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University assignments – why are they cheating?

Students enlist website to write essays, assignmentsStudents buying assignments online could be charged with fraudWho is Yingying Dou, the mastermind behind the site
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Inflated tuition fees, inadequate English skills and crippling family expectations are the most likely reasons international university students are engaging ghost essay writers, experts in international education say.

The MyMaster website, which is at the centre of a major cheating enterprise at Australian universities exposed by Fairfax Media, is understood to be used almost exclusively by students from China.

A flyer posted on the back of a toilet door at UTS gives insight to the anxiety among students.

“Are you racking your brains on your school work? Do you worry about spending $3000 retaking tuition on a failing subject? Leave your worries to MyMaster and make your study easier!” says the flyer in translation.

Numerous attempts to contact students who have used the service were unsuccessful.

But leading academics say the extraordinary fees international students pay – often between $30,000 and $40,000 a year – means studying at an Australian university is a high-stakes game.

 

“There’s often enormous family pressure on these students to do well,” Andrew Norton, the higher education program director at the Grattan Institute, said.

“I’ve heard horrible stories about extended families collectively supporting students in Australia, so the pressure they must feel as a result of these expectations is just enormous.”

He said cultural differences could also be relevant.

 

“In some countries, corruption is just widespread and people don’t view it the same way it’s viewed in Australia,” he said.

The University of Sydney’s advice on teaching international students warns they have “a significant risk of unintentionally plagiarising or failing to comply with academic honesty expectations”.

China now has by far the biggest share of Australia’s international students, at more than a quarter, and only 18 per cent of all international students come from countries where English is the first language.

But the University of Adelaide’s Michelle Picard, an expert in academic integrity and cultural competency, said the problem is often a lack of confidence in using English, rather than inability.

“I think the fear element is the strongest one,” Dr Picard said. “Sometimes they do have severe language difficulties or cultural change difficulties – but more often it’s their lack of confidence.”

This story Administrator ready to work first appeared on Nanjing Night Net.


Students enlist MyMaster website to write essays, assignments

Yingying Dou leaves the Sydney premises where she works. Photo: Dominic LorrimerFull investigation: SMH EducationLike SMH Student on FacebookTop 10 known users by institution, by subject and by amount spent
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Thousands of students have enlisted a Sydney company to write essays and assignments for them as well as sit online tests, paying up to $1000 for the service. Their desire to succeed threatens the credibility and international standing of some of our most prestigious institutions.

A Fairfax Media investigation has uncovered a sophisticated online business, which has produced thousands of university assignments and turned over hundreds of thousands of dollars since it began operating in May 2012.

Yingying Dou, a 30-year-old Chinese-born woman, is the sole director of MyMaster Group Pty Ltd, which is behind the website, written in Chinese and aimed at international students. It claims to be the largest essay-writing service in Sydney, with 100 graduate writers from “prestigious universities in Australia” ready to accept jobs at any one time.

A flyer posted to the back of a toilet door at UTS gives insight to the anxiety among international students Ms Dou has capitalised on.

“Are you racking your brains on your school work? Do you worry about spending $3000 retaking tuition on the failing subject? Leave your worries to MyMaster and make your study easier!” the flyer says in translation.

Fairfax Media has seen 700 receipts for direct deposits to the MyMaster bank account, totalling more than $160,000 this year alone – a conservative estimate of the company’s annual income, as students can also pay by cash or PayPal.

Payments range from $13 to $1050 and during busy assessment periods the website receives up to 20 requests a day.

One request lodged was for a 6000-word research assignment for a human rights law course at the University of NSW, which was worth 70 per cent of the student’s overall grade.

The cheating is widespread throughout the state’s university system, with almost 1000 assignments produced this year for students studying courses as diverse as philosophy, economics, law, engineering, astronomy and marketing.

One student spent more than $1500 on assignments for five different courses at the University of Newcastle’s Business School. Another student from the University of Wollongong paid for at least eight assignments.

The University of Sydney, the state’s premier institution, was among the most widely affected, with cheating spread across multiple faculties. During 2014, students from at least 37 of the university’s courses used the service.

The entrepreneur, Yingying Dou, went to high school at Pittwater House, a private school in Collaroy on Sydney’s northern beaches, and studied accounting at Macquarie University.

When approached by Fairfax Media, Ms Dou, who runs a university tutoring company called Yingcredible, would not comment on the MyMaster website.

“If you’re talking about MyMaster, I have nothing to talk [about],” she said. “No comment for today.”

Records show MyMaster and Yingcredible Tutoring are registered to the same principal place of business in Sussex Street in Chinatown. Ms Dou is also the registrant of the mymaster南京夜网.au website domain.

Within hours of Fairfax Media approaching Ms Dou, the MyMaster website was taken down.

 

A postgraduate finance student at Macquarie University said the practice of buying assignments online was widespread. On two separate occasions while he was working on a group assignment, international students in the group suggested they purchase the assignment online, rather than do the work themselves.

“I was not keen on that idea. I think people just want to do whatever they can to pass the course at all costs,” he said.

Assignment prices are advertised as a flat rate based on the number of words and the student’s level of qualification, with masters students paying more for assignments than undergraduate or diploma. The flat rates promise students a pass or credit grade, but they can negotiate a price for work that is of a distinction or high distinction quality.

MyMaster recruits its writers on Chinese social media sites, promising good rates and an end-of-year bonus.

In addition to essays, MyMaster customers have paid for business reports, speeches, powerpoint presentations and the completion of online tests, and requests range from short homework tasks to comprehensive research assignments.

Some students uploaded instructions for their ghost writer, explicitly detailing how they wanted their assignment to be completed.

 

They are guaranteed the purchased work is original and will not be detected by the universities’ plagiarism software.

Fairfax Media is aware of numerous websites offering similar services to students in Australia but most appear to be located offshore.

Australia’s international student market is a $15 billion industry and the country’s largest export after iron ore, coal and gold. International students, who often pay more than three times as much as locals for their degrees, generate a quarter of the annual income at some Australian universities.

Key interstate universities have also been ensnared in the scandal including RMIT, La Trobe University, Curtin University and the Queensland University of Technology.

The chief executive of Universities Australia, Belinda Robinson, said universities were aware of operations like MyMaster looking to exploit “a small minority of students seeking an easy path to success”.

“Students caught deliberately attempting to pass others’ work off as their own can be subject to harsh sanctions, up to and including automatic failure of courses and, ultimately, expulsion from the university,” she said.

Do you know more? [email protected]南京夜网.au

This story Administrator ready to work first appeared on Nanjing Night Net.


Students enlist MyMaster website to write essays, assignments

Yingying Dou leaves the Sydney premises where she works. Photo: Dominic LorrimerFull investigation: SMH EducationLike SMH Student on FacebookTop 10 known users by institution, by subject and by amount spent
南京夜网

Thousands of students have enlisted a Sydney company to write essays and assignments for them as well as sit online tests, paying up to $1000 for the service. Their desire to succeed threatens the credibility and international standing of some of our most prestigious institutions.

A Fairfax Media investigation has uncovered a sophisticated online business, which has produced thousands of university assignments and turned over hundreds of thousands of dollars since it began operating in May 2012.

Yingying Dou, a 30-year-old Chinese-born woman, is the sole director of MyMaster Group Pty Ltd, which is behind the website, written in Chinese and aimed at international students. It claims to be the largest essay-writing service in Sydney, with 100 graduate writers from “prestigious universities in Australia” ready to accept jobs at any one time.

A flyer posted to the back of a toilet door at UTS gives insight to the anxiety among international students Ms Dou has capitalised on.

“Are you racking your brains on your school work? Do you worry about spending $3000 retaking tuition on the failing subject? Leave your worries to MyMaster and make your study easier!” the flyer says in translation.

Fairfax Media has seen 700 receipts for direct deposits to the MyMaster bank account, totalling more than $160,000 this year alone – a conservative estimate of the company’s annual income, as students can also pay by cash or PayPal.

Payments range from $13 to $1050 and during busy assessment periods the website receives up to 20 requests a day.

One request lodged was for a 6000-word research assignment for a human rights law course at the University of NSW, which was worth 70 per cent of the student’s overall grade.

The cheating is widespread throughout the state’s university system, with almost 1000 assignments produced this year for students studying courses as diverse as philosophy, economics, law, engineering, astronomy and marketing.

One student spent more than $1500 on assignments for five different courses at the University of Newcastle’s Business School. Another student from the University of Wollongong paid for at least eight assignments.

The University of Sydney, the state’s premier institution, was among the most widely affected, with cheating spread across multiple faculties. During 2014, students from at least 37 of the university’s courses used the service.

The entrepreneur, Yingying Dou, went to high school at Pittwater House, a private school in Collaroy on Sydney’s northern beaches, and studied accounting at Macquarie University.

 

When approached by Fairfax Media, Ms Dou, who runs a university tutoring company called Yingcredible, would not comment on the MyMaster website.

“If you’re talking about MyMaster, I have nothing to talk [about],” she said. “No comment for today.”

Records show MyMaster and Yingcredible Tutoring are registered to the same principal place of business in Sussex Street in Chinatown. Ms Dou is also the registrant of the mymaster南京夜网.au website domain.

Within hours of Fairfax Media approaching Ms Dou, the MyMaster website was taken down.

 

A postgraduate finance student at Macquarie University said the practice of buying assignments online was widespread. On two separate occasions while he was working on a group assignment, international students in the group suggested they purchase the assignment online, rather than do the work themselves.

“I was not keen on that idea. I think people just want to do whatever they can to pass the course at all costs,” he said.

Assignment prices are advertised as a flat rate based on the number of words and the student’s level of qualification, with masters students paying more for assignments than undergraduate or diploma. The flat rates promise students a pass or credit grade, but they can negotiate a price for work that is of a distinction or high distinction quality.

MyMaster recruits its writers on Chinese social media sites, promising good rates and an end-of-year bonus.

In addition to essays, MyMaster customers have paid for business reports, speeches, powerpoint presentations and the completion of online tests, and requests range from short homework tasks to comprehensive research assignments.

Some students uploaded instructions for their ghost writer, explicitly detailing how they wanted their assignment to be completed.

They are guaranteed the purchased work is original and will not be detected by the universities’ plagiarism software.

Fairfax Media is aware of numerous websites offering similar services to students in Australia but most appear to be located offshore.

Australia’s international student market is a $15 billion industry and the country’s largest export after iron ore, coal and gold. International students, who often pay more than three times as much as locals for their degrees, generate a quarter of the annual income at some Australian universities.

Key interstate universities have also been ensnared in the scandal including RMIT, La Trobe University, Curtin University and the Queensland University of Technology.

The chief executive of Universities Australia, Belinda Robinson, said universities were aware of operations like MyMaster looking to exploit “a small minority of students seeking an easy path to success”.

“Students caught deliberately attempting to pass others’ work off as their own can be subject to harsh sanctions, up to and including automatic failure of courses and, ultimately, expulsion from the university,” she said.

Do you know more? [email protected]南京夜网.au

This story Administrator ready to work first appeared on Nanjing Night Net.


Dumping of live animals in sights of Brisbane City Council

Fines for dumping live animals will be adopted at a local level.Dumping live animals in Brisbane City Council bins will attract a fine of more than $4500 in new local laws set to be adopted following Tuesday’s meeting.
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In a strong message to perpetrators of animal cruelty, Lord Mayor Graham Quirk said the fine would apply under the new Health, Safety and Amenity Amending Local Law to individuals who dumped live animals in council bins.

The new law marks the transfer of laws governing council bin use from the State Government to the council jurisdiction and was set to be debated at last week’s council meeting before being controversially pulled at the last minute, without explanation.

The reason, the Lord Mayor said, was to correct an oversight that would have made the penalty for binning animals just more than $1000, or 10 penalty units, as opposed to the $4554, or 40 penalty units, that was passed after debate on Tuesday.

“I didn’t want to see a reduction in a fine that would have essentially amounted to cruelty to animals,” he said.

“What the effect of the change would have done was reducing it to 10 penalty points and I was not prepared to see that go through.

“I was insistent we withdraw it when we picked it up because in the end it’s about maintaining a strong message we will not see the reduction in penalty to those people who knowingly put a live animal in a bin.”

The council’s field services chairman David McLachlan said the dumping of live animals in bins was not a “significant issue” but the local law was a straight transfer from the state to local level.

“Simplicity was key, so we took state law and rewrote it as local law,” he said.

“I don’t believe it’s a significant issue but it existed under state law so it continues to exist under council law, we haven’t made any adjustment.”

He said without the increase, there was concern the council would be perceived as softening its views on animal cruelty, if the fines remained at just more than $1000.

“The Lord Mayor was concerned it would have provided the appearance that with live things being put into bins, there was a reduction in concern as an offence,” he said.

“We did not want to provide the perception that there had been a reduction in our concern for the treatment of live animals.”

Opposition Leader Milton Dick attacked the sudden withdrawal of the item from last week’s agenda without explanation, describing it as “an embarrassing stuff-up”.

“It’s embarrassing that this council, when we asked innocent questions last week, couldn’t explain,” he said.

“What procedures are put in place to prevent this happening again?

“I thank The Lord Mayor for cleaning up after Cr McLachlan.

“The laws we pass here, we are supposed to be on top of, and have impacts on our service providers, residents, ratepayers and staff.

“In future, I want to make sure the this sloppy and ad hoc approach doesn’t happen again.”

This story Administrator ready to work first appeared on Nanjing Night Net.


Students buying assignments online could be charged with fraud

Yingying Dou, director of the MyMaster website. Photo: Dominic LorrimerStudents enlist website to write essays, assignmentsUniversity assignments – why are they cheating? Who is Yingying Dou, the mastermind behind the site
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Students who pay essay writing services to complete their university assignments are not only breaching university plagiarism protocols but could also be charged with fraudulent conduct under NSW legislation, legal experts say.

As a Fairfax Media investigation reveals, essay-writing services offered by the Chinese-language website MyMaster are  at the centre of a widespread academic cheating scandal, potentially incriminating hundreds of students at almost every university in NSW.

David Caruso, the director of the litigation law unit at the University of Adelaide, says students who used MyMaster’s services could potentially “fall foul of laws relating to dishonesty and gaining advantages and benefits via deception”.

“The student is certainly doing something which I think one can characterise as misleading from the point of view of the student’s relationship with the university,” Mr Caruso said.

The offences of fraud and forgery, both of which carry maximum penalties of 10 years imprisonment under NSW criminal law, are among the more serious provisions triggered by the students’ conduct, lawyer and fraud expert Robert Wyld said.

 

While such offences would be “challenging” to prove they were “not beyond the realm of possibilities”, Mr Wyld said.

Although companies such as MyMaster facilitated large-scale academic cheating, authorities had few legal avenues to shut down the service, the experts said.

“With respect to competition and consumer protection as well as criminal law it’s not easy to prosecute a company such as this,” Mr Caruso said.

Universities would also have difficulty in bringing a fraud claim against the MyMaster company, Mr Wyld said, as there was “no direct relationship between the university and the website provider”, and because the company had been “upfront in what they provide”.

“They [MyMaster] will no doubt say they did nothing wrong and any student knows they must submit their own work, which means of course the answers prepared by the website provider would have to be substantially modified by the student to make the work the student’s own work.”

In addition to the potential legal ramifications, universities have academic dishonesty and plagiarism protocols in place which impose severe penalties against students found to have procured  “ghost writing” services to complete their assignments.

This story Administrator ready to work first appeared on Nanjing Night Net.


Consumer Adviser Ratings website fails to attract participants

Rating advisers
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Only 850 of over 18,000 financial advisers it lists have signed up to be rated by the free online Adviser Ratings service. But it has attracted 13,000 visitors in the three weeks since it was launched. The 850 participating advisers have listed their credentials and profiles. Clients can comment on and rate their advisers on the website which has been likened to advisers what TripAdvisor is to hotels.

Choosing a fixed rate

With interest rates at record lows and the next move in rates likely to be up, more borrowers are opting for fixed interest rate mortgages. Mortgage broker Mortgage Choice says fixed rate loans accounted for 26.64 per cent in October of all loans settled through the broker. That is the highest proportion of fixed rates mortgages for eight months.

Qantas dips

Foreign ownership of Qantas has slumped to 42.8 per cent, down from 47.8 per cent a month ago. The government imposed cap on foreign ownership of the airline is 49 per cent.

Trident fined

A fund manger has been fined $10,200 for publishing a misleading return. Trident claimed its income fund had returned 9.27 per cent in the half year to June 30 but ASIC said this was misleading because it failed to mention capital growth had been negative. “This meant that the actual returns were significantly lower than 9.27 per cent,” ASIC said.

This story Administrator ready to work first appeared on Nanjing Night Net.


Potential suitors line up for embattled Ten Network

The beauty parade has begun for the Ten Network, with executives from US media giant Discovery Communications meeting with the struggling free-to-air broadcaster.
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Talks began on Tuesday afternoon, after Fairfax Media revealed last week that Discovery was considering a joint bid for Ten with local pay TV monopoly Foxtel.

The third-ranked metropolitan commercial network will also brief US hedge fund Anchorage Capital and private equity firm Hellman & Friedman.

Discovery’s meeting with Ten came as the broadcaster’s shares snapped a week of gains, falling 1.8 per cent to 27c on Tuesday.

The company’s stock had soared almost 28 per cent in the days after it confirmed last Thursday that it had appointed Citi to assess “strategic options”.

But any acquirer is set to face a big hurdle after the network’s biggest shareholder, WIN Corporation owner Bruce Gordon, said on Monday afternoon that his 14.9 per cent stake was not for sale.

A successful bidder would need the Bermuda-based billionaire’s support to secure 90.1 per cent of shareholder acceptances, which is necessary to trigger a compulsory acquisition of all stock.

Seven West Media deputy chairman Don Voelte said Ten – which posted a $168 million loss last financial year – could survive in its current form but there were “issues around cash flow”.

“There is something to be said for three [commercial free-to-air channels],” Mr Voelte said in Sydney.

He said that was a question for Ten’s biggest shareholders – Mr Gordon, News Corporation co-chairman Lachlan Murdoch, Crown Entertainment chairman James Packer and mining magnate Gina Rinehart – who control about 40 per cent of the company.

“I suspect they’ll decide whether it gets sold or not or whether it forms part of private equity … there are so many gyrations,” Mr Voelte said.

Discovery – a $US22 bullion ($25 billion) company that launched in 1985 with the Discovery Channel – has been buying free-to-air television networks across the globe.

It has already made acquisitions in Denmark, Sweden, Norway, Italy and the Middle East, has started a free-to-air channel, Quest, in Britain and has majority control of .

Its bid would involve Foxtel, which is jointly owned by Rupert Murdoch’s News Corp and Telstra, taking a 14.9 per cent stake in the company in order to meet laws restricting concentration of ownership.

Analysts say some of Discovery’s popular content aired on Foxtel’s channels could be screened on Ten. Meanwhile, Foxtel could bring knowledge of the local market and cross-marketing opportunities through News Corp’s print and digital titles.

Time Warner is also interested Ten. It said in a letter to Ten’s adviser Citi last month that it was willing to explore a bid of 25c a share.

“We believe that Ten can once again regain its position as one of the leading channels in the Australian market,” Time Warner senior vice-president James Burtson wrote in a letter to Citi that was leaked to The Australian Financial Review on Monday. Time Warner met with Ten on September 18.

This story Administrator ready to work first appeared on Nanjing Night Net.


Business confidence hits a 12-month low

Business confidence has hit a 12-month low but operating conditions are better than ever, according to a contradictory survey by  National Australia Bank.
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NAB’s business survey for October found that sentiment among the some 350 respondents was at its gloomiest since just before last year’s Federal election.

However, their view on trading conditions, based on sales and profits, is at its highest point for years, after the relevant index surged a record 12 points, to 13, between September and October.

The results confounded NAB’s chief economist, Alan Oster, who noted that this was the first time since 2012 that confidence had dropped below conditions, suggesting “firms remain uncertain over near-term demand in their industry”.

He said confidence levels varied markedly across different sectors, reflecting the contrasting impact of the lower Australian dollar on different operations.

“While the falling Australian dollar may have helped many sectors, it is probably also behind the large falls in the wholesale and transport/utilities sectors,” he said.

A weaker exchange rate makes exports cheaper, and locally made goods more competitive with dearer imports.

Some local business people, however, are less equivocal about current conditions and confidence.

“Everyone knows business is down,” said Tony McGrath, founder and chairman of haulage company McGrath Newcastle.

“To alleviate competition, I’ve got a warehouse so we can value add.

“We’re not just moving product from A to B; we also pack the containers and store them for our customers.

“If you’re in this business and just transporting it’s much more difficult.”

Tuesday’s data, which coincided with further statistics confirming a slight cooling of house price growth, got a mixed reception.

The Australia dollar barely reacted, before ending local trade slightly down on Monday.

Economists were divided on what the survey was saying.

JP Morgan was among those who suggested the contradiction may reflect the fragile nature of the current pick-up.

“It appears that firms are viewing better conditions as temporary, or are at least reserving judgment on whether the improvement in outlook will transmit to their own bottom line,” the investment bank said in a note.

“Amid these uncertainties, it will be important to see whether the recovery in conditions can be sustained into year-end.”

HSBC, however, said the NAB survey results would be well-received by the Reserve Bank of Australia, whose focus is Australia’s transition away from resources-related infrastructure activity to a broader-based economy.

“The RBA is likely to be heartened by these data, as the NAB survey is one of the central bank’s preferred timely indicators of economic conditions,” chief economist for Australia and New Zealand Paul Bloxham said.

“[Tuesday] brought further signs that Australia’s great rebalancing act is under way.

He said he expected to the RBA to lift interest rates around mid-2015.

NAB said the jump in business conditions pointed to a strong start to the fourth quarter of calendar 2014, although growth would remain constrained by “weak terms of trade, soft labour market and signs of downturn in building cycle”.

The survey found expectations that unemployment would peak at 6.5 per cent, compared with 6.2 per cent now, and that the RBA would not lift interest rates until the end of 2015.

Businesses reported that sales and profitability were much better in October, but employment lagged.

This story Administrator ready to work first appeared on Nanjing Night Net.


Vocation faces class action

Vocation chief executive Mark Hutchinson. Photo: Nic Walker Vocation chief executive Mark Hutchinson. Photo: Nic Walker
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Vocation chief executive Mark Hutchinson. Photo: Nic Walker

Vocation chief executive Mark Hutchinson. Photo: Nic Walker

More than 30 institutional investors from both Australia and overseas are backing a class action being planned by law firm Maurice Blackburn over disclosure practices at embattled education firm Vocation.

Maurice Blackburn will on Wednesday launch an online registration page to allow retail shareholders to sign up to be part of a class action, joining the large institutions angry at the heavy losses of $350 million-plus as the share price plunged.

Maurice Blackburn class actions principal Jacob Varghese said there had been substantial interest from institutional investors in pursuing a class action, and the firm would be undertaking further investigations with a view to formally commencing proceedings by late calendar 2014 or early next year.

“It’s very clear there’s a fair degree of disquiet about what’s happened here,” he said.

The 30-plus institutions represented the interests of hundreds of thousands of investors in those funds. Retail investors in Vocation would now  be given the opportunity to join the action.

Vocation shares went into freefall after the company finally announced to the ­market on October 27 it would be stripped of $19.6 million in funding and would take a $5 million hit to its bottom-line profits in 2014-15.

The ­revelation was in contrast to the previous announcements by the company that the impact of an audit review by Victorian regulators would not be material.

The Australian Securities and Investments Commission and the Australian Securities Exchange are also examining events, and whether market disclosure by Vocation was adequate.

Mr Varghese was at the forefront of a class action against National Australian Bank over the bank’s exposure to collateralised debt obligations during the global financial crisis.

NAB agreed to pay $115 million in a settlement in late 2012 after shareholders lost about $450 million in July 2008.

Mr Varghese said Maurice Blackburn was investigating whether Vocation was being frank with the market about the extent of the Victorian government’s concerns about training courses provided by two Victorian businesses.

“We are concerned with reports that the troubles with Victorian regulators dated back to before the IPO on December 6, 2013,” he said, referring to the Vocation sharemarket float in December.

That added a fresh element to the investigation, with investors who subscribed for shares in the float potentially having paid an inflated price.

This story Administrator ready to work first appeared on Nanjing Night Net.


Sydney to become official currency trading hub for China

President Xi Jinping is poised to announce Sydney as an official currency trading hub during his state visit next week, in a deal aimed at bringing down the cost of doing business with Australia’s largest trading partner as China pushes for greater international influence for the renminbi.
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Along with the bilateral free trade agreement, which is still to be finalised, the designation of the clearing bank is among the major announcements expected for President Xi’s official visit after his attendance at the G20 in Brisbane this weekend.

He will address Parliament in Canberra on Monday, and pay visits to Sydney and Tasmania. Travelling with Mr Xi will be eight provincial governors and senior business delegations to meet with the leaders of Australia’s states and territories, mirroring the sizeable contingent that travelled with Tony Abbott – who is currently in Beijing for the APEC Leaders’ Summit – on his first visit to China as Prime Minister in April.

With some final technical details being ironed out in meetings on Tuesday, it is understood either the Industrial and Commercial Bank of China or the Bank of China will be the yuan clearing bank, with ANZ a front-runner to be the Australian partner. The deal will likely see the two countries set up a currency swap line in the tens of billions of dollars, with China shifting from being a capital importer to now on the cusp of being a net capital exporter next year.

Hong Kong remains the main offshore market for the yuan, but other financial centres such as Singapore and London have been competing for yuan-denominated business.

“Australia now desperately needs equivalency … with Hong Kong and Singapore in particular, so that’s key for us,” one source close to the deal told Fairfax Media. “All the indications are that this will happen – it’s part of [China’s] overall strategy and it suits us as well.”

Seeking to promote use of the renminbi, also known as the yuan, in global trade and investment in a bid to eventually make it a major reserve currency like the US dollar or euro, China in the past two years has appointed clearing banks in cities including Singapore, London, Paris, Frankfurt and Seoul. Canada and Qatar this week were announced as the first clearing houses in North America and the Middle East respectively.

According to Westpac senior international economist Huw McKay, 18 per cent of China’s trade is now denominated in yuan. This is expected to rise to 30 per cent by next year. Westpac forecasts China’s share of global foreign exchange transactions rise from 0.4 per cent in 2010 to 5 per cent in 2018, and 15 per cent by 2030.

Australian companies invoicing and settling in yuan can negotiate immediate discounts of 2 to 3 per cent, as Chinese suppliers remove the ­margin in their prices for the foreign exchange risk, according to Mr McKay.

The announcement of a Chinese clearing bank could also likely enable fund managers to directly market to Chinese investors, in line with arrangements with other offshore trading hubs.

This story Administrator ready to work first appeared on Nanjing Night Net.