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The People’s Bank of China (PBOC) announced on Sunday it has signed a bilateral currency swap agreement with Bank Negara Malaysia.

    The agreement allows the two banks to swap 80 billion yuan/40 billion Ringgit in three years, and could be extended if mutually agreed, said the central bank.

    The arrangement aimed to promote bilateral trade and investment to boost the economic development of the two countries, said the central bank.

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The People’s Bank of China (PBOC) announced on Sunday it has signed a bilateral currency swap agreement with Bank Negara Malaysia.

    The agreement allows the two banks to swap 80 billion yuan/40 billion Ringgit in three years, and could be extended if mutually agreed, said the central bank.

    The arrangement aimed to promote bilateral trade and investment to boost the economic development of the two countries, said the central bank.

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China’s state assets watchdog will closely watch over projects implemented by state-owned enterprises(SOEs) in the country’s massive stimulus package to prevent corruption, an official said here Sunday.

    The State-owned Assets Supervision and Management Commission (SASAC) will strictly look into the progress and fund use of projects by SOEs directly under the central government, said the SASAC director Li Rongrong.

    Many projects are estimated to see over tens of millions of yuan put in, making it a more important task to fend off corruption, he said at an SOE meeting on disciplinary inspection work.

    China unveiled a stimulus package with a total investment of 4 trillion yuan (586 billion U.S. dollars) in November to boost domestic demand and offset the world economic slowdown.

    Of the total, 100 billion yuan had been allocated by the central government by the end of last year.

    Li said inspectors will particularly focus on projects in such sectors as power grids, telecommunications, transportation, equipment, construction and metallurgy.

    The SASAC will also check whether the projects cause environmental hazards, consume too much energy and resources or result in excessive capacity, said Li.

    A total of 4,960 Chinese officials above the county level were punished in a year ending November 2008, data show. They were involved in corruption and commercial bribes, hurting people’s interests.

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Iran’s OPEC Governor Mohammad Ali Khatibi said here Saturday the newly-found Gas Exporting Countries Forum (GECF) will soon form an executive committee, the semi-official Fars News Agency reported.

    ”The high level committee of the forum has also issued its articles of association which was initially proposed by Iran,” said Khatibi.

    Founded in Tehran in 2001, the now 15-member GECF groups Russia, Iran, Qatar and other leading gas producers, which account for some 77 percent of the world’s gas reserves and 48 percent of production.

    The member states of GECF group include Algeria, Bolivia, Brunei, Venezuela, Egypt, Indonesia, Iran, Qatar, Libya, Malaysia, Nigeria, the United Arab Emirates, Russia, Trinidad and Tobago.

    The forum’s role was strengthened this year as Russia, the world’s largest gas producer, intensified its efforts to tap energy globally and revealed its increasing interest on the potential price-control structure similar to the Organization of Petroleum Exporting Countries (OPEC) while denying it will be a gas cartel.

    In October last year, representatives from Russia, Iran and Qatar, which in total account for 56 percent of world’s natural gas reserves, met in Tehran and agreed to establish a “gas troika” for joint exploration and production, raising the curtain over the loose group’s further development.

    As stipulated in the charter, an executive office and a Doha-based secretariat of the organization will be established, with a secretary general to be elected during the next forum.

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China Saturday expressed  serious concerns  over India’s anti-subsidy investigation on sodium nitrite on Jan. 14 and probe into the special safeguard measure of sodium carbonate on Jan. 16.

    Following bilateral consultations, China has urged domestic businesses to contact their Indian peers and solve trade issues through talks and cooperation, Yao Jian, spokesman of the Ministry of Commerce, said in a statement.

    But India didn’t respond to Chinese efforts and launched its first anti-subsidy probe over Chinese-made sodium nitrite, Yao said. “China expresses dissatisfaction over it,” he noted.

    China also expressed resolute opposition to India’s probe into the special safeguard measure of sodium carbonate, the spokesman stated.

    The probe not only hurts the legitimate rights and interests of Chinese businesses, but has negative impact on the stable bilateral trade relations, Yao said.

    The current global financial crisis has serious impact on the economies worldwide and all nations need to boost cooperation in fighting the crisis, he said.

    China hoped that India could show prudence and restraint in using trade remedies, as trade protectionism could only add to the grim world trade situation.

He added that China and India should step up consultations and promote cooperation among industries from the two developing nations.

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Gold futures on the COMEX Division of the New York Mercantile Exchange dropped moderately due to investors profit-taking and strong U.S. dollar on the first trading day of 2009. Silver and platinum both ended higher.

    Gold for February delivery fell 4.80 dollars, or 0.5 percent, to 879.50 dollars an ounce. March silver gained 19.5 cents to 11.49 dollars per ounce. April platinum closed at 946.7 dollars per ounce, up 5.2 dollars.

    During the past several days, gold has accumulated enough profit-making space to release. Investors opted to take profit in consideration of the coming weekend and light post-holiday trading, analysts said.

    The U.S. dollar swung two-sided on Friday, but it firmed gradually during the late day trading putting pressures on gold prices.

    The continued tension in the Middle East would limit the pace of the gold price’s decline, analysts added.

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China imported 240 million tonnes of major energy commodities (oil, refined products, natural gas and coal) in the first 11 months of 2008, up 3.7 percent year-on-year, according to a report released on Sunday by the General Administration of Customs.

    The growth rate was 9.7 percentage points below the year-earlier level.

    These imports were valued at 158.6 billion U.S. dollars, up 74 percent, and they accounted for 14.9 percent of total imports for the 11 months.

    High world coal prices turned China from a net coal importer to a net exporter. From January to November, China exported 2.86 million tonnes of coal, vs. net imports of 781,000 tonnes.

The sources of China’s energy imports remained highly concentrated. For example, in the first 11 months of 2008, 55 percent of crude arrivals came from Asia and another 31 percent from Africa.