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BEIJING, Feb. 10 (Xinhua) -- The Chinese currency, or the yuan, on Thursday rose to a fresh high of 6.5849 against the U.S. dollar, according to the China Foreign Exchange Trading System.The central parity rate of the yuan, or RMB, was 1 basis point higher than the previous record of 6.585 set on Feb. 9, the previous trading day.The central parity rate has risen against the dollar for a three consecutive trading days.China's central bank announced on June 19 last year that 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 prices before the opening of the market each business day.
BEIJING, Feb. 17 (Xinhua) -- China's new rules for reviewing proposed mergers and acquisition (M&A) deals by foreign firms on grounds of national security would benefit both Chinese and foreign investors, a Ministry of Commerce (MOC) spokesman said Thursday.The rules will facilitate the growth of foreign-invested enterprises (FIEs) in China and improve the quality and structure of foreign direct investment (FDI) flowing into China, MOC spokesman Yao Jian said at a press conference.The move also marked an improving legal environment for the security of China's business sector along with its opening-up drive, given that M&A by FIEs will increasingly become a trend in the coming years, Yao said."The adoption of the rules in China will also increase policy transparency and improve law-based government administration," said Yao.Yao's words came after the State Council, China's Cabinet, announced last Saturday that it was establishing a panel to check whether M&A deals struck by foreign firms in the country endanger national security.The panel will review attempts by FIEs to buy or merge with domestic companies whose business pertains to national defence, agriculture, energy, resources, key infrastructure, transport systems, key technology sectors and important equipment manufacturing industries, according to a statement published on the central government's website www.gov.cn.The review will be conducted by a foreign investment security review board under the cabinet, members of which come from the National Development and Reform Commission (NDRC), the MOC and other agencies.The new regulations, which take effect in March, come at a time when China is expected to see more M&A deals struck by foreign firms.Currently, inward M&A accounts for about 3 percent of China's total FDI, a sharp contrast with the global average level of more than 70 percent, said Yao. "M&A by FIEs will become a major trend in China."China's taking in FDI through more M&A will promote industrial consolidation and restructuring, and it will also mean more efficient utilization of the existing resources, he said."As the share of M&A in the FDI will probably rise from the current 3 percent to 8 percent, 10 percent or even more, it is necessary to timely formulate China's own rules governing foreign takeovers in line with international standards," Yao said.In April 2010, the State Council said in a statement that foreign investment should be allowed to be more diversified and foreign investors encouraged to participate in the consolidation and restructuring of domestic firms via equity holdings or acquisitions.He Manqing, a researcher with the Chinese Academy of International Trade and Economic Cooperation of the MOC, said "It is right and proper to impose regulations and requirements on proposed M&A deals in the sectors of strategic importance and those involving national security.""The introduction of the regulations conforms to the new trend in China's receiving of FDI and indicates that China's regulations on FDI are becoming more mature," said He.The NDRC said Wednesday that national security scrutiny would only occur when foreign companies take a majority stake in a domestic M&A deal, meaning that a minority stake purchase will not trigger a review."The new rules draw references from similar rules in the United States, Germany and Canada," the NDRC said in a statement on its website.The NDRC also said that the new regulations were in line with World Trade Organization rules and did not imply that China had changed its policies on opening up and attracting FDI.China's FDI jumped 23.4 percent in January to 10.03 billion U.S. dollars, said Yao. The monthly growth rate was up from December's 15.6 percent.As the world's top investment destination, China received a total of 105.74 billion U.S dollars in FDI in 2010, up 17.4 percent year on year, the MOC said last month.
HONG KONG, March 18 (Xinhua) -- After over a year's efforts, scientists from Shanghai and Hong Kong announced on Friday that they have completed the whole genomic sequencing work of Isaria cicada, a rare herb highly valued in traditional Chinese medicine, which will help facilitate its further development in medical and nutrition fields.It is the first time that the whole genomic sequence of Isaria cicada has been released, said the scientists from Shanghai Institute of Bio-Asia Life Science and the Hong Kong University of Science and Technology (HKUST), who participated in the research.The result was announced at the International Biomedical Scientists and Biotechnology Forum 2011 held in the day at the Hong Kong Science Park.According to the result, the genomic size of Isaria cicada, a medicine traditionally used to treat children's diseases, is about one eightieth of human genome, containing about 16,000 genes.The tests that had been done proved that Isaria cicada, with many high-quality genes not recognized or used by human beings yet, has been deeply involved in important life processes like metabolism, providing new ways for further development of Isaria cicad in bio-medical area, said a scientist from HKUST.The genome map will also help accelerate the artificial cultivation of Isaria cicada, enhancing its medicine and nutrition value and making it available in a larger market, according to the scientist.
VIENNA, March 28 (Xinhua) -- Stress hormone is helpful in alleviating acrophobia, a morbid fear of great heights, according to a study by Austrian scientists.They published the findings in the recent Proceedings of the National Academy of Sciences of the United States of America.Frank H. Wilhelm, professor from the Department of Clinical Psychology, Psychotherapy and Health Psychology at the University of Salzburg, Austria, carried out the first study demonstrating the clinical effectiveness of hormones released at periods of high stress in anxiety.The study found hormones and other drugs could be a good addition to behavioral treatment of several anxiety disorders.People with acrophobia have formed a so-called fear memory, which could be activated when the fear-causing stimulus occurs. They tend to react with feelings of extreme fear and anxiety to the ride in a glass elevator.Hence, scientists conducted a confrontation therapy, trying to mask this memory.A total of 40 experimental subjects had been put in a safe environment to constantly confront the fear-inducing stimulus, until they had a new reaction to the perceived threat.Observations also suggested hormones released in high stress had impact on learning and memory.Additionally, stress hormones were believed to facilitate the storage of new, anxiety-free competence and experienced confidence in the therapy. Animal studies have shown that this emotional relearning benefits from cortisol, one of the stress hormones.
SAN FRANCISCO, March 20 (Xinhua) -- Boeing's 747-8 Intercontinental took to the sky for the first time on Sunday, a milestone for the U.S. aviation giant's latest and biggest passenger plane.Live webcast by Boeing showed that a 747-8 Intercontinental touched down at around 2:25 p.m. PST (2125 GMT) Sunday at the Boeing Field airport in Seattle in the U.S. states of Washington, after wrapping up the airplane's inaugural flight that lasted about four and half hours.During the test flight, the pilots did some system and function checks and everything went fine, according to the webcast.The new 747-8 Intercontinental can carry 467 passengers in a three-class configuration, said Boeing, which touted the new wide- body jet airliner as the only airplane in the 400-500 seat market.The Boeing 747-8 Intercontinental takes off on its maiden flight from Paine Field, in Everett, Washington, March 20, 2011. The 747-8 Intercontinental willseat 467 passengers, 51 more than the latest model of the classic 747, and burn less fuel while offering passengers more comfort, the U.S. planemaker says.Using 787-technology GEnx engines, the airplane will be quieter, produce lower emissions and achieve better fuel economy for airlines, Boeing said.The airplane also features a new wing design and an upgraded flight deck. Its interior incorporates features from the Boeing 787 Dreamliner including a new curved, upswept architecture that will give passengers a greater sense of space and comfort, while adding more room for personal belongings.Boeing has noted that compared with its predecessor, the 747- 400, the 747-8 Intercontinental provides 16 percent better fuel economy, 16 percent less carbon emissions per passenger and generates 30 percent smaller noise footprint, while carries 51 more passengers.Boeing in February said that Korean Air, VIP customers and launch customer Lufthansa have ordered a total of 33 747-8 passenger planes, with the first delivery scheduled for the fourth quarter of this year.It is reported that the 747-8 Intercontinental has a list price of about 317 million U.S. dollars.Earlier in March, Boeing announced that it has signed an agreement with Air China for the purchase of five 747-8 Intercontinental jetliners.