VAT data reflect steady economic growth

China's value-added tax invoice data released by the State Taxation Administration on Friday indicate that the Chinese economy remained on a stable footing in May, with strong momentum in manufacturing, innovation and the private sector. Manufacturing remained a key economic stabilizer, accounting for 30.1 percent of total corporate sales in May. Sales in equipment manufacturing rose 7.5 percent year-on-year, with strong performances in rail, ship, aviation and aerospace equipment, computer and telecom devices, and electrical machinery.

Yuan strengthens against greenback

The central parity rate of the Chinese currency renminbi, or the yuan, strengthened 31 pips to 7.1772 against the US dollar on Friday, 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