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BEIJING, April 27 -- The yuan will remain stable against the U.S. dollar as China will take a cautious and stable position in its foreign exchange investment. The Chinese currency gained against the US dollar in the past week and ended at 6.8273 last Friday, according to the China Foreign Exchange Trade System. The yuan closed at 6.8311 by the end of the previous week. China will continue its policy of diversifying its huge amount of foreign exchange reserves, the currency regulator said last Friday. Hu Xiaolian, head of the State Administration of Foreign Exchange, told Xinhua news agency that it will stick to major currencies and high-quality assets in its foreign exchange investments. China's overseas earnings hit 82.5 billion U.S. dollars in the past year, an 8-percent rise from a year earlier, according to data released by the administration last Friday. Hu also noted the positive outlook of China's economy has lessened concerns over a depreciation in the yuan.
BEIJING, May 17 -- Shanghai will step up efforts to lure more talent, beef up development of its legal system and improve its credit database as part of efforts to develop a global financial center, Vice Mayor Tu Guangshao said Saturday. The city will also enable financial markets and institutions to play an important role in financial innovation and make the Pudong New Area a pioneer for financial reforms, Tu told the Lujiazui Forum in Shanghai. "To realize our goals, we need a combination of forces," said Tu. "We need guidance and support from the central government in terms of rules' drafting and coordination. We also need financial markets and companies to make contributions." From left: Xu Xiaonian, professor of CEIBS, Hu Zuliu, chairman of Goldman Sachs China, Xie Guozhong, board member of Rosetta Stone Advisors, Ha Jiming, chief economist of China International Capital Corp and Wang Qing, chief economist of Morgan Stanley China discuss issues at the Lujiazui Forum Saturday Shanghai must have "breakthrough and innovation" in its measures to attract financial talents, the most important element in building the city into an international financial hub, Tu said. The city should also have a solid financial legal system and the municipal government is working to improve the arbitrary, hearing and verdict processes of financial cases, according to Tu. He added that local government will cooperate with the People's Bank of China to improve the city's credit environment. One focus will be the establishment of a credit ratings system for small- and medium-sized enterprises to facilitate fundraising, Tu said. Xu Lin, Party Secretary of Pudong New Area, told the forum the district will shore up its preparation for financial innovation, including establishing an over-the-counter equity exchange for start-up technology firms. Pudong will also trial programs to settle cross-border trade using the yuan and to set up consumer finance companies to fund people's purchases of durables such as home appliances and electronics. Xu also noted that Pudong will fast track the development of financial services for the shipping industry as China pursues building Shanghai into an international financial and shipping hub by 2020. "The district will encourage capital from various sources to help innovation and upgrade industry," Xu said. "More credit support will be given to small companies in terms of innovation." Financial experts attending the two-day Lujiazui Forum, which ended Saturday, called on the city to take more measures to retain talent and financial institutions. "The major European and US markets are reshuffling after the crisis and it has created a good opportunity for Shanghai to lay a sound basis and infrastructure for rising as an international financial center," said Laura Cha, deputy chairman of the Hongkong and Shanghai Banking Corp. "We should learn lessons from them and avoid the mistakes they have made." Shanghai is still lagging behind in terms of financial talent both in quality and quantity, she added. She suggested shoring up the city's financial high education sector and rotating financial talents to develop more overseas experience.

BEIJING, May 17 (Xinhua) -- Chinese military authorities pledged Sunday to tighten supervision on senior and middle ranking officers, through strict punishment in cases of breach of duty and regular inspection of their work. The military will adopt a strict system to investigate and punish senior officers for breaching duty or making mistakes, said a circular issued by the Central Military Commission (CMC) on Sunday. The document, approved by CMC Chairman Hu Jintao, said it will also introduce a system of accountability by regular inspection on the work of officers at army corps level. Military units higher than regiment level of the People's Liberation Army must review the work of their commanding officers at least once a year, it added. Commanding officers from regiment to army corps levels are usually regarded as middle and senior ranking PLA officers. It will tighten inspection on senior officers to see whether they strictly follow the military disciplines and show loyalty to the Communist Party of China. The circular called on the officers to keep a communist nature. "In the face of a complicated ideological situation, senior military officers must stick to their faith and keep a firm political stance," it said. They should devote themselves to building up the country's military capacity to win local wars in the information age, it said. The document said that the supervision and inspection will focus on any examples of extravagance and waste by military officers.
BEIJING, July 1 (Xinhua) -- The Purchasing Managers' Index (PMI) of China's manufacturing sector stood at 53.2 percent in June, the China Federation of Logistics and Purchasing (CFLP) said Wednesday. The figure was up 0.1 percentage points from May, when the index fell 0.4 percentage points from the previous month. A reading of above 50 suggests expansion, while below 50 indicates contraction. The PMI includes a package of indices that measure economic performance. The survey, conducted by the National Bureau of Statistics, covers purchasing and supply managers at more than 700 firms across China. The output index was 57.1 percent, up 0.2 percentage points from a month ago. The new order index fell to 55.5 percent from 56.2 percent in May and 56.6 percent in April. The purchasing price index climbed 4.7 percentage points to 57.8 percent, the seventh monthly increase since December.
st groups travel to the island after a meeting between the mainland's Association for Relations Across the Taiwan Strait chairman Chen Yunlin and the Taiwan-based Straits Exchange Foundation chairman Chiang Pin-kun in June last year. The first tourist group arrived in Taiwan on July 4.
来源:资阳报