Reforms for yuan exchange rate mechanism in 2017: PBOC
The central bank pledged to steadily push for convertibility of yuan’s capital account this year, China Securities Journal reported on Monday. The People’s Bank of China also aimed to improve the currency’s function as an investment reserve and for financial exchange, and the policy framework and infrastructure for the cross-border use of the yuan.
January, February investment in roads grew 36% from 2016
Fixed-asset investment in road construction stood at 160.1 billion yuan (US$23.29 billion) for the first two months of 2017, a 36% increase from a year earlier, the National Development and Reform Commission said on its website. Fixed-asset investment in rail saw a 0.2% uptick to 41.7 billion yuan. In civil aviation construction, investment stood at 9.5 billion yuan, an 18.7% year on year rise.
Shanxi accelerates green car development
The northern province of Shanxi plans to invest 5 billion yuan in production of new energy vehicles in 2017, aiming to reach 100,000 units per year, Sina Finance reported on Monday. The Shanxi Provincial Commission of Economy and Information released details of the plan.
CRRC wins two rail bids in Los Angeles, Philadelphia
The country’s leading rolling stock manufacturer, CRRC Corporation, won two rail bids in the United States, Caixin said, citing a company source. It will produce 64 subway carriages in Los Angeles to be completed by September 2021. CRRC also secured the US$137.5 million contract to produce 45 trains for Philadelphia’s commuter rail network. CRRC has had three previous deals in the US, worth US$2.14 billion in total.