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MOSCOW, Jan. 21 (Xinhua) -- Russian and Chinese companies started construction of an iron ore dressing plant Friday in the Evreyskaya Autonomous Oblast to provide high-grade iron ore to the Asia Pacific region, including China.Yury Makarov, chief executive officer of IRC Ltd., told Xinhua the plant would reach its designed capacity in 2013 at 10 million tons of iron ore and 3.2 million tons of iron ore concentrates, which contain up to 65 percent iron.Makarov said that 20 percent of the iron ore concentrates, which are natural iron ore processed through crushing, grinding and dressing, would be used to meet demands of Russia's far east and the rest would go to the Asia-Pacific market. Currently, China imports large amounts of concentrates from Brazil, Australia and India."We are very open to interaction with various countries of the Asia-Pacific region, especially China. The volume of processed iron ore has been increasing every year. We will be happy to deliver iron ore to your companies as well as any other consumers who are willing to purchase our products," he said.The plant will draw its resources from the Kimkanskoye and Sutarskoye deposits and send its products through the Khabarovsk Krai and the Suifenhe port to China.The plant is only 7 km from the Trans-Siberian Railway. A railway bridge is being planned between Evreyskaya Oblast and Heilongjiang to further shorten the supply route.Total investment in the plant is 400 million U.S. dollars, with 340 million in loans from the ICBC (Industrial and Commercial Bank of China) in China. Interest under the facility will be charged at 2.8 percent above LIBOR per annum. The China National Electric Engineering Co, Ltd is tasked with the construction of the plant.Makarov said he was very optimistic about the future of the plant and the development of relations between the Russia's far east and China's northeastern region.IRC Ltd. is a metal unit of Russian gold miner Petropavlovsk PLC. It became the second Russian company to be listed on the HK stock exchange, when it started trading on Oct. 21.

WASHINGTON, May 27 (Xinhua) -- The U.S. Treasury Department said in a report released on Friday that China was not manipulating its currency."In China, since the authorities decided in June 2010 to allow the exchange rate to appreciate in response to market forces, the renminbi (RMB) has appreciated by a total of 5.1 percent against the dollar in nominal terms through the end of April 2011, or at an annual pace of approximately 6.0 percent," noted the semi- annual report on international economic and exchange rate policies.The Treasury said that as inflation in China is significantly higher than it is in the United States, the renminbi has appreciated more rapidly against the dollar on a real, inflation- adjusted basis, at a rate of around 9 percent per year.The delayed report, which was originally scheduled to be sent to the Congress on April 15, finds "no major trading partner of the United States" manipulated its currency during the period covered in the report.The Treasury added that it will continue to "closely monitor" the renminbi appreciation pace.The report also noted that the U.S. economy is recovering from its deepest recession in the post-war period."While recent growth is encouraging, the economy still faces significant challenges," said the report. The number one challenge is still in the labor market.The U.S. unemployment rate, currently at 9.0 percent, is not expected to fall significantly this year.Besides, housing market and long-term fiscal position are " unsustainable," according to the report.In recent remarks, Treasury Secretary Timothy Geithner stated that China is the fastest growing market for U.S. exports. In 2010, U.S. exports to China grew at a pace that was 50 percent higher than the rest of the world.

BEIJING, Feb. 2 (Xinhua) -- Two more planes flew 435 more Chinese back home from Egypt Wednesday afternoon.An airliner with 213 Chinese from Cairo landed at the Beijing Capital International Airport at 2:19 p.m., and another with 222 Chinese including many Hong Kong people from Luxor landed at a Hong Kong airport at 3:25 p.m..These flights were another strive of the Chinese government and airline operators to get stranded Chinese nationals out of Egypt, where anti-government demonstrations have led to chaos in several major cities including Cairo.So far, 1371 stranded Chinese had been taken home by six flights.

UNITED NATIONS, Feb. 11 (Xinhua) -- China Friday urged the United Nations and Security Council to give more attention to Africa and called on the international community to provide greater support to the region in order to maintain peace and security. Addressing an open debate of the UN Security Council on the interdependence between security and development, Li Baodong, China's permanent representative to the UN said the inter-linkages between peace and development are most pronounced in Africa. There will be no world prosperity and stability without peace and development in the region. He called on the international community to provide greater support and more assistance to regional countries, AU and other regional and subregional organizations to maintain African peace and security. Li stressed that security and development are mutually linked and reinforcing. To safeguard peace and promote development, the international community should increase development input and eradicate root causes of conflicts. "Poverty and underdevelopment are the major causes for triggering conflicts and breeding terrorism. The developed countries should further increase its development aid, provide debts relief to developing countries, open up markets, transfer technology and help the developing countries to achieve the Millennium Development Goals as soon as possible." Li said development can be anchored only in an environment free from war and turbulence. The UN and Security Council should vigorously promote peaceful culture, encourage and support peaceful resolutions to disputes through dialogue, consultations and good offices. In addition, greater emphasis should be given to peacebuilding so as to prevent relapse into conflicts. "In post-conflict countries and regions, simultaneous progress should be made in the fields of politics, security and development throughout development and reconstruction process, " said Li. "Capacity building should be prioritized in the post-conflict countries to enhance governance, provide basic services, advance development and reconstruction so that the people could enjoy peaceful 'dividend' quickly. This is conducive to consolidating political reconciliation process and stabilizing post-conflict situations, " he said.

BEIJING, Feb. 9 (Xinhua) -- The Chinese currency, or the yuan, rose to a new high of 6.585 against the U.S. dollar Wednesday, according to the China Foreign Exchange Trading System.The central parity rate of the RMB, or the yuan, was 10 basis points higher than the previous record of 6.586 set on Feb. 1, the previous trading day.The yuan appreciated 3.6 percent last year, but some analysts predict it could rise further against the dollar this year as the People's Bank of China (PBOC), the central bank, attempts to cool accelerating inflation.The PBOC announced Tuesday it would raise the benchmark one-year borrowing and lending rates by 25 basis points from Wednesday.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 prices before the opening of the market each business day.