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News from China
Spring Festival holiday retail sales expected to rise 10%
6th February 2018
Total earnings of retail and catering enterprises in China are expected to surge by 10 percent year on year during the week-long Spring Festival holiday starting from February 15, Ministry of Commerce said Tuesday.
 
Sales revenue of these enterprises could reach 900 billion yuan (US$143 billion) during the 2018 Spring Festival holiday period, Vice Minister of Commerce Wang Bingnan told a press briefing.
 
China's domestic demand has steadily expanded, with consumption contributing 58.8 percent to economic growth in 2017, nearly four percentage points higher than five years ago.
 
Meanwhile, the added value of the service sector accounts for 60 percent of GDP, more than five percentage points higher than five years ago.
Source: Shanghai Daily, February 6, 2018
18 injured as man crashes van loaded with 'dangerous materials' on sidewalk at People's Park
2nd February 2018

 

 
Eighteen were injured after a van on fire lost control and drove onto a pavement near People’s Park in downtown Shanghai on Friday morning, police said.
 
The incident took place about 9am on Nanjing Road W. near Xinchang Road, and the van, with a plate from Jiangxi Province, was driving from west to east.
 
The driver of the van, a 40-year-old man surnamed Chen, was suspected of illegally transporting “dangerous materials” and smoking when driving, which caused the van to catch fire, according to police.
 
Besides Chen, 17 pedestrians were injured in the accident, but their injuries were not critical.
 
Chen is an employee of a metal product company in Shanghai and has no criminal record, police said.
 
Investigation is underway.
Source: Shanghai Daily, February 2, 2018
18 injured as man crashes van loaded with 'dangerous materials' on sidewalk at People's Park
2nd February 2018

 

 
Eighteen were injured after a van on fire lost control and drove onto a pavement near People’s Park in downtown Shanghai on Friday morning, police said.
 
The incident took place about 9am on Nanjing Road W. near Xinchang Road, and the van, with a plate from Jiangxi Province, was driving from west to east.
 
The driver of the van, a 40-year-old man surnamed Chen, was suspected of illegally transporting “dangerous materials” and smoking when driving, which caused the van to catch fire, according to police.
 
Besides Chen, 17 pedestrians were injured in the accident, but their injuries were not critical.
 
Chen is an employee of a metal product company in Shanghai and has no criminal record, police said.
 
Investigation is underway.
Source: Shanghai Daily, February 2, 2018
Chinese yuan strengthens to new high against USD
1st February 2018

 The central parity rate of the Chinese currency, the renminbi or the yuan, advanced to a new high against the US dollar Thursday on persistent weakening of the US dollar.

 
The Chinese yuan strengthened 294 basis points to 6.3045 against the US dollar Thursday, the strongest level since August 11, 2015, according to the China Foreign Exchange Trade System.
 
The first month of 2018 saw the yuan's onshore exchange rate strengthen by 3.38 percent against the US dollar, the biggest monthly gain since 1994.
 
The reading was also more than half of the 6.72-percent gain for all of 2017, the sharpest annual appreciation in nine years.
 
The dollar index, a gauge that measures the US currency's strength against six other major currencies, has declined over 5 percent since December last year.
 
The tapering of monetary accommodation at major central banks and the expectation of rate hikes abroad are behind the weak dollar, according to Shenwan Hongyuan Securities.
 
Sound economic fundamentals, improved corporate profits and increased global use of the currency also support the yuan's value, said Liang Hong, chief economist of the China International Capital Corporation (CICC).
 
China's economy expanded 6.9 percent last year, picking up for the first time in seven years and well above the government's annual target of around 6.5 percent.
 
The International Monetary Fund has raised its forecast for China's economic growth in 2018, expecting China's GDP growth to stand at 6.6 percent this year, up from the 6.5-percent prediction made last October.
 
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.
Source: Shanghai Daily, February 1, 2018

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