Yuan strengthens against greenback

The central parity rate of the Chinese currency renminbi, or the yuan, strengthened 21 pips to 7.1008 against the US dollar on Tuesday, 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.

China home to over 5,000 AI companies

The number of Chinese artificial intelligence companies has surged from just over 1,400 to more than 5,000 in the past five years, according to data released by the Ministry of Industry and Information Technology. China has set up over 40,000 smart factories, 11 national pilot zones for AI innovation and application, as well as 17 national demonstration zones for intelligent connected vehicle testing.

Xinhua - China Daily