1. China and Saudi Arabia sign currency swap accord to foster bilateral commerce, giving a boost to RMB's globalisation. The People's Bank of China and the Saudi Central Bank signed a three-year swap agreement for a maximum value of 50 billion yuan, or 26 billion riyal($6.9bn).
2. As global temperatures and greenhouse gas emissions break records, the latest Emissions Gap Report from the UN Environment Programme (UNEP) finds that current pledges under the Paris Agreement put the world on track for a 2.5-2.9°C temperature rise above pre-industrial levels this century, pointing to the urgent need for increased climate action.
3. A new high-power pure electric shunting locomotive has been launched in Zhuzhou City, Hunan Province recently. It is equipped with EVE lithium battery system and uses a large-capacity lithium iron phosphate power battery as the only power source. With a maximum traction power of 1,500kW, it is currently considered to be the most powerful new-built electric shunting locomotive in China. This locomotive is capable of towing 1,200 tons of cargo for 128 kilometers when fully charged.
4. The 1st 270,000-m3 LNG storage tank in E China's Zhejiang, the world's largest of its kind, has started construction of its main structure in Ningbo, as part of a project consisting of 6 such tanks. The project can process 6 mln tonnes of LNG a year after its operation in 2025.
5. The People's Bank of China and the Saudi Central Bank signed a currency swap agreement worth CNY 50 billion ($6.93 billion) or 26 billion Saudi riyals, both banks said on Monday. China imported $65 billion worth of Saudi crude in 2022, according to Chinese customs data, accounting for about 83% of the kingdom's total exports to the Asian giant.
6. Stellantis and CATL today said they signed an MoU for the local supply of LFP battery cells and modules for Stellantis' EV production in Europe. The pair is also considering the possibility of setting up a 50:50 JV to support the carmaker's electrification strategy.
7. Changan Auto and Nio announced today they reached a cooperation deal on battery swap business, including establishing the standards for batteries, building a battery swap system, forming a battery asset management mechanism, and researching and developing battery swap products.
8. The world's currently largest-horsepower pure electric tugboat, Yungang Electric Tow II, was delivered Monday in Lianyungang, E China's Jiangsu. The homegrown 5,400-HP ship can sail for 12 hours after being fully charged in less than 3 hours, saving about 300 tons of fuel oil yearly.
9. First China International Supply Chain Expo is scheduled to kick off on Nov 28. A total of 515 domestic and foreign companies will attend the expo and bring their latest technologies, products, services, introducing multiple photovoltaic equipment and power plant equipment to the fair, China Council for the Promotion of International Trade said on Tue.
10. Chinese Premier Li Qiang will attend the Virtual G20 Leaders' Summit on Nov. 22 at the invitation of the government of the Republic of India, a Chinese foreign ministry spokesperson announced on Tuesday.