Yuan-rouble payment system established

CHINA has established a payment versus payment (PVP) system for the yuan and Russian rouble transactions in a move to reduce risks and improve the efficiency of its foreign exchange transactions.

The PVP system for yuan and rouble transactions was launched Monday after receiving approval from China’s central bank, according to a statement by the country’s foreign exchange trading system. It marks the first time a PVP system has been established for trading the yuan and foreign currencies, said the statement.

MMG China’s preferred developer of overseas mines

MMG Ltd., the international mining unit of State-owned China Minmetals Corp., has become China’s preferred developer of overseas mining projects after it was selected in a trial, MMG’s chief executive said Thursday.

China’s government is supporting moves overseas by State-owned industries with a keen focus on commodities in which China is short, Jerry Jiao said. “Minmetals has been selected as a pilot program for State-owned firm reform — the only one in the metals sector,” Jiao said. “This has now positioned MMG as a preferred vehicle for foreign direct investment into international resource investment in ‘China short’ commodities,” he said.

Lotte Group aims to sell Lotte Mart stores

SOUTH KOREA’S Lotte Group aims to sell its Lotte Mart stores in China by the end of this year, an executive said Thursday, adding that several companies have expressed interest in the troubled assets.

“We are in detailed talks with some of those companies,” the executive, Lim Byung-yun, said at a press briefing. Lotte Shopping has picked Goldman Sachs to manage the sale of its hypermarkets and supermarkets in China, after most of them were shut down amid political tensions between the two countries.

C919’s third test flight delayed due to bad weather

PLANS to send China’s home-built C919 passenger jet on its third test flight have been delayed due to bad weather, a Commercial Aircraft Corp. of China Ltd. (COMAC) official said Thursday.

COMAC vice president Shi Jianzhong said last month that the plane was expected to make its third test flight within two weeks of its second test flight Sept. 28, suggesting the test flight would take place by the end of this week. A COMAC official, who declined to give his name, said that plans for that flight had been pushed back due to bad weather. “No decision has yet been made on when the next flight will be,” he said.