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BEIJING, Oct. 8 (Xinhua) -- The central parity rate of the yuan, China's currency Renminbi (RMB), jumped 181 basis points, or 0.27 percent, Friday to a new record high at 6.6830 per U.S. dollar, according to the data released by the China Foreign Exchange Trading System.Friday's central parity rate beat the previous record of 6.6936 on Sept. 29.The yuan has picked up its strength against the U.S. dollars and seen increased volatility in the trading days since the People's Bank of China (PBOC), the central bank, announced on June 19 this year to increase exchange rate flexibility.Based on Friday's central parity, the Chinese currency has strengthened against the U.S. dollar by 2.12 percent from the rate of 6.8275 per U.S. dollar that was set a day before the PBOC's pledge to increase flexibility.On China's foreign exchange spot market, the yuan can rise or fall 0.5 percent from the central parity rate during trading each day.The PBOC released the yuan's central parity rates against a basket of currencies -- the U.S. dollar, the euro, the Japanese yen, the Hong Kong dollar, the British pound and the Malaysian Ringgit.The yuan's parity rate against the euro was set by the central bank at 9.2951 Friday, higher from 9.1329 on Sept. 30, the last trading day.The yuan's rate against 100 yen was 8.1040 Friday, compared with 7.9999 on Sept. 30.The Chinese currency fell 61 basis points against the British pound with the central parity rate being set at 10.6079 from 10.6018 on the previous trading day.The central parity of RMB against the U.S. dollar is based on a weighted average of enquired prices from all market makers before the opening of the market in each business day.The central parity of RMB against the other five currencies is based on the central rate of RMB against the U.S. dollar of the same business day as well as the exchange rates of the five currencies against the U.S. dollar at 9 a.m. (0100 GMT) of the same business day in the international foreign exchange market.

BEIJING, Oct. 18 (Xinhua) -- There will be unrelenting efforts to crack down on activities such as illegal financing and pyramid selling by insurance agents, the China Insurance Regulatory Commission (CIRC) said Monday.The CIRC issued the statement on its website after two cases came to the attention of the insurance regulatory bureaus in Liaoning and Zhejiang provinces.In Liaoning, He Feng, head of the Chende Insurance Agent Company, was detained for collecting capital at high interest rates. In Zhejiang, the license of the Hangzhou Minfeng Insurance Agent Company Limited was canceled for luring policyholders by exaggerating prospective earnings.The CIRC reminded the public not to be misled by similar claims and encouraged them to report illegal activities to reduce their losses.
BEIJING, Nov. 2 (Xinhua) -- China will reduce its rare earth export quotas next year, but not by a very large margin, Yao Jian, spokesman of China's Ministry of Commerce, said Tuesday."To protect the environment and natural resources, China will stick to the quota system to manage rare earth exports next year, and quotas will also decline," Yao told Xinhua.Though giving no clear extent of the decline, Yao's remarks echoed the comments of Wang Jian, a vice minister of commerce, made Monday at a press conference."I believe China will see no large rise or fall in rare earth exports next year," said Wang.Wang emphasized that China has no embargo on rare earth exports, even though it uses a quota-system as a method of management.Containing a class of 17 chemical elements, rare earths have been widely employed in manufacturing sophisticated products including flat-screen monitors, electric car batteries, wind turbines, missiles and aerospace alloys. However, mining the metals is very damaging to the environment.Chinese officials have said on many occasions that China will strictly protect its non-renewable resources to prevent environmental damages due to over-exploitation and reckless mining.China started the quota system on rare earth exports in 1998 and later banned it in processing trade. In 2006, China stopped granting new rare earth mining licenses and existing mines have since been operating according to government plans.In early September, the State Council, or China's Cabinet, unveiled regulations to encourage merger and acquisitions within the industry.However, China's restrictive policies were criticized by Japan, the United States and other European countries, claiming China's management violated World Trade Organization rules."China has no choice but to take such measures," Chen Deming, China's Commerce Minister, said in August. He pointed out that exports of rare earths should not threaten the country's environment or national security.In response to the increasing criticism of China's rare earth exports management, the spokesman for China's Ministry of Industry and Information Technology said last week that China "will not use rare earths as a bargaining chip"."It is the common strategy of some countries, such as the United States, to use global resources while conserving their own in their homeland," said Zhang Hanlin, director of China Institute for WTO Studies in China's University of International Business and Economics."Creating conflicts on resource issues for their self interests is a common practice," he said.China is the world's largest producer and exporter of rare earths. With about one-third of all proven rare earth reserves, China's exports account for more than 90 percent of the world total."This shows some countries are conserving rare earth resources," said Yao.Early media reports said China would reduce the export quotas by up to 30 percent in 2011. Yet, this was denied as "false" and "groundless" by the Ministry of Commerce.The ministry said the Chinese government will set the 2011 export quotas based upon the rare earths output, market demand and the needs for sustainable development.It also said China would continue to supply rare earths to the world. Meanwhile, it will also take measures to limit the exploitation, production and exports of rare earths to maintain sustainable development, which is in line with WTO principles."Some countries managed to meet the openness requirement of international trade policies when limiting its resources exports," said Feng Jun, a director of the Shanghai WTO Affairs Consultation Center."China should learn from the experiences and explore its own way of protecting its strategic resources," said Feng.
TOKYO, Aug. 31 (Xinhua) -- Visiting China's special representative on Korean Peninsula affairs Wu Dawei said Tuesday that Beijing plans to put forward fresh measures to resume the stalled six-party talks at an early date.Wu made the comment to reporters after meeting with Japanese Foreign Minister Katsuya Okada, but he did not elaborate on what measures China will propose to bring Pyongyang back to the negotiation, which have been suspended since December 2009.Wu, who chairs the six-party talks involving Democratic People' s Republic of Korea and South Korea, China, Japan, Russia and the United States, said China needs to discuss the proposal with these member states and wants to hear their views about it.The Chinese envoy held talks with Japanese Chief Cabinet Secretary Yoshito Sengoku after meeting with Okada.The Japanese side agreed with China that the stability and peace of the Korean Peninsula are in the interest of all parties concerned, and vowed to continue push forward the six-party talks. Both sides said they will work to restart the stalled negotiation as soon as possible.Wu arrived in Tokyo on Saturday for a four-day visit to Japan after visiting Pyongyang and Seoul.
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