CONCERN has been raised over the value of the US dollar against the yuan on the open swap market. Statistics from the National Foreign Exchange Swap Centre show that the market price for US$1 is about 8.3 yuan, while the official exchange rate is 5.75. The high market price will affect China's industrial and agricultural production, increase production costs, reduce economic returns, and push prices up, thus affecting the development of the national economy. In order to counter the sharp rise of foreign currencies against the yuan, specialists have suggested that Beijing should adopt economic, legal and administrative methods to reinforce macro-control and crack down on profiteering. DENWAY Investment, the latest mainland enterprise to list in Hongkong, raised about $402 million. The flotation of the mainland carmaker was a record 659 times over-subscribed. On its first day of trading on the stock exchange, Denway ended at $2.20 against the $1.22 issue price. The share is trading at a 64 per cent premium to its issue price, but the only winners so far in this issue are banks, pink-form subscribers and the company itself. THE Shanghai Securities Exchange (SSE) announced that seven new A shares would be listed in March. The seven include Shanghai Shuanglu Electric, Hainiao Electronic, Pudong Dazhong Taxi, 3F New Materials, Huangpu Real Estate, Shanghai Audio and Video and Jinqiao Export Processing Zone Development. The SSE has tried to ease investors' worries by saying that the seven shares to be listed in March have a total of only 95.31 million yuan (about HK$128 million) in shares to offer to private investors, less than the 166 million yuan available this month. AMERICAN Telephone and Telegraph (AT & T) and the China State Planning Commission have signed a Long Term Comprehensive Partnership Memorandum. According to the memorandum, AT & T will establish close ties with its Chinese counterparts, jointly manufacturing advanced program-controlled switching systems and establishing a research and development centre transferring micro-electronics, manufacturing and research technology; and developing wireless movable telecommunications networks. Meanwhile, AT & T (China) has signed an agreement with Hongkong Telecom CSL and China Hewlett-Packard to co-operate in the distribution and supply of AT & T structural cabling systems in the Chinese market. JAPAN has agreed to start bilateral negotiations with China on tariff and non-tariff concessions at the request of the Chinese side. The announcement was made when a high-level Japanese delegation met with Chinese officials to discuss China's bid to rejoin the General Agreement on Tariffs and Trade. The announcement indicated Japan's readiness to grant China unconditional most-favoured-nation status.