More support for new industrialization

China has issued a set of guidelines to strengthen financial support for new industrialization, the country's central bank said. The guidelines, released by the People's Bank of China and six other government departments, state that a financial system for advanced, smart and green manufacturing should be largely in place by 2027.As of 2027, manufacturing enterprises should see their effective credit demand met in full, with steady growth in both the volume and diversity of corporate bond issuances, alongside substantial progress in equity financing, as per the guidelines.

Yuan weakens against greenback

The central parity rate of the Chinese currency renminbi, or the yuan, weakened 43 pips to 7.1409 against the US dollar on Wednesday, according to the China Foreign Exchange Trade System.