Yuan strengthens against greenback

The central parity rate of the Chinese currency renminbi, or the yuan, strengthened 75 pips to 7.1991 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.

Drugmaker plans new facility in Shanghai

Swiss pharmaceutical giant Roche has announced plans to invest 2.04 billion yuan ($283 million) in building a new biopharmaceutical manufacturing facility in Shanghai, strengthening its localization strategy in the Chinese market. The new biologics manufacturing site, in Zhangjiang High-tech Park, will span approximately 35,300 square meters. It will specialize in producing Vabysmo, a bispecific antibody approved for treating eye diseases.

Xinhua - China Daily