial Bank in Singapore: and the Bank of China for Hong Kong, China; Macao, China; and Taipei,China.

Social development and protection

Preparing for life after the MDGs

By . Posted July 23, 2014
Preparing for life after the MDGs
The establishment of the Millennium Development Goals (MDGs) by the United Nations in 2001 was a defining moment. It rallied a global effort in the fight against poverty, hunger, and disease, while promoting universal education, gender equality, and environmental sustainability.

Environment

Time for an Asian environmental miracle?

By . Posted July 17, 2014
Time for an Asian environmental miracle
The world is changing fast as Asia continues to surge ahead. In less than two generations, the Republic of Korea has gone from being one of the poorest countries in the world to one of the richest and a global leader in technology and manufacturing. The People’s Republic of China (PRC) is set to become the largest economy in the world in 2014. In Viet Nam, 15-year-olds are performing above OECD average in education. Under the new leadership of India's Prime Minister Narendra Modi, India will aim for the skies.

Finance sector development

Emerging Asia should brace for higher global interest rates

By . Posted July 4, 2014
Emerging Asia should brace for higher global interest rates
The US Fed has been winding down its bond purchase program, widely known as “quantitative easing,” since December 2013. The program was introduced in the wake of the 2008 global financial crisis to fight the recession and foster a rapid economic recovery. With the improvement in the US economy, the Fed suggested at its policy meeting in March that the program may end this coming fall and it may start raising interest rates about six months from then.