Word: hsbc
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...first-half results unveiled Wednesday, Aug. 5. Northern Rock "is making progress," chief executive Gary Hoffman said of the British bank's half-year results announced a day earlier. "Our first-half performance," Barclays boss John Varley reckoned the day before that, was "a good start." At HSBC, chief exec Michael Geoghegan said Monday, the first six months of the year "saw much that is encouraging for our future...
...could further fuel the region's nascent rebound. But just as easily, Asia could soon find itself saddled with overheated markets similar to the U.S. housing market of a few years ago - and on the brink of another crash. "The seeds are being sown for Asia's next bubble," HSBC economist Frederic Neumann said in a recent report. "The world has not changed, it just moved places." (Read "Asian Nations Step Up Support as Crisis Rolls...
...conditions, rose an annualized 5% in the second quarter to an all-time high. In Hong Kong, a city famous for its property booms and busts, prices have rebounded from last year's slump and are on course to retake highs reached in mid-2008, according to analysts for HSBC...
...currency, the yuan (also known as the renminbi), as a possible alternative to the dollar. There are indications that China intends to make the yuan a greater factor in international trade and investment, a development that, if successful, would have major implications for the global financial system. HSBC economist Qu Hongbin believes that the yuan could become one of the top three currencies in the world by 2012, with some $2 trillion in trade transacted in the Chinese currency each year. "The internationalization of the renminbi has become a leading item on the policy agenda" in Beijing, Qu concluded...
...motivations to boost the global standing of the yuan stem from the same concerns as its calls for a new reserve currency. Greater use of the yuan in trade would improve the competitiveness of Chinese exporters by reducing transaction costs and currency risks. By internationalizing the yuan, says HSBC's Qu, China can also begin extricating itself from the "dollar trap," in which the country, through its trade, amasses giant surpluses of dollars, which forces it to invest in dollar assets. This is why China, which holds $805 billion in U.S. Treasury securities, is the U.S.'s largest creditor...