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China has made some progress in financial reforms but needs to improve the convertibility of its currency, said Eswar Prasad, former chief of the International Monetary Fund's China Division.

A truly internationalized yuan should be based on a floating exchange rate system and a market-oriented interest rate system, said Fei Fangyu, deputy head of the China Academy of Financial Research under Shanghai Jiao Tong University.

BEIJING, Jan. 27 (Xinhua) -- Local authorities should take measures to guard against traffic accidents as snow and rainfalls are expected to hit most parts of the country's southern regions, affecting millions that were making their returning trips, the National Holiday Tourism Office said Friday.Traffic flow on China's railways received the first returning peak on Friday, the sixth day of the week-long Spring Festival holiday. Long-distance trips are showing signs of cooling while short-distance tours are still popular, said the office.Though the holiday is nearing its end, scenic spots across the country still saw increasing visitors. Sightseers to Shanghai's Oriental Pearl rose 6 percent year-on-year on Friday while those to the World Financial Center observatory rose 16.7 percent, data from the office showed.China Meteorological Administration (CMA) said Friday that most parts of south China will see precipitation from Jan. 27 to 30, while light snow or fleets will hit the middle and lower reaches of the Yangtze River.The office asked relevant authorities to step up preventive measures to brace for the bad weather to ensure safety for the tourists.The Spring Festival, or Chinese Lunar New Year, which fell on Jan. 23 this year, is traditionally a time for family reunions in the nation.

BEIJING, Feb. 29 (Xinhua) -- China will further boost the use of its currency in cross-border trade and investment settlements in 2012 as it gradually makes the yuan more internationally convertible, the country's central bank said Wednesday.

The commission also pledged to set up an open mechanism to address public complaints.