The company said on Monday that overall profits, however, declined to 4.45 billion yuan, down 55 million yuan from the same period last year, the company said in an annual report.
Chinese officials have said publicly that they will not push down the yuan, and their currency has risen in trade-weighted terms.
Instead of allowing yuan appreciation to reduce imbalances and inflation directly, the PBOC is forced into exchange pegging purchases of dollars to hold down the yuan.
The more foreign capital that flows in, the more dollars the central bank must buy to hold down the yuan, which, in effect, means printing money.
On the other hand, the PBOC is conducting aggressive open market purchases of dollars to hold down their yuan, which is naturally increasing their domestic money supply and offsetting their tightening measures.
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One worry is that China's rulers will try to push the yuan down to help exporters.
Bank of China's Beijing branches sold 5.5 billion yuan in wealth-management products in April, down sharply from 14 billion yuan in March, according to a source with direct knowledge of the matter.
In the past, bosses often preferred to run a business down to its last yuan before acknowledging problems, at which point there was little to reorganise.
On the one hand, that could slow down the buildup of yuan in Hong Kong's banking system as more of the currency exits the territory to pay for Chinese goods.
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Bank credit extension in the first quarter of this year has slowed, accounting for just under 5% of GDP in the first for loans in Chinese yuan, down from 6.5% of GDP in the first quarter 2010.
By holding down the value of the yuan and allowing a consequent build-up of excess liquidity, China risks repeating the same error.
The stock closed at 12.33 yuan today, down 9.3%.
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The collapse in exports in recent months and the consequent job losses in southern China have triggered speculation that the government might try to push down the value of the yuan.
Shares in Shanghai Fosun Pharmaceutical closed down 1% at 9.28 yuan today after the approval.
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The Chinese yuan was essentially flat on Monday, down 0.002% to 6.3412 by 12:14 PM in New York.
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"Going forward, we think the yuan is going to fluctuate up and down a lot more, and it's not just a one-way bet, " said Terry Wang, Trina's chief financial officer.
Greentown China Holdings of Hangzhou, which earlier this year took on Hong Kong property giant Wharf as a new investor, said yesterday first-half net profit doubled to 1.8 billion yuan and its debt load had come down.
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Sales during the period edged down 2.6% to 3.6 billion yuan.
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Still, the currency swings represent another step toward the internationalization of the yuan, analysts say, as it starts to move up and down like other currencies albeit in a limited range.
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