Briefly

Bankruptcy law draft revision reviewed

Chinese lawmakers on Tuesday began reviewing a draft revision to the Enterprise Bankruptcy Law, with the second draft incorporating refinements to provisions on individual bankruptcy, bankruptcy protection, restructuring and cross-border bankruptcy. Based on feedback from the first draft, the second draft adds a new section on pre-restructuring consultation. In addition, the draft improves provisions on cross-border bankruptcy, clarifying the extraterritorial effect of bankruptcy proceedings, the jurisdiction of Chinese courts and mechanisms for international judicial assistance. The current law was enacted in 2007. The first draft of the revision was submitted to the 17th session of the 14th National People's Congress Standing Committee in September 2025 and was later released for public comment.

Yuan weakens against greenback

The central parity rate of the Chinese currency renminbi, or the yuan, weakened 11 pips to 6.7852 against the US dollar on Tuesday, according to the China Foreign Exchange Trade System. In China's spot foreign exchange market, the yuan is allowed to rise or fall by 2 percent from the central parity rate each trading day.

XINHUA-CHINA DAILY