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March 03, 2012 17:41 PM

Expanded Offshore "Cash Pool" Needed To Internationalize China's Yuan: Expert

BEIJING, March 3 (Bernama) -- An expanded offshore "capital pool" of China's yuan, or renminbi, is needed to promote wider international use of the currency, a senior investment banker who is also a member of China's top advisory body has suggested.

To increase the amount of yuan offshore, the Chinese government needs to create more channels for investing in yuan overseas and offer varied yuan-denominated investment products, Fang Fang, a member of the Chinese People's Political Consultative Conference (CPPCC) and vice chairman of J.P. Morgan Asia Investment Banking, told Xinhua news agency on Friday.

"Last year, I submitted a proposal aimed at facilitating the transfer of yuan between domestic and offshore markets, including expanding the yuan pool in Hong Kong," said Fang, who will attend the annual session of the CPPCC National Committee starting on Saturday.

"Some of my advice has been put in place since then, but more efforts remain to be made in expanding the offshore pool of Chinese currency," he said, adding that his proposal this year will mainly focus on this issue.

Fang said that as one of the most important offshore yuan markets, Hong Kong saw a slowdown in the growth rate of its renminbi deposits, which increased less than one-fold last year, compared with fourfold in 2010.

There were three reasons for the slowdown: reduced expectations for the yuan's appreciation, a decline in trade settlement due to slowdown in growth of Chinese exports, and limited investment opportunities in the offshore yuan market, Fang said.

As for how to increase the yuan pool, he proposed bolstering investment channels and options for the currency so as to attract more investors to put money into the offshore yuan market, thus securing a sufficient supply of the yuan.

This entails allowing investors to use the yuan for direct investment overseas and adding variety to yuan products, including introducing yuan-denominated assets and bulk commodities, the senior banker said.

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Expanded Offshore "Cash Pool" Needed To Internationalize China's Yuan: Expert

Enlarge Uwe Meinhold/AFP/Getty Images

Ramona Markstein and her cat Fritz wearing a mini-camera around his neck sit in front of a laptop where pictures taken by Fritz are displayed on Jan. 21, 2008 in Hartenstein, eastern Germany. Cats have long been popular on the internet.

Ramona Markstein and her cat Fritz wearing a mini-camera around his neck sit in front of a laptop where pictures taken by Fritz are displayed on Jan. 21, 2008 in Hartenstein, eastern Germany. Cats have long been popular on the internet.

Perry Stein is an intern at The New Republic.

Cats may not be man's best friend, but they're arguably something even better: man's key to instant Internet pageviews. It's a long-established fact that Internet content whether it's a cutesy video, a photoshopped inside joke, or a longform public health article has a better chance of achieving coveted "viral" status if it somehow evokes the sound of purring.

But if we've come to accept that cats play an outsized role on the World Wide Web, our understanding of why that's the case still lags. Most of us would simply plead that we happen to think of cats, and their various digital reproductions, as "cute," but the sheer magnitude of their popularity suggests that there's something more than a purely subjective phenomenon at work. Fortunately, natural and social scientists have managed to shed some light on the mystery.

The first thing to acknowledge is that there was a deep interest in cats long before there was an Internet. Miles Orvell, a cultural historian at Temple University who specializes in visual culture, said that what the Internet has done is leverage a preexisting fascination. "There's a contagious effect of the Internet where something that is there as a latent possibility can emerge at large in society," Orvell said. "It's not so much creating this interest in cats, it's more exploiting this interest that was already there."

Orvell pointed out that Western culture's interest in cats extends as far back as the ninth century, when an Irish monk wrote a poem about his cat called "Pangur Ban." It would prove a lasting trope. Nine-hundred years later, Christopher Smart would write the poem "For I Will Consider My Cat Jeoffry;" in the 1930s T.S. Eliot wrote his famed Old Possum's Book of Practical Cats, which later became the basis for the musical CATS. Outside of literature, cats became a staple of American popular imagery in the twentieth century, from television advertisements to Tom and Jerry. Cat videos on the Internet that garner millions of hits, Orvell says, should be thought of as an animated extension of the cat calendars of yesteryear.

But why have cats specifically been so successful at soliciting our attention? One hypothesis is that there is a fateful link between cats and human babies that explains their Internet stardom. According to Michael Newall, a philosopher of art at the University of Kent, our inordinate interest in cats may derive from their formal resemblance to our offspring their big eyes, smallish noses, and dome-shaped heads trigger the evolutionary nurturing instincts that we have evolved toward babies. There may even be a multiplying "superstimulus" effect at work: Newall posits that the exaggerated proportions of cats' baby-like features prompt an exaggeratedly intense, and involuntary, response in people.

But the reason that cats have catapulted to cyber-fame isn't purely biological: There are social factors at play as well. Steve Dale, a cat behavior consultant and pet journalist, told me that cat aficionados have been particularly drawn to the Internet because they lack other public safety valves where they can express their affection. "In the world of cats, there is no dog park," Dale says. "For cat owners, the dog park is the Internet."

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New Republic: Why Do Cats Run The Internet?

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ATLANTA, GA--(Marketwire -03/02/12)- Vitrue (www.vitrue.com), the leading social marketing platform, today announced that the company is giving brands the ability to screen or "gate" potential Twitter followers, before authorizing them to follow their stream. This new feature is designed to allow alcohol brands to restrict followers that are underage and ensure promotions, interactions and engagements are with age-appropriate audiences. At the same time, the functionality can also be extended to other tactics and campaigns.

Vitrue will be rolling out this feature with several spirits clients within the next 10 to 20 days.

This latest enhancement to Vitrue's Social Relationship Management (SRM) platform offers brands a solution to authorize access for Twitter stream followers through a seamless and instant screening capability. Vitrue clients that deploy this solution are able to request potential followers to provide additional information before continuing as a follower. The experience is completely customizable but could include specific questions like "what is your date of birth?" as a method of validating age-appropriate followers before allowing users to subscribe to their stream. The feature was initially designed for wine, beer and spirits brands that embrace a socially responsible digital presence but can be expanded for additional functionalities. This age validation feature is on par with other age validation features such as those found on brands' websites.

"Our new Twitter functionality was designed for our clients who want to take a measure towards ensuring their activity online is occurring with the appropriate audience, as social responsibility matters to our clients," said Reggie Bradford, CEO & Founder of Vitrue. "As social continues to evolve and becomes more ingrained in the mainstream, technology like ours will allow brands to more easily and seamlessly adapt with the ever-changing social landscape."

"The social Web has never been one-dimensional and with this rollout, we see the potential for additional opportunities for brands to interact with audiences via Twitter and we're looking forward to offering brands new functionality to build the most engagement with their followers," said Bradford.

The new Twitter feature is integrated within the Vitrue SRM Platform, giving brands the tools to publish, monitor, identify and engage with key influencers in Twitter streams. Vitrue has been providing Twitter publishing capabilities since 2009 and currently manages almost 1,000 Twitter streams for its stable of global brands and agencies.

About Vitrue Vitrue (www.vitrue.com) is the leading social marketing platform, offering software-as-a-service (SaaS) solutions to help brands and agencies harness the marketing potential of social and manage their expanding and sophisticated social communities on Facebook, Twitter, Google+, YouTube and emerging platforms. The industry-leading Vitrue Social Relationship Management (SRM) platform is collectively managing its clients' more than one billion social relationships in more than 100 countries across more than 4,500 Facebook, Twitter and Google+ accounts.

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Vitrue Offers Brands New Twitter "Gate" Feature to Screen Followers; Allows Alcohol Brands to Validate Consumers' Age ...