By Lavender

It was a black Tuesday for China’s stock market on 27th February 2007. The A-Share Market collapsed and clutched at straws to back the share prices. But the market was lighted up by a favorable policy that the news spread among main fund managers and Private Placement Traders. The A-Share markets rebounded after one-day slump and the Index surged more than 100 points.

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Foreign assets of Hong Kong’s Exchange Fund fell by 7.3 billion HK dollars (about 1 billion U.S. dollars) in August to 995.6 billion HK dollars (about 128 billion U.S. dollars), the Monetary Authority revealed on Friday.

The Monetary Base, comprising Certificates of Indebtedness, government-issued currency notes and coins in circulation, the Aggregate Balance of the banking system and Exchange Fund Bills and Notes issued, amounted to 298.1 billion HK dollars (38 billion U.S. dollars).

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Mainland residents will, for the first time, be allowed to directly invest in overseas securities under a pilot program to be launched in the northern port city of Tianjin.

Investors can use their foreign exchange or purchase foreign currency to open an account with Bank of China’s Tianjin branch or Bank of China International Securities in Hong Kong, the State Administration of Foreign Exchange (SAFE) announced on August 20.

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The combined business revenue of China’s top 500 companies accounted for 83.5 percent of the gross domestic product in 2006, almost six percentage points higher than the previous year.

The China Top 500 Enterprises 2007 List released here on Saturday said that the top 500 gained 17.49 trillion yuan (2.3 trillion U.S. dollars) of business revenue last year, up 23.7 percent over 2005.

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By Geoff Dyer in Shanghai

The Chinese stock market is now bigger in terms of market value than the Japanese market if Chinese companies listed in Hong Kong are taken into account, underlining the dramatic surge in the country’s financial markets over the last 18 months.

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By Mao Lijun (China Daily)

The establishment of a China-Singapore private equity (PE) fund, also called China-Singapore Hi-tech Industrial Investment Fund, is close to getting the go-ahead from the country’s top economic planner, China Daily has learnt from sources.

The fund is likely to become the country’s second industrial investment fund, supported by the China-Singapore Suzhou Industrial Park (SIP) China Council, chaired by Vice-Premier Wu Yi.

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By Jamil Anderlini in Beijing

China Everbright Bank on Thursday said it would receive a Rmb20bn ($2.6bn) cash injection from the government as the final round of bail-outs for the country’s banking system begins, almost a decade after the sector was crippled by widespread defaults on state-directed loans.

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From: “China Daily”

China Development Bank (CDB) has paid 2.2 billion euros for 201.39 million new ordinary shares in Barclays, the London-based bank said.

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The bluechip Hong Kong Exchanges and Clearing Limited recorded an attributable profit of 2.33 billion HK dollars ( 0.3 billion U.S. dollars) for the first half of 2007, more than doubling its net profit for the same period last year, the company, known as HKEx, said Wednesday in its interim report.

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Lu Jun has resigned as chief investment officer of JPMorgan’s China fund management joint venture.

Lu quit for “personal reasons”, China International Fund Management Co said in a statement. Lu is widely known in China’s 1.8 trillion yuan (US$237.33 billion) mutual fund sector for his stock-picking skills and aggressive trading style.

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