Yuan weakens against greenback

The central parity rate of the Chinese currency renminbi, or the yuan, weakened 58 pips to 7.2038 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.

BYD forecasts record Q1 net profit

Chinese electric vehicle company BYD expects to see record profits in the first quarter of the year, according to preliminary results published on Tuesday, as booming sales saw it ship more than a million vehicles. The company expects net profit to hit between 8.5 billion yuan ($1.2 billion) and 10 billion yuan, up from 4.6 billion yuan in the same period last year.

Xinhua - China Daily