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BEIJING, Feb. 11 (Xinhua) -- China's foreign exchange regulator said Friday it did not suffer any losses from its investment in Fannie Mae and Freddie Mac bonds, adding that media reports of up to 450 billion U.S. dollars of losses were "groundless.""Up until now, the capital and interest repayments of Fannie Mae and Freddie Mac bonds is normal, and no losses have incurred," The State Administration of Foreign Exchange (SAFE) said on its website.Annual yields of the bonds were around 6 percent between 2008 and 2010, the SAFE said.The regulator, which oversees China's more than 2 trillion U.S. dollars of foreign exchange reserve, also clarifies it had not bought any stocks of the two troubled mortgage companies.UPI reported on Friday that the Obama Administration will propose phasing out the two mortgage giants after rescuing them, which is part of a U.S. Treasury Department white paper to Congress that lays out three ways of cutting government support to the 10.6 trillion U.S. dollars mortgage market.

BEIJING, Feb. 14 (Xinhua) -- China's meteorological authority announced on Monday that it has received 7.5 million yuan from the country's Ministry of Finance to strengthen its efforts in fighting persistent drought in some regions.The fund would be used to support efforts by meteorological departments in Shanxi, Hebei, Anhui, Shandong, and Henan provinces, all major crop-producing regions, to conduct activities for seeding clouds and making artificial rain, according to a statement posted on the National Meteorological Administration website.Government data shows that a prolonged drought since last October had affected 108.24 million mu (7.22 million hectares) of wheat crops in those provinces, as well as Jiangsu, Shaanxi and Gansu provinces, as of Sunday.The statement added that some of the affected regions experienced two rounds of snowfall last week, which were helpful in alleviating the drought. However, the major wheat-growing provinces of Shandong and Henan recorded no rainfall.The country's meteorological authority also predicted no significant rainfall or heavy snowfall for the dry regions over the next three days. (One U.S. dollar equals roughly 6.6 yuan.) 

SAN FRANCISCO, May 3 (Xinhua) -- Microsoft announced on Tuesday that its Bing search engine will become the default search and mapping application on Blackberry phones.Microsoft Chief Executive Officer Steve Ballmer announced the partnership with Research in Motion (RIM), which makes Blackberry phones, at the Blackberry World Conference in Orlando, Florida, according to a Microsoft blog post.Ballmer said Microsoft would invest uniquely in the Blackberry platform in addition to its own Windows Phone platform."Bing will be deeply integrated at the BlackBerry OS (operating system) level," Ballmer said.Central to the collaboration, Blackberry devices will use Bing as the preferred search provider in the browser, and Bing will be the default search and map application for new devices presented to mobile operators, both in the United States and internationally, said Microsoft's Bing team in the blog post.Meanwhile, Bing is also shipping as the default search experience and map application for the newly released Blackberry Playbook, a RIM tablet computer which made market debut on April 19.On Tuesday's Blackberry conference, Ballmer called Google's Android ecosystem "chaos" and the Apple iOS "limited" before he hailed Windows Phone 7 and Blackberry. Microsoft and RIM are both competing with Apple, which makes the iPhone and iPad, and Google, which makes the Android operating system for smartphones and tablets in the booming mobile device market.

BEIJING, Feb. 15 (Xinhua) -- A senior Chinese mainland official has said the government will work with Taiwan to enhance cross-Strait economic exchanges and cooperation.The mainland would this year focus on fulfilling the cross-Strait Economic Cooperation Framework Agreement (ECFA) and conducting follow-up negotiations on the pact, which took effect in September last year, Xu Mang, director of the economy bureau of the Taiwan Affairs Office of the State Council, told Xinhua in an interview.Top of the follow-up agenda was cross-Strait investment protection. The mainland hoped to reach a mutually beneficial agreement on the issue with Taiwan at an early date, with concerns of both sides respected, Xu said.Xu said the two sides should adhere to the principle of balance in negotiations, aiming for effective protection, fewer restrictions and more convenience for cross-Strait investment.Mainland and Taiwan negotiators agreed in December last year to continue discussing the investment protection agreement at the seventh round of talks scheduled for this year.The mainland would also continue this year to encourage investment in Taiwan, address Taiwan enterprises' concerns over economic transformation and development, and promote cross-Strait cooperation in finance, modern services and agriculture, Xu said.The first step in implementing the ECFA, the "early harvest program," took effect on Jan. 1, when the mainland reduced tariffs on 539 Taiwanese items, or 16 percent of imports from Taiwan, while Taiwan cut duties on 267 mainland items, 10 percent of imports from the mainland.Within two years, the duties on those products will be reduced to zero.Xu said the implementation of the early harvest program would boost trade links across the Strait.As the products receiving tariff reductions covered industries including agriculture, petrochemicals, machinery, textiles and transport, Taiwan businesses on the mainland would benefit from lower purchase costs on Taiwan raw materials, Xu said.Taiwan's small and medium-sized enterprises and low-income groups would especially benefit from the tariff reductions on exports of 18 agricultural products to the mainland, Xu said.Statistics from Taiwan showed that driven by the tariff reduction, the island's small and medium-sized enterprise export trade volume to the mainland would increase to 18 billion U.S. dollars per year."The tariff reduction policy will benefit more Taiwan compatriots," Xu said.Cross-Strait trade volume totaled 145.37 billion U.S. dollars last year, a rise of 36.9 percent year on year. The figure included 115.69 billion U.S. dollars of Taiwan exports to the mainland, up 20.2 percent. 

BEIJING, Jan. 24 (Xinhua) -- China has invested 115 billion yuan (17.45 billion U.S. dollars) on the South-to-North Water Diversion Project as of the end of last year, a senior official said Monday.E Jingping, director of the Office of the South-to-North Water Diversion Project Commission (SNWDPC) of the State Council, said construction on 40 projects began last year, marking a new annual record.No major accidents happened while constructing the projects last year, E said.The South-to-North Water Diversion Project is designed to divert water from the water-rich south of China, mainly the Yangtze, the country's longest river, to the country's arid northern regions. It will consist of three routes: an eastern, middle and western route. The project started with construction of the eastern route in 2002.Up until now, both of the eastern and middle routes were already under construction. The western route, meant to replenish the Yellow River with water from the upper reaches of the Yangtze through tunnels in the high mountains of western China, is still in the planning stage.About 330,000 people in Hubei and Henan Provinces will be relocated before the middle route is completed in 2014.