Briefly

Power use up 2.5% in first three months

China's electricity consumption, a key barometer of economic activity, reported steady expansion in the first quarter of 2025, official data showed on Friday. Power use rose 2.5 percent year-on-year in the period to hit 2.38 trillion kilowatt-hours, according to data released by the National Energy Administration. Power consumed by the country's primary and secondary industries gained 8.7 percent and 1.9 percent year-on-year, respectively, while that of the tertiary sector rose by 5.2 percent. Driven by booming technologies like AI, cloud computing and 5G, the electricity use in the internet and related services sector recorded a 25.7 percent increase year-on-year on a daily average basis.

China cuts gasoline, diesel retail prices

China reduced the retail prices of gasoline and diesel on Friday based on recent changes in international oil prices. Gasoline prices will be slashed by 480 yuan ($66.59) per metric ton and diesel prices by 465 yuan per ton, according to the National Development and Reform Commission. China's three biggest oil companies, namely China National Petroleum Corp, China Petrochemical Corp and China National Offshore Oil Corp, as well as other oil refineries, have been directed to effectively organize the production and transportation of refined oil products to ensure stable supply. Under the current pricing mechanism, prices of refined oil products are adjusted in accordance with changes in international crude oil prices.

Yuan strengthens against greenback

The central parity rate of the Chinese currency renminbi, or the yuan, strengthened 16 pips to 7.2069 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 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.

Xinhua - China Daily