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.
Trial for graft-ravaged city's ex-deputy mayor
A disgraced former deputy mayor from Maoming in Guangdong will stand trial on corruption charges at the Guangzhou Intermediate People's Court on Tuesday.
Yang Guangliang allegedly built up assets worth 130 million yuan (HK$156 million) through bribery and illegal and unaccounted income, including 16 apartments and villas across the province.
He was sacked and made the subject of a graft investigation in October 2009 for allegedly taking 11 million yuan in bribes, earning 75 million yuan illegally and being unable to explain the source of 41 million yuan, the Nanfang Daily reported.
Local media, citing Guangdong's party disciplinary committee, reported that Yang made 15 million yuan in interest from lending out money he received from bribes. Investigators said Yang also kept two mistresses.
Yang is among a group of top Maoming officials taken away by investigators since late 2009. The city's party boss, Luo Yinguo , was arrested this February, and state media reported that he implicated more than 100 officials allegedly involved in his corruption cases.
Maoming's disgraced officials also include deputy mayor Chen Yachun , the former chief of the city's politics and law committee Ni Junxiong , police bureau head Cheng Bin and chief warden Cheng Jiazeng .
In February last year, the city's chief prosecutor, Liu Xianjin , committed suicide the day after his son's wedding. The authorities attributed his death to depression.
The turmoil is such that Maoming had to recruit 46 new senior officials from across the country last month.
Guangdong's party disciplinary watchdog says it has recouped 75 million yuan from Yang and frozen property assets under his name or the names of relatives or mistresses.
Yang has been accused of taking 6.5 million yuan in bribes during the mediation of a land dispute and using his position to profit from a fresh- produce business.
The amount, in cash, found in Luo Yinguo's home and office on his arrest in February, thought to be his haul of Lunar New Year bribes