• Thu
  • Aug 21, 2014
  • Updated: 10:00pm

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.

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.

Monday, 8 April, 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

Foreign hedge funds set to get yuan fundraising toehold

Shanghai has started the countdown to the introduction of a "qualified domestic limited partner" (QDLP) scheme, which will allow foreign hedge funds to raise yuan capital on the mainland to make investments in overseas securities.

19 Mar 2013 - 5:40am

PBOC 'has scope to widen' yuan band

The People's Bank of China has room to widen the yuan's trading band this year, a reform that could have been done earlier and more quickly, a prominent economist and former adviser to the central bank said.

12 Mar 2013 - 6:44am

Outgoing commerce chief warns over trade, inflation

The outgoing commerce minister fired a parting shot at Japan and the United States over the negative impact of their monetary easing on China's trade. Chen Deming's criticism came as unexpectedly strong figures were released yesterday for mainland exports last month

9 Mar 2013 - 5:42am

Currency warmongering as out of place as the real thing

Last week People's Bank of China deputy governor Yi Gang declared that the central bank is fully prepared for an outbreak of hostilities. This week the former economics tutor of incoming premier Li Keqiang said "China doesn't approve of some countries' overly accommodative monetary policy."

8 Mar 2013 - 4:30am

China to hike budget deficit to 1.2tr yuan to stabilise growth

Besides running a record-high budget deficit, the economic tasks facing the new cabinet also include maintaining a GDP growth rate of 7.5 per cent, keeping inflation steady at 3.5 per cent and guarding against financial risks to make growth more sustainable, something stressed by outgoing Premier Wen Jiabao in his last work report.

6 Mar 2013 - 5:24am 1 comment

Hong Kong's financial sector remains to be convinced by the benefits of Qianhai

While bankers see big benefits from Qianhai development there is scepticism elsewhere in the financial industry about whether the plan will benefit the sector or the Hong Kong economy as a whole.

26 Feb 2013 - 4:54am

Hong Kong bankers say reforms will help establish Qianhai as yuan centre

Moves to create the "Manhattan of the Pearl River Delta" on a patch of reclaimed land west of Shenzhen kicked off with a bang last month, and bankers are bullish over prospects for the future financial hub.

26 Feb 2013 - 5:21am