PRESS DIGEST - China - Nov 20


Nov 20 (Reuters) - Chinese newspapers available in Beijingand Shanghai carried the following stories on Wednesday. Reutershas not checked the stories and does not vouch for theiraccuracy.


- The ruling Communist Party of China set up a special groupto go around the country to promote the leadership's latestreform plan, seen as the boldest reforms planned in threedecades.


- The northeastern city of Harbin in Heilongjiang provincehas been hit by its heaviest snowfalls since records began aftersnow fell for nearly 60 hours, leaving snow piled as high as 50millimetres in some areas. The storm caused four deaths inneighbouring Jilin province but no casualties were reported inHeilongjiang.


- The plan announced by the Chinese leadership this month toquicken the pace of economic reforms, including stepping up thepace to make the Chinese currency yuan fullyconvertible, heralds a new phase of active cross-the-bordercapital flows in and out of China, economists say.

- The Shanghai International Energy Trading Centre, a unitof the Shanghai Commodity Exchange, will start operations onFriday, the latest step taken by the exchange to prepare thelaunch of China's first crude oil futures, possibly in the firsthalf of next year.


- More and more Chinese are now trading bitcoins, with thedaily volume of Chinese trading even exceeding that on theprofessional platforms of Mt.Gox and BitStamp on Monday,statistics issued by showed.

- Despite a consolidation of China's stock market onTuesday, stock index futures continued trading inpremiums against spots, indicating optimism sparked by thecountry's latest bold reform plan still prevails the markets.


- Yields of China's benchmark 10-year government bonds havehit multi-year highs recently due to the central bank's tightliquidity stance and are likely to rise above the main 5-percentresistance soon.


- Some Chinese banks are set to suffer losses in the loomingbailout plans of Suntech Power, with policy bank ChinaDevelopment Bank possibly losing 1.6 billion yuan($262 million).


- Anhui province is experimenting with letting farmersmortgage or transfer control of the publicly owned land theyfarm as China tries to finds ways to create a land market.However, the farmers will not be granted ownership of the land.

For Hong Kong and South China newspapers see.....

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