Briefly

SME development index edges up

An index tracking the development of China's small and medium-sized enterprises edged up in February, with subindexes rallying across the board, data from an industry association showed on Wednesday. The SME development index rose by 0.8 points from the previous month to 89.8, the China Association of Small and Medium Enterprises data showed.

Yuan strengthens against greenback

The central parity rate of the Chinese currency renminbi, or the yuan, strengthened 45 pips to 7.1696 against the US dollar on Wednesday, 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.

NEV output, sales surge in February

China's new energy vehicles performed strongly in both production and sales in February, industry data showed. NEV production surged 91.5 percent year-on-year to 888,000 units in February, according to data issued by the China Association of Automobile Manufacturers. NEV sales also grew rapidly by 87.1 percent year-on-year to 892,000 units last month, accounting for 41.9 percent of total new vehicle sales of the month, according to CAAM data. Complementing the rapid NEV growth trend, China launched an insurance platform for NEVs on Jan 25, which has already covered 114,000 units as of Feb 25, following guidelines to address challenges and bolster consumer trust in this rapidly expanding sector. Boosted by the implementation of pro-consumption measures, such as a consumer goods trade-in program, China's auto industry will continue to post stable development, according to the CAAM.

Xinhua - China Daily