China to Back Cross-Border Settlement in Renminbi
China will create a cross-border payment system for the Renminbi to strengthen the currency's international role, the central bank said. The system, expected to take one to two years to build, will cover Asia, Europe, America and Africa for trade and investment transactions. Cross-border transactions settled in the Renminbi exceeded ¥2 trillion last year.
Big Firms Banned from Offshore Investment in Non-Core Business
China has forbidden central government-run enterprises from investing in overseas industries that are unrelated to their main business, the State-Owned Assets Supervision and Administration Commission said. Special needs to make such investment require approval from the commission. The directive is understood to control risks of unfamiliar industries overseas.
Crude Steel Output on the Mend
Daily crude steel output from China's major mills averaged 1.62 million tons in the second 10 days of March, and nationwide daily production may have totaled 1.92 million tons, the China Iron & Steel Association predicted.
3G Penetration to Reach 20% by Q3
There were 1.01 billion mobile service subscribers in China as of the end of February 2012, including 140 million 3G service users, according to Analysys International. The number of 3G service users as a percentage of all mobile service users is expected to climb to 20% by the end of Q3 2012.
Browser Game Players to Top 75m
Revenue from China's browser game market was ¥1.91 billion in Q4 2011, and the number of players is expected to total 75 million by the end of this year, Analysys International predicted.
Urban Chinese Get 3.5 Times More Than Farmers
The average household income in urban China is 3.5 times that of rural dwellers, according to a report by the Asian Development Bank.
$1 = ¥6.3