Briefly

Honda, GAC extend joint venture

Honda Motor and China's Guangzhou Automobile Group Co Ltd have agreed to extend their joint venture partnership until 2038, as the Japanese carmaker seeks to strengthen its position in the world's largest auto market. The ownership structure of the China joint venture, GAC Honda, will remain unchanged under the agreement, while the venture will accelerate its shift toward new energy vehicles and work to rebuild its competitiveness, according to the company.

Yuan weakens against greenback

The central parity rate of the Chinese currency renminbi, or the yuan, weakened 16 pips to 6.7933 against the US dollar on Wednesday, 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.

XINHUA-CHINA DAILY