In­dus­trial profit growth quick­ens in March

China Daily (Canada) - - BUSINESS -

Prof­its of China’s ma­jor in­dus­trial firms rose 11.1 per­cent year-on-year in­March, widen­ing from 4.8 per­cent growth in the Jan­uary-Fe­bru­ary pe­riod, of­fi­cial data showed onWed­nes­day. Prof­its of ma­jor in­dus­trial com­pa­nies with an­nual rev­enues of more than 20 mil­lion yuan ($3.1 mil­lion) to­taled 561.24 bil­lion yuan in March, theNa­tional Bureau of Statistics said. In the first three months, prof­its of the coun­try’s ma­jor in­dus­trial firms rose 7.4 per­cent year-onyear to 1.3 tril­lion yuan. strength­ened 45 ba­sis points to 6.4837 against theUS dol­lar on Wed­nes­day, ac­cord­ing to the China For­eign Ex­change Trad­ing 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. The cen­tral par­ity rate of the yuan against the dol­lar is based on a weighted av­er­age of prices of­fered by mar­ket mak­ers be­fore the open­ing of the in­ter­bank mar­ket each busi­ness day.

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