Briefly

Sinopec, Nio in battery swap deal

China Petroleum and Chemical Corp, also known as Sinopec, has signed an agreement with Chinese electric vehicle maker Nio for setting up battery swap stations at the former's gas filling stations. The State-owned company said it plans to set up 5,000 battery swapping stations during the 14th Five-Year Plan period (2021-25).

Bosch forms fuel cell JV with Qingling

German engineering and technology company Bosch and Chongqing-based premium commercial vehicle manufacturer Qingling Motors have formed a joint venture called Bosch Hydrogen Powertrain Systems to develop, assemble and sell fuel cell systems in China. The venture is expected to commence operations between late 2022 and early 2023. The required components, such as fuel cell stacks, air compressors with power electronics and control units with sensors, would be supplied by Bosch's plant in Wuxi, Jiangsu province.

Yuan strengthens against greenback

The central parity rate of the Chinese currency renminbi, or the yuan, strengthened 65 pips to 6.5297 against the US dollar on Thursday, 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.

Xinhua - China Daily