Forex market

THE government will fend off cross-border capital flow risks and continue to open up its foreign exchange market, the forex regulator said yesterday.

The regulator will deepen forex reform and strengthen a crackdown on forex-related irregularities, the State Administration of Foreign Exchange said in a statement.

Car subsidy

THE city of Changsha is considering offering subsidies for purchases of locally made cars, a document confirmed by an official at a local planning agency showed.

The capital of the central province of Hunan is considering to offer as much as 20,000 yuan (US$2,909.73) to local residents who purchase new combustion engine cars and new energy vehicles made by local car manufacturers, according to the document.

Urea futures

THE government will start trading urea futures and japonica rice futures from next month, the securities regulator said Friday, as the country expands its range of agricultural product derivatives.

Urea futures will start trading Aug. 9 and japonica futures will start Aug. 16, the China Securities Regulatory Commission said at a briefing Friday. The commission also approved the trading of TSR20 rubber futures starting from Aug. 12.

Yuan globalization

THE chairwoman of China’s Export-Import Bank on Saturday called for an acceleration of reforms to internationalize the Chinese currency, warning that external risks linked to rising global protectionism could harm the financial sector.

Hu Xiaolian, speaking at a forum in Beijing, said some countries have been engaged in “constant” efforts to undermine globalization. “I think the internationalization of the yuan should move faster,” Hu said.