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Dispatches: GIC eyes up IPO

Singapore’s main sovereign wealth fund is close to giving the go-ahead for an initial public offering of a parcel of Asian industrial property assets that could be the biggest IPO in the city state for nearly two decades. The Government of Singapore Investment Corporation is discussing valuations of between S$2.7bn and S$4bn (US$2bn and US$3bn) for its Global Logistics Properties unit, according to people with knowledge of the proposals. (Financial Times)

China Construction Bank, the country’s second-biggest lender, posted a 20 per cent rise in second-quarter profit on loan expansion and a recovery in interest margins. (Reuters)

As China takes steps to reduce its reliance on the US dollar, it is increasingly looking toward its Asian neighbors instead. Data already shows China has stepped up its buying of Japanese government bonds, and evidence has emerged that the country is also buying more South Korean debt. And on Thursday, China added the Malaysian ringgit to a small group of currencies it allows to be traded directly against the yuan. (Wall Street Journal)

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