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BEIJING, Dec. 16 (Xinhua) -- China issued rules for pilot programs of RMB Qualified Foreign Institutional Investors (RQFII) on Friday, formally giving a green light to investment of overseas RMB funds in mainland securities markets.The move is expected to widen the investment channel of overseas RMB funds and add new momentum to the country's bid to make the RMB an international currency.Hong Kong subsidiaries of fund management companies and securities firms can use RMB funds raised in Hong Kong to invest in mainland securities within a permitted quota, according to the rules jointly released by the China Securities Regulatory Commission (CSRC), the People's Bank of China and the State Administration of Foreign Exchange.The total investment quota of RQFII pilot programs is set at around 20 billion yuan (3.15 billion U.S. dollars), according to the rules.To control risks, qualified investors should invest no less than 80 percent of the RMB funds they raised in fixed-income securities, while investment in stocks and equity funds should account for no more than 20 percent.The CSRC will join other related departments to study the possibility of further expanding the trial program after its launch, said a CSRC official who declined to be identified.The launch of the RQFII will open another significant channel for overseas RMB funds to flow back into the country, said the CSRC official.It will also help diversify investment products for overseas RMB funds and facilitate off-shore RMB business, the official said.The RMB is not fully convertible under the capital account but China has stepped up efforts to make the currency more international over the past few years.The government has encouraged the use of the RMB in cross-border trade and investment settlement and approved foreign direct investment in overseas RMB funds obtained overseas.It also allowed Hong Kong to establish an offshore yuan market and has expanded trade settlement agreements and currency swaps to create more channels for the yuan to circulate outside the mainland.

RIYADH, Jan. 14 (Xinhua) -- China and Saudi Arabia pledged to work together to further expand all-around exchanges and cooperation as Chinese Premier Wen Jiabao Saturday unfolded his official visit to the Middle East kingdom.China and Saudi Arabia have treated each other as equals with respect and their cooperation has been fruitful since the establishment of diplomatic ties 22 years ago, said Wen while meeting Crown Prince Nayef bin Abdulaziz Al Saud.In recent years, despite the fact that international and regional situation became ever complicated and volatile, the two countries have strengthened high-level exchanges and promoted political mutual trust, said Wen, adding that the two have always demonstrated mutual understanding and support on issues involving their core interests and of major concern.Chinese Premier Wen Jiabao (L) holds talks with Saudi Arabia's Crown Prince Nayef bin Abdulaziz Al Saud in Riyadh, Saudi Arabia, Jan. 14, 2012.The premier said the decision to lift bilateral ties to an even higher level has shown the two nations' firm commitment to jointly face challenges and protect common interests as the world situation is undergoing profound changes.China would like to work with the Saudi side in deepening exchanges and cooperation in various aspects so as to benefit the two peoples and promote world peace and development, Wen added.He said the two sides should expand trade of crude oil and natural gas and energy-related cooperation as to deepen their energy partnership.Wen also asked the two countries to promote investment cooperation. The Chinese government encourages well-established Chinese companies to participate in Saudi Arabia's infrastructure construction such as railway, sea ports, electricity and telecommunications, he said.The two nations could also enhance security and law enforcement cooperation and promote people-to-people exchanges in areas like education and sports, as well as between the two nations' youths.Nayef said Saudi Arabia and China enjoy a time-honored history of exchanges, adding that the Saudi people have friendly feelings toward the Chinese people and expect even better bilateral ties.With joint efforts, bilateral ties have moved forward continuously with remarkable achievements in bilateral cooperation, he said, added that the partnership has bright prospects.Nayef said Saudi Arabia is willing to further boost political mutual trust with China, expand bilateral cooperation in economy and trade, energy, infrastructure, culture, press, and security, promote friendship between the two peoples, and lift bilateral ties to a higher level.Wen arrived here on Saturday evening after a short official visit to Nepal on the same day.

ROME, Dec. 6 (Xinhua) -- China is playing its part in projects of the United Nations to improve global food security under the framework of South-South Cooperation (SSC), the UN Food and Agriculture Organization (FAO) said on Tuesday.FAO recently co-signed two new tripartite agreements with China, Liberia and Senegal respectively to support implementation of a series of food security initiatives and projects in Liberia and Senegal, the organization said in a press release.The Rome-based food agency said the agreements were signed in the context of the Strategic Alliance between FAO and China on SSC in support of programs for food and nutrition security in selected countries.The funding provided through the new agreement comes from a FAO-China Trust Fund of 30 million U.S. dollars, it said.Under the agreement with Liberia, China will contribute over one million dollars and provide technical assistance through 24 Chinese experts and technicians to support implementation of the country's National Program for Food Security over a two-year period.In Senegal, China will provide assistance through 26 experts and technicians."At a time when continued economic uncertainties are having an impact on the flow of traditional North-South development assistance, South-South Cooperation is creating and building on partnerships that support the direct exchange of financial and technical contributions between developing countries," said Laurent Thomas, FAO Assistant Director-General, Technical Cooperation Department."FAO's experience with South-South Cooperation has shown that the knowledge and skills of technical experts and field technicians from the (global) South have made an invaluable contribution to efforts to modernize small-scale agriculture throughout the developing world," he added.FAO's SSC initiative was launched in 1996 to provide technical support to country-level action on food insecurity.According to the organization, a total of 47 tripartite agreements have been signed to provide technical assistance among developing countries in Africa, Asia-Pacific, Latin America and the Caribbean, and over 1,500 experts and technicians have been fielded in the framework of various food security initiatives.In addition to the Strategic Alliance with China, letters of intent for SSC Strategic Alliance have also been signed so far with Argentina and Indonesia.

SAN FRANCISCO, Nov. 4 (Xinhua) -- With its popular iPhone series, Apple seized more than half of the profits generated by the top eight mobile phone manufacturers during the third quarter, said a monthly market analysis released on Friday.Apple generated a remarkable 52 percent of handset industry operating profits for the top eight OEMs (original equipment manufacturers) in the third quarter, up five percent over the same period of 2010, said Canaccord Genuity technology analyst Michael Walkley.The number was down from 57 percent in the second quarter, due to a drop in iPhone sales as customers held out for the upcoming iPhone 4S.A proud Apple customer shows off the new iPhone 4S he purchased at an Apple store in Munich, Germany.Apple's major rival in the mobile industry is Samsung. The two companies together represented 81 percent of the handset industry' s operating profits last quarter.Other major mobile phone manufacturers are Nokia, Motorola, Sony Ericsson, HTC, Research In Motion and LG.Calling it "an epic reversal of fortunes," Walkley noted that in 2007, Nokia had 67 percent of operating profits while Apple had just 4 percent. Compared with Apple's 52 percent of industry profits in the third quarter of 2011, Nokia has been relegated to its rival's former position with just 4 percent of operating profits.The analyst said he has conducted "channel checks" that show strong demand not only for the new iPhone 4S but also for the previous models of iPhone 4 and iPhone 3GS. He told technology news website AllthingsD that Apple is believed to be able to gain further value share in the December quarter and capture over 60 percent of industry profits.In a Bloomberg report on Friday, several technology analysts said the two-year-old iPhone 3GS, whose price has been slashed to zero if it is purchased with a contract, will become one of Apple' s big weapons in the coming holiday season against smartphones running Google's Android system.

PARIS, Oct. 1 (Xinhua) -- People come to the French capital will be able to enjoy a new public service by leasing electric cars in the urban region from Sunday.This car-sharing system is aimed to reduce the number of private cars as well as restrain pollution, according to the Paris municipal government.The plan, dubbed "the Autolib" system, is similar to already functioning "velib system" which is a large-scale public bicycle sharing system in Paris launched in 2007.The first experimental stage of the Autolib project is said to last two month with 66 cars at 33 stations around the city.Costumers can pay between 5 euros and 7 euros (6.7-9.4 U.S. dollars) for every half-hour use or register for a yearly, weekly or 24-hour package with different cost and necessary identity cards, driving licences and an uncashed deposit.Once fully charged, the four-seated "Bluecar" can reach a top speed of 130 km an hour and has a range of 250 km with a single charge.In order to encourage short journey rather than long trip around the capital, Paris administration wants to expand the system to a 250-car team by this December, and then to 2,000 by next summer.