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SHANGHAI, Oct. 18 (Xinhua) -- China will continue to promote gradual exchange rate reforms, even while the yuan is expected to stabilize at a reasonable level, said Yi Gang, head of the State Administration of Foreign Exchange (SAFE) Monday in Shanghai.Yi, also deputy governor of the People's Bank of China (PBOC), or the central bank, made the remarks at a seminar held by the International Monetary Fund (IMF) to discuss the theme "Macro-Prudential Policies -- an Asian Perspective"."The flexibility of the yuan has increased since China launched exchange rate reforms in June. We will further boost those reforms, but the process will be gradual," Yi said."Judging from the markets, the yuan can remain stable at a reasonable and balanced level," he said.China will also continue to expand domestic demand and boost construction in rural medical services, education and infrastructure, he said.Five years ago, China abandoned a decade-old peg to the U.S. dollar and allowed its currency to fluctuate against a basket of currencies and appreciate by 2.1 percent.Since then, the yuan has strengthened further, albeit slowly, and has risen more than 21 percent against the greenback.On June 19 this year, the Chinese central bank announced that it would further reform the yuan's exchange rate mechanism to improve its flexibility.
BEIJING, Oct. 12 (Xinhua) -- The Chinese government Tuesday announced financial assistance for herders in west China, to reward their efforts in conserving grasslands and to compensate them for losses.From next year, the policy will be applied in eight provincial-level regions including Inner Mongolia, Xinjiang, Tibet, Qinghai, Sichuan, Gansu, Ningxia and Yunnan, said a circular issued Tuesday after a State Council executive meeting presided over by Premier Wen Jiabao.The government will give 90 yuan (about 13 U.S. dollars) per hectare of grassland annually to herders living in the regions where the grasslands are severely damaged and herding has been banned, the document said.Outside of these herding-banned regions, residents will receive 22.5 yuan (3 dollars) per hectare every year if they keep a herd of sustainable size, the document said.The government will also provide 150 yuan per hectare for farmers to grow grass of better quality.In addition, each of about 2 million households of herders will receive 500 yuan per year as general assistance, the document said.More money will also be spent on education and training of herders, the document added."Due to excessive herding and low investment in grassland conservation, the area of grasslands in China has shrank dramatically and the environment there has deteriorated. However, local herders lack new ways to make a living," the document said.The policy is an effort to conserve the natural environment while improving the livelihood of locals, it said.The central government will allocate 13.4 billion yuan every year for the policies, according to the document.

BEIJING, Sept. 20 (Xinhua) -- Millions of Chinese people vented their anger online Monday after Japan extended its detention of a Chinese fishing trawler captain, calling for a boycott of Japanese goods and asking the Chinese government to take stronger measures."They entered our territorial waters, destroyed our property (the fishing boat), and seized our citizens. What do you call that?" said "fenghuang802" in a message posted at bbs.ifeng.com."What the Japanese seized was not Zhan Qixiong, the trawler's captain, but the dignity of the Chinese nation," said "Li Weihua" at t.sina.com.cn."We must firmly boycott Japanese goods. They are making so much money from us Chinese while hurting us so deeply. If you're a good Chinese person, you won't buy Japanese goods," said "zzwghwgh" at tianya.cn."I hope the Chinese government adopts an even tougher attitude in tackling this issue. Don't let the public lose confidence," said "huoxing" at bbs.163.com.On Sept. 7, two Japan Coast Guard patrol ships and a Chinese trawler collided in waters off China's Diaoyu Islands in the East China Sea, over which Japan also claims sovereignty. The Japan Coast Guard illegally seized the Chinese trawler and detained the fishermen and the captain on Sept. 8.The 14 Chinese crew were released last week, but the captain's continued detention sparked protests across the country Saturday, which also happened to mark the 79th anniversary of Japan's WWII invasion of China.China has summoned the Japanese ambassador five times and postponed scheduled talks on joint energy exploration in the East China Sea.A Japanese court announced Sunday the trawler captain's detention - which had been due to expire Sunday - would be extended by another 10 days, fueling the Chinese public's indignation.China's Foreign Ministry announced late Sunday Japan's refusal to release the trawler captain had "severely hurt" relations between the two countries. A ministry statement said China had canceled ministerial and provincial-level contacts with Japan, suspended talks on aviation issues, and postponed a meeting on coal."We demand the Japanese side immediately release the Chinese captain unconditionally," Foreign Ministry spokesman Ma Zhaoxu said in a statement."China will take strong counter measures if the Japanese side continues to act willfully and double its mistakes. Japan shall suffer all the consequences," Ma said.In addition, Chinese Vice Foreign Minister Wang Guangya made solemn representations to the Japanese ambassador to China, Uichiro Niwa, Sunday evening, expressing China's strong indignation.Chinese historians say the Diaoyu Islands have been part of Chinese territory since the early years of the Ming Dynasty (1368-1644).
BEIJING, Oct. 15 (Xinhua) -- Property prices in 70 major Chinese cities rose 9.1 percent year on year in September, the slowest growth rate this year, the National Bureau of Statistics (NBS) said Friday.The rate was down 0.2 percentage points from the 9.3-percent growth rate in August, a statement on the NBS website said.On a month-on-month basis, prices rose 0.5 percent in September.New home prices climbed 11.3 percent year on year in September, also up 0.5 percent from August.Prices for second-hand homes rose 6.2 percent from a year earlier and 0.5 percent on a month-on-month basis.Real estate investment continued to expand in the first three quarters, with the total standing at 3.4 trillion yuan (511.4 billion U.S. dollars), up 36.4 percent from the same period in 2009, the statement said.The property price growth rate peaked this year at 12.8 percent in April.To curb excessive rises in housing prices, the central government introduced a raft of policies in April, including higher down payments and an end to mortgage discounts.It also encouraged local governments to build more affordable housing to increase the supply of housing for low-income people.On Sept. 29, the government announced further measures to check the continuous rise in property prices, including by banning loans for third home purchases and instituting a 50 percent down payment requirement for second-home purchases and a 30 percent down payment for all first-home purchases.Xue Jianxiong, an analyst with the China Real Estate Information Corporation (CRIC), said the overheated property market will likely cool in the next few months.These government's moves will cause transaction volumes to tumble and ease price-increase expectations, Xue added.
BEIJING, Nov. 8 (Xinhua) -- Chinese stocks rose for a third straight trading day Monday with the benchmark Shanghai Composite Index closing up 0.96 percent, or 30.01 points, at 3,159.51.The Shenzhen Component Index gained 0.54 percent, or 73.94 points, to finish at 13,807.3.Combined turnover declined to 453.1 billion yuan (68 billion U.S. dollars) from 459.17 billion yuan the previous trading day.Gainers outnumbered losers 743 to 132 in Shanghai and 950 to 140 in Shenzhen.Agricultural shares led the gains with a 5.39 percent rise amid increased inflation expectations and surging farm product prices.Some economists believe China's consumer price index (CPI), the main gauge of inflation, jumped 4 percent year on year in October.Yasheng Industrial Group, Yongan Forestry Group and Fengle Seed Company all rose by the daily limit of 10 percent, ending at 6.47 yuan, 12.84 yuan and 20.77 yuan, respectively.Local stocks in Shanghai continued their surge after Walt Disney Co. inked a deal Friday for its long-awaited theme park in the city.Shanghai Lujiazui Finance and Trade Zone Development Co., Ltd rose 4.8 percent to 22.7 yuan while Shanghai Pudong Road and Bridge Construction Co. Ltd. gained 3.08 percent to finish at 20.43 yuan.Yu Wei, an analyst at Shiji Investment, said more "hot money" will flow into Chinese capital markets because of the U.S. Federal Reserve's second round of quantitative easing, QE2."As the government works on controlling inflation and the property market, the A-share market will be the most attractive place for 'hot money' inflows," he said.
来源:资阳报