China's tax refund stores top 10,000

The number of tax refund stores catering to foreign visitors in China had exceeded 10,000 by the end of August, data from the State Taxation Administration showed on Wednesday. In the first eight months of the year, the number of tourists claiming tax refunds jumped 247.8 percent year-on-year, while sales of tax-refundable goods and total refund amounts surged 97.5 percent and 96.9 percent, respectively, the data showed. The departure tax refund measures, which enable overseas tourists to claim back value-added tax on eligible purchases made at designated tax refund stores before leaving China, are translating growing inbound travel flows into consumption momentum and emerging as a fresh driver for inbound tourism spending, the administration said.

Yuan weakens against greenback

The central parity rate of the Chinese currency renminbi, or the yuan, weakened 54 pips to 7.1062 against the US dollar on Wednesday, 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