Yuan strengthens against greenback

The central parity rate of the Chinese currency renminbi, or the yuan, strengthened 70 pips to 7.1441 against the US dollar on Wednesday, 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.

Changan Auto joins central SOE list

China's State-owned assets regulator on Tuesday announced the inauguration of China Changan Automobile Group Co Ltd as a centrally administered State-owned enterprise. The move brings the total number of Chinese central SOEs to 100, and positions the company as the country's third central SOE in the automotive sector, joining FAW Group and Dongfeng Motor. The company has 117 subsidiaries, with businesses spanning automobiles and auto components, motorcycles, and financial and logistics services.

Xinhua - China Daily