Yuan rebounds again

The central bank yesterday set the mid-point of the yuan's exchange rate at 6.9028 against the dollar, a bit weaker than the post-revaluation high of 6.9015 on Thursday and 6.9018 on Friday.

Business China

MetLife applies for integration in China market

MetLife, the US's largest life insurer, has applied to the Chinese industry regulators for permission to integrate its ventures in China, in a move to compete more fiercely in the market, senior management said in New York.

IN BRIEF (Page 14)

Xugong goes with the wind

Xuzhou Construction Machinery Group (XCMG), the country's largest manufacturer of heavy construction machinery, plans to make an initial investment of 500 million yuan to diversify into wind turbine production at a time when crude oil price is going through the roof.

Business China

CITIC to privatize arm listed in HK

HONG KONG: State-owned financial conglomerate CITIC Group will pay lower than expected to privatize its Hong Kong-listed arm CITIC International Financial Holdings (CIFH) and will finally inject it into mainland-based China CITIC Bank.

Banks' earning potential dented by rise in ratio

The latest 1 percentage point rise of the bank reserve requirement ratio to 17.5 percent could further squeeze commercial banks' earnings potential as many are not moving quickly enough to diversify their income sources, analysts say.

IN BRIEF (Page 14)

Business China

New worry for China Eastern

China Eastern Airlines is facing yet another challenge in the lucrative travel market in Yunnan province after the industry watchdog suspended its routes and reduced its flight frequencies last month.

S. Korea's Lotte completes 100% CTA Makro takeover

One of the oldest and most well-known names in Beijing's retail sector is about to disappear as Lotte, the South Korean conglomerate, completes its 1.28 billion yuan takeover of CTA Makro.