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.
A former senior official with an economic development zone in Hainan province, who had been a rising star at just 32 years old, recently pleaded guilty in a local court to taking 16 million yuan (HK$19.7 million) in bribes, a report said yesterday.Thursday, 19 July, 2012, 12:00am
State-owned China Railway Construction Corporation (CRCC) plans to spend 80.66 billion yuan (HK$99 billion) on infrastructure, urban development and property in the next three years, its bond prospectus says.14 Jul 2012 - 12:00am
A prime residential site in Beijing yesterday became the most expensive site in the capital in terms of floor area, three days after Premier Wen Jiabao reaffirmed that cooling measures would continue.11 Jul 2012 - 12:00am
Weekend warnings that Beijing would 'unswervingly' fight property speculation have cast a cloud over the proposed auction of a prime residential site there tomorrow.9 Jul 2012 - 12:00am
Mainland police arrested 802 people and rescued 181 infants this week in one of the largest crackdowns on baby trafficking, busting two syndicates operating across 15 provinces.
For the first time, police found clinics collaborating with baby traffickers and providing 'technical support', such as sex determination and delivery. In some cases, babies were even auctioned.7 Jul 2012 - 12:00am
Shenzhen has released preliminary details on the local impact of a province-wide crackdown on corruption, claiming 146 government officials have been arrested since February on suspicion of involvement in cases of graft totalling 150 million yuan (HK$184 million).28 Jun 2012 - 12:00am
The mainland's top audit office says 300 central government officials, including some department chiefs, abused funds totalling almost 4.4 billion yuan (HK$5.4 billion) last year.28 Jun 2012 - 12:00am
Hong Kong shares of major car dealers dropped yesterday after mainland officials played down reports that more incentives to boost the market were in the pipeline.27 Jun 2012 - 12:00am
Two companies, both from the mainland, have filed preliminary prospectuses with the Hong Kong stock exchange to raise funds despite the weak market sentiment.
In addition to mining iron and copper, Wanguo International Mining, processes ore and sells metal concentrates. It plans to raise up to HK$315 million, according people familiar with the matter.26 Jun 2012 - 12:00am
Pricey traditional foods have triggered public complaints during previous Dragon Boat festivals, and this year is no exception.23 Jun 2012 - 12:00am
Positano is not the most luxurious mainland villa project that has been released for sale in Hong Kong, nor the most expensive. But it has captured the attention of local buyers because of its location - in the Daya Bay district on the South China Sea.20 Jun 2012 - 12:00am
Last week, Hunan provincial police announced they would launch a fresh probe into the suspicious death in hospital of June 4 activist Li Wangyang. The decision has apparently been prompted by the public outcry in Hong Kong where tens of thousands of people including prominent politicians and lawmakers called for an open and thorough investigation into his death.18 Jun 2012 - 12:00am
The mainland's Chinese Welfare Lottery will make the biggest payout in its history after a ticket won 570 million yuan (HK$698 million) in Tuesday night's draw.
The ticket was bought from a kiosk in a hotel in the Sanlitun area in the Chaoyang district of Beijing.14 Jun 2012 - 12:00am
Two former soccer bosses were each handed 10 1/2 years in prison for corruption and eight other big names in the sport, including former players in the national team, were also punished for graft yesterday.
Former Chinese Football Association (CFA) vice-chairman Nan Yong was charged with 17 counts of taking bribes worth more than 1.19 million yuan between 1999 and 2009.14 Jun 2012 - 12:00am
A year has passed since the city's stock exchange operator rolled out its guideline for firms to issue yuan-denominated shares, but there still aren't any takers for what was then seen as a game-changer.
Last June, Hong Kong Exchanges and Clearing (HKEx) introduced the so-called dual-option model.11 Jun 2012 - 12:00am