Banking

On Wednesday, the yuan — also known as the renminbi or “people’s currency” — rose to a record post-float high, as the dollar fell to 6.3772 yuan on mainland Chinese markets, according data from the state-run Xinhua News Agency.

However, plunges in global stock markets and for many commodities on Thursday sent the Chinese unit back down, with the central bank’s dollar “parity rate” — the midpoint of the government-set trading range for the domestic market — rising to CNY6.3808 Thursday and CNY6.3840 on Friday.

China's currency and government bonds offer investors a unique way to take advantage of the country's continued strong economic growth.

China and the UK welcome private-sector interest in developing an offshore market in London to trade the yuan.

Following a press conference on Thursday afternoon by Chinese Vice-Premier Wang Qishan and U.K. Chancellor of the Exchequer George Osborne, the two governments issued a statement confirming the agreement.

"We agreed to collaborate on the development of renminbi-denominated financial products and services in London, and our regulators stand ready to support this market," the Chancellor said.

alt

China National Offshore Oil Corp (CNOOC) said on Saturday it will enhance supervision and assistance to ConocoPhillips China (COPC) in handling the oil spills in north China's Bohai Bay to make sure that COPC fully implement maritime authority's requirements.

The statement came after the State Oceanic Administration (SOA) said COPC failed to meet its requirements of "screening out all potential sources for oil spills and blocking leaks once and for all" before the deadline of August 31.

The Chinese currency renminbi, or RMB, is not ready for rapid appreciation at the moment and the rise of its international status needs "patience," Nobel laureate Myron S. Scholes told Xinhua in a recent interview.

"Obviously, RMB has to appreciate over time... You know it's not right to do this at the moment because of the immaturity of the Chinese economy," said Scholes on the sideline of the 4th Lindau Nobel Laureate meeting on Economic Sciences.

He said "China still needs an export-based economy at this time. Internal consumption levels are too low in China right now to support the entire economy."

China announced on Tuesday that all parts of the country are able to use its national currency, the yuan or Renminbi, in cross-border trade settlements.

Previously, only 20 provincial regions in the country could conduct cross-border trade settlements in yuan.

The policy was announced by the People's Bank of China, the country's central bank, and five other financial authorities.

The extension is a crucial step in boosting cross-border use of yuan, which is stated in the country's 12th Five-year Plan (2011-2015), and will better serve enterprises' needs and further facilitate trade and investment, the central bank said in a statement on its website.