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.


Foshan official denies huge embezzlement

A community party chief from Foshan has denied embezzlement and bribery charges in a case involving 100 million yuan (HK$123 million) in land-acquisition funds.