![]() Irish Wave features Irish music, Irish food, and an assortment of beers. Musical trio Sons O’ Blarney return performing a rollicking good time of new and traditional Celtic music celebrating the 10th anniversary of the annual spring fundraising event. GREENVILLE-Darke County Center for the Arts to host Irish Wave 2023 at Montage Cafe in downtown Greenville on Friday, March 17th. He thought the central bank, which on Tuesday priced its first money market operation based on SHIBOR, could start to set just one benchmark rate instead of rates for various maturities.Darke County Center for the Arts to host Irish Wave 2023 at Montage Cafe in downtown Greenville on Friday, March 17th. Zhong at Beijing Normal expressed optimism that SHIBOR could lead to more freedom in setting lending rates this year. “If you’re going to use SHIBOR as your hedging tool, you’re opening yourself up there for a big mismatch,” he said. The introduction last month of Shanghai Inter-Bank Offered Rates (SHIBOR) was a key step towards liberalisation, but its usefulness for derivatives trading could be limited for now as banks did not price loans off SHIBOR, Green added. “Then you could move forward to perhaps allowing more interest rate derivatives,” he said. On interest rate reforms, Green said one priority was improving liquidity in the interbank bond market so that an interest rate curve could develop - an aim that could be helped along by a revamped system of market makers launched this year. Stephen Green, an economist with Standard Chartered in Shanghai, said the introduction of currency options would be another obvious next step: “You’ve got the forwards and the swaps, so why not allow some options in there as well?” “Sometimes for currency markets to work well, you have to allow speculative demand,” he said. ![]() ![]() Wang said he also expected Beijing to ease the requirement of a “real, underlying need” to be allowed to trade currencies, as well as the insistence that banks maintain a net long dollar position. Zhong is looking for a widening of the band to 1 percent, possibly in the first half, as well as the introduction of more foreign exchange derivatives such as futures this year. That could happen soon, said Zhong Wei, director of the Finance Study Centre at Beijing Normal University and an editor of a magazine run by the State Administration of Foreign Exchange. ![]() critics have urged China to show it is serious about permitting more yuan flexibility by widening the band, currently 0.3 percent up or down from a mid-point set each morning. Yin said that likely steps this year would include the introduction of more currency and interest rate derivatives, which would lay the basis for bigger moves in the future.Ĭhina’s political leaders will take stock of reforms to date and chart their next stage at the annual meeting of the National People’s Congress, the rubber-stamp parliament, in March. “Work on reform of interest rates and the exchange rate this year will continue to be of a basic, market-building nature,” said Yin Jianfeng, a researcher with the Institute of Finance and Banking at the Chinese Academy of Social Sciences (CASS) think tank. ![]() Given China’s insistence that the yuan’s ascent will remain gradual, analysts said the outlook was for a steady flow of reforms that, while relatively minor taken individually, could add up to real progress in decontrolling perhaps the two most important prices in the economy. BEIJING, Feb 14 (Reuters) - China, facing pressure from both overseas and its own economic fundamentals, is likely to take further steps this year to loosen the straitjacket it has placed on the price of money and its currency.īeijing, aware of the imbalances and market distortions caused by an undervalued yuan and overly cheap capital, has pledged to push ahead with making both interest rates and the exchange rate more market-oriented. ![]()
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