China's business press carried the following stories on Tuesday. China.org.cn has not checked the stories and does not vouch for their accuracy.

Sinochem's takeover bid rejected by Nufarm -- Sina Finance

China's Sinochem Corporation announced on Thursday that its takeover offer has been rejected by Nufarm Ltd. and relevant talks have been terminated.

According to Sinochem's statement, Nufarm, an agricultural chemicals supplier in Australia, cannot accept the Sinochem's revised proposal of 12 Australian dollars per share.

Sinochem has been in talks with Nufarm since June 2009. The Chinese company last week reduced its offer for Nufarm to A$12 from A$13.

Sinochem said in the statement that it's a pity that the board of Nufarm cannot accept its offer.

CRCC board OKs JV's takeover plan of Canadian mining company -- Sina Finance

China Railway Construction Corp. Ltd. (CRCC) announced on Monday evening that its board of directors has approved the joint takeover plans of Corriente Resources Inc. with Tongling Nonferrous Metals Group Holdings Co., Ltd.

According to the plans, CRCC and Tongling Hollings will jointly establish CRCC-Tongguan Investment Co., Ltd., which will make an offer to acquire all of Corriente's tradable common shares in issue and those to be issued during the offer. The four stakeholders signed an agreement on Monday.

Under the terms of the agreement, CRCC-Tongguan plans to acquire all of Corriente's tradable shares at the price of C$8.6 (55.89 yuan) per share, using cash only.

Assuming that all Corriente's shares are acquired, the transaction will cost a total of about C$679 million (about 4.411 billion yuan).

Based in the Canadian city of Vancouver, Corriente is a public listed company involved in the exploration and development of copper, gold, silver and molybdenum mines. Its main assets include the mining rights and interests in the Corriente Copper Belt in southeast Ecuador.

Suspected hot money inflows cause rising of funds outstanding for forex -- Shanghai Securities News

With the steady recovery of the Chinese economy and the growing expectation for yuan's appreciation, foreign exchange inflows have been increasing in recent months.

Based on the central bank's latest statistics, the funds outstanding for foreign exchange in financial institutions have reached 19.02 trillion yuan by the end of November, marking the second highest level this year.

New funds outstanding for foreign exchange have been rising steadily this year, with September's figure being the highest in 17 months.

Analysts said that the 254.3 billion yuan of new funds outstanding for foreign exchange is realistic, as market expectations for a rising yuan have increased from early this year.

Statistics show that China's trade surplus and FDI stand at about US$14.1 billion and US$7 billion in November, respectively. These figures amount to US$21.1 billion, falling US$16.2 billion short of the US$37.2 billion of new funds outstanding for foreign exchange in November. The gap shows the vast hot money inflows China experienced in November.

Fan Gang sees no reason for yuan to depreciate in the future -- China Securities Journal

There's no reason for China's yuan to depreciate in the future, according to a renowned Chinese economist, who added that the country should eliminate the pressure of currency appreciation by rationalizing domestic prices.

The world economy is still unstable for the foreseeable future, said Fan Gang, Director of the National Institute of Economic Research and Chairman of China Reform Foundation (NERI-China). The US economic growth rate could once again fall below one percent after the second quarter of next year, Fan said.

Fan Gang also noted that China should take precautions against the possible impact of international hot money on its economy. Fan warned that the country should be particularly wary of overheated asset prices.

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