(Yicai Global) June 8 -- Here is a roundup of Yicai Global’s top Chinese financial, business and market news last week.

The Chinese government detailed institutional arrangements for liberalization and facilitation of trade and investment in Hainan province whose essence is ‘tariff-free.’ Hainan will implement these per a policy document issued on June 1. The aim of the new measures is to eventually build the entire tropical island into a high-level free-trade port.

China's foreign exchange reserves totaled USD3.1017 trillion as of the end of last month, up USD10.2 billion from the end of April, per statistics the State Administration of Foreign Exchange published yesterday. A slight drop in the US Dollar Index, an increase in the prices of major countries' assets and other factors drove the modest gain in China's foreign exchange reserves last month, SAFE spokesperson and Chief Economist Wang Chunying said.

Yuan-denominated exports were CNY1.46 trillion (USD206 billion) last month in an annual 1.4 percent rise, while yuan-denominated imports fell 12.7 percent on the year to CNY1.01 trillion, data China's General Administration of Customs published yesterday show. The trade surplus was CNY442.75 billion (USD206 billion), up 60.6 percent. In dollar terms, exports in the month were USD206.81 billion, down 3.3 percent; imports were USD143.89 billion, down 16.7 percent and the trade surplus was USD62.93 billion, up 52.9 percent.

Nasdaq-listed NetEase [NASDAQ:NTES] began to offer its Hong Kong-listed stock from June 5. The final price is likely to be close to the HKD126 (USD16.30) per-share ceiling, allowing the Guangzhou-based firm to raise up to HKD21.5 billion (USD2.8 billion) in this secondary listing which debuts on June 11.

The Chinese mainland retained its status as the world's second-largest stock market with a CNY59.61 trillion market capitalization from the 3,868 firms listed in Shanghai and Shenzhen, Yan Qingmin, vice chairman of the China Securities Regulatory Commission, said on June 6.

The China Banking and Insurance Regulatory Commission fined the Bank of Nanjing, its branches and staffers involved CNY13.4 million (USD1.9 million) for fraudulent practices and other irregularities in 14 penalty notices it issued in June 4 and June 5.

The Shanghai Composite Index rose 2.75 percent last week, the Shenzhen Component Index vaulted 4.04 percent and the ChiNext Board jumped 3.82 percent in the same period.

Editors: Tang Shihua, Ben Armour