Business Digest, November 1, 2012
The mainland securities regulator might loosen its rules for issuing brokerage licences as it seeks to increase competition, the reported. More brokerages will be granted full operating licences, and some firms might fail as competition increases, the newspaper said. It said the China Securities Regulatory Commission held a meeting with about 60 smaller securities companies on Monday to discuss matters, including the introduction of new services. Bloomberg
The Hong Kong Monetary Authority intervened in the foreign exchange market for the second day in a row yesterday, injecting HK$2.71 billion, after the Hong Kong dollar hit the strong side of its trading band against the US dollar. The HKMA said assets of the Exchange Fund, which is used to back the local unit, rose HK$85.8 billion to HK$2.65 trillion at the end of last month from the end of August. Ray Chan, Reuters
The yuan climbed for a third month in a row on speculation growth in the world's second-largest economy is rebounding. The currency has been testing the stronger limit of its trading band in the past week and rose 0.05 per cent to close at 6.2372 per US dollar in Shanghai, extending last month's rally to 0.76 per cent. Bloomberg
