In the news

Updated: Mar 30 2013, 06:23am hrs
Construction FDI threshold may be hiked

In a bid to attract more serious and long-term foreign investors in the construction sector, the government is likely to increase the FDI threshold in such projects to $10 million in all cases and remove the condition that the funds need to be brought in not later than six months from the start of operations by the relevant company.

Yuan rises to 19-year high

Chinas yuan rose to a 19-year high after the central bank raised its daily reference rate to the strongest level in more than 10 months. The Peoples Bank of China increased the fixing by 0.08% to 6.2689 per dollar, the highest since May 2, 2012. The currency is allowed to trade 1% either side of the rate. The Purchasing Managers Index for manufacturing in March will be 51, indicating a sixth month of expansion, according to the median estimate in a Bloomberg News survey of economists before official data on April 1. President Xi Jinping is on his first foreign visit since taking over earlier this month and has held meetings with the heads of Brazil, Russia and India as well as African countries.