One highlight was a new virtual reality (VR) sho

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BEIJING Billy Price Youth Jersey , Nov. 12 (Xinhua) -- Singles' Day, China's annual
online shopping extravaganza on Nov. 11, smashed all previous records on Friday,
with world media giving intensive coverage on the event pondering its
implications for the Chinese economy.


The most eye-catching event is Alibaba Group's Global Shopping Festival,which generated 120.7 billion Chinese yuan (17.8 billion U.S. dollars) in gross
merchandise volume (GMV) during the 24-hour event.


The figure represents a 32-percent surge over the previous year's 91.2 billion yuan (14.3 billion dollars) in transactions on Alibaba's e-commerce
platforms of Tmall and Taobao Marketplace.


Orders worth 10 billion yuan (1.47 billion dollars) were achieved in the first six minutes 58 seconds on
Alibaba Tyler Kroft
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 , almost six minutes faster than last year.


"As a China-only event, Singles' Day has already blown America's Black Friday out of the water," FT said.


Now in just 24 hours, Alibaba's sales have surpassed the main U.S. online spending spree, which last five days from Thanksgiving to Cyber
Monday Jake Fisher
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 , said the AFP.


Total online sales during the five-day period in 2015 were 11.1 billion dollars, according to Adobe Digital Index. The period included Black Friday when
retailers kicked off the holiday season with big discounts.


Alibaba's turnover on Singles' Day represented only a very small fraction of its total annual sales, but was "a confidence index for the firm," the AFP
quoted independent e-commerce analyst Li Chengdong as saying.


In fact, the Singles' Day event is regarded as more than just a gauge of a certain company's
performance Cedric
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 , and it has become a barometer for analysts to catch
a glimpse of the Chinese economy.


Alibaba has turned Nov. 11 into "a symbol of the power of the Chinese consumer," The New York Times said in a report.


Alibaba's 24-hour online promotion is "closely watched for clues on the health of the Chinese economy," Bloomberg News said.


The Singles' Day bonanza is "offering assurances about the strength of the Chinese consumer despite the nation's economic slowdown," it said.


Bloomberg News noted that China's economy is increasingly dependent on its more than a billion consumers as global growth fizzles.


"Shoppers have so far shrugged off a slowdown in the world's second largest economy," it said. "The growing middle-class is now demanding better quality
products Josh Malone
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 , and innovative ways to shop."


Nikkei Asian Review commented in an article that "China is in the middle of a transition from a manufacturing-focused economy to a consumption-driven one,
with the service sector now generating more than half of China's gross domestic
product, and Alibaba is inarguably driving the shift."


Besides inviting international sports stars David Beckham and Kobe Bryant and American actress Scarlett Johansson to a gala that celebrated Alibaba's shopping
festival this year, the company also sought to attract consumers by exploring
new ways of shopping.


This year, Alibaba made a significant push outside the realm of pure sales to include increasing levels of interactivity among its
platforms Carl
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 , the merchants and consumers shopping at home.


One highlight was a new virtual reality (VR) shopping experience, Buy+, in which users could shop and purchase goods in a VR environment.


The company also launched an augmented-reality game, "Finding the Carnival Cat," a Pokemon Go-style game that allowed players to chase Tmall's cat mascot
into real-world retailers and restaurants such as Starbucks and KFC.


However Jordan Willis Youth Jersey , BBC commented that the Chinese Internet conglomerate
is not without challenges looking to exploring innovative ways of shopping.


VR shopping, while giving online shoppers a more immersive experience, has to face the problem that not everyone can afford expensive VR hardware, BBC said.


Also, shoppers may soon grow tired of the novel idea of gamifying shopping like the way players lost their interest in Pokemon Go several months after its
launch Nick Vigil
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 , BBC added.


Another controversy surrounding the Singles' Day event is the authenticity of the dazzling numbers. Alibaba's Singles' Day revenue has come under scrutiny by
regulators of the Security and Exchange Commission in the U.S., where the
company is publicly traded on the New York Stock Exchange.


But Alibaba President Michael Evans said the company was confident in its numbers, which go through independent auditing.


Wall Street Journal said: "Regardless of any possible smoke and mirrors, Chinese shoppers are the bright spot in the country's slowing economy and they
will increasingly spend overseas."

"
BEIJING, Sept. 13 (Xinhua) -- The central parity rate of the Chinese currency Joe Mixon
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 , the yuan, continued to weaken against the U.S. dollar after
China relaxed control on capital outflows and the dollar rebounded from last
week's drop.


The central parity rate of the yuan weakened 105 basis points to 6.5382 against the U.S. dollar, according to the China Foreign Exchange Trade System.


On the previous trading day, the central parity rate of yuan ended a record 11-day rise against the U.S. dollar by weakening 280 basis points.


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.


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 U.S. dollar index John Ross Youth
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 , a measure of the dollar against a basket of other major
currencies, rebounded this week after skidding to a two year low of 91.011
Friday after market worries over geopolitical tensions on the Korean Peninsula
and Hurricane Irma eased.


On Tuesday, the dollar index continued to rally to around the 92 level.

China's central bank announced Monday that it had scrapped rese. Cheap Wholesale
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Posted 13 Jan 2019

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