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2010-07-10

China will actively promote the transformation and upgrading of processing trade.

The Ministry of Commerce held a symposium on the transformation and upgrading of processing trade in Suzhou, Jiangsu Province from July 1st to 2nd. Vice Minister Jiang Yaoping stated that processing trade conforms to China's national conditions and is an important way for China to utilize domestic and international resources and markets, alleviate employment pressure, improve the development level of industries, and enhance international competitiveness. China will actively promote the transformation and upgrading of processing trade.


2010-07-10

The central bank will raise the reserve requirement ratio for financial institutions' RMB deposits by 0.5 percentage points.

The People's Bank of China (PBOC) announced on May 10, 2010, a 0.5 percentage point increase in the reserve requirement ratio (RRR) for Chinese yuan (RMB) deposits at financial institutions. Rural credit cooperatives and village banks are exempt from this increase.


2010-07-10

The Renminbi reached a record high against the US dollar.

On June 21, the RMB reached a record high against the US dollar.