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BEIJING, July 12 (Xinhua) -- The central parity rate of the yuan, China's currency Renminbi (RMB), stood at 6.7718 per U.S. dollar Monday, a new record high, according to the data released by the China Foreign Exchange Trading System.China's central bank announced on June 19 that it would further the reform of the formation mechanism of the yuan exchange rate to improve its flexibility.
XIAMEN, June 20 (Xinhua) -- The Chinese mainland and Taiwan have come closer to signing a comprehensive economic pact as "substantial progress" has been made in negotiations, the mainland's chief Taiwan affairs official said on Sunday.Speaking at a centerpiece conference of the week-long Straits Forum held in the southeastern city of Xiamen, Director of the State Council's Taiwan Affairs Office, Wang Yi, said the progress in talks on the Economic Cooperation Framework Agreement (ECFA) is a result of joint endeavors and shall be honored by both sides.The two sides discussed the main contents of the pact and items of the goods and services to be included in the "early harvest program" at the third round of expert-level talks in Beijing last week.The Association for Relations Across the Taiwan Straits (ARATS) and Taiwan's Straits Exchange Foundation (SEF) represented both sides during the negotiations. Two previous talks were held in Beijing and Taipei earlier this year.The ECFA is intended to normalize mainland-Taiwan economic ties and bring the two economies closer, the pact's initiators said. Its "early harvest program" will cover certain industries to first benefit from tariff reductions.
WUHAN/XI'AN, July 23 (Xinhua) -- Authorities in two Chinese provinces traversed by the Hanjiang River, the largest branch of the swollen Yangtze River, issued fresh flood warnings Friday.The Flood Control and Drought Relief Headquarters in central Hubei Province said areas along the Hanjiang River will face severe floods.Pressure is building at the Danjiangkou reservoir, which is already dealing with the worst flooding of the year so far.The water level in the reservoir had risen to 150.74 meters by Friday, about 1.74 meters above the warning line, and is expected to rise to 152 meters before the end of the month.Engineers at the reservoir more than doubled the flow rate of water from 1,920 cubic-meters per second to 5,000 cubic-meters per second.Along the upper reaches of the Hanjiang River in Shaanxi Province, floods and landslides had left at least 73 people dead and 121 missing as of Friday noon, the provincial government said.About 213,000 residents from 24 counties and districts in the cities of Hanzhong, Ankang and Shangluo in southern Shaanxi have been evacuated. More than 60,000 houses have been destroyed or damaged.A new round of rainstorms began to pound the region Thursday. Between 20 to 80 millimeters of rain has fallen, raising water levels in the Hanjiang River.Authorities in Shaanxi have ordered disaster relief agencies and government departments evacuate flood-threatened residents as soon as possible.Floods in China this year had left 742 people dead and 367 missing as of 9:00 a.m. Friday.
BEIJING, Aug. 15 (Xinhua) -- The Agricultural Bank of China (ABC), one of China's "big four" state-owned commercial banks, won the title for the world's largest initial public offering (IPO) after selling another 3.34 billion shares at its IPO price of 2.68 yuan per share.The ABC said in a statement at the Shanghai Stock Exchange Sunday that it raised an additional 8.94 billion yuan (1.31 billion U.S. dollars) after fully exercising the over-allotment option of its Shanghai share offering. The bank has now raised 22.1 billion U.S. dollars.The previous record was set by the Industrial and Commercial Bank of China, which raised a record 21.9 billion U.S. dollars in its IPO in 2006.ABC shares rose 0.37 percent to 2.69 yuan on the Shanghai bourse Friday.The ABC is the last of the "big four" state-owned commercial lenders to go public. The other three banks -- the Industrial and Commercial Bank of China, China Construction Bank and Bank of China, are listed on both Shanghai and Hong Kong bourses.The over-allotment, or so-called greenshoe option, allows the sale of additional shares to the public if demand is high.
AUCKLAND, June 17 (Xinhua) -- Chinese Vice President Xi Jinping arrived at Auckland on Thursday morning, starting his official visit to New Zealand.Xi made the tour as a guest of New Zealand Prime Minister John Key.In a written speech distributed at the airport upon his arrival, Xi said currently the relationship between China and New Zealand is at its best time.He said the two sides see frequent exchange of high-level visits, marked achievements have been scored in bilateral trade and economic cooperation, and cultural exchange has been deepened, which has brought substantial benefits to both countries and both peoples, and also contributed to the peace, stability and prosperity of the Asia-Pacific region at large.The Chinese government has always attached importance to its relations with New Zealand, Xi said.The Chinese vice president said he was looking forward to meeting with leaders and people from all walks of New Zealand, aiming at discussing new approaches to enhancing bilateral friendship and exploring new cooperation.He said that he believes his visit would increase mutual trust, deepen friendship and expand cooperation, thus advancing the comprehensive bilateral cooperative relationship to a new starting point.During his stay in New Zealand, Xi is expected to hold talks with John Key and meet with Governor-General Anand Satyanand and other leaders. The New Zealand is the third leg of Xi's four-nation visits. His last leg is Australia.
