China's Monthly CPI Rises 7.7% in May 
The National Bureau of Statistics said today (June 12) that China's consumer price index (CPI), the main gauge of inflation, rose 7.7 percent year-on-year in May. The figure, compared with 8.5 percent in April and a nearly 12-year-high of 8.7 percent in February, was broadly in line with most forecasts. The price of food has soared 19.9%.

(CPI Index: February 2007--May 2008)

Rains Continue to Pour
The weather forecast said that a new round of heavy rainstorms will continue to hit Guangdong beginning tomorrow. The Xijiang River running through Guangdong is at risk of flooding as the water level keeps rising. Our Journalist Yangzhen has more:
Guangdong vice Governor Li Ronggen, chief conductor of the province's anti-flood headquarters, addressed the flooding situation at a TV conference yesterday (June 11).
"According to the latest statistics, heavy rains that have drenched Guangdong over the past two weeks have flooded 1.43 million people from eight cities in Guangdong, including Yangjiang, Maoming and Jiangmen, destroying 1147 houses and killing four people."
Li urged to take all efforts to protect human life and minimize economic losses.

Yuan Breaks 6.91-Mark to Hit New High
China's currency, the yuan, broke the 6.91 mark today (June 12), setting a new high against the US dollar after the country reformed its currency policy in July of 2005. The central parity rate of the yuan, or renminbi, was set at 6.9015 yuan against one US dollar, the 43rd times that the Chinese currency has set a new high against the greenback.