Quotable

"Despite the weaker exchange rate of the renminbi against the dollar, the appreciation of the central parity rate highlights the People's Bank of China's policy intention to stabilize the rate,"

said a report from China International Capital Corporation on Dec 29. The report showed a current account surplus of $152.7 billion through the first three quarters of 2014, which represented 2.2 percent of GDP. The figure is expected to rise to 3 percent in 2015.

"We will continue to streamline overseas listing approval procedures as mandated by the State Council executive meeting on Dec 24 and make it easier for Chinese companies to raise financing abroad,"

Zhang Xiaojun, a spokesman from the China Securities Regulatory Commission. CSRC streamlined administrative procedures for domestic companies seeking to raise funds abroad. Chinese companies seeking to go public abroad no longer need to provide audit results or environmental protection certificates.

"The revised regulations have lowered the threshold for foreign-funded banks to establish branches within China and relaxed rules on foreign banks to have access to certain business,"

Zeng Gang, a director at the Institute of Finance and Banking under the Chinese Academy of Social Sciences. The State Council recently announced it will relax controls over market access for foreign-funded banks.

(China Daily European Weekly 01/02/2015 page15)