Briefly

CR24 steps up work on high-speed line

Construction work on the upcoming Hangzhou-Wenzhou High-speed Railway, which is expected to be a vital link in the Yangtze River Delta region, will accelerate this year, thanks to the efforts of its builder, China Railway 24th Bureau Group Corp Ltd, a unit of China Railway Construction Corp. The builder said its construction teams stand to reap incentives from several rounds of competition that seek to boost project progress and promote quality building. The line will offer the fastest link covering the cities of Hangzhou, Jinhua, Yiwu, and Wenzhou in Zhejiang province, connect local tourism spots, and promote coordinated development of the Yangtze River Delta region.

Container throughput up 4.8% in Jan-May

Container throughput at Chinese ports rose 4.8 percent year-on-year to 122.07 million twenty-foot equivalent units in the first five months of this year, data from the Ministry of Transport showed. Cargo throughput stood at 6.75 billion metric tons, up 7.9 percent year-on-year. Foreign trade cargo throughput climbed 8.5 percent year-on-year, but the corresponding figure was not released.

RMB weakens against greenback

The central parity rate of the Chinese currency renminbi, or the yuan, weakened 50 pips to 7.2258 against the US dollar on Friday, 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.

Logistics sustains expansion in Jan-May

China's logistics industry continued to expand in the first five months of the year amid growing market demand, industry data showed. Social logistics rose 4.5 percent year-on-year to 129.9 trillion yuan ($17.99 trillion), according to the China Federation of Logistics and Purchasing. Logistics for industrial products went up 3.6 percent year-on-year, flat from the first four months and contributing about 70 percent to total social logistics.

Xinhua - China Daily