Industrial profit growth quickens in March
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.