Currently, the exchange rate is approximately five rubles to one yuan.
Some Shenyang enterprises have been sold for a token one yuan.
In Beijing, water rates for home use start at just one yuan (about 12 cents) per cubic metre, far below cost, with heavy users paying a bit more.
Officials appear miffed that Shenyang, a nearby city in Liaoning province with huge state-enterprise troubles of its own, has stolen a march by putting dozens of its enterprises on the block for just one yuan each.
The fund's goal of amassing one trillion yuan in the coming five to ten years appears extremely ambitious.
Mr. Peng, who used to run Merrill Lynch's property investments in China, closed the first part of his fund in the third quarter of last year, raising one billion yuan from domestic investors, and plans to have invested three billion yuan by the middle of next year.
It is widely expected to do the same later this year, particularly after a total of 20 billion yuan in one-year bills mature in May, according to another person familiar with the situation.
One upshot is that growing mountain of yuan deposits in Hong Kong - because all this wonderful trade in renminbi is essentially one way.
First, the hot-money folk were always betting on a long-awaited and large one-off revaluation of the yuan to make them a decent profit.
One, they have allowed the yuan to appreciate at an accelerated pace to its firmest level in 17 years, as market strategist Dave Rosenberg has pointed out.
One reason the strengthening of the yuan will play into the hands of the Chinese consumer is that a stronger exchange rate cheapens import prices, giving consumers greater purchasing power.
But Dino Kos, a former chief of markets at the Federal Reserve Bank of New York who now works for Portales Partners, a research firm, notes that the yuan does not meet one of the most basic requirements of a reserve currency: other countries cannot use it to intervene in foreign-exchange markets because it is not freely convertible.
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By one estimate about 2.5 trillion yuan has been paid into these accounts.
Over the same period, the yuan has declined by approximately one percent against the euro and 2 percent against the Japanese yen.
On the other hand, you can buy one of my trucks for 200, 000 yuan.
"The start of yuan clearing service in Singapore is one more step forward to the internationalization of the renminbi, " said Matthew Cannon, HSBC's head of global markets in Singapore, referring to the Chinese currency by its official name.
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Just before the lunar new year the government announced unprecedented one-off payments totalling 9.7 billion yuan to 74m people living close to the poverty line.
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One of the bidders had himself made 2.2m yuan selling positions.
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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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The Hong Kong bond issue is one of the early steps China has taken to establish the yuan as a global standard.
That may have prompted China's central bank to let the yuan rise to a rate of 6.4 redbacks to one green (see chart 2).
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Indonesia is one of the countries where it is to try to start settling trade in yuan.
One Chinese newspaper said the government was considering the launch of a trillion-yuan fund to help build affordable homes.
With both dollar and yuan funds now, Qiming has more flexibility to invest in healthcare, one of its areas of expertise.
Many see dim sum bonds as one of a number of developments that will ultimately lead to the internationalization of the yuan as a global reserve currency.
Analysts said SAFE's move likely reflected the Chinese government's concerns over the yuan's rapid appreciation in recent weeks, but noted that the currency remains one of the bright spots among emerging markets.
China has stated its desire to "internationalize" the yuan, increasing the currency's use for trade, investment, and perhaps even one day as a reserve.
The banks have extended to local governments an estimated 14.38 trillion yuan, about a third of their outstanding loans at the end of 2010, but no one really knows the full extent of the exposure.
"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.
Carlyle was one of the first firms to go into China, for instance, and the first American firm to raise a yuan-denominated private-equity fund, but it now faces competition from other American firms there, and Chinese ones as well.
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