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Premier Wen Jiabao said Monday that China would continue to gradually increase the flexibility of its exchange rate while taking into consideration the pressure on enterprises and employment which is important to social stability.
Asian stocks fell last week, dragging down a regional benchmark index by the most since August, as conflict escalated in the Middle East and an earthquake shook Japan in the final minutes of trading on Friday.
China issued its first ship trading price index on Saturday in Beijing as it aims to provide more information on price fluctuations for ship traders and industry supervisors.
China's major state-owned banks may need to raise 150 billion yuan ($22.8 billion) of capital over the next five years to support loan expansion, which could squeeze the stock market, Reuters reported citing Chinese newspaper.
Chinese banking giant ICBC set up its first overseas Reminbi Processing Center in Singapore on Friday, in line with the bank's strategy to go international and the fast growth of renminbi business in the region.
The Export-Import Bank of China (China Eximbank), a major policy bank, is planning to broaden both its domestic and overseas networks to strengthen support for Chinese companies that invest abroad, a top executive said on Friday.
China will achieve a major breakthrough in full convertibility of the yuan over the next five years, Hu Xiaolian, deputy governor of the People's Bank of China, said on Friday.
The increasing number of bachelors in China limits appreciation of the yuan more than government officials do, according to a Columbia University economist.
Chinese shares closed lower Friday with the benchmark Shanghai Composite Index down 23.35 points, or 0.79 percent, to 2,933.8.
Agricultural Bank of China (ABC) has received approval from its board to issue no more than 10 billion yuan ($1.52 billion) worth of renminbi-denominated bonds in Hong Kong. The maturities will be less than five years, according to a statement by the bank.
The Shenzhen Stock Exchange is considering a delisting mechanism for companies listed on the ChiNext start-up board in an effort to lower the high valuations of listed companies and to better protect retail investors, Chen Dongzheng, the exchange's president, said on Thursday.
An official with China's central bank said Thursday that they would steadily promote exchange rate and interest rate reforms over the coming five years, as they are key to the nation's financial system reform.
