Bank of China

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Fed Considers Its Own Digital Currency

Powell sees no rush, though China's central bank is forging ahead on development

(Newser) - The Federal Reserve expects to issue a paper soon addressing whether it should go ahead with a digital currency of its own. The central bank has been looking into the issue, with the Boston Fed and MIT combining on a study that will precede the paper, CNBC reports. The advantages,...

Hong Kong Money Van Spills $4.5M

Police implore people who stopped to scoop up cash to return it

(Newser) - "They looked like schoolkids who knew they were being naughty" is how one witness described the scene on a Hong Kong roadway to the South China Morning Post . What those dozens of people were doing: scooping up cash scattered in the street after a security van transporting what may...

China to Major N. Korean Bank: Account Closed

US says Foreign Trade Bank of NK helped fund country's nuke program

(Newser) - North Korea may be feeling a little more squeezed today, at the hands of China: The Bank of China has closed the account of a top North Korean bank, this after the US had in March effectively blocked the Foreign Trade Bank of North Korea's access to the US...

China to Let Currency Rise
 China to Let Currency Rise 
Apr 8, 2010 9:02 AM CDT

China to Let Currency Rise

But it'll also be able to fall, to deter speculators

(Newser) - China plans to revise its currency policies within a few days, producing an instant rise in the yuan against the dollar, and allowing greater fluctuation in the future, sources tell the New York Times . China’s Commerce Ministry has vigorously opposed such a move, but it appears to have lost...

Nevada Deals 20 Years to Thieving Chinese Bankers

Embezzlers tried to launder stolen $500M through Vegas casinos

(Newser) - Two managers who scammed the Bank of China for nearly $500 million and fled to the US have been sentenced to more than 20 years each by a Nevada court, the BBC reports. The men's wives—who helped them launder the cash through Las Vegas casinos—were given 8-year sentences....

China: Ditch the Dollar as World Standard

Central bank says IMF asset could be solution

(Newser) - Highlighting international anger over the sorry state of the US economy, China has called for the dollar to be dumped as the global currency standard, the Wall Street Journal reports. China’s central bank said an International Monetary Fund asset could take over the dollar’s global role, Reuters reports....

Bank of China in Talks to Buy UK's No. 1 Bank

HBOS would be largest overseas acquisition by Chinese institution

(Newser) - The state-owned Bank of China emerged last night as the main player in a new takeover bid for Halifax Bank of Scotland. HBOS, the largest bank in Britain, is currently being taken over by Lloyds, but a former HBOS executive is now putting together a counteroffer. If the deal goes...

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