Briefly

Yuan strengthens against greenback

The central parity rate of the Chinese currency renminbi, or the yuan, strengthened 478 pips to 7.0421 against the US dollar on Tuesday, said 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.

Installed power battery capacity rising

China's installed capacity of power batteries registered rapid growth in October amid the boom in the country's new energy vehicle market, industry data showed. Last month, installed capacity of power batteries for NEVs rose 98.1 percent year-on-year to 30.5 gigawatt-hours, said the China Association of Automobile Manufacturers. About 10.8 GWh of lithium iron phosphate batteries were installed in NEVs, up 35.4 percent from a year earlier, accounting for 55.2 percent of the monthly total.

Insurance market nearly quadruples

China's insurance market posted remarkable changes in terms of size and structure in the past 10 years, said the country's top insurance regulator. The country's insurance capital rose from 6.27 trillion yuan ($872 billion) in 2012 to 24.71 trillion yuan at the end of June 2022, with an average annual growth rate of 15.6 percent, said the China Banking and Insurance Regulatory Commission.

Xinhua - China Daily