China, Colombia sign deals on Belt and Road, economic cooperation

China and Colombia on Wednesday signed a plan for bilateral cooperation in promoting cooperation under the Belt and Road Initiative and an agreement on exchange and bilateral cooperation in the field of economic development.

Witnessing the signing of the Plan between the Government of the People's Republic of China and the Government of the Republic of Colombia on Jointly Promoting Construction of the Silk Road Economic Belt and the 21st Century Maritime Silk Road were Chinese President Xi Jinping and visiting Colombian President Gustavo Petro, after their meeting at the Great Hall of the People in Beijing.

The plan aims to enhance bilateral practical cooperation in various fields to achieve mutual benefits and a win-win outcome.

Also signed was the Memorandum of Understanding on Exchanges and Cooperation in the Field of Economic Development between the National Development and Reform Commission of the People's Republic of China and the Ministry of Trade, Industry and Tourism of the Republic of Colombia.

The MoU is expected to promote policy sharing and experience exchange in the fields of macroeconomics, the Belt and Road Initiative, economic and trade investment, sustainable development, and the digital economy.

The central parity rate of the Chinese currency renminbi, or the yuan, strengthened 20 pips to 7.0108 against the U.S. dollar 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.

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.