Bloomberg China extended its currency defense by setting its reference rate for the yuan with the strongest bias on record. The People’s Bank of China (PBOC) set the fix at 6.9116 per dollar, 598 pips stronger than the average estimate in a Bloomberg survey of analysts and traders. The strong bias exceeded the previous record of 454 pips seen and ...

  Bloomberg A senior executive of Bank of East Asia Ltd’s China unit has been detained on suspicion of accepting bribes, according to a report by Cailian. Bank of East Asia (China) executive vice president and head of Northern China, Chen Zhiren was detained and is being held in Beijing, according to the report, which said the investigation is related ...

  Bloomberg Citigroup has hired veteran JPMorgan Chase & Co dealmaker Barry Weir as it seeks to beef up its senior ranks in London. Weir, who’s known for his work on natural resources deals, will join Citigroup as a managing director on the UK investment banking team in September, according to a memo. He has more than 22 years of ...

  Bloomberg Citizens Financial Group Inc agreed to buy College Raptor, a firm that helps connect prospective students with colleges based on their academic and financial compatibility. The acquisition will bolster the bank’s exposure to college-age customers, Chris Ebeling, executive vice president and head of student lending at Providence, Rhode Island-based Citizens, said. The deal, for which terms weren’t disclosed, ...

  Bloomberg Binance Holdings Ltd’s billionaire Chief Executive Officer Changpeng Zhao is tightening his grip on India’s market for cryptocurrency trading in the fallout from a major tax change. Downloads of Binance’s app in India jumped to 429,000 in August, the highest this year and almost triple that of runner-up CoinDCX, data from market intelligence firm Sensor Tower show. Only ...

Bloomberg A semblance of calm returned to markets after the carnage sparked by hotter-than-expected American inflation that prompted investors to reassess the outlook for interest rates and economic growth. US equity-index futures rallied about 0.5% after shares had their biggest drop in more than two years, with the S&P 500 falling more than 4% and the Nasdaq 100 sliding more ...

Bloomberg Gold was steady after closing down the most in two months in the wake of higher-than-expected US inflation data. Bullion ended 1.3% lower after the consumer-price index figures were released. It had been on an upward trend this month before the inflation data surprised markets. Economists had expected the CPI to rise 8.1% in August from a year earlier, ...

  Abu Dhabi / WAM The joint security committee between the ministries of the interior of the UAE and Bahrain convened at the headquarters of the Ministry of Interior in Abu Dhabi, to discuss ways of boosting their security cooperation, developing e-connectivity systems and promoting the exchange of information and expertise. The Emirati side was led by Major General Khalifa ...

  DUBAI / WAM Dubai’s exclusive toll gate operator Salik Company has announced the offer price and start of the subscription period for its initial public offering (IPO) on the Dubai Financial Market (DFM). The price for the Offering has been set at AED2.0 per share. The total Offering size is expected to be AED3 billion (US$817 million), implying a ...

  ABU DHABI / WAM President His Highness Sheikh Mohamed bin Zayed Al Nahyan, on Tuesday discussed with Prime Minister of Japan Fumio Kishida bilateral relations and ways of enhancing them in various domains. During a phone call, the two sides tackled a number of regional and global issues of mutual interest, and exchanged views on ways to support the ...