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As the first country in the world to use paper money, China is expected to also become the first to stop using paper money due to the soaring popularity of mobile payment platforms, China Daily reported citing analysts forecast on July 24.

As the US dollar index sharply rose to 103 on March 20 from 94.6 on March 9, the RMB depreciated against the greenback by 2.4 percent. "The RMB performed the best among major currencies (amid the market turmoil)," said Zhu, compared with the 6.3 percent drop by the euro and a 12 percent decline by sterling against the US dollar.

As the world's largest contract electronics manufacturer and a main assembler of Apple Inc's iPhone, Foxconn is looking to step into wafer fabrication. It previously failed in its bid to acquire Japanese conglomerate Toshiba Corp's flash memory chip business, but the group has not given up on its semiconductor ambitions, the sources noted.

As the first foreign bank to get approval for a majority-owned securities joint venture in China, HSBC is one of the firms that could benefit from the progress in opening up the market to foreign firms.

As to the five schools that have received a letter from Senator Marco Rubio, the universities of North Florida and South Florida, and Miami Dade College have reportedly said they would continue the Confucius Institute operation, saying the program doesn't engage in political or religious activities.