PRESS DIGEST - China - July 21...

BEIJING/SHANGHAI, July 21 (Reuters) - Chinese newspapers available in Beijing and Shanghai carried the following stories on Monday. Reuters has not checked the stories and does not vouch for their accuracy.

-- China's yuan will generally continue its uptrend in the near term but there may be expectations for yuan depreciation as early as the end of this year, unnamed market analysts said. The yuan's exchange rate is gradually approaching its equilibrium and could eventually become a truly flexible currency moving in both directions, analysts said.

-- China will make efforts to support small firms' funding needs, especially those from earthquake-stricken areas, the country's top banking regulator Liu Mingkang said.

-- The state parent of China's No.2 cement maker China National Building Material Co (3323.HK: Quote , Profile , Research , Stock Buzz ) has signed an agreement with major cement makers in the northwestern province of Gansu to help upgrade the province's cement facilities.

-- Shanghai Electric's (2727.HK: Quote , Profile , Research , Stock Buzz ) plan to buy out its mainland-listed unit Shanghai Power Transmission & Distribution Co 600627 will be reviewed by China's securities regulator soon, Shanghai Power said.

-- The World Trade Organisation's ruling against China over import tariffs for car parts will not have a major impact on China's auto industry, analysts said.

-- A total of 362 funds managed by 59 Chinese fund management firms reported a combined loss of 413.88 billion yuan ($60.71 billion) in the second quarter, according to their quarterly financial results. Continued...

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