• Fri
  • Dec 19, 2014
  • Updated: 7:36am

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.

ICBC expands in Middle East

Photo: Xinhua

ICBC is easily China's most outward-looking bank...

Thursday, 15 November, 2012, 1:29pm

Think tank predicts 5.7 yuan to the US dollar by 2017

Photo: Reuters

The exchange rate of the Chinese yuan against the US dollar will be 5.7 in 2017, Caixin reports, citing a private think tank’s prediction.

7 Nov 2012 - 3:12pm

Beijing says yuan has reached equilibrium against US dollar

Zhou Xiaochuan

China says its currency has approached its equilibrium rate against the US dollar, indicating chances are slim that the yuan will continue rising significantly.

People's Bank of China governor Zhou Xiaochuan , in a speech delivered in Tokyo on his behalf by one of his deputies, stressed the yuan's valuation is mainly determined by the market, not government intervention.

15 Oct 2012 - 8:36am

China central bank says currency near equilibrium

Zhou Xiaochuan, governor of the People’s Bank of China, stayed away from the IMF meetings, but one of his deputies delivered his remarks on Sunday. Photo: AP

China’s currency has reached its equilibrium rate and its value is mainly determined by the market, rather than intervention, Beijing’s central bank chief said on Sunday, signalling there is little likelihood of major movement in the yuan’s value in the near future.

29 Aug 2013 - 4:13am

China fails to set timetable for financial reforms

Blueprint sheds no light.

True to form, mainland policymakers played safe in setting the latest five-year blueprint for the nation's financial sector, with no ambitious deadlines set for important reforms.

2 Oct 2012 - 2:46am

Business Digest, September 21, 2012

China Ocean Shipping is eyeing the possibility of expanding into offshore oil and gas.

Taiwan export orders from mainland rise

21 Sep 2012 - 2:46am

London and HK push for yuan role

David Wootton, Lord Mayor of the City of London

A high level forum of Hong Kong and London bankers will meet again in December to study measures to push the two cities' roles in the internationalisation of the yuan, according to David Wootton, Lord Mayor of the City of London.

15 Sep 2012 - 4:03am

China Digest, September 15, 2012

Beijing

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.

15 Sep 2012 - 3:45am

Mainland slows down forex buying

With the private sector less keen to convert foreign currency, yuan supply is tightening. Photo: Reuters

Foreign exchange accumulation on the mainland decelerated drastically this year, limiting the central bank's alternatives in boosting money supply.

The People's Bank of China's purchases of foreign exchange totalled 298.8 billion yuan (HK$365.79 billion) in the first seven months of the year, a year-on-year slump of 87 per cent, it said.

24 Aug 2012 - 3:37am

Subsidies keep Rongsheng Heavy Industries in black

China Rongsheng says four very large ore carriers like these have been delivered since the beginning of this year. Photo: Reuters

China Rongsheng Heavy Industries, the mainland's largest shipbuilder in terms of order backlog, saw interim net profit for the six months ended June 30 plunge 82.3 per cent to 215.77 million yuan (HK$263.7 million), down from 1.22 billion yuan in the same period last year.

22 Aug 2012 - 4:21am

Yuan's globalisation will take a while

Jake van der Kamp

The internationalisation of the renminbi is expected to continue to pick up pace, alongside the ongoing liberalisation of China's exchange rate, capital account and domestic financial market.

Donna Kwok, HSBC Greater China economist,Insight page, August 20

21 Aug 2012 - 7:32am

China Digest, August 17, 2012

China Digest, August 17, 2012

CHONGQING

Delayed passengers rebel

17 Aug 2012 - 4:17am

Losing its shine

Losing its shine

Zijin Mining Group chairman Chen Jinghe addresses a briefing after China's largest gold producer reported a disappointing first-half net profit of 2.38 billion yuan (HK$2.91 billion). Photo: May Tse

14 Aug 2012 - 9:39am

China Digest

Gansu

Highways to charge by weight

14 Aug 2012 - 7:50pm

Spending spree begins - but don't expect 'big bang'

Mainland provincial and city leaders have laid out ambitious spending plans, reigniting speculation that a stimulus package similar to the programme launched during the 2008 global recession may be on the way.

15 Aug 2012 - 11:11pm