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More recently he has struck co-operation agreements with Macquarie, an Australian investment bank, and Bank of China. (In the interim, an attempt to buy Sarasin, a private Swiss bank owned by Rabobank of the Netherlands, came to nothing.) The aim is to have 50% of his business in emerging markets by 2015.
ECONOMIST: A Swiss bank bets on emerging markets
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Large capital inflows have forced China's central bank to buy massive quantities of dollar reserves, which have spilled over into excessive growth in the money supply and credit.
ECONOMIST: It is time for China to unshackle the price of money
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Support for the markets stemmed from the Federal Reserve saying it would undertake another round of quantitative easing with no specified ending date, the European Central Bank announcing intentions to buy debt of troubled European nations, and China approving new infrastructure projects.
FORBES: Average Base Metals Prices Expected To Fare Better In Coming Quarters; Gains Seen As 'Moderate'
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Bank of China, which is 70%-owned by the government, now allows companies and individuals to buy and sell the Chinese currency through accounts with its U.S. branches.
WSJ: New Move to Make Yuan a Global Currency
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The world does not have so much money to buy more U.S. Treasuries, Deputy Governor of the People s Bank of China Zhu Min said in December.
FORBES: U.S. Solvency Depends On Low Interest Rates