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The yuan gained one position among international trade currencies from the previous ranking by the SWIFT on early September, and three positions form that in January 2012.

Chinese vice-finance minister Monday pressed the U.S. government to take decisive and effective steps to dissolve political disputes on debt ceiling before the deadline of October 17th and avoid a default

Land Kings have re-emerged in big cities like Beijing and Shanghai over the last few months as rising house prices fan hopes of a recovering market.

Authorities also approve the establishment of a financial leasing subsidiary of the Communication Bank of China within the zone

The cabinet says it will allow an initial test of a convertible RMB capital account in the proposed Shanghai Free Trade Zone in a government notice dated today.

Bank of China is expected to be the second to get the widely-coveted license, while banks with offshore financial licenses are likely to be among the second batch for the license.

The move will pave way for the liberalization of the deposit rate in China.

The central bank added 80 billion yuan ($13.01 billion) in funds into the banking system though reverse repurchase agreements today, at a yield of 4.1 percent

Despite the tention, a re-run of June-like cash squeeze is unlikely. The PBoC injected 88 billion yuan into the money markets on Tuesday.

Local media also said banks, both domestically or from aboard, can enjoy preferential policies when setting up branches within in the zone.

Overall foreign holdings of Treasuries rose by $31.1 billion in July amid what analysts said was a general easing of market anxiety over the Federal Reserve's plan to wind down its monetary stimulus

Some "individual governments" could face debt problems, the researcher said, referring to a Detroit-like crisis.

An administrative approval to temporarily adjust relevant laws and regulations was given green light on August 30, Shen said.

Foreign institutions have frequently expressed concerns over surging credit and non-performing loans in Chinese banking industry as well as an economic slowdown.

Wang said the FTZ is a "national strategy" and a showstage for the new leadership's idea in pressing reforms.

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