The Chinese yuan, also known as the renminbi, is already convertible under the current account - the broadest measure of trade in goods and services. However, the capital account, which covers portfolio investment and borrowing, is still closely managed by Beijing because of worries about abrupt capital flows.
Northeast Electrical gains flat
Net profit for H share Northeast Electrical Transmission & Transformation Machinery Manufacturing was 36.51 million yuan (about HK$33.97 million) in the six months to June 30 after posting 36.32 million yuan for the same period last year.
Earnings per share increased to 4.18 fen compared with 4.16 fen last year.
Income from its principal operations grew to 723.8 million yuan against 716.7 million yuan last year.
The company said it achieved these gains despite severe market competition during the first half of the year.
Northeast Electrical said prospects for the second half looked good.
The state would have to increase spending on infrastructure in order to achieve 8 per cent economic growth, the company said yesterday.
'To maintain a slight year-on-year growth in gross capacity of power generation stations, power construction focus will shift to the construction and transformation of electrical networks,' the company said.
The firm said it would, as a result, speed up the introduction of new products.