Chinese on-demand mobility (ODM) firm Didi announced Monday it will take over Uber's China business， in a deal that could value the merged China operation at 35 billion U.S. dollars.？ (Source: Xinhuanet)


BEIJING， Aug. 1 (Xinhua) -- Chinese on-demand mobility (ODM) firm Didi announced Monday it will take over Uber's China business， in a deal that could value the merged China operation at 35 billion U.S. dollars.


Uber will take a 5.89 percent stake in Didi. Didi did not disclose the stake it will take in Uber. Uber China's ODM service will continue to operate independently.


The deal follows China's legalization of ODM services.


Uber's founder Travis Kalanick and Didi founder Cheng Wei will sit on each other's company boards.


The two companies have been locked in a bitter battle for customers in China marked by huge customer discounts since last year.


Uber is one of very few foreign tech firms that has been able to compete with domestic rivals head-on in China. While Didi holds a majority share in China's ODM services， Uber has managed to establish a foothold， and has made inroads into lower-tier cities this year to further threaten Didi's dominance.


The competition has seen the two companies locked in a discount war in an attempt to poach riders away from each other's platforms. In June， Didi announced it had secured 7.3 billion dollars in equity and debt financing， including 1 billion dollars from Apple， which valued the start-up at around 28 billion dollars.


Uber has secured over 6 billion dollars in its latest funding round. Liu Zhen， Uber China head of strategy， said in June that most of the money raised will fund Uber's operations in China.


While Uber has generated over 1 billion dollars in profit from its top 30 cities worldwide， the company has not yet turned a profit in any Chinese city， even though it provides more trips in China than any other country， Kalanick told Xinhua on the sidelines of the World Economic Forum in the northern Chinese city of Tianjin in June.


CHINA’S central bank has scrapped reserve requirements of 20 percent for financial institutions settling foreign exchange forward yuan positions Cheap Nike Air Max 90 , an official said yesterday.


The foreign exchange risk reserve ratio was reduced to zero, according to Sun Guofeng, head of the financial research institute affiliated to the People’s Bank of China.


Meanwhile, the PBOC’s substantial supervision on the reserves put aside by foreign financial institutions was also loosened.


The adjustment was made as the current market environment has changed greatly, which means counter-cyclical macro-prudential policies have given way to a neutral monetary policy, Sun said.


Sun said interest rates are primarily determined by economic fundamentals.


While remaining stable against a basket of currencies, the yuan has been on an upward trajectory against the US dollar this year due to the weakening greenback and steady expansion of the Chinese economy.


It is widely believed that the renminbi interest rate has fully reflected China’s economic fundamentals and is broadly keeping at a reasonable equilibrium, Sun said.


“While the renminbi interest rate moving toward equilibrium, market expectations tend to be rational, cross-border capital flows and foreign exchange supply and demand become more balanced,” said Sun.


A neutral monetary policy could improve liquidity and better serve the real economy, Sun added.


The central parity rate of the yuan strengthened for the 11th consecutive working day to a fresh high against the US dollar yesterday.


The central parity rate of the yuan firmed 35 basis points to 6.4997 against the US dollar, breaking the psychologically important 6.5 barrier for the first time since May 2016, according to the China Foreign Exchange Trade System. It is the longest continuous daily rising sequence since 2005.


“The appreciation of the RMB against the US dollar this year has been driven by a combination of US dollar weakness, China’s tighter management of capital outflows, reduced risk of large scale US-China trade war, and improved economic performance and market sentiment on China,” said UBS economist Wang Tao in a research note.


China’s economy grew 6.9 percent in the first half, well above the target of around 6.5 percent for the year.


Its manufacturing activity expanded for the 13th straight month in August, providing fresh evidence of a firming economy.


Forex reserves rose for the seventh month in a row in August to US$3.09 trillion, increasing US$10.8 billion from a month earlier.


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