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.
China Digest, September 15, 2012
Head-on crash hurts 10
Ten people were injured in Miyuan county when a minivan being used as an illegal taxi struck their vehicle head-on, the Beijing Times reports. At least one of the injuries was serious. One injured passenger said the minivan crossed into their lane while trying to avoid another car.
Floral tribute to party
Nine large flower displays will be placed along Changan Avenue near Tiananmen Square from National Day until the closing of the 18th national party congress, The Beijing News reports. The displays will each be 11 metres wide and 15 metres tall. October 1 marks the 63rd anniversary of People's Republic of China, but the date of the opening of the party congress has yet to be announced.
Porn site duo held
Two Chongqing men, aged 24 and 26, have been detained and accused of setting up eight pornographic websites over the past four months, the Chongqing Economic Times reports. They made more than 90,000 yuan (HK$110,120) after publishing 2,400 pornographic videos on overseas servers.
Baby scammer tricks men
A 40-year-old primary school teacher is being held on charges she swindled more than 20 men out of 40,000 yuan by claiming she was the 29-year-old wife of a rich, but sterile businessman and wanted to get pregnant, the Chongqing Economic Times reports. One Shaanxi man reported the woman to police after she promised to pay him five million yuan if she got pregnant, but first requested 9,000 yuan.
'Taxi' driver fined
A Shenzhen man, who accepted 50 yuan to drive a pregnant co-worker to the office every day, has been accused of running an illegal taxi service and faces a fine of 30,000 yuan, the Shenzhen Economic Daily reports. The man's driving licence has also been suspended.
Childless get assistance
Shenzhen is offering monthly support of 450 yuan to permanent resident couples who have lost their only child and are either unwilling or unable to have another one, the Shenzhen Economic Daily reports. Men over 60 and women over 55 without children may be eligible for an additional 320 yuan.
Don't panic yet
The Wuhan municipal government is advising residents upset by a recent disaster-awareness exercise not to panic, the Changjiang Daily reports. The government has been distributing cards showing people what to do during an earthquake or air raid. But some people apparently took it as warning of an imminent threat.
Faster train on time
The new section of high-speed railway between Wuhan and Zhengzhou is slated to open on September 28, the Wuhan Evening Post reports. The train, capable of reaching speeds of 300km/h, will shorten the trip between the two cities by 21/2 hours to just over 11/2 hours. Initially, 24 trains will run daily.
Missing motorcycle twist
A man who thought he had found his stolen motorcycle instead discovered it had never belonged to him, the Huashang Daily reports. The man he spotted riding his motorcycle turned out to be the original owner, who had reported the motorcycle stolen in March. He spotted it in front of a park in June and drove it home. Police are now looking for the person who sold it to the second "owner', believing the salesman to be the thief.
Truck robbers arrested
Four men suspected of robbing a truck and injuring the driver in Hancheng were captured yesterday following a manhunt involving more than 500 police officers, Huashang Daily reports.
Jail for student thief
A Jinan court sentenced a college student to 10 years in jail for stealing more than 60,000 yuan from a family who hired her as a tutor for their child, the Shangdong Business Daily reports. The student stole several thousand yuan and a Rolex watch valued at 60,000 yuan. She was also fined 10,000 yuan.
Only the smart can lead
A Liaocheng middle school's decision to bar pupils who do not rank in the top 30 of their class from the student union has caused an uproar, the Qilu Evening Post reports. Pupils said there should be no barriers to school leadership, while some teachers said it was fair to require that leaders be in good academic standing.
Dumped baby in care
A baby born with an ear problem and without an anus was recovering in intensive care in a Chengdu hospital after its parents abandoned it in a flower bed, the Tianfu Morning Post reports. The baby was born on Tuesday and found by a passer-by on Thursday. The hospital said it would treat the baby for free.
Second time unlucky
The Qingshen county civil affairs bureau has been accused of discrimination for excluding couples who have remarried from receiving a memorial bamboo plant, newssc.net reports. The agency is giving free plants to couples to plant in a memorial wood, but only if they are in their first marriage.
Odd plan to limit loads
Hangzhou enacted licence plate restrictions to limit tourist traffic in the popular West Lake area this season, zjol.com.cn reports. From today until November, only cars with odd-numbered plates can enter the West Lake area on odd-numbered weekend dates and public holidays, and vice versa.
Escaped buffalo shot
Police shot dead a buffalo that escaped from a slaughter house worker in Jinhua and injured 10 people on Thursday morning, the Qianjiang Evening Post reports. The buffalo ran off while being taken to graze, knocking over two motorcycles and injuring a policeman.