China's box office exceeds 370 million yuan during Qingming Festival holiday

China's box office revenue for the three-day Qingming Festival holiday that started on Friday, including pre-sales, had exceeded 370 million yuan (50.8 million U.S. dollars) as of 20:01 on Sunday, according to box office tracker Dengta Data, with the video game adaptation "A Minecraft Movie" taking the top spot.

The U.S. animated film, based on the best-selling game, has been a major draw, accounting for over 25 percent of screenings in Shanghai. Its popularity is fueled by a dedicated fanbase, with young moviegoers expressing their affection to the game.

"I've been playing the game since I was a little girl," said a young moviegoer, while another added, "I started to play it when I was in Grade Two [of primary school], so I've been playing it for about eight years."

While the game adaption benefits from a strong fanbase, other niche releases, such as the Japanese anime "Mobile Suit Gundam GQuuuuuuX," also attracted their target audiences, securing the sixth spot in the box office rankings. Two realism-focused films, "We Girls" and "Mumu," captured the second and fourth places, respectively.

The re-release of the blockbuster animated film "Ne Zha 2" performed strongly, landing in the third place with over 71 million yuan (9.75 million U.S. dollars) in sales.

Despite the success of "Ne Zha 2" during the Spring Festival holiday season running from late January to early February, the market has yet to see another major blockbuster emerge.

Smaller, independent films often struggle to reach audiences due to limited marketing, especially during competitive holiday periods.

Lu Ying, a cinema manager, suggests that extending the theatrical runs of these films during off-peak times can tap into targeted audiences and create benefits in the long run.

"A film maintaining a momentum of popularity for two weekends, followed by other good releases, is a right rhythm for cinemas as we expect," Lu noted.

The central parity rate of the Chinese currency renminbi, or the yuan, strengthened 5 pips to 7.0103 against the U.S. dollar Tuesday, 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 U.S. dollar is based on a weighted average of prices offered by market makers before the opening of the interbank market each business day.