Briefly

Commercial bank profits set to rise in Q3

China's commercial banks are expected to see profits rise 8 percent year-on-year in the third quarter, according to a report issued on Tuesday by the Bank of China Research Institute. From April to June, banks increased support to the real economy and ushered in more business opportunities, the report said. Noninterest incomes will become a driver of commercial banks' profits in the third quarter, and lenders will develop intermediary businesses including investment banking and wealth management, said the report.

Renminbi strengthens against greenback

The central parity rate of the Chinese currency renminbi, or the yuan, strengthened 85 pips to 6.6986 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.

China Daily - Xinhua