• Sun
  • Jul 27, 2014
  • Updated: 12:05am

Yuan

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.

SCMP Debate: What's your expectation for China's GDP growth?

Reporters Victoria Ruan and Celine Sun spoke to senior executives and observers from several countries on the sidelines of this month's Boao Forum. Many believe China will maintain its rapid economic growth despite rising labour costs.

Monday, 22 April, 2013, 6:02am

PBOC poised to widen trading band of yuan

Beijing is set to widen the yuan's trading band to make the pricing system for the currency more market-oriented. The move reflects the resolve of policymakers to push ahead with financial reforms despite the shaky economic recovery and rising inflows of capital.

19 Apr 2013 - 5:54am

Australia's deals with China create a model for bilateral ties

Asian nations worried about China's rise would do well to take note of the deals struck by Australia last week. The agreements, signed by Prime Minister Julia Gillard in Beijing, initiated direct trading of currencies, put in place an annual leaders' summit and promised joint exercises with the People's Liberation Army. As a whole, no other country can claim such bilateral ties.

15 Apr 2013 - 2:31am

No need to worry about China's competitiveness

Fears have been growing recently for China's competitiveness. On one hand, investors fret that the appreciation of the yuan is eroding the competitive edge of China's factories compared with their rivals in Southeast Asia.

15 Apr 2013 - 5:08am 3 comments

Yuan reaches record high against the US dollar

The People's Bank of China set the midpoint at 6.2506 yuan per US dollar - up from the fixing of 6.2578 on Thursday - ahead of a visit by US Secretary of State John Kerry to Asia. The yuan jumped to 79.775 Hong Kong dollars per 100 yuan, just near the record of 79.729 on Wednesday.

13 Apr 2013 - 6:22am 12 comments

Yuan gain points to confidence in Beijing

The yuan is rising in tandem with the US dollar for the first time since 2011, a sign mainland policymakers are confident the nation's growth will pick up from its slowest pace in 13 years.

10 Apr 2013 - 3:57am

Yuan and Australian dollar to start direct trading

Australia & New Zealand Bank and Westpac Banking had been approved by the People's Bank of China as market makers for the direct trading of the currencies, Gillard said in Shanghai yesterday. "This will be a huge advantage for Australia, not only for our big businesses, but also for our small and medium enterprises that want to do business here," she said.

9 Apr 2013 - 4:24am

China looking at direct yuan trade with Australian dollar

China may soon allow its currency to trade directly with the Australian dollar, according to officials from the central bank and a top government think tank. The official at the People's Bank of China, who did not want to be identified, said moves were afoot to allow direct trade settlement between Australia and China, rather than through the US dollar, lowering transaction costs. He said the possibility was under discussion at the Boao Forum, on Hainan, but refused to provide a time frame.

8 Apr 2013 - 9:15am

Yuan strengthens to highest level against US dollar in 19 years

The yuan strengthened beyond 6.21 per US dollar for the first time in 19 years yesterday after the People's Bank of China raised the currency's reference rate and as investors reassured by a bailout deal for Cyprus returned to emerging-market assets.

26 Mar 2013 - 4:59am

NYSE Euronext aims to unlock yuan potential

NYSE Euronext, the transatlantic exchange operator, is looking to tap new opportunities in yuan-denominated currency and interest-rate products for the European market by offering a global trading and clearing platform.

22 Mar 2013 - 4:47am