Passenger car sector reports strong growth

China's passenger car sector recorded double-digit growth in retail sales in June as the country's policies to boost consumption continued to take effect, the China Passenger Car Association said. Last month, retail sales of passenger cars in China grew by 18.1 percent year-on-year to exceed 2.08 million units, data from the CPCA showed. The association attributed the strong increase to the impact of the national consumer goods trade-in program.

Yuan weakens against greenback

The central parity rate of the Chinese currency renminbi, or the yuan, weakened 7 pips to 7.1541 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