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NEWS ABOUT: Bank of China

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... More »

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.... More »

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.... More »

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... More »

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