Briefly

Chinese yuan weakens against greenback

The central parity rate of the Chinese currency renminbi, or the yuan, weakened 68 pips to 7.1386 against the US dollar on Wednesday, 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. The central parity rate of the yuan against the greenback is based on a weighted average of prices offered by market makers before the opening of the interbank market each business day.

China-Europe H1 freight value rises

A total of 96 China-Europe freight trains with a cumulative shipment value of 2.74 billion yuan ($384.2 million) departed from Shenzhen, Guangdong province in the first half, a year-on-year increase of 34.2 percent, Shenzhen Customs said. The trains passed through Russia, Belarus, Poland, Germany and other European countries and regions, carrying more than 100 types of goods, including electronic products, mechanical equipment and clothing.

Foreign exchange reserves up in July

China's foreign exchange reserves totaled $3.2564 trillion as of the end of July, up by $34 billion, or 1.06 percent compared to the end of June, latest data showed. The State Administration of Foreign Exchange said in a statement that the US dollar index declined last month, while global financial asset prices generally increased, influenced by factors like the macroeconomic data, monetary policies and expectations in major economies. "Due to the combined effects of factors such as currency translation and changes in asset prices, China's foreign exchange reserves increased in July," the statement said.

Xinhua - China Daily