Briefly

Renminbi strengthens against greenback

The central parity rate of the renminbi, or the yuan, strengthened 292 pips to 7.0982 against the US dollar on Monday, 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.

BMW Brilliance kicks off energy project

German carmaker BMW Group's joint venture in China on Monday kicked off a geothermal energy project aimed at realizing 100 percent non-fossil energy heating for its factories in Shenyang, capital of Northeast China's Liaoning province. Under the project, BMW Brilliance Automotive Ltd will drill 28 medium-deep geothermal wells, which will be completed and provide a total heating area of approximately 580,000 square meters by the 2025 heating season.

Xinhua - China Daily