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.
CITY PLANS $95 BILLION WORTH OF INFRASTRUCTURE PROJECTS
Leu Siew Ying
Guangzhou plans to launch 28 infrastructure projects costing more than 100 billion yuan (HK$95.23 billion) next year, state media reported.
The plans were announced by Guangzhou Planning Bureau director Gan Xin, who said that the amount of investment to be spent next year was 11 billion yuan.
The projects include those under construction such as the new Baiyun airport and a second, third and a fourth subway line, four or five sewage treatment plants and infrastructure development on Nansha island, a planning bureau official said. The emphasis will be on the building of the subway lines, the report quoted Mr Gan as saying, adding that the city government had earmarked all income from the transfer of land use rights next year for subway construction.
As for the development of Nansha island, a total of 30 billion yuan will be invested over the next three years, or 10 billion yuan each year.