RUSH HOUR：The Ministry of Railways has announced that the peak railway transport period for the Spring Festival holiday season will run from December 11 to February 19, 2009. The ministry has been working around the clock to prepare for the peak travel period

Banking on Gold

China Construction Bank Corp. (CCB), the second largest lender in the country, announced on December 9 that it received approval from the U.S. Federal Reserve to establish a branch in New York.

The branch will engage in wholesale deposit-taking, lending, trade financing and other banking services, according to a Federal Reserve notice.

This would be CCB's first branch in the United States. It has been operating six overseas branches, including ones in Hong Kong, Singapore, Tokyo and Seoul.

Analysts said the move highlights the bank's confidence in the American financial system and the optimistic outlook for Sino-

U.S. trade despite the current economic crisis. Besides this, overseas Chinese-funded financial institutions will also favor Chinese banks to hedge against risks, they said.

Another QFII

UOB Asset Management Ltd., a unit of Singapore's United Overseas Bank Ltd., became the 72nd qualified foreign institutional investor (QFII) in China after it won approval from the China Securities Regulatory Commission on December 8 to invest in yuan-denominated stocks.

This was the 20th time that the securities regulator has approved a QFII this year. The QFII scheme was launched in 2003 as a means for foreign investors to buy Chinese securities.

The regulator has quickened its approval process for foreign investors' applications to obtain a QFII license to allow in more funds since March when domestic stock markets turned bearish.

Fake Medicine

The State Administration of Traditional Chinese Medicine (SATCM) on December 9 published an online list of 74 websites it has blacklisted for selling fake Chinese herbal medicines.

The SATCM also warned consumers not to buy any medicines from what it deemed to be unscrupulous websites. Drugs sold on these websites claim to be able to cure high blood pressure, skin diseases, diabetes and tumors.

The SATCM has reported the 74 websites to the Ministry of Industry and Information Technology for further investigation.