Briefly

Yuan strengthens against greenback

The central parity rate of the Chinese currency renminbi, or the yuan, strengthened 7 pips to 7.1775 against the US dollar on Tuesday, 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.

Huawei reports rise in sales revenue

Chinese tech firm Huawei generated 862.1 billion yuan ($120.1 billion) in sales revenue in 2024, up from 704.2 billion yuan the previous year, according to its 2024 annual report. The company generated 62.6 billion yuan in net profit last year, the report said, adding the company's performance was in line with forecasts. In 2024, Huawei invested 179.7 billion yuan back into research and development, which accounted for approximately 20.8 percent of its annual revenue.

Xinhua - China Daily