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Dispatches: China to open up bond market

China’s central bank said it will widen overseas access to its domestic bond market as part of a program to promote the use of its yuan currency in international trade. The trial program, announced Tuesday, will allow some yuan held offshore to be invested in China’s interbank bond market, where most government and corporate debt trades and which is now largely off-limits to foreign investors. Opening up more channels for overseas investors is a key step in the internationalization of the yuan, a new priority for the Chinese government. (Wall Street Journal)

Surging interest and fee-based incomes helped lift profits of Bank of Communications and China Merchants Bank. BoCom’s net profit for the six months to June jumped 30.08 per cent from a year ago to 20.36bn yuan, near the lower end of analysts’ forecasts of 30 to 40 per cent growth. Medium-sized Merchants Bank recorded a better-than-expected 60 per cent growth as net interest margin widened. (The Standard)

China Everbright Bank soared on its Shanghai stock market debut on Wednesday in the mainland’s second-largest initial public offering of the year after AgBank’s record-breaking effort. (Channel News Asia)

The nascent casino sector in Singapore could rival that of the Las Vegas strip in the next two years as Asian gamblers opt for the newer resorts closer to home over the traditional casino center. Forecasters are already looking to upgrade their expectations for the industry following better-than-expected second-quarter results for Genting Singapore’s Resorts World Sentosa, one of two casino-resorts in the city state. (Wall Street Journal)

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