According to Fitch Ratings, China’s gross external assets reached US$1.55 trillion at the end of 2006, an increase of US$342bn from 2005. The agency’s estimate takes into account official foreign exchange reserves, direct investments abroad, deposits in foreign banks, portfolio investments and lending to non-residents. The country’s external assets continue to be dominated by official reserves, which were US$1.07 trillion at end-2006, the highest in the world. James McCormack, head of Asia Sovereigns at Fitch, said China is unique among Fitch-rated sovereigns with assets exceeding US$1 trillion, many of which are rated AAA. “In China, most external assets are controlled by the state, thus enhancing the sovereign’s net external position and providing considerable support to the sovereign ratings.” China is rated long-term issuer default A with a positive outlook.
A report by broking group Marsh examines the repercussions from the administration of the South Korean company, which filed for bankruptcy protection at the end of August.
Global research by C2FO suggests that smaller businesses are less concerned with the repercussions of Brexit and the upcoming US presidential election.
A squeeze on skilled talent means it now takes an average of seven weeks to fill open permanent roles in finance in the UK according to new research from financial services recruitment firm Robert Half.
Early-stage merger and acquisition deals in Asia-Pacific show nearly 10% year-on-year growth in recent months.