Category Archives: Chinese circle

Business, China, Chinese circle, News

CNOOC to invest RMB65.6 bln in maritime engineering equipment in 2016-2020

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BEIJING, Sept. 2 (Greenpost) – China National Offshore Oil Corporation (CNOOC), the parent company of China’s largest offshore oil and gas producer CNOOC Ltd. (CEO.NYSE; 00883.HK), would add 114 maritime engineering equipment in 2016-2020 with investment of 65.6 billion yuan, said Zeng Hengyi, deputy general engineer with CNOOC on Tuesday.

Speaking at a maritime equipment exhibition in Qingdao, Zeng said 42.5 billion yuan would be invested in deepwater engineering equipment in the period, accounting for 65 percent of total.

Investment in deepwater engineering equipment is likely to account for over 70 percent of CNOOC’s total investment in maritime engineering investment by 2030, according to Zeng.

China needs to develop semi submersible drilling platform of the seven and half generation and deploy four special deepwater projects in the South China Sea, said Zeng.

The process of offshore exploration and development would not be changed though fall of oil prices in the short term would weigh on maritime engineering industry, said Liu Heyin, an official with shipbuilding and maritime engineering operations of Siemens. (Edited by Liu Yanan, liuyn@xinhua.org)

Source Xinhua

Editor Xuefei Chen Axelsson

Business, China, Chinese circle

China to reduce power cuts by updating electricity distribution network

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   BEIJING, Sept. 2 (Greenpost) — China aims to substantially reduce power cuts in five years by updating its electricity distribution network, according to the National Development and Reform Commission (NDRC), the country’s top economic planner.

The NDRC released a document on Wednesday on its website to guide the construction and update of the power distribution network.

According to government plans, power cuts in cities will last less than 1 hour annually by 2020. Suspension of electricity supply in towns and villages should be capped under 10 and 24 hours per year respectively by 2020.

The document is the latest of a series of official guidance on construction and update of China’s power distribution network.

The National Energy Administration (NEA) announced on Monday that China will invest at least 2 trillion yuan in the country’s power distribution network from 2015 to 2020, with the minimum investment of 300 billion yuan in 2015.

By 2020, China’s high-voltage power distribution network will be 1.01 million kilometers long and its electric transformation capacity will reach 2.1 billion kilovolt-amps (KVA).

In addition, China plans to increase the number of electric charging and transformation stations and posts to 12,000 and 4.8 million respectively by 2020, which will be able to meet the demand of 5 million electric vehicles. (Edited by Huang Xiaolan, huangxiaolan@xinhua.org)

Source Xinhua

Editor Xuefei Chen Axelsson

Business, China, Chinese circle, News

China takes multiple measures to inject liquidity

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   BEIJING, Sept. 2 (Greenpost) — The People’s Bank of China, China’s central bank, conducts 150 billion yuan worth of 7-day reverse repos at a yield of 2.35 percent in Tuesday’s open market operation.

Traders note that the move shows the central bank’s intention to inject short-term liquidity into the financial system.

Since the end of June, the central bank continued to pump in liquidity through its routine open market operations and step up sales of reverse repos in August to boost cash supply in the financial system.

On last Friday, the central bank injected 140 billion yuan of liquidity into the market via a 6-day short-term liquidity operation. The amount was the same as a similar contract sold on August 26. The central bank also injected 60 billion yuan into the market via a 7-day SLO on August 28.

China’s central bank lowered key interest rates and cut the reserve requirement ratio on August 26, marking the fourth RRR cut in nearly seven months and the fifth round of interest cut in no more than nine months.

Traders noted that the central bank was expected to employ multiple monetary policy tools such as reverse repo sales, interest rate and RRR cuts to keep liquidity environment stable in the future. (Edited by Yang Yifan, yangyifan@xinhua.org)

 

China, Chinese circle, culture, Exchange, News

China Day Held in Sandberg’s School in Sweden

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By Xuefei Chen Axelsson

Upplands Väsby, Sept. 4(Greenpost) — An interesting China Day was held in Sandberg’s School in Upplands Väsby in Sweden on Aug. 28.

The weather is so fine that students have begun the program outside in the playground with the Lion Dance.

DSC_2015Headmaster Eva Svensson said her school was a private school, but with a lot of efforts and investment in building relations with China. They have become sister school with Wenlan School in Hangzhou in Zhejiang province since four years ago.

“The purpose of holding this China Day is to let pupils learn Chinese language and culture through interesting activities with Chinese elements,”  said Svensson.

According to Svensson, there are about 300 students and 35 teachers with nine grades and 11 classes.

DSC_1887The students  are impress by the lion dance and even tried to learn kongfu excercise from the coach actor and actresses.

Then they moved inside the classroom. Some students   wrote characters, cut it and then made a Chinese dragon. Some students made kites and some made Jianzi.

DSC_1956Chinese teacher Sun Kai said she was impressed by her Swedish students because they like to study Chinese and if you give them an idea, they can really make a product for you.

After two hours work, students went out to eat fried Chinese noodles to taste Chinese food.

DSC_2177The last program was to fly all the kites they made themselves.

Many pupils said it was a very lovely day and very interesting.

 

Business, China, Chinese circle

China to improve domestic trade circulation

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BEIJING, Aug. 25 (Xinhua) — China will accelerate reforms on domestic trade circulation, Vice Premier Wang Yang said Tuesday

The reform aims to realize an orderly and efficient circulation system to better serve the economy, Wang said at a meeting about pilot work on domestic circulation.

He stressed that all pilot cities should make practical arrangements and strive to make breakthroughs within a year’s time.

Emphasis will be put on realizing a united market-oriented management system, stronger infrastructure capacity, application of more information technology, fair competition between e-commerce and traditional business, new law enforcement methods, a better credit system and smooth circulation networks, Wang said.

There are nine pilot cities, including Shanghai and Guangzhou. Enditem

 

China, Chinese circle, Environment, Green-tech, News

China calls for submission of applicable technologies for contest

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Stockholm, Aug.26 (Greenpost)–China is calling for submission of applicable technologies for technologies contest in environmental protection.

The news was released by the delegation from Ministry of Environment Protection of China  during the ongoing  World Water Week in Stockholm during Aug. 23-28, 2015.

The details is as the following:

Dear Distinguished Partner/Counterpart/Expert/Resource Person,

 

FIRST 3IPET TOP 100 ENVIRONMENTAL PROTECTION

TECHNOLOGIES CONTEST

CALL FOR SUBMISSION OF APPLICABLE TECHNOLOGIES

 

As part of efforts to protect the environment and address the challenges of air, water and soil pollution through appropriate prevention and control strategies, the Foreign Economic Cooperation Office (FECO), with the support of the Ministry of Environmental Protection (MEP) of China, established the Integrated, Intelligent, and International Platform for Environmental Technology (3iPET). 3iPET aims at taking advantages of the technologies and cooperation network of governments, companies, and private organizations in China and other countries to provide both online and offline services to showcase and promote Chinese and foreign environmental technologies to solve the environmental problems locally and globally.

FECO is organizing the first ever 3iPET contest to select the top 100 environmental protection technologies in each of the areas of air, water and soil (including solid waste) pollution prevention and control. The contest will be organized between August and October 2015, and the best 100 adjudged technologies in each of the three categories will be published in the “Top 100 technologies for 3iPET” for Air, Water and Soil (including solid waste) pollution prevention and control. The selected technologies will be promoted through the 3iPET platform.

In recognition of the expertise and active involvement of your organization in the promotion of environmentally sound technologies (ESTs) and the global network of your programmes and activities we hereby solicit for your support and assistance in disseminating the information about the contest within and outside China to environmental technology suppliers and promoters. Please find attached information materials and guidelines on the contest. The electronic copies of the information materials and guidelines can be downloaded from the official FECO website at www.mepfeco.gov.cn

It will be appreciated if you can kindly assist in publicizing the contest by disseminating the attached information and materials. Please revert in case you need additional information or further clarifications.

We thank you for your support and cooperation.

(signed)

Chen Liang

Director General

Foreign Economic Cooperation Office

Ministry of Environmental Protection of China

 

To whom it may concern:

Call for Participation in 3iPET Cooperation Hubs

In order to advance environmental protection in China, the development and adoption of advanced and practical environmental technologies are an important means to improve environmental quality. At the same time, China’s “Belt and Road Initiative” promotes the continuing trend for Chinese environmental technologies and industries to “go out” to promote clean development globally. To support China’s efforts in the “three battles” of preventing and controlling water, air and soil pollution, and its implementation of the “Belt and Road Initiative”, the Foreign Economic Cooperation Office of Ministry of Environment Cooperation (MEP/FECO) developed the International, Intelligent and Integrated Platform for Environmental Technologies (3iPET), relying on its advantages in international cooperation in environmental protection. 3iPET was officially launched in June 8th, 2015.

 

3iPET relies on the Internet and powerful database, and combines online and offline service. Its functions include integration and exhibition, evaluation and screening, matchmaking and promotion of environmental technologies, technology services, which serves as an exchange and communication platform. Its goals include promoting domestic and foreign exchange and cooperation with respect to environmental technologies, facilitating import and export of environmental technologies, and providing technical support for China’s efforts in pollution control. The organizational structure of 3iPET includes a steering committee, strategic partners, technology service alliances, a domestic and international cooperation hub platform, and expert consultancy teams. For further information, please visit http://3ipet.mepfeco.org.cn.

 

We now sincerely call for your joining 3iPET as an international cooperation hub. The international cooperation hubs will conduct information exchange with 3iPET. Through 3iPET, international hubs can obtain information about domestic and international environmental protection policies, global environmental technologies, domestic and international projects, and industrial cooperation opportunities, and will be responsible for providing information about international environmental protection policies, advanced abroad environmental technologies providers, international technological mergers & acquisitions and related projects abroad on a regular basis. Additionally, 3iPET will cooperate with hubs to support technology matchmaking, technology promotion, industrial incubation, project demonstration, financial and business combination opportunities, and policy dissemination.

 

If you are interested, please complete the information form of 3iPET International Cooperation Hub in the attached Annex, and send it via email to FECO by August 31st, 2015. My colleagues Ms. Tang Lu and Ms. Li Haoting will be at your disposal if you have any question, and you can reach them through:

Tel: 010-82268877, 010-82268880

Fax: 010-82200586

E-mail: tang.lu@mepfeco.org.cn, li.haoting@mepfeco.org.cn

Annex: Information Form for 3iPET International Cooperation Hub

 

We warmly welcome your participation and contribution. It is our sincere hope that we could achieve win-win cooperation through 3iPET cooperation hubs.

 

Chen Liang

Director General

Foreign Economic Cooperation Center

Ministry of Environment Cooperation of China

 

Attachment: Information Form for 3iPET International Cooperation Hub

 

 

Attachment

Information Form for 3iPET International Cooperation Hub

Name:
Address:
Contact person: Telephone:
Fax: E-mai:
Introduction:

 

 

 

 

 

 

 

 

 

 

 

Business, China, Chinese circle, World News

China Focus: Economists confident of medium-term 7-percent growth

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BEIJING, Aug. 18 (Xinhua) — Economists have high hopes China can keep GDP growth above 7 percent over the next five years, as leading officials prepare to discuss 2016-2020 development at a key political meeting.
Economic growth is high on the agenda of October’s plenary session of the Communist Party of China Central Committee, which will cover the 13th Five-year Plan (2016-2020).
These five years are critical if Chinese leaders are to realize their goals of doubling 2010 GDP and per capita income and completing the building of a moderately prosperous society by 2020.
“China’s potential growth can exceed 7 percent,” said Tsinghua University economist Hu Angang, using the technical term for the maximum pace an economy can sustain over the medium to long term without stoking inflation.
“China set a growth target of 7 percent for the 2011-2015 period, but the de facto annual growth was 7.8 percent on average. Potential growth will be lower in the 2016-2020 period, but it should be above 7 percent. I expect the de facto annual growth to be around 7.5 percent,” Hu said.
Fan Gang, an advisor to the central bank monetary policy committee, said he was confident of 7-percent growth in the long run and that more pessimistic analysts “had not taken cyclical factors such as overcapacity into account.” He believes the problem of overproduction by China’s industries will ease sooner rather than later.
“China is still in a relatively high growth range. The growth rate of 7 percent or above could last till 2023 backed by the three state strategies [the Belt and Road regional infrastructure and trade network, greater integration of Beijing, Tianjin and Hebei Province, and the Yangtze River Economic Belt], deepening reform, industrial upgrading and urbanization,” said Liu Wei, deputy president of Peking University.
Wang Yiming, deputy director of the Development Research Center of the State Council, predicted the economy will resist looming downward pressure thanks to emerging favorable conditions.
These include industrialization and urbanization, openings for Chinese enterprises during global economic adjustment, and increasing consumption, according to Wang.
Enormous investment opportunities lie in areas including poverty reduction, environmental protection, water conservation and urban renovation, he added.
Economists also believe official campaigns to integrate technology such as cloud computing, robots and new materials with traditional industries, and to develop the country’s central and western regions will also aid growth.
However, as policymakers have accepted China entering a period of plateauing but more stable economic growth, and one of great strategic opportunities but also complicated challenges, Wang advised them to perfect macro regulation by improving fiscal and monetary policies and to be on the lookout for risks to prevent economic volatility.
The government should back reforms to create growth momentum, and stimulate innovation and entrepreneurship in high-tech industries, he added.
Ba Shusong, chief economist at the China Banking Association, pointed to various issues hampering growth. As the criteria used to evaluate officials’ performance change, local officials might be less motivated in wooing investment, Ba said, also citing rising labor costs as a problem.  Enditem

 

Business, China, Chinese circle

Top story : New rules on officials’ environmental responsibility

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    BEIJING, Aug. 18 (Xinhua) — A new regulation on holding officials accountable for environmental hazards will better define their professional responsibilities, according to Communist Party of China (CPC) experts.     The general offices of the CPC Central Committee, and the State Council on Monday published the regulation, which promises to trace environmental problems to whoever was originally responsible.     Officials will be held accountable for serious environmental problems resulting from improper implementation of central authorities’ policies, as well as violations of laws and regulations.     Central- and local-Party officials, and governmental officials at county level and above will be subject to a lifelong-liability system, meaning any corruption or dereliction of duty that caused serious environmental harm can be punished retroactively, according to the document.
Officials will be held responsible if they fail to effectively carry out supervision, or approve environmentally disqualified projects, or attempt to shirk the responsibility of protecting the environment.
Moreover, the regulation banned promotion for officials found guilty of misconduct, and officials will receive an unfavorable appraisal in their performance assessment.
Xia Guang, director of the Policy Research Center for Environment and Economy under the Ministry of Environmental Protection, said the new regulation clearly defines the official “dos and don’ts”.
Moreover, according to Zhang Yuxing, a chief engineer with the Survey Scheme Designing Institute under the State Forestry Administration, the conduct of both Party and government officials will now be under equal scrutiny.
“This will force officials to give environment issues greater consideration,” he said.
It was noted that the new regulation not only promises retrospective punishment but will also identify violations before too much damage is done.
However, observers have warned that the regulation needs more specifications if it is to be effectively enforced.
Wang Yi, director of the Institute of Policy and Management under the Chinese Academy of Sciences, stressed that detailed issues such as basic data collection and verification needed more attention.
Published on Monday, the new regulation took effect on Aug. 9, just days before massive warehouse explosions in Tianjin, which are thought to have contaminated the surrounding area with dangerous chemicals.
China’s State Council on Tuesday announced a team had been assigned to “investigate the cause of the explosions” and “determine liability.”  Enditem

Source Xinhua

 

 

Business, China, Chinese circle

China’s policy banks CDB, Exim Bank receive USD93 bln injection

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BEIJING, Aug. 19 (Xinhua) — China Development Bank (CDB) and the Export-Import Bank of China (Exim) has respectively received 48 billion U.S. dollars and 45 billion dollars of capital injection from foreign exchange reserve of the People’s Bank of China, the central bank.
An official from the central bank said the capital injection would further help the two banks improve capital strength as well as their ability of risk resistance and sustainable development, thus play a better role in providing financial supports for key areas as a policy bank.
The plans for reforms of the CDB, the Exim Bank and Agricultural Development Bank of China were approved by China’s top policymakers in December 2014 and March 2015. Enditem

 

Business, China, Chinese circle

Net FDI into China’s financial institutions at USD4.138 bln in Q2, SAFE

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  BEIJING, Aug. 19 (Xinhua) — The net inflows of foreign direct investment (FDI) into the financial institutions on the Chinese mainland were 4.138 billion U.S. dollars (25.327 billion yuan) in the second quarter of this year, official data showed on Wednesday.
According to the State Administration of Foreign Exchange, FDI inflows into Chinese mainland’s financial sector, including banks, insurers, and securities firms, reached 4.432 billion U.S. dollars (RMB27.127 billion) in the second quarter of the year, while FDI outflows amounted to 294 million U.S. dollars (RMB1.8 billion) in the same time period.
The statistics only cover equity investments that enable an investor to own 10 percent or more of voting stocks in a company. Enditem
Business, China, Chinese circle

China increases tax breaks for small businesses

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China increases tax breaks for small businesses
BEIJING, Aug. 19 (Xinhua) —  The State Council, China’s cabinet, on Wednesday decided to extend tax breaks to more small businesses for their roles in generating jobs and growth.
From Oct. 1, 2015 to the end of 2017, companies with annual taxable income under 300,000 yuan (46,900 U.S. dollars) will have their corporate tax halved, said a statement released after a meeting chaired by Premier Li Keqiang. Previously, the threshold was 200,000 yuan.
The meeting also extended tax breaks for companies with a monthly revenue of 20,000 to 30,000 yuan from the end of 2015 to the end of 2017. They will be exempted from value-added tax and business tax.
The move is the latest attempt to help small businesses, as they provide nearly 80 percent of urban jobs.
In the first six months, about 2.39 million small and micro enterprises in China paid reduced taxes, savings them about 8.6 billion yuan,  according to figures from the State Administration of Taxation. Enditem
Business, China, Chinese circle, News, World News

Securitization in China helps global investors to RMB assets: S&P

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BEIJING, Aug. 19 (Greenpost) — Global investors are focusing more on renminbi assets in China, primarily to diversify asset allocation and seek higher returns amid the prospering economy, according to a report by Standard & Poor’s Ratings Services.
China-currency

Ongoing improvements in self-governance and information transparency in the securitization market are likely to support the development of China’s capital market, according to “China securitization: linking international investors and renminbi assets”, released Tuesday by the leading rating agency.
“China’s securitization market is small compared with its bond market, but its evolution might indicate answers to some questions regarding China’s capital markets,” said Standard & Poor’s credit analyst Vera Chaplin.
Starting in late 2014, a number of infrastructure enhancements in China’s securitization market had raised issuance efficiency and promoted market self-governance, while narrowing information gaps, Chaplin noted.
For instance, the formal information disclosure requirements in China’s asset-backed securities (ABS) and residential mortgage-backed securities (RMBS) securitization, set out by China’s National Association of Financial Market Institutional Investors in May, enhanced transparency and enabled investors to better understand the performance of transactions.
The result has been an increase in interest from international investors, he said.
Participation of global investors are believed to benefit China’s capital markets. Apart from providing additional capital, a more international scheme will support funding diversity for issuers and promote market infrastructure construction to meet international standards.
“More than 140 billion yuan (21.9 billion U.S. dollars) in securitization transactions was issued under the two major securitization schemes in China in the first six months of 2015,” Chaplin said.
“The transactions reveal a standardized platform for asset collections and how to allocate assets’ economic value, the disclosure of more information so that risks could be analyzed, and the isolation of asset sellers’ credit risk,” Chaplin said.
“As a result, international investors now have an opportunity to reach economic sectors that in the past they could not because of the smaller scale of the issuers or difficulties involved in finding the value of the assets,”  Enditem

 

Why Chinese currency has two names? Yuan and Renminbi. You can read more:   http://www.bbc.com/news/10413076
Business, China, Chinese circle, News

BOC Cross-border RMB Index increases 21 points m-o-m in June

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BEIJING, Aug. 19 (Xinhua) — The Bank of China (BOC) Cross-border Renminbi (RMB) Index (CRI) increased 21 points month on month to 293 in June, according to the BOC on Wednesday.
The degree of activity in RMB cross-border transactions hit a record high in the month, and the degree of activity in RMB direct investment also witnessed year-on-year and month-on-month growth in June.
Meanwhile, the RMB under the current account saw a net inflow in June. Enditem

Business, China, Chinese circle, News, World News

Wang Jianlin named world’s richest Chinese

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   HANGZHOU, Aug. 19 (Greenpost) — Wang Jianlin, chairman of China’s property and entertainment giant Dalian Wanda Group, has overtaken Hong Kong’s Li Ka-shing to become the richest Chinese in the world, according to the new Hurun Rich List, reported Xinhua.

王健林
Wang’s wealth increased more than 50 percent year on year to 260 billion yuan (40.6 billion U.S. dollars) as of early June, Hurun Research Institute said in a press release on Wednesday.
王健林2

Hong Kong tycoon Li Ka-shing, 87, was the second richest with a fortune of 200 billion yuan and Jack Ma, founder and chairman of Internet giant Alibaba, was named third richest with wealth of 165 billion yuan.
The list includes 1,577 tycoons from 18 countries and regions worth a minimum 2 billion yuan. Of those listed, 302 are from Kong Kong, Macao, Taiwan and foreign countries.
Their combined wealth was 12.7 trillion yuan, equalling the annual gross domestic product of Russia.
王健林3

Rupert Hoogewerf, chair and chief Hurun Report researcher, said that Hurun had released this first rich for Chinese worldwide in response to global attention given to Chinese business people.
Hurun has released a China Rich List since 1999.   

Wang Jianlin started with real estate. In 2001, at a real estate yearly meeting, he was there together with Feng Lun, Alex Xu and Liu Yonghao as keynote speaker. 14 years later, he became the first richest Chinese while the others still very rich, but mostly focusing on real estate.

Wang has been transforming his real estate into cinemas and entertainment site. He also collected a lot of world famous art works.

He thinks internet is just a tool while Jack Ma is using internet to make numerous shops. Let’s see what will happen in the next 14 or 15 years.

Wang was born in Oct. 24, 1954. He joined the Chinese army in 1970 and graduated from Liaoning University in 1986.

Wang’s success benefitted from China’s opening up policy and the support of governments at various levels. It was also his own and his team’s wisdom to understand the leader’s will and transform his group a couple of times according to the trend.

Source Xinhua

Editor Xuefei Chen Axelsson

Business, China, Chinese circle, News, Opinion, World News

Pressure remains on Chinese economy

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BEIJING, Aug. 12 (Xinhua) — Newly released economic indicators fell short of market expectations, revealing that the Chinese economy still lacks momentum and downward pressure remains.

China’s value-added industrial output, which measures the final value of industrial production, expanded 6 percent year on year in July, down from 6.8 percent for June, the National Bureau of Statistics (NBS) said Wednesday.

The decline in output growth ended a steady recovery trend recorded in the second quarter of this year.

NBS statistician Jiang Yuan attributed the drop mainly to flagging external demand, a weak property sector and lowered production of some consumer goods, including automobiles and cigarettes.

Year-on-year growth in the first seven months stood at 6.3 percent, the same level as the growth for the first half of the year.

The NBS data only tracks the output of large Chinese companies with annual primary business revenues of more than 20 million yuan (3.16 million U.S. dollars).

Industrial output in China’s western regions increased by 7.9 percent in July, trailed by 7.4 percent in central areas and 6 percent in eastern regions.

Manufacturing output rose 6.6 percent, mining output added 5.6 percent, while that of the electricity, heating, gas and water sectors dropped 0.2 percent, the bureau said.

China’s fixed-asset investment, a major driver of growth, also witnessed slightly slower growth, with no sign of improvement for investment in property and infrastructure.

Retail sales held steady in July, as the growth rate was just 0.1 percentage point lower than a month ago.

Qu Hongbin, chief China economist at HSBC, said the data fell below general market expectations.

The declining output and investment growth showed the rebound in June was just temporary and pressure for growth was again on the rise, Qu said.

“With gloomy prospects for external demand, China will still need to rely on domestic demand to maintain steady growth, indicating that future monetary and fiscal policies should continue to be relaxed,” he said.

China’s exports dropped 0.9 percent from a year earlier in the first seven months, according to new customs data.

A research note from Minsheng Securities also said China’s growth is still facing huge pressure and the country needs to make more efforts to realize its goal of annual economic growth of around 7 percent.

China should take more pragmatic measures to stabilize growth, including further cuts in the reserve requirement ratio (RRR) and more targeted measures to reduce long-term interest rates, Minsheng said.

Qu added that the disappointing figures will also reinforce the market’s expectations for further depreciation of China’s currency, the yuan, posing risks of overcorrection in the exchange rate, which may lead to retaliation from other countries.

On Tuesday, China’s central bank changed the exchange rate formation system to take into consideration the closing rate of the inter-bank foreign exchange market on the previous day, as well as supply and demand in the market and price movements of major currencies.

The central parity rate of the yuan weakened by about 1.6 percent against the U.S. dollar Wednesday, following a 2-percent depreciation on Tuesday.

HSBC forecast an additional 25-basis-point interest rate cut and a 200-basis-point cut to the RRR in the second half to sustain growth.

The central bank has cut both interest rates and the RRR three times since the beginning of this year. Enditem

Source Xinhua