Renminbi weakens against greenback

The central parity rate of the renminbi, or the yuan, weakened by 123 basis points to 6.5043 against the US dollar on Thursday, 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. The central parity rate of the yuan against the US dollar is based on a weighted average of prices offered by market makers before the opening of the interbank market each business day. (NEEQ), known as the “new third board”, posted a turnover of more than 227 billion yuan ($35 billion) in 2017. The figure is an 18.7 percent increase on 2016, when total transactions on the board reached 191.2 billion yuan. A total of 1,467 new small and medium-sized enterprises debuted on the NEEQ last year, a sharp drop of 70.8 percent from 2016, taking the total number of small and medium-sized enterprises on the NEEQ to 11,630. The NEEQ Market Making Component Index ended 2017 at 993.65 points. Ltd, the operator of four large hydropower plants, including the Three Gorges, Gezhouba, Xiluodu and Xiangjiaba, said it generated a total of 210.9 billion kWh of electricity last year, up 2.35 percent year-on-year. China’s second-largest hydropower station, Xiluodu, generated 61.4 kWh of electricity and the third-largest, Xiangjiaba, generated 32.8 billion kWh, it said. The smaller Gezhouba station generated 19.1 billion kWh. ranging from payment to wealth management and microloan businesses. Before the approval, funds were sold on Tencent’s wealth management platform qian.qq.com to customers by linking them to fund firms or third-party fund sales agencies.