Yuan weakens against greenback

The central parity rate of the Chinese currency renminbi, or the yuan, weakened 30 pips to 7.1782 against the US dollar on Monday, 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.

Major oilfield found in South China Sea

The China National Offshore Oil Corp announced on Monday that it has discovered a major oilfield in the South China Sea, with proven reserves exceeding 100 million metric tons. The newly discovered Huizhou 19-6 oilfield marks a breakthrough in China's offshore oil exploration, as it is the country's first large-scale integrated clastic oilfield discovered in deep to ultra-deep layers, CNOOC said.

Xinhua - China Daily