Finance Watch

CHINA Free-Trade Zones To Launch Yuan Trials

China's central bank said it is going to promote yuan convertibility for the capital account in three free-trade zones.

In three separate Friday statements, the People's Bank of China said it would broaden the cross-border use of the Chinese currency, deepen foreign-exchange reform, and make the yuan convertible within the prescribed limit of $10 million per institution in the Guangdong Free Trade Zone, Tianjin Free Trade Zone, and Fujian Free Trade Zone.

It also said it would allow institutions to independently conduct investment and financing in the three free trade zones as long as they are registered there and aren't on the so-called negative list.

Pei Li ORIGIN ENERGY Natural-Gas Project Begins Production

A third huge natural-gas export project built on Australia's east coast has begun production, leaving it on track to ship its first cargo of liquefied natural gas by the end of the year, venture partner Origin Energy Ltd. said Friday.

The 24.7 billion Australian dollar (US$17.9 billion) Australia Pacific LNG project will be the final of the three LNG ventures in tropical Queensland to begin shipping cargoes this year, after BG Group PLC's US$20.4 billion QCLNG project began exporting at the start of the year and the first shipment left Santos Ltd.'s US$18.5 billion Gladstone LNG venture in mid-October.

"Australia Pacific LNG has now achieved its last major milestone prior to exporting LNG to customers in Asia," said David Baldwin, the chief executive of Origin's integrated gas division.

The project, which uses a plant on Curtis Island to chill natural gas that is piped from within seams of coal deposits in two basins in Queensland state, is owned by Origin and ConocoPhilips. Each hold 37.5% stakes. China's Sinopec has an interest of 25%.

Robb M. Stewart

(END) Dow Jones Newswires

December 13, 2015 17:17 ET (22:17 GMT)

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