Renminbi strengthens against greenback

The central parity rate of the Chinese currency renminbi, or the yuan, strengthened 2 pips to 7.1268 against the US dollar on Friday, according to the China Foreign Exchange Trade System. 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.

SAIC, Volkswagen sign NEV tech deals

China's SAIC Motor and Germany's Volkswagen Group will further expand their presence in China's new energy vehicle market, with the two carmakers signing several energy technology cooperation agreements on Thursday. The two companies will jointly develop three plug-in hybrid models and two pure electric models, which are expected to be launched in the Chinese market as early as 2026, according to the agreements.