China will gradually loosen its foreign exchange restrictions under its capital account as the next step in its economic reforms, the currency regulator said on Thursday.
Guo Song, the head of the capital account department at the State Administration of Foreign Exchange, the currency regulator that overseas China's $3.99 trillion of foreign exchange reserves, made the comments at a press briefing.
Leading mobile chipmaker Qualcomm said on Wednesday it could face a civil action from U.S. authorities over alleged bribery of officials associated with state-owned companies in China.
Three employees at one of Marubeni Corp's grain trading units in China have been detained by authorities, the Japanese trading house said on Thursday, a move sources told Reuters was prompted by allegations the unit evaded taxes on soy bean imports.
Corruption charges against GlaxoSmithKline Plc executives in China are a warning to other foreign firms and could do irreparable damage to the British drugmaker's Chinese operations, the official Xinhua news agency said on Friday.