Yuan strengthens against greenback

The central parity rate of the Chinese currency renminbi, or the yuan, strengthened 5 pips to 7.1697 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.

Machinery industry sees steady growth

China's machinery industry posted steady performance in 2024, buoyed by the country's large-scale equipment upgrade program and a series of incremental pro-growth policies, the China Machinery Industry Federation said. In 2024, the added value of major machinery enterprises increased by 6 percent year-on-year. Major enterprises refer to those having a main annual business revenue of 20 million yuan ($2.75 million) or more.

Xinhua - China Daily