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.


State tobacco monopoly makes 320m yuan a day

China's state-run tobacco monopoly rakes in more than 320 million yuan (HK$393 million) in profits every day, according to figures released for the first time this week that expose the sheer magnitude of the mainland's tobacco industry.