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Florence and Ningbo: 10 years of friendship

Celebrations of the 10th Anniversary of the Michelangelo’s David (replica) in Ningbo, prepared by Foreign Affairs Office of Ningbo Municipal Government, was held on 21, October 2016. The Deputy Mayor of Florence, Giovanni Bettarini, the deputy Mayor of Ningbo, Mr. Zhang Minhua, honorary citizen of Ningbo, Mr. Mario Razzanelli and Mr. Yu Danhua participated in the activity. The bronze statue of David is located in front of the Ningbo Grand Theater. It stands for the friendship between Ningbo and Florence and it has witnessed the economic trade and cultural exchanges between two cities in the past 10 years. Thanks for the great job carried out by Mr. Mario Razzanelli and Mr. Yu Danhua, David’s statue can still be admired in Ningbo. Mario and Danhua have shown to all of us that when two parties sit down with a common objective, anything can be achieved. The government of Florence city, represented by Giovanni Bettarini, can be proud of this cooperation that will open new opportunities for deeper cooperation
Geraci also attended as special representative of the Italian consulate in Shanghai. He mentioned that even when dealing with economic and financial issues, knowledge of each other culture is the key to the success of the business relationship. Knowing your partner’s culture will help you offer them the products that they want, that they appreciate. Florence is the world capital of fashion and Italian fashion hits well with Chinese consumers because Italian fashion design combines tradition with innovation, music to the ears of Chinese middle and upper class. “David is a bridge between Italy and China, a bridge that will stay here for the centuries to come”, concluded Mario

Central Bank Shanghai Office has united 25 Shanghai local bank to restrict the credit policy

PBoC is calling for restriction on mortgage on houses, on the meeting hold yesterday. It said the investigation on the qualification of mortgage requests has to be very careful. To examine the citizens’ downpayment check and enhance the check on income testification. PBoC also asked for local banks to change asset structuure and ensure the structural reform on supplyy-side demand.

GDP is increasing at 6.7% in 3Q16, the same as 2Q16

GDP increase rate is 6.7% in the third quarter, reaching the lowest level since 2009. Real estate has contribute 8% of overall GDP from Jan to Sep. Consumptions’ contribution increased by 13.3%, reaching 71% of total drivers. Bet nex export is still below zero, with 7.8% Additionally, the unemployment rate is under 5% for the first time in three years.

Bob is finally “Thomas”: a true poet

Bob Dylan wins Nobel Prize. He is now looking for a phone booth in the Midwest to call Joan Baez and tell her the good news. One of the greatest American poets, he has now become his own dream, Thomas Dylan himself. Two songs for to listen today : Lay Lady Lay, Blowing in the Wind, and the Guns&Roses version of Knockin’ on heavens door. And finally, for those of you who want to know what women thought of him, there is “Diamonds and Rust”.

Geraci Suggests to Chinese Finance Professionals a Good Investment Opportunity in Italian Banking Sector

October, Geraci participated in 2016 China-UK Financial talent education advanced training course.
Geraci discussed how the existence of the euro is taking away flexibility from the individual countries to adjust the monetary policy according to their needs.
October, Geraci participated in 2016 China-UK Financial talent education advanced training course.
Geraci discussed how the existence of the euro is taking away flexibility from the individual countries to adjust the monetary policy according to their needs REPEAT.

Onshore RMB exchange rate is in its lowest level for six years

After RMB joining SDR, the CNY exchange rate started to decline and by 20:00 on 11th Oct, the rate is below 6.71. PBoC claims this decline after Nationanl Holiday is probably because of a serious of news happened during seven days. JPY increased, Britain left EU agenda was made. However, PBoC still think this decline is normal since the devaluation of RMB is less than other emerging economic entities.

China does the best it can under current situation

Interviewed by Sputnik Radio,Geraci argues that: “Chinese’s model is indeed a system that is not in touch with the modern world, but it is the best system for China because China lives in a different era, because China’s level of development is not comparable with what we have in other parts of the world. It is like a country that lives a century earlier, but the system that China has now is probably the best for China in this historical moment. We should be careful when we criticize China on monetary policies as we may find out that they are actually more reasonable than those of ECB and FED.”

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