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News from China
Chinese yuan weakens to nearly 5-year low
7th January 2016

The central parity rate of the Chinese currency, the renminbi or yuan, depreciated to its weakest point in nearly five years, new data showed on Thursday.

 
The yuan's central parity rate lost 332 basis points to 6.5646 against the U.S. dollar on Thursday, the lowest level since March 18, 2011, data from the China Foreign Exchange Trading System (CFETS) showed.
 
As of the end of 2015, the CFETS exchange rate composite index, which measures the yuan's strength relative to a basket of 13 foreign currencies, stood at 100.94, up 0.94 percent from the end of previous year.
 
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 U.S. dollar is based on a weighted average of prices offered by market makers before the opening of the interbank market each business day. 
Source: Xinhua
Cooperation, not confrontation
6th January 2016

Cooperation is another keyword in Xi's diplomatic master plan. The Belt and Road Initiative illustrates China's aspiration for cooperation.

The initiative, which is comprised of the Silk Road Economic Belt and the 21st Century Maritime Silk Road, was brought up by Xi in 2013, with the aim of building a trade and infrastructure network connecting Asia with Europe and Africa along the ancient Silk Road routes.p So far, more than 60 countries and international organizations have expressed interest in active involvement in the construction of the Belt and the Road, while a number of major bilateral and multilateral projects have been under way.
 
The China-initiated Asian Infrastructure Investment Bank (AIIB), formally established last month, also adds to that vision of connectivity across Asia.
 
Tasked with financing infrastructure construction across Asia, it took just two years for the bank to develop from an idea on paper to a fully-fledged body with 57 developed and developing nations as prospective founding members.
Source: Xinhua
China's express deliveries booming in 2015
5th January 2016

China's express delivery sector has grown steadily in 2015 despite a slowing economy, data showed on Monday.

In 2015, businesses made 20.65 billion deliveries, 48 percent up from 2014, according to the State Post Bureau (SPB).
 
The total revenue of the courier market hit 276 billion yuan (42.44 billion U.S. dollars) in 2015, up 35 percent year on year, the SPB data showed.
 
Over the past five years, the amount of express packages and the business revenue have increased 7.8 times and 3.8 times respectively.
 
Courier services had delivered to 70 percent of Chinese towns and villages by the end of 2015. The country plans to build an efficient and safe delivery system with nationwide coverage, advanced technology and services and international connections by 2020.
 
Source: Xinhua
China steel firms report loss in 1st 11 months of 2015
4th January 2016

China's large and medium-sized steel mills suffered losses of 53.1 billion yuan (8.18 billion U.S. dollars) in the first eleven months of 2015, according to China Iron and Steel Association (CISA).

Of the 101 steel mills tracked by the CISA, the total sales revenue stood at 2.66 trillion yuan, down 19.3 percent from the previous year, according to the CISA report cited by the China Securities Journal.
 
Steel prices have fallen from nearly 6,000 yuan per tonne to 1,600 yuan per tonne in the past two years, quite a painful experience for the steel producers, said Zhang Yichen, an analyst with Yongan Futures Research Academy.
 
In the first eleven months of 2015, China's crude steel production dropped 2.2 percent year on year to 738.38 million tonnes, latest data from the National Development and Reform Commission showed.
 
Liu Xinwei, an analyst with sci99.com, forecast the steel market will continue to be weak in 2016 mainly due to the flagging property sector.
 
Source: Xinhua

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