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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.
ISLAMABAD, Jan. 1 (Xinhua) -- Pakistan and China on Saturday officially launched the Pakistan-China Friendship Year of 2011 in Islamabad, which will feature a year-long celebration to mark the 60th anniversary of the establishment of diplomatic relations between the two countries.Addressing a ceremony in the Pakistan-China Friendship Center, Pakistani Foreign Minister Shah Mahmood Qureshi said a series of events and activities will begin countrywide with the start of 2011, which was declared as the Year of Friendship by Chinese Premier Wen Jiabao and his Pakistani counterpart Yousuf Raza Gilani during Wen's visit to Pakistan in December.Qureshi termed the ceremony held in the friendship center as significant, saying the cultural complex itself, recently inaugurated by Wen and Gilani, is a symbol of the friendship between the two neighbors.Chinese Ambassador to Pakistan Liu Jian said the Chinese premier paid a successful and historic visit to Pakistan and the year of 2010 witnessed a continued, stable and vigorous growth of the strategic partnership of bilateral cooperation.Liu said China and Pakistan will hold a series of wonderful commemorative activities covering such fields as politics, economy, culture, education, sports, military and others in the new year.He believed that all the activities will further promote mutual understanding and brotherly friendship between the two peoples and bring the all-weather relations to a new high.At the ceremony, Pakistani Foreign Secretary Salman Bashir conveyed the congratulatory messages from Pakistani President Asif Ali Zardari and Prime Minister Yusuf Raza Gilani on the commencement of the Pakistan-China Friendship Year.
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.
BEIJING, Jan. 19 (Xinhua) -- Seven Chinese cities and provinces, including the national capital Beijing, will take local officials' water conservation efforts into account when assessing their work performance s in a bid to enhance the enforcement of water management measures.The Ministry of Water Resources has selected seven pilot areas nationwide and asked them to set warning lines for the quantity of water consumption, efficiency of water use and water pollution levels, Bi Xiaogang, spokesman of the Beijing Water Authority, told Xinhua on the sideline of the ongoing annual session of the Beijing Municipal People's Congress, the local legislative body."The officials will be held accountable if they fail to keep any of the three indexes under the warning line, and their annual work performance assessments will also be affected," Bi said.The measures might be included in this year's No. 1 central document, or the first document issued by the central committee of the Communist Party of China and the State Council every year, he said."It was highly feasible to introduce strict indexes in water management, and associate it with officials' work performance assessments, as it could put an end to sluggish enforcement of regulations," said Zhu Jianyue, a member of the municipal people' s congress.The municipal government would begin formulating the specific criteria of the warning lines in March, and the regulation was expected to be enacted by June, Bi said.He speculated that in the future, the government would draw lessons from its experience on fulfilling the five-year energy-saving and emission reduction goal to manage the country's water resources.In that way, the central government would set water conservation targets for municipalities and provinces, which would subdivide their targets to lower levels of governments, he said, adding whether the local government could meet their targets would be seen as a gauge of their performance evaluation.By then end of 2011, China had basically fulfilled its goals of reducing energy consumption per unit of gross domestic product (GDP) by around 20 percent and reducing total pollutant emissions by 10 percent from 2005 levels.In China, the per capita amount of water resources is merely one-quarter of the world's average, while the water consumption per 10,000 yuan (about 1,519 U.S. dollars) of GDP is about a dozen times that of developed countries."