Passenger vehicle retail sales down 59% in May as COVID disruptions impact offtakes: FADA

Two-way yuan volatility will become normal, says FX regulator head

SHANGHAI, June 10 (Reuters) – Two-way volatility in China’s yuan exchange rate will become normal, and factors influencing the rate are complicated, the head of China’s foreign exchange regulator said on Thursday.

China’s yuan has shown two-way volatility but has been basically stable so far this year, Pan Gongsheng, head of the State Administration of Foreign Exchange, said in a speech.

China will expand quotas under the Qualified Domestic Institutional Investor outbound investment scheme, Pan said.

Suns embarrass Nuggets in Game 2 rout for 2-0 series lead in NBA playoffs

PHOENIX — Denver Nuggets coach Michael Malone and forward Aaron Gordon said they played soft in their Game 1 loss.

They talked about responding. Being more physical. More aggressive.

Then Game 2 started and the only thing that changed was the Phoenix Suns didn't wait until the third quarter to take control.

The Suns lead for all but the first 86 seconds of Wednesday's 123-98 victory in taking a 2-0 series lead in this best-of-7 conference semifinal series.

Leading by as many as 31, the Suns will look to take a 3-0 series in Friday's Game 3 in Denver. They looked so convincing in victory Wednesday, their fans were chanting, "Suns in 4, Suns in 4!"

Seattle Is 1st Major City To Fully Vaccinate 70%: Mayor Jenny Durkan

SEATTLE (AP) — Seattle Mayor Jenny Durkan said Wednesday that 70% of city residents ages 12 and up have been fully vaccinated, which she said makes Seattle the first major U.S. city to hit the COVID-19 milestone.

Durkan’s office also said 78% of the Seattle population 12 and older has started the vaccination process.

“Seattle is America’s most vaccinated major city, and it would not have been possible without our residents’ commitment to protecting themselves, their loved ones, and our entire community,” Durkan said in statement. “Now that we have reached community protection, we can lead the nation in safely reopening and recovering in earnest.”

She urged Seattleites to support local small businesses, help revive its arts and cultural scene, and enjoy the Seattle summer safely.

Now that Seattle has reached the 70% fully vaccinated goal, the city and its partners will start launching efforts to support Seattle’s reopening, Durkan said.

The efforts will include supporting local small retailers and restaurants, arts and culture programming, and transit use, the mayor’s office said.

The first confirmed case of COVID-19 in the United States was north of Seattle in Washington in January 2020. The state also saw the nation’s first deadly outbreak at a nursing home.

There have been more than 440,000 confirmed COVID-19 cases in Washington state and more than 5,700 deaths.

Biden-Johnson meeting, US vaccine vow, Kardashian TV show’s end: 5 things to know Thursday

Biden, Johnson say meeting will be about reaffirming ties. Will tension boil over?

On his first stop before heading to the G-7 summit amid a busy schedule in Europe, President Joe Biden will meet with British Prime Minister Boris Johnson Thursday in Cornwall, western England. Both sides have stressed, publicly, the meeting would be about reaffirming ties between longtime allies. But tensions may simmer beneath the surface as Biden staunchly opposed the Brexit movement –  the British exodus from the European Union that Johnson championed – and Biden once called the British leader a “physical and emotional clone” of Trump. One issue they are expected to agree on is the opening of travel between the two nations “as soon as possible” through a new Atlantic Charter. The declaration will be modeled after a 1941 joint statement from President Franklin D. Roosevelt and Prime Minister Winston Churchill, which laid out their post-World War II vision for the world.

  • ‘Unpredictable world’: What to expect from Biden’s first foreign trip as president
  • Queen Elizabeth II will host Biden, first lady at Windsor: What we know
  • What’s the Atlantic Charter? The 1941 document, explained

Passenger vehicle retail sales down 59% in May as COVID disruptions impact offtakes: FADA

Total registrations across categories declined by 55% to 5,35,855 units last month compared to 11,85,374 units in April

Passenger vehicle (PV) retail sales in May witnessed a decline of 59% to 85,733 units as compared to April as Covid-related disruptions across States hit offtakes, automobile dealers’ body FADA said on June 10.

According to the Federation of Automobile Dealers Associations (FADA), which collected vehicle registration data from 1,294 out of the 1,497 regional transport offices (RTOs), PV sales stood at 2,08,883 units in April this year.

Two-wheeler sales also declined 53% to 4,10,757 units last month, as compared to 8,65,134 units in April.

Similarly, commercial vehicle sales also declined 66% to 17,534 units last month, as against 51,436 units in April.

Three -wheeler sales saw a decline of 76% to 5,215 units last month, from 21,636 units in April this year.

Tractor sales also witnessed a drop of 57% to 16,616 units last month, against 38,285 units in April.

Total registrations across categories declined by 55% to 5,35,855 units last month compared to 11,85,374 units in April.

“The second wave of Covid has left the entire country devastated as there may not be a single household which did not get affected. Apart from urban markets, this time, even rural areas were badly hit. May saw continued lockdown in most of the states,” FADA president Vinkesh Gulati noted.