China. Fashion design and retail company Polo Ralph .. chaina fashion style2010.

China for the first time allowed domestic trading of the yuan against the Malaysian ringgit Thursday and said it would broaden the range of currencies permitted to trade onshore, as it steadily moves to turn the yuan into a major currency and boost its use in cross-border trade.



Beijing has been promoting the use of yuan to settle commercial trade transactions and expanding the scope of yuan business in Hong Kong in recent years to internationalize the Chinese currency. Earlier this week, it launched a trial program that allows overseas investors to put yuan held offshore into China's interbank bond market.



China's move to open up yuan/ringgit trading in the onshore interbank foreign exchange market came after Malaysia's central bank Wednesday removed some of the limitations on trading of ringgit by foreigners, imposed in the aftermath of the 1997 Asian financial crisis. The ringgit soared to a near 13-year high against the dollar Thursday, propelled by the news.


In a statement Wednesday, the China Foreign Exchange Trading Center, the central bank's domestic currency trading platform, said it would kick off yuan/ringgit trading Thursday to boost bilateral trade and facilitate the use of yuan for cross-border trade settlements.



"There are few deals today and to be honest, I don't think there will be huge demand for it since the ringgit is a restricted currency too," the trader said.

While the small size of the yuan/ringgit market makes Beijing's efforts more symbolic in nature at this stage, it marks a step forward for the authorities in broadening the use of the Chinese currency.




"It will be very positive for cross-border flows, as it will facilitate trade" between China and Malaysia, said Wai Ho Leong, an economist at Barclays Capital.

As part of China's push to internationalize the yuan by increasing its circulation overseas, China and Malaysia signed a currency-swap agreement in February 2009, which when fully set up will increase the availability of yuan in Malaysia and ringgit in China.

"You can treat today's move as a step toward yuan internationalization and I heard more Asian currencies are their way here too," said the European bank trader, referring to the possibility of Beijing allowing more regional currencies to be traded onshore.




CFETS said China will consider allowing more currencies to trade against the yuan onshore, depending on future developments in bilateral trade, financial cooperation and the convertibility of currencies.

It also said it may consider launching trade of yuan/ringgit forwards and foreign exchange swaps in the future depending on market demand.

2010 China’s Fashion...China’s top luxury fashion houses

one of China’s top luxury fashion houses, was invited to collaborate with China’s Central Television network to showcase the latest trend in Chinese fashion on CCTV 2010 China’s Fashion Week

The haute couture show, dubbed “Butterfly Fan•Destiny”, is based on 4 major themes – the combination of modern and traditional craftsmanship; the five traditional colors of China (as seen above black, red, blue, green, yellow); the use of natural fabrics such as cashmere and leather; the merging of Chinese with western styles

Apart from the Hua Fu series, NE-Tiger also offers tailor-made outfits for weddings and gala events. Here are a couple more dresses from older collections.

Luxury groups are rushing to set up shop in China but the prized market, set to be the world's biggest, is a tough one to conquer without good connections with local authorities and partners who can deal with changing rules.



Luxury skincare maker La Prairie, Italian jeweler Bulgari, leather goods brand Longchamp, fashion house Cerruti were among many companies at the Reuters Global Luxury Summit that said it was arduous to do business in China.



"China is a bit like the Far West," Cerruti Chief Executive Florent Perrichon said. "You need to be able to adapt quickly and have good relations with local authorities as well as local partners."
French handbag maker Longchamp, for example, decided to buy out its Chinese distributor to gain control and now has a Chinese team to take care of administrative tasks.

Last year China became the top export destination for Australia, Brazil, Japan and South Africa and other countries are seen following that trend as China's appetite for imports continues to transform the world economy.

For La Prairie, the premium skin care brand of German consumer goods group Beiersdorf, China could outpace the U.S. in five years in terms of sales, Chief Executive Dirk Trappmann told the summit.

Fashion Offenders to Hollywood's Best Dress...Hollywood Bandeau Dress ... Hollywood Bandeau Top

They aren't the Emmy or the Grammys or the Oscars, but the Breakthrough of the Year Awards took place in Hollywood last night.

This random event provides us with the opportunity to make a plea to everyone on the 90210 set: Can someone please feed AnnaLynne McCord?!? She clearly has not enjoyed a full meal since 2001.

This fact gives gorgeous model Kelly Brook a clear advantage in the face-off below. That beauty is featured in the latest issue of Playboy and also graced the red carpet at last night's ceremony. Compare, contrast and vote now: