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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.

ISLAMABAD, Aug. 2 (Xinhua) -- All the Chinese trapped in the flood-hit Pakistan's northwest province of Khyber Pakhtunkhwa have been evacuated to safe places with the assistance of the Pakistani side, said Liu Jian, Chinese Ambassador to Pakistan on Monday.According to Liu, a total of 265 Chinese workers and engineers working at a hydro power station project in the Patan area of Kohistan District in Khyber Pakhtunkhwa were trapped on a mountain after a huge landslide triggered by floods and torrential rains washed across their work site on July 29.Three Chinese engineers and workers went missing after they were reportedly washed away by the flood water and landslide while working inside a tunnel.The trapped Chinese who retreated up to a nearby mountain surrounded by the flood water suffered a great deal as they were in serious lack of food and water and had to fight the coldness of living in the open atop a mountain lashed by torrential rains.Upon hearing the news of the Chinese trapped in the flood-hit area of northwest Pakistan, the Chinese embassy immediately kicked off an emergency rescue operation under the assistance of the Pakistani government, army and police.Three military helicopters were dispatched to the site where the Chinese were trapped for the rescue work. Large numbers of troops and police forces were mobilized as well. The Chinese ambassador together with his embassy colleagues also rushed to the site from Islamabad on July 31 by fighting the difficulties on the disrupted roads leading to Patan.After nearly five days of cocerted efforts by the Chinese and Pakistani sides, all the Chinese trapped on the mountain in the Patan area had been evacuated to safe places as of late Monday afternoon, said Liu Jian, adding that the search operation for the three missing Chinese is still underway.However, the chance for the survial of the three missing Chinese is very slim, said Pakitani police officers who are involved in the search operation.

ULAN BATOR, Aug. 3 (Xinhua) -- A group of children from China's earthquake-stricken Qinghai province arrived in Mongolia on Tuesday for an eight-day visit.A ceremony was held at the Nairamdal international children's center, 27 km from the capital city of Ulan Bator, to welcome the 59 children and youngsters from Qinghai in western China, which was hit by a major earthquake in April.Prime Minister Batbold Sukhbaatar invited the children from the quake-hit region for a visit in early June when Chinese Premier Wen Jiabao visited Mongolia.Last year, 60 children from China's southwestern Sichuan province, which was also hit by a deadly earthquake in 2008, visited Mongolia at the invitation of then Prime Minister Bayar Sanjaa.

NANCHANG, July 31 (Xinhua) - More cities, counties and townships in China have implemented community correction programs instead of imprisoning not-serious offenders, according to a statement released Friday after a meeting held by the Ministry of Justice in eastern China' s Jiangxi Province.In the first half of 2010, the community correction programs were implemented in four more prefecture-level cities, 84 more counties and city districts, and 2,858 more townships and urban communities, it said.That means the programs are now in 222 prefecture-level cities, 1,420 counties and city districts, and 17,981 townships and urban communities.Further, ten provinces and municipalities, including Beijing and Shanghai, have the programs in all their townships and urban communities.About 486,000 offenders have been committed to community correction programs nationwide, up from 350,000 at the end of 2009.Only 0.2 percent of them committed offences again while they were attending the correction program, the statement said.

BEIJING, June 13 (Xinhua) -- The 4th China International Private Equity Forum saw contractual agreements worth 15.5 billion yuan signed, before it closed in north China's Tianjin Municipality Saturday.The forum, which aimed at providing introduction services between investors and enterprises, attracted 729 private equity funds from 36 countries and regions.