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NEWS
+++ China’s Billion RMB Bond attacks Greenback +++
In September, the State Bank of China for the first time issued RMB Yuan currency bonds in Hong Kong – clearly intending to further establish the national currency in the global marketplace. The loans amounting to over 6 billion RMB Yuan “will increase the acceptance of the RMB as a trade currency, and will enhance Hong Kong’s eminence as a trading place for fixed-interest securities”, the government announced. The PR China has been positioning the RMB for many months to offer a new alternative to the US Dollar as a common trade currency. Exchange Agreements have been signed with many national banks, and a pilot program has been launched in which traders may use RMB as an import and export currency. The government is pushing the internationalization of the Chinese currency forward– and challenging the Dollar’s dominance.
(www.ftd.de, www.faz.net, 08.09.09)
+++ China’s Super-Rich Abound +++
In spite of the global economic crisis, the number of „super-rich“ persons in China has risen again. The Shanghai-based magazine „Hurun Report“ published a list of 130 Dollar-billionaires residing in the PR China. “China’s wealth is increasing at break-neck speed”, says Rupert Hoogewerf, founder of the magazine. The actual number of billionaires is meanwhile estimated at double the figure: 260. At the same time, there is a highly dynamic development. Seven out of the ten richest Chinese assumed that rank only last year. This year’s list is topped by car-battery magnate Wang Chuanfu, worth over 5.1 billion US Dollars. He just jumped up 120 ranks on the list within the past year, while last year’s top of the list, Huang Guangyu, founder of the electronics giant Gome, dropped back to rank 17. Huang was arrested last year for allegations of insider trading.
Dongfang Services
20 Years of Trade and Industry Consulting in China
Some say the Asian way of making business is like flowing water: Where adversities and obstacles cannot be swept or rinsed away, flow around them with ease and alacrity and erode them eventually. We have learnt a lot from that. But pushing forward regardless of obstacles is not everything. More than ever in history we are called to act responsibly.
For 20 years we have been serving an international clientele of large and medium-sized enterprises as consultants for numerous kinds of business with China. We have adapted to the ever changing challenges and extended our range of services. We are proud to have built long standing relationships with our clients. We are pragmatic, open-minded and fully concentrated on one market, China. That's why we find solutions that others miss. The usual way a customer finds us is by recommendation. China’s growth and impact promise to keep us employed for many years to come. Conditions develop and challenges alter, but we have maintained our curiosity and enthusiasm enforced with abundant experience and a lot of routine practice to cope with change. Please feel invited to meet us and learn about our services on the next few pages. We serve many industries including automotive, consumer products, energy & utilizes, industrial machinery, media, mining, retail, technology and telecommunications. However, due to our strict rule of discretion you will not find specific references to our customers. Besides, our plate has always been full enough without having to boast.