• Mon
  • Dec 29, 2014
  • Updated: 5:06pm


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.

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.

Wednesday, 15 August, 2012, 11:11pm

Toothpick sellers fined for lacking logging licence

With reports of toothpick sellers being fined thousands of yuan for not having a logging licence, hundreds of owners of small shops in the provincial capital of Liaoning have chosen to close their doors for fears they could be the next victim of a city government crackdown.

15 Aug 2012 - 11:10pm

Three banks to offer yuan accounts to non-residents

Three lenders will offer yuan services for non-residents from today as part of a move to expand their business in that currency, after yuan trade settlements rose to a record high in June.

15 Aug 2012 - 10:47pm

Talking points

Our editors will be looking ahead today to these developing stories ...

Tribunal hears claim against roaming charges

15 Aug 2012 - 10:42pm

Ming-style luxury on sale for a humble 500m yuan

A luxury Chinese-style garden villa project in Suzhou, Jiangsu province, has been launched in Hong Kong, with the biggest unit going for a whopping 500 million yuan (HK$608 million).

31 Jul 2012 - 12:00am

Hong Kong will allow non-residents to open yuan bank accounts

Hong Kong will allow non-residents to open yuan bank accounts and buy unlimited amounts of the currency from next Wednesday in a bid to attract overseas investors to invest in yuan products in the city, as it seeks to defend its claim as the leading global offshore-trading hub for the currency.

26 Jul 2012 - 12:00am

Spending on perks defies cuts call

Despite efforts by the top leadership in Beijing to reduce spending on official receptions, overseas trips and limousines in the face of widespread public anger, the Ministry of Public Security has still budgeted nearly 40 per cent more for banquets, trips and cars this year.

21 Jul 2012 - 12:00am

State agencies reveal spending

A central government official may easily spend more than his annual salary on business trips and official banquets, according to figures released by several ministries yesterday.

20 Jul 2012 - 12:00am

Hainan trade zone's 'rising star' admits graft

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.

19 Jul 2012 - 12:00am

CRCC will roll HK$99b into railways

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

Record price paid for site in Beijing

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

Wen casts a cloud over Beijing sale

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

Hundreds held for traffic in babies

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

Crackdown nets 146 officials in Shenzhen

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

Auditor's report details litany of financial abuse

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