Yuan strengthens against greenback

The central parity rate of the Chinese currency renminbi, or the yuan, strengthened 13 pips to 7.1706 against the US dollar on Friday, 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.

Tax cuts boost high-tech growth

China's main policies supporting sci-tech innovation and the development of the manufacturing industry saw tax cuts, fee reductions and tax refunds totaling 2.63 trillion yuan ($366.75 billion) in 2024, official data showed. These policies accelerated the cultivation of new quality productive forces and promoted the high-quality development of the manufacturing industry, according to the State Taxation Administration.

Xinhua - China Daily