China plans weather insurance to help farmers
China may roll out its first weather insurance coverage before the end of the year to help farmers cope with economic losses due to natural disasters. A weather index insurance will pay out a predetermined amount should the observed results meet the policy's requirements.

Mainland, HK sign revised clearing agreement for Chinese RMB business in HK
China's central bank, and Hong Kong's renminbi clearing bank, the Bank of China (Hong Kong) Limited signed a revised Settlement Agreement on the Clearing of Renminbi Businesses in Hong Kong yesterday. The move is set to help the financial hub expand its business in RMB. A supplementary Memorandum of Cooperation on the expansion of RMB trade settlement was also signed.

China H2 foreign trade growth forecast to slow
The State Information Center predicted yesterday that the growth of China's imports and exports will slow down in the 2H of the year. The report said that the growth rate of imports will gradually decrease to about 19.3 percent in the second half. Exports will grow at about 16.3 percent in the second half, due to high base figures, the European debt crisis and adjustment to the country's export tax rebate policy.

Guangdong Development Bank H1 Net Hits 3.6 bln Yuan
The Guangdong Development Bank realized a net profit of 3.6 billion yuan in the first half of this year, exceeding its 2009 total net profits. The bank said that it plans to issue additional shares to raise 15 billion yuan, which has been approved by the China Banking Regulatory Commission.

ZTE Plans Research Center in Heyuan City
ZTE Corp said yesterday it will invest 10 billion yuan (US$1.47 billion) to establish a manufacturing and research industrial base in Heyuan City. The country's biggest public telecom equipment manufacturer is looking to expand overseas, and will boost its handset and equipment business through this new facility.