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.
Li Ning posts 42pc jump in interim profit
Li Ning, the sportswear company founded by the former Olympic gymnastics hero, said first-half profit rose 42 per cent as demand continued to grow even after the Beijing Olympic Games. Though not an official sponsor of last year's event, Li's spectacular lighting of the Olympic cauldron at the opening ceremony also put his firm in the spotlight. Net income climbed to 472.5 million yuan (HK$536.05 million), from 333.7 million yuan a year ago, as sales rose 32 per cent to 4.05 billion yuan.