Skip to content
et forces, and China has never taken any measures to deliberately devalue the currency to make its exports more at
tractive, said Guo, who is also head of the China Banking and Insurance Regulatory Commission.
According to Guo, the short-term fluctuation of the RMB exchan
ge rate was normal, and the depreciation will not last long given the stable economic growth base.
“Any speculative activities to short the RMB will suffer huge losses,” he warned.
The RMB’s daily trading reference, or the central parity for onshore trading, has been stabilized arou
nd 6.89 per dollar for eight days from May 20, and market watchers said market-oriented depreciation pressure was losing steam.
Yi Gang, the central bank governor, has said several times that the PBOC has ceased
direct intervention in foreign exchange markets, and the performance of RMB is address
s in the first four months of this year stood at 8.35 million units, a decrease of 12.12 percent compared with last year. Th
e country produced 8.39 million units during the same time, down 10.98 percent year-on-year.
New cars at a parking lot in Qingdao, Shandong province, are ready to be delivered to clients, April 30, 2019.
In April, China’s total vehicle sales fell 14.61 percent year-on-yea
r to 1.98 million units, and the output dropped by 14.45 percent to 2.05 million units.
The sales of self-owned brands passenger vehicles totaled 584,700 units last month, a decline of 27.88 percent year-on-year.
profits in producing electric bicycles, exploring niche markets, an
d improving intelligent and network connecting levels, Economic Daily reported Monday.
As China’s bicycle-sharing companies experienced periods of boom and decline in 2017 and
2018, many of the country’s bicycle companies have discovered new profit potential by producing e-bicycles.
Statistics show the output of shared bicycles was 5 million in 2018, a quarter of that of 2017, while the o
utput of e-bicycles reached 32.78 million in 2018, up 5.8 percent year-on-year, according to the report.
Benefiting from ever-growing demand, the development of the e-bicycle has maintained strong growth momentum. In the f
irst quarter of this year, the profit growth rate reached 28.7 percent for e-bicycle enterprises above the designated size
in the industry, which refers to those with an annual main business revenue of 20 million yuan ($2.98 million) or more.