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BEIJING, Jan. 12 (Xinhua) -- The Chinese yuan strengthened to a record high against the U.S. dollar on Wednesday to reach 6.6128 per dollar.The central parity rate of the Chinese currency, also known as the renminbi (RMB), was set 88 basis points lower than Tuesday's 6.6216, according to the China Foreign Exchange Trading System.China's central bank announced on June 19, 2010, it would further reform the yuan exchange rate formation mechanism to improve its flexibility.On China's foreign exchange spot market, the yuan can rise or fall 0.5 percent from the central parity rate each trading day.The central parity rate of the 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 each business day.
BEIJING, Nov. 28 (Xinhua) -- China National Offshore Oil Company Limited (CNOOC) said Sunday Bridas Corporation, a joint-venture equally-owned by CNOOC International Limited and Argentina-based Bridas Energy Holdings (BEH), will acquire a 60 percent equity interest in Pan American Energy (PAE) from BP for approximately 7.06 billion U.S. dollars.The acquisition excludes PAE's assets in Bolivia, according to a statement on the website of CNOOC, China's largest offshore oil and gas producer.CNOOC International, a wholly owned subsidiary of the company, and BEH have agreed to contribute about 4.94 billion U.S. dollars to Bridas to finance 70 percent of the proposed acquisition. The contribution will be made in equal amounts of approximately 2.47 billion U.S. dollars by CNOOC International and BEH.The remaining 30 percent, or approximately 2.12 billion U.S. dollars, will be satisfied by third party loans to be arranged by Bridas and additional contributions from CNOOC International and BEH.Completion of the acquisition is conditional on, among others factors, all necessary government and regulatory approvals, and is expected to take place in the first half of 2011.In the first half of 2010, CNOOC International and BEH completed the formation of a half-half joint venture in Bridas.

ROME, Nov. 8 (Xinhua) -- Italy and China launched on Monday a strategic "innovation alliance" aimed at boosting technological exchange and joint research in crucial sectors including health, energy and "e-government."The Italy-China Innovation Forum, which stood as the first major event for the one-year celebrations of the Chinese Culture Year in Italy marking the 40th anniversary of diplomatic ties between the two countries, was a great opportunity to foster contacts between Chinese and Italian entrepreneurs and pave way for a strengthened bilateral cooperation.The key message of the forum was the need both China and Italy shared to cooperate in innovation and technology, stretching from health to "e-government," renewable energy and energy efficiency, high-quality design and information and communication technology ( ICT). Chinese Minister of Science and Technology Wan Gang addresses the opening ceremony of China-Italy Innovation Forum in Rome, Italy, Nov. 8, 2010.Organizers of the meeting were Italian Innovation Minister Renato Brunetta, Chinese Minister for Science and Technology Wan Gang and Italy's major industrial association, Confindustria.In front of 250 Italian industrials and 100 Chinese businessmen and institution representatives, Minister Brunetta proposed to launch an "innovation alliance" from which both countries could benefit."Innovation curbs bureaucracy, allows direct access to services on internet and simplifies administrative procedures," he said, suggesting its revolutionary power in increasing a country's global competitiveness and well-being.At the forum Brunetta announced the launch of an important agreement between Italy's Innovation Agency and Beijing's Science and Technology Commission aimed at creating an Italy-China center for technological transfer which will focus on stimulating contacts between scientific parks, technological districts and small enterprises of both countries.
WASHINGTON, Jan. 13 (Xinhua) -- The United States and China must seize the "great opportunity" of cooperation to solve the common challenges facing the world today, said U.S. Commerce Secretary Gary Locke on Thursday."We can be certain that it will be a better future if the Chinese and American governments pursue cooperation over confrontation in the economic sphere," Locke said at a luncheon hosted by the U.S.-China Business Council in Washington.
BEIJING, Nov. 21 (Xinhua) -- The State Council, China's cabinet, announced Sunday a slew of measures to rein in rising commodity prices to ease the economic pressures on the people.Local governments and departments are required to boost agricultural production and stabilize supply of agricultural products and fertilizer while reducing the cost of agricultural products and ensuring coal, power, oil and gas supplies, the State Council said in a seven-page circular.The cabinet urged local departments to step up vegetable-planting efforts while stabilizing winter vegetable production and strengthening grain and edible-oil production field management to ward off supply shortages.To reduce delivery costs, road tolls for vehicles transporting fresh- and live-farm produce will be forbidden from Dec. 1, the circular said.The cabinet also ordered local authorities to continue to reduce the prices of power, gas and rail-transport for chemical-fertilizer producers while ensuring coal supplies for power generation companies and increasing production of oil -- especially diesel -- to guarantee sufficient supply.Local governments must temporarily disburse subsidies to needy people and increase allowances for poor students and student canteens, the circular added.Local authorities were ordered to establish coordinated social-security mechanisms that promise a gradual rise in basic pensions, unemployment insurance and minimum wages.Local departments were also ordered to adjust prices promptly and to impose temporary price controls on important daily necessities and production materials where necessary.Market monitoring will be intensified to clamp down on hoarding and speculation in major agricultural products, the circular added.Chinese decision makers have made price controls a top priority, as the consumer price index (CPI), the main gauge of inflation, rose to a 25-month high of 4.4 percent in the 12 months to the end of October. The hike was mainly due to a 10.1-percent surge in food prices. Food prices have a one-third weighting in China's CPI calculation.China has been moving to mop up excessive liquidity to combat inflation, with the latest move to target over-liquidity in the banking system.The People's Bank of China, or the central bank, said Friday it would raise capital reserve requirements by 50 basis points for all the banks of the country for the fifth time this year to control credit and liquidity.
来源:资阳报