Nov 20 Chinese newspapers available in Beijing
and Shanghai carried the following stories on Wednesday. Reuters
has not checked the stories and does not vouch for their
- The ruling Communist Party of China set up a special group
to go around the country to promote the leadership's latest
reform plan, seen as the boldest reforms planned in three
- The northeastern city of Harbin in Heilongjiang province
has been hit by its heaviest snowfalls since records began after
snow fell for nearly 60 hours, leaving snow piled as high as 50
millimetres in some areas. The storm caused four deaths in
neighbouring Jilin province but no casualties were reported in
SHANGHAI SECURITIES NEWS
- The plan announced by the Chinese leadership this month to
quicken the pace of economic reforms, including stepping up the
pace to make the Chinese currency yuan fully
convertible, heralds a new phase of active cross-the-border
capital flows in and out of China, economists say.
- The Shanghai International Energy Trading Centre, a unit
of the Shanghai Commodity Exchange, will start operations on
Friday, the latest step taken by the exchange to prepare the
launch of China's first crude oil futures, possibly in the first
half of next year.
CHINA SECURITIES JOURNAL
- More and more Chinese are now trading bitcoins, with the
daily volume of Chinese trading even exceeding that on the
professional platforms of Mt.Gox and BitStamp on Monday,
statistics issued by Bitcoinity.org showed.
- Despite a consolidation of China's stock market on
Tuesday, stock index futures continued trading in
premiums against spots, indicating optimism sparked by the
country's latest bold reform plan still prevails the markets.
- Yields of China's benchmark 10-year government bonds have
hit multi-year highs recently due to the central bank's tight
liquidity stance and are likely to rise above the main 5-percent
CHINA BUSINESS NEWS
- Some Chinese banks are set to suffer losses in the looming
bailout plans of Suntech Power, with policy bank China
Development Bank possibly losing 1.6 billion yuan
- Anhui province is experimenting with letting farmers
mortgage or transfer control of the publicly owned land they
farm as China tries to finds ways to create a land market.
However, the farmers will not be granted ownership of the land.
For Hong Kong and South China newspapers see.....