China media: UK currency deal
- 19 June 2014
- From the section China
Media discuss China's role in international finance after a key currency clearing deal with London.
The Bank of England on Wednesday appointed one of China's "big four" banks as the Chinese currency clearing bank in London.
The announcement was made as Premier Li Keqiang signed various business deals with the UK during his visit.
Lu Zhengwei, chief economist at the Industrial Bank Co, tells the Global Times the deal "will help the yuan gain recognition before it expands its presence in the area [EU]".
Echoing similar views, the Southern Metropolis Daily says the deal is a "first step towards internationalisation of the yuan".
"It is a win-win situation for China and Britain. Beijing will attain a louder voice in the international monetary system, and for the British, the co-operation will reinforce its position as an international financial centre," it adds.
However, Tan Yaling, president of China's Forex Investment Research Institute, cautions against "blindly pursuing the internationalisation of the yuan" as the process "will bring risks and problems".
"The internationalisation of the yuan needs to be based on high-quality economic growth. There is also a need to raise the competitiveness of (Chinese) enterprises, in terms of their image, quality and efficiency," she tells the Beijing Times.
Meanwhile, media blame Vietnam for "insisting on its own ways" as high-level talks between China and Vietnam over maritime disputes ended in a deadlock.
Vietnam made no statement after talks between Foreign Minister Pham Binh Minh and Beijing's top diplomat Yang Jiechi ended in Hanoi.
However, China's foreign ministry accused Vietnam of "hyping up" the issue.
The talks were the first high-level contact between the two nations since territorial disputes sparked anti-China riots across Vietnam last month.
The China Daily says Mr Yang's visit "symbolises Beijing's serious intention to bring the potentially explosive recent confrontation to an end".
"Since all the recent troubles derive from Hanoi's miscalculations and unwarranted provocations, the current standoff will not see a peaceful end without Hanoi correcting its approach," it adds.
And finally, journalists have been banned from writing "critical reports" without seeking prior approval from their employers.
Under the new directives given by the State Administration of Press, Publication, Radio, Film and Television, media outlets are required to prohibit their reporters from setting up online platforms to publish "critical stories", according to Xinhua.
The new directives have sparked concerns over increased control on the media.
A reporter tells the Global Times that the rule lacks clarity and is open to interpretation.
The unnamed journalist adds that each outlet will impose their own interpretation of the rule, and reporters may have to change their working style.
A commentary in the Chinese edition of the paper reminds newspapers and journalists that the role of the media in China is different from that of the West.
"The critical reporting that challenges the country's system will not go far in China…One should have such clear understanding before joining the media industry," it adds.