China's yuan is undervalued by 20 percent, a Reuters poll shows on Friday, highlighting the case of President Barack Obama who this week pressed Beijing to allow the currency to rise.

China is passive on the value of the U.S. dollar as the level doesn't affect the nation's economy, central bank Governor Zhou Xiaochuan said, rebuffing criticism that the government is devaluing the yuan.

China thwarted efforts by the U.S. and the European Union to have World Trade Organization judges probe Chinese restrictions on raw-material exports, delaying for a month their complaint that the levies are discriminatory.

China National Petroleum Corp., the country's biggest oil and gas producer, said Friday it has signed agreements with Sudan to expand a refinery and swap oil production assets.

China, the world's second-biggest energy user, will increase the price of electricity for nonresidential users by 0.028 yuan (0.4 cent) per kilowatt-hour on average starting tomorrow, the official Xinhua News Agency reported, citing the National Development and Reform Commission.

Iron ore output in China, the largest consumer of the steelmaking ingredient, may jump to a record this year as government stimulus spending spurs demand.

Investors opened more accounts to trade foreign and local-currency shares in China as benchmark indexes extended a rally and regulators relaxed restrictions on buying dollars.

Chinese demand for platinum jewellery is soaring towards a record annual high thanks to a sharp drop in the precious metal's price, leading metals group Johnson Matthey forecast on Tuesday.

China's land ministry said it is imposing limits on how much land can be used for residential development, government offices and some industrial projects to support economic policy and curb overcapacity.

China is among the emerging markets facing risks of property and commodity market bubbles, central bank adviser Fan Gang said, joining officials from the region in expressing concern about surging asset prices.