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.
PICC buys 28pc stake in sister company for 812m yuan
PICC Property and Casualty has agreed to pay 812 million yuan for a 28 per cent stake in sister company PICC Life. The mainland's biggest non-life insurer had originally wanted to buy a 29 per cent stake for 841 million yuan but now a 1 per cent stake will go to sister company, PICC Asset Management for 29 million yuan.
SEEC wins advertising rights
Hong Kong-listed SEEC Media Group, a mainland magazine advertising agent, yesterday acquired exclusive advertising rights in the leading Chinese car magazine China Auto Pictorial for HK$114 million from its parent.
Zhaojin Mining bags gold miners
Zhaojin Mining Industry has agreed to buy gold miners Xixia Zhaojin, Tuoli Zhaojin and Gansu Tianhao for a total of 159.23 million yuan from its parent and other investors to increase its gold reserves.
China Gas seals three deals
China Gas Holdings has paid 179 million yuan for an 80 per cent stake in three gas companies in Baotao city, Inner Mongolia, taking its total number of mainland projects to 56.
Peace Mark gets HK$1.2b loan
Watch manufacturer Peace Mark Holdings has secured a HK$1.2 billion loan arranged by ABN Amro.