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The central parity rate of the RMB was lowered by 5 points to 7.0019 against the US dollar

On Thursday (22nd), the China Foreign Exchange Trade System announced the central parity rate of the RMB against the US dollar, which was lowered by 5 points to 7.0019 per US dollar

PBOC sets USD/ CNY reference rate for today at 7.0019 (vs. estimate at 6.9697)

The PBOC follows a managed floating exchange rate system that allows the value of the yuan to fluctuate within a +/- 2% range, around a central reference rate, or "midpoint."Previous close 6.9640

China's Africa lending nearly halved in 2024, shifts to yuan

Chinese lending to Africa dropped to $2.1 billion in 2024, marking a significant decline as the country shifts its strategy from large infrastructure projects to smaller, commercially viable initiatives. This change is reflected in the increasing use of yuan-denominated loans, with all infrastructure loans to Kenya in 2024 being in yuan. The focus has shifted towards strategic partnerships and targeted financing, with only six projects funded across the continent, highlighting a more cautious approach to lending.

Suzhou's "15th Five-Year Plan" proposes to expand the innovative applications of digital RMB across the entire city and in all sectors.

Suzhou's 15th Five-Year Plan aims to enhance the innovative use of digital RMB across the city and various sectors. The proposal, issued by the Suzhou Municipal Party Committee, emphasizes improving the financial service system, implementing a plan for the high-quality development of digital finance, promoting AI and finance integration, and establishing a national key laboratory for digital finance.

China Galaxy Securities received approval from the China Securities Regulatory Commission to issue RMB 5 billion in corporate bonds for technological innovation