| Abstract: | China’s pledge to further reform the renminbi(yuan)exchange rate regime recently delivered a boost to Asian currencies and global stock markets.The central bank expanded its pilot program involving yuan settlement in foreign trade to include trade centers the world over.The National Audit Office revealed details about local government debts,raising concerns over a financial black hole.By setting up a stringent entrance threshold,China aims to clear up the crowded third-party payment industry.Financial pressure mounts on real estate developers,due to the recent housing market gloom. China will overtake Japan as the world’s second largest advertising market within five years. |
