| Citigroup, HSBC, other foreign banks mark entry into Chinese market
Four global banks, including Citigroup Inc. and HSBC Holdings Plc., kicked off domestically incorporated Chinese units on Monday, becoming the first foreign banks able to tap China's $2 trillion in personal savings
ELAINE KURTENBACH
SHANGHAI, China - The Associated Press
Citigroup, HSBC and other foreign banks marked their local incorporation in China on Monday, a rite of passage after years of biding their time on the sidelines of one of the world's fastest growing financial markets. Citigroup Inc. and Britain's HSBC Holdings PLC were among four foreign banks approved to incorporate local subsidiaries, a step toward entering the local retail banking market. Until recently, most banks could handle only limited local currency business and international banking.
Currencies: Signs of recovery elevate won
HONG KONG: The South Korean won rose to the strongest in six weeks on Wednesday as overseas investors bought stocks for a second day on signs the economy is recovering from a slowdown. "Rising stocks are leading expectations of more inflows of funds, boosting the won," said Hideki Hayashi, a Tokyo-based foreign-exchange strategist at Shinko Securities. "Steady export numbers in addition to expectations the free-trade agreement with the U.S. will help increase overseas sales are also supportive for the won." The won rose to 936.30 against the U.S. dollar, according to Seoul Money Brokerage Services. It touched 935.20, the highest since Feb. 16. Elsewhere, Taiwan's dollar touched a two-week low on speculation overseas investors will borrow the currency to purchase higher-yielding assets abroad.
NZ Dollar Gains to Two-Year High on Rates, Commodity Prices
April 3 (Bloomberg) -- The New Zealand dollar rose to its highest in almost two years as the nation's lofty interest rates and a rally in commodities helped spur demand for the nation's currency. About 70 percent of New Zealand's exports are commodities such as dairy products, meat and wool. Prices gained for an eighth month in February, according to an index from ANZ National Bank Ltd. World dairy prices are the highest since at least 1986, spurring producers to buy more New Zealand dollars to bring home their overseas earnings. New Zealand's dollar is also being buoyed by demand for the nation's high yields, traders said. The nation's 7.5 percent official cash rate is the second-highest after Iceland's among countries with the top rating at Moody's Investors Service.
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