China's auto exports up 23% in 2024

China's automobile exports maintained growth momentum in 2024, data from the China Passenger Car Association showed on Tuesday. China shipped a total of 6.41 million vehicles overseas last year, surging by 23 percent year-on-year, according to the CPCA. In December 2024, the auto exports soared by 25 percent year-on-year to hit 570,000 units, the association said. Russia, Mexico, and the United Arab Emirates were the leading vehicle export destinations, while the top five countries driving China's vehicle export growth were Russia, the UAE, Brazil, Belgium and Saudi Arabia.

Yuan weakens against greenback

The central parity rate of the Chinese currency renminbi, or the yuan, weakened 9 pips to 7.1716 against the US dollar on Tuesday, according to the China Foreign Exchange Trade System. In China's spot foreign exchange market, the yuan is allowed to rise or fall by 2 percent from the central parity rate each trading day. The central parity rate of the yuan against the US dollar is based on a weighted average of prices offered by market makers before the opening of the interbank market each business day.

CDB loan supports infrastructure

China Development Bank issued 1.53 trillion yuan ($213.37 billion) in infrastructure loans across the country in 2024, the bank said. The loans were granted for major infrastructure areas such as industrial upgrading, urban development and national security, the bank noted. Last year, China Development Bank strengthened its support for medium and long-term financing, and helped advance the implementation of the 102 key projects listed in the country's 14th Five-Year Plan (2021-25).

Xinhua - China Daily