1. The inter-bank foreign exchange market will be opened to foreign central banks, and a cross-border RMB payment system will be established by the end of 2015 to improve offshore yuan market, said Premier Li Keqiang at the opening ceremony of the Summer Davos meeting in Dalian, northeast China, on Thursday.
2. China's top foreign-exchange regulator has asked banks to enhance management of customers' foreign-currency transactions after August 11 when the yuan saw a sharp depreciation, according to a report by the Shanghai Securities News citing reliable sources. The State Administration of Foreign Exchange has issued a circular, requiring domestic banks to keep a closer watch on individuals' suspicious foreign-currency payments that have been split into smaller parts, and to turn down clients' requests for foreign-currency purchases when necessary. Market observers said these measures were not aimed to restrict individuals' normal foreign-currency transactions but to alleviate the pressure on capital outflows.
3. Foreign direct investment (FDI) into the Chinese mainland, which excludes investment in the financial sector, jumped 22 percent in August from a year earlier, settling at 8.71 billion U.S. dollars, the Ministry of Commerce said on Thursday. The growth accelerated from a 5.2-percent rise in July, as investments to the country's high-tech service industry saw a significant increase.
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