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BEIJING, June 21 (Xinhua) -- China's announcement that it would allow more flexibility in its yuan exchange rate meant an end to the crisis-mode policy the government took to cushion the blow from the global financial crisis, experts interviewed by Xinhua said Monday.The People's Bank of China, also known as the central bank, said Saturday that it decided to proceed even further with the reform of the Renminbi exchange rate to add flexibility to the RMB exchange rate.The decision was made in view of the recent economic situation and financial market developments at home and abroad, as well as due to the balance of payments situation in China, the central bank said. However, it ruled out a one-off revaluation of the yuan as there was no basis for large changes in its value.Experts noted it was the correct time for the exchange rate policy to return to its normal state, given the consolidated economic recovery, large decline in trade surplus and more balanced international payments.Zhao Xijun, deputy dean of the School of Finance with the Renmin University of China, said the normalization of China's exchange rate policy would intensify China's economic connection to the global economy and help promote the country's economic restructuring and adjustments of its development mode.China moved to a managed floating exchange rate regime in July 2005 which was based on market supply and demand and referencing a basket of currencies. The reform of the RMB exchange rate has made continuous progress since then, producing the anticipated results and playing a positive role.The financial crisis which broke out in the United States in 2008 shook the global financial markets and dented investment confidence. To counter fallout from the economic turmoil, nations rolled out their crisis-mode measures.Zhou Xiaochuan, governor of the central bank, said in March that the exchange rate policy China took amid the crisis was part of the government's stimulus packages, and would exit "sooner or later" along with other crisis-measures.China's economy expanded at 11.9 percent year on year in the first quarter of this year and exports surged 48.5 percent in May, government data showed.Zhao said China narrowed fluctuation of the RMB exchange rate to stabilize market sentiment and stimulate economic growth amid crisis, which was in the interests of China and contributed to the country's economic recovery.During the worst of the global crisis, exchange rates of a number of sovereign currencies to the U.S. dollar depreciated by large margins while the yuan kept stable. Against these depreciating currencies, the value of the yuan has been rising."Undoubtedly, it improved the trade environment for these countries and helped them through hard times," Zhao said, noting the policy contributed significantly to the Asian and global recovery."Narrowing the fluctuation of the yuan's value was the best exchange rate policy China could take during the crisis period, which gave export businesses a stable expectation of the yuan's value and reduced costs caused by a volatile currency," said Xiang Songzuo, Deputy Director of the Center for International Monetary Research at Renmin University of China.The central bank's move also intended to increase competitiveness of export businesses and accelerate economic restructuring.Zhao said when the RMB exchange rate regime becomes more market-oriented, China's export businesses should take more responsibilities and become more self-reliant.The central bank said Sunday that the management and adjustment of the yuan exchange rate would occur gradually, which was necessary to give export businesses time to adjust their business structures and create more jobs in the service sector.Cao Honghui, senior researcher with the Institute of Finance and Banking under the Chinese Academy of Social Sciences, said the further proceeding meant China would rely more on domestic demands for economic growth, which would push forward adjustments of the global economic structure.The central parity of the Renminbi against the U.S. dollar remained at 6.8275 Monday, unchanged from the previous trading day, according to the China foreign Exchange Trading System.

BEIJING, June 27 (Xinhua) -- Heavy rainfalls have ended in South China's flood-battered Provinces and water levels of major rivers in Jiangxi and Hunan provinces are receding, according to the State Flood Control and Drought Relief Headquarters (SFDH) Sunday.However, flood prevention work must not slow down since risks remain, said the SFDH.Also, water levels in Jiangxi Province's Ganjiang River and Poyang Lake remain higher than normal warning levels and water in Hunan Province's Dongting Lake is still rising.Persistent heavy rains that have devastated parts of south China had, by Saturday, left 379 dead, and 141 missing, and resulted in economic losses estimated at 82.4 billion yuan, the SFDH said.The torrential rains and ensuing floods have affected 68.7 million people in 22 provincial-level regions along with 4.36 million hectares of farmland, said the headquarters.

BEIJING, June 21 (Xinhua) -- China's announcement that it would allow more flexibility in its yuan exchange rate meant an end to the crisis-mode policy the government took to cushion the blow from the global financial crisis, experts interviewed by Xinhua said Monday.The People's Bank of China, also known as the central bank, said Saturday that it decided to proceed even further with the reform of the Renminbi exchange rate to add flexibility to the RMB exchange rate.The decision was made in view of the recent economic situation and financial market developments at home and abroad, as well as due to the balance of payments situation in China, the central bank said. However, it ruled out a one-off revaluation of the yuan as there was no basis for large changes in its value.Experts noted it was the correct time for the exchange rate policy to return to its normal state, given the consolidated economic recovery, large decline in trade surplus and more balanced international payments.Zhao Xijun, deputy dean of the School of Finance with the Renmin University of China, said the normalization of China's exchange rate policy would intensify China's economic connection to the global economy and help promote the country's economic restructuring and adjustments of its development mode.China moved to a managed floating exchange rate regime in July 2005 which was based on market supply and demand and referencing a basket of currencies. The reform of the RMB exchange rate has made continuous progress since then, producing the anticipated results and playing a positive role.The financial crisis which broke out in the United States in 2008 shook the global financial markets and dented investment confidence. To counter fallout from the economic turmoil, nations rolled out their crisis-mode measures.Zhou Xiaochuan, governor of the central bank, said in March that the exchange rate policy China took amid the crisis was part of the government's stimulus packages, and would exit "sooner or later" along with other crisis-measures.China's economy expanded at 11.9 percent year on year in the first quarter of this year and exports surged 48.5 percent in May, government data showed.Zhao said China narrowed fluctuation of the RMB exchange rate to stabilize market sentiment and stimulate economic growth amid crisis, which was in the interests of China and contributed to the country's economic recovery.During the worst of the global crisis, exchange rates of a number of sovereign currencies to the U.S. dollar depreciated by large margins while the yuan kept stable. Against these depreciating currencies, the value of the yuan has been rising."Undoubtedly, it improved the trade environment for these countries and helped them through hard times," Zhao said, noting the policy contributed significantly to the Asian and global recovery."Narrowing the fluctuation of the yuan's value was the best exchange rate policy China could take during the crisis period, which gave export businesses a stable expectation of the yuan's value and reduced costs caused by a volatile currency," said Xiang Songzuo, Deputy Director of the Center for International Monetary Research at Renmin University of China.The central bank's move also intended to increase competitiveness of export businesses and accelerate economic restructuring.Zhao said when the RMB exchange rate regime becomes more market-oriented, China's export businesses should take more responsibilities and become more self-reliant.The central bank said Sunday that the management and adjustment of the yuan exchange rate would occur gradually, which was necessary to give export businesses time to adjust their business structures and create more jobs in the service sector.Cao Honghui, senior researcher with the Institute of Finance and Banking under the Chinese Academy of Social Sciences, said the further proceeding meant China would rely more on domestic demands for economic growth, which would push forward adjustments of the global economic structure.The central parity of the Renminbi against the U.S. dollar remained at 6.8275 Monday, unchanged from the previous trading day, according to the China foreign Exchange Trading System.

HUZHONG, Heilongjiang, July 1 (Xinhua) -- More than 20,000 firemen are battling lighting-triggered forest fires in northeast China as continuous hot weather undermines their efforts, forest fire prevention authorities said.The fire, spotted Saturday, continued to spread Wednesday due to high temperatures after having weakened overnight, said Sun Zhagen, deputy director of China's National Forest Fire Prevention Headquarters.The forest fire first occurred in a part of the Greater Hinggan Mountains in Inner Mongolia Autonomous Region and then extended to the neighboring Heilongjiang Province.Rescuers were still struggling to put out the fire at more than 30 sites in the two regions, said a spokesman with the fire fighting headquarters at Huzhong, a major fire site.Further, another 6,000 fire fighters and additional equipment would be sent to control the fire in Heilongjiang, said the spokesman."As it is too hot to get close to the scene to put out the fire, we have to build fire barriers during the day and battle the blaze at night," said Pang Zhiqiang, a forest policeman.Sparks are being buried under the burnt debris of wood, often as deep as 30 cm and easily set on fire again by wind, said rescuers at Huzhong District."We felt thirsty, dizzy and had trouble breathing after staying in the burnt forest for just 10 minutes", one fireman said.Each of the rescuers, carrying about 25 kg of equipment on his back, could only carry four bottles of drinking water, a rescuer with the Heilongjiang forestry police force told a Xinhua reporter. "If the bottle water is not enough, we drink the river water, though there are worms in it."Some thirsty fire fighters said they even dug into the ground and breathed in the moisture. Also, many rescuers have become exhausted after remaining awake and working for four days.Temperatures in the Greater Hinggan Mountains Region have been hovering over 37 degrees Celsius recently and seven counties and districts have witnessed record-high temperatures, said Na Jihai, chief of the Heilongjiang Provincial Meteorological Bureau.Temperatures in Huzhong District hit 39.7 degrees Celsius Saturday, Na said.Fire-control experts in Inner Mongolia also said such an extremely-hot weather was rarely seen over the past six decades.The two regions have dispatched three aircraft and 10 cloud seeding rockets to conduct artificial precipitation operations, according to local meteorological departments.The dry and hot weather will continue for the next three days, but a light rain is forecast for Thursday, according to the National Meteorological Center of China Meteorological Administration."This is a battle between human beings and nature. We have to work hard to win," Sun Zhagen said.

XI'AN, July 3 (Xinhua) -- Three workers were killed Saturday after a towering crane collapsed at a school building construction site in northwest China's Shaanxi Province, according to local authorities.The accident happened around 1 p.m. when five people were working on the crane at the Shangluo Vocational and Technical College in Shangluo City, said a spokesman with the provincial emergency response office.The operator of the crane and two workers died after falling about 30 meters, while two other workers survived the accident by climbed down from the tower, said the spokesman.Another worker who suffered minor injuries was receiving treatment at hospital, he said.The cause of the accident is under investigation.