Yuan Fully Convertible in Shanghai Free Trade Zone
China will allow unfettered exchange of its currency in the proposed Shanghai free trade zone, the first of this kind in the country to promote reforms, the South China Morning Post reported, citing a draft plan. Local authorities in Shanghai said the free trade zone will allow foreign banks to set up wholly owned units, with simplified procedures, and bolder moves could be anticipated in the zone for opening up China's financial market.
China to Work with Asean on Financial Security
Central banks and financial institutions of Association of Southeast Asian Nations (Asean) countries are welcome to invest in China's bond market, and supporting policies will be introduced soon, said Yi Gang, deputy governor of the People's Bank of China, the nation's central bank. Expectations that ailing developed economies would exit emerging markets may cause capital exodus, local currency depreciation and stock market crash, so emerging markets, including China and the Asean, have to work on regional financial stability, according to Yi.
China's Home Appliance Industry, January-July 2013
China's home appliance industry fared better in the first 7 months of 2013 than in the same period of last year thanks to lower raw material prices and strong seasonal demand, according to a report released by the Ministry of Industry and Information Technology.
56.81 million refrigerators were produced, up 12.4% year on year
90.55 million air conditioners were produced, up 8% year on year
38.64 million washing machines were produced, down 6.5% year on year
96.7% of the home appliances produced in the first 7 months were sold during the period; the rate was down 1.4 percentage points from a year earlier. The value of home appliance exports grew 7.5% year on year to 196.53 billion yuan between January and July; the rate was up 0.6 percentage points from a year earlier.
Revenue & Profit
The home appliance industry posted 712.28 billion yuan in revenues and 34.37 billion yuan in gross profits for the first 7 months, up 15.7% and 20.5% respectively from a year earlier. Revenue growth was 9.4 percentage points faster compared with a year earlier and profit growth remained unchanged.
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