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September 09, 2007

Quick Hits That Caught My Eye

posted by MR WAVETHEORY at 9/09/2007 12:27:00 AM
China is continuing to promote and encourage outbound investments to cool off the asset bubble, says Zhou Xiaochuan, governor of the People's Bank of China. It will become easier to convert RMB to foreign currencies and vice versa, and also for Chinese banks to setup branches abroad.

``We will remove unnecessary controls on reviewing sources of foreign-exchange funds, and on foreign currency purchase and remittance procedures to allow companies to use their own funds or converted currencies to invest abroad,'' Zhou said today.

China wants more investment in R&D and technology businesses according to Wu Yi, vice premier.

``We strongly recommend foreign investment take an active part in the government's plan to revitalize the northeast rustbelt region and to develop central and western China's economy,'' Wu said today, citing her government's plan to rebalance the growth of the world's fourth-largest economy.

``We welcome foreign companies to set up more research and development centers, and they can also cooperate with Chinese companies to jointly explore overseas market together,'' Wu said today.

China this year scrapped tax rebates on more exports, raised export tariffs and increased levies on low-end manufacturers to curb growth of exports where foreign investment is heavy and decided to make income tax rates for foreign and domestic companies a unified 25 percent, ending the lower rates foreign investors have enjoyed for the past decade.

Beazer Homes USA Inc. defaults on $1.2 billion in debt (NYSE BZH) and claims it has not.

Gulf nations like Saudi Arabia are running into problems with developing a single currency for the Arab region.

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