Bloomberg Business reports: "China's central bank plans to loosen rules for when foreign investors can bring money in and out of the country in a signal of its commitment to further open financial markets, according to people with direct knowledge of the matter....Such changes would suggest that turmoil in China's stock market and the yuan's exchange rate haven't derailed plans by the People's Bank of China to further open the nation's capital account to foreign investors, even as the authorities tightened restrictions for the local residents to move money abroad....Announcement of the changes is pending final approval of the plan by senior Chinese leaders, the people said. The People's Bank of China didn't immediately respond to a faxed request seeking comment."
The New York Times reports: "China's Foreign Ministry on Wednesday called for all sides to show restraint over North Korea's announcement that it plans to launch a rocket in defiance of U.N. sanctions. Ministry spokesman Lu Kang also expressed skepticism over calls by the U.S. for tough new sanctions against North Korea over its Jan. 6 nuclear test....Lu's comments come as U.S. diplomats are urging China to use its political and economic influence with North Korea to compel it to stop such actions....Maintaining peace and stability on the Korean Peninsula is the shared responsibility and common interest of all parties, Lu said."
Reuters reports: "China made its boldest overseas takeover move when state-owned ChemChina agreed a $43 billion bid for Swiss seeds and pesticides group Syngenta on Wednesday, aiming to improve domestic food production. The largest ever foreign purchase by a Chinese firm, announced by both companies, will accelerate a shake-up in global agrochemicals and marks a setback for U.S. firm Monsanto, which failed to buy Syngenta last year....With growth slowing at home, Chinese companies are increasingly looking abroad for deals that can boost their business and help them diversify....Shares in Syngenta rose on news of the deal, but at around 412 Swiss francs, were some way below the agreed offer price of $465 per share, equivalent to 480 francs, reflecting market concerns that the deal could yet stumble over regulatory hurdles and limited expectations of a counter-offer."