Italy's Univer to establish China HQ

Italian industrial automation company Univer Group on Tuesday signed a 300 million yuan ($42 million) investment agreement with Taicang, East China's Jiangsu province, to establish its China headquarters. The project will involve R&D as well as the production of pneumatic components and clamping cylinders. It is expected to generate an annual output value exceeding 500 million yuan.

Yuan weakens against greenback

The central parity rate of the Chinese currency renminbi, or the yuan, weakened 16 pips to 7.0872 against the US dollar on Wednesday, according to the China Foreign Exchange Trade System.