China's demand for gold has jumped nearly 40 per cent this year as the appetite for jewellery, bars and coins increased sharply due to a sharp drop in gold prices.
An AMC in east China's Zhejiang Province has come into operation, and the idea of creating similar provincial "bad banks" is being tested in other provinces like Jiangsu, Anhui and Shanxi.
Activity share of RMB has grown to 8.66 percent in October, compared with 81.08 percent of USD and 6.64 of the Euro.
Lou explained that the fiscal and tax reforms will be achieved by fulfilling three objectives
"The PBOC's Opinion signifies a ground-breaking advancement of China's capital account reforms".
PBOC aims to promote market liberalization
ChiNext plunged by as much as 8.3 percent while the Shanghai Composite Index slipped 0.59 percent and the Shenzhen Component Index lost nearly 2 percent.
About 50 are expected to have finished all IPO procedures and be listed before the end of January 2014.
The Japanese stock market rallied more than 9 percent, China's benchmark SCI rose nearly 4 percent in November.
Reuters said there is a debate on whether the country should adopt the same insurance rate for all banks.
The move drew attentions from many Bitcoin lovers, but no transaction has been made so far.
Total assets of China's banking sector have grown 14.3 percent from a year ago to 143.7trillion yuan at the end of October.
On the yuan's exchange rate, he said the Chinese currency is now "very close to equilibrium".
China will accelerate the pace in making the yuan convertible under capital accounts, based on the before-mentioned reforms, Zhou said.
Annualized interest rate of private loans with a maturity of over one month will not be capped at 48 percent of the benchmark rate as suggested in the drafted version.
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