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.
What's happening and where
Graduates recruited to aid poor western provinces
Mainland authorities will recruit 8,621 college graduates next month as volunteers for education, health and sanitation, agriculture and poverty alleviation projects in the western provinces. The China News Service reports the volunteers will be given an allowance and incentives to work for one or two years on the projects.
Criteria for 'highly skilled professionals' defined
The Ministry of Personnel in the mainland has laid out new assessment criteria for individuals who have studied overseas to be classified in China as 'highly skilled professionals', the People's Daily reported. Candidates have to meet one of the following criteria: be prominent scientists, hold a professional qualification, have worked as associate professor or associate research fellow in a respected international college or institute, been a senior manager in a multinational corporation, have made a contribution to science or technology or been published in respected journals.
Fund to support overseas Chinese researchers
The National Natural Science Foundation of China has launched a fund to support natural science research programmes by ethnic Chinese with foreign passports. The beneficiaries should be under 45 years of age, have a PhD and be hired by a mainland university or research institute. Candidates will receive up to 1 million yuan in funding over four years, the Guangming Daily reports.
500,000 technicians needed in Dongguan
Dongguan will need an additional 500,000 technicians in the next three years to add to the 2.5 million people already working in the city in that field. The labour shortage means skilled technicians can make up to 6,000 yuan a month, the Nanfang Daily reports.
Shenzhen chefs' wage gap widens
About 100,000 chefs work in Shenzhen with huge differences between the lowest and the highest ends of the salary scale. The Mirror says chefs at five-star restaurants get paid up to 50,000 yuan a month, while street vendors receive about 1,000 yuan.