China cuts gasoline, diesel retail prices

China reduced the retail prices of gasoline and diesel on Tuesday to reflect recent changes in international oil prices. Gasoline prices will be slashed by 230 yuan ($32) per metric ton and diesel prices by 220 yuan per ton, said the National Development and Reform Commission. China's three biggest oil companies, China National Petroleum Corp, China Petrochemical Corp and China National Offshore Oil Corp, as well as other oil refineries, have been directed to effectively organize the production and transportation of refined oil products to ensure stable supply.

Yuan weakens against greenback

The central parity rate of the Chinese currency renminbi, or the yuan, weakened 15 pips to 7.1931 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.

Xinhua - China Daily