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.
Luoyang Glass loss shoots up
H share Luoyang Glass said its interim losses swelled to 88.76 million yuan (about HK$82.59 million) in the first six months of this year, from 45.11 million yuan last year, hurt by a national production glut and falling glass product prices. Turnover fell 10.19 per cent to 268.45 million yuan. Loss per share was 12.7 fen, compared with 6.4 fen for the last corresponding period. No interim dividend was proposed.