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.
Record earnings for Air China, China Eastern
Air China and China Eastern Airlines have recorded their best third-quarter results owing to a resurgence in air traffic demand and yuan appreciation. Air China reported a 483.7 per cent jump in net profit to 5.17 billion yuan (HK$5.99 billion) in the quarter from a year earlier as sales increased 77 per cent to 27.8 billion yuan. In the first nine months of this year net profit rose 159 per cent to 9.86 billion yuan. China Eastern's net profit surged 13,524 per cent to 3.15 billion yuan in the quarter from 23.1 million yuan. Net profit rose 305 per cent to 5.10 billion yuan in the first nine months.