China Finance Inc (CHFI)

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China Finance Data Center 04-24-10

Construction begins on Xinhua's financial information building in Beijing
Saturday 04/24/2010 9:59 AM ET - Xinhua

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As of 9:46 AM ET 4/26/10
The Xinhua News Agency Saturday laid foundation for construction of the National Financial Information Building in the Lize business area of Fengtai District, southwestern Beijing.

The building will serve as the information collecting, research and development as well as data center for the China Finance Corporation (CFC), a financial service of Xinhua.

Li Congjun, President of Xinhua, said the latest move would support the fast development of the financial economy in Beijing and also Xinhua's own financial service.

The CFC runs the self-developed, computer terminal-based financial information service, Xinhua 08. The service went into operation in September 2007 and is used by major financial institutions and companies throughout the country.

The service ended the monopoly of China's high-end market for financial information and trading by foreign financial information service providers.

The system provides up-to-date news and information on domestic and overseas currency, capital, foreign exchange, gold and futures markets as well as various industries, including metals, energy and real estate.

It also provides real-time data on more than 20 major domestic and overseas exchanges, prices of the products at major financial institutions, domestic and overseas economic and customs data, and self-developed financial analysis models.