Briefly

Yuan strengthens against greenback

The central parity rate of the Chinese currency renminbi, or the yuan, strengthened 12 pips to 7.1865 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.

4.57 trillion yuan in new local govt bonds

China's local governments issued new bonds worth 4.57 trillion yuan ($628.4 billion) in the first 10 months of this year, data from the Ministry of Finance showed. Of the total, special bond issuance came in at 3.91 trillion yuan, while the issuance of general bonds amounted to 656.8 billion yuan. In the 10-month period, local government bonds were issued with an average term of 13.4 years and at an average interest rate of 2.33 percent.

Xinhua - China Daily