Yuan weakens against greenback

The central parity rate of the Chinese currency renminbi, or the yuan, weakened 23 pips to 7.1405 against the US dollar on Monday, 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.

Commercial vehicle sector sees growth

China's commercial vehicle sector registered solid year-on-year growth in both output and sales in July. Commercial vehicle output last month totaled 298,000 units, marking a 16.3 percent increase from a year earlier, while sales climbed 14.1 percent to 306,000 units, data from the China Association of Automobile Manufacturers showed. Sales of natural gas-powered vehicles, however, declined 5.9 percent year-on-year to 16,000 units in July.