Chinese e-commerce giant Alibaba said Thursday its net profit almost doubled in the latest quarter on the back of sharp revenue growth in its core e-commerce and cloud computing businesses.
Alibaba said net income in the quarter which ended June 30 was 14.7 billion yuan ($2.2 billion), a year-on-year increase of 94 percent
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China's currency, the yuan, is experiencing two-way fluctuations, and market expectations are stable for its future trend, central bank deputy governor Pan Gongsheng told reporters on Saturday.
Pan made the remarks in Beijing before attending a panel discussion during the annual session of the Chinese People's Political Consultative Conference National Committee, which opened on Friday.
Speaking of market concerns overRead more
The central parity rate of the Chinese currency renminbi, or the Yuan, strengthened 40 basis points to 6.8655 against the US Dollar on Friday, 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% from the central parity rate each trading day.
The central parity rateRead more
Trading volume on China's major Bitcoin exchanges has plunged in the past week, since authorities tightened regulation of the digital currency.
BTCChina, Huobi and OKCoin, the country's three major Bitcoin trading platforms, have seen their daily transaction volume tumble from around 20,000 last week to around 6,000 at Tuesday's close. Bitcoin prices -- between 6,700 yuan (980 U.S. dollars) andRead more
Shanghai police have detained 83 people, who illegally earned 6 million yuan (873,000 U.S. dollars), in connection with the fake auctioning and unlicensed authentication of antiques.
A gang led by a man surnamed Xiao charged antique holders high commissions by faking auctions, with the clients later told their collections were unsold, a police officer with Shanghai Municipal Public Security BureauRead more
China's yuan resumed its downward slide Monday as officials weakened its value against the dollar by the most in six months, having hiked it at the end of last week.
The People’s Bank of China set the reference rate of the yuan -- also known as the renminbi -- at 6.9262 to the dollar, down 0.87 percent from Friday’s fixing,Read more
China will further tighten controls on individuals' foreign currency purchases to try to curb massive capital flight from the country as the yuan falls sharply against the dollar.
Individuals wishing to convert yuan to foreign currencies will now have to provide more detailed information to their bank, including an explanation of the funds concerned in addition to their identity papers,Read more
In the next five years, China will invest 3.5 trillion yuan ($503 billion) to accelerate railway construction, including expansion of the country's high-speed rail network to 30,000 kilometers, a senior official said on Thursday.
"By 2020, more than 80 percent of China's major cities will be connected by high-speed railways," said Yang Yudong, vice-minister of transportation.
China released a whiteRead more
China has agreed to provide grant assistance of 1 billion yuan (about US$144 million) to Nepal for the implementation of a number of projects, China.org.cn learned from the embassy of Nepal in China on Dec. 30.
The projects include the repair and improvement of the Syaphrubesi-Rasuwagadhi highway, the upgrading and renovation of the Civil Service Hospital and other post-quake reconstructionRead more
The mouthpiece of China’s Communist Party said Friday there was “no need to worry too much” about downward pressure on the yuan as the currency wallows at more than eight-year lows against the dollar.
China has been struggling to prop up the falling unit in the face of a huge flight of capital from the country as the prospects ofRead more