IN BRIEF (Page 13)

SAFE sets up trading room

China's State Administration of Foreign Exchange, the agency that manages the world's biggest foreign exchange reserves of $3.2 trillion, has set up a trading room in Frankfurt, according to the agency's annual report released on Friday.

SAFE's other trading room outside China is in New York, it said, without giving further details of the operation in Germany.

Gold imports hit record

Gold imports from Hong Kong by the Chinese mainland increased by 65 percent to hit a record high in April, advancing for a third straight month as investors looked to have a hedge against turmoil in the financial markets and a slowdown in the economy.

The month saw 103,644.5 kilograms (103.6 metric tons) of materials shipped, up from 62,913 kilograms in March, according to export data from the Census and Statistics Department of Hong Kong, according to Bloomberg calculations.

Cheaper cars in Chongqing

The southwestern city of Chongqing will subsidize purchases of vehicles made in the city, becoming the first local government to offer such incentives.

Consumers will receive as much as 3,000 yuan ($471) per vehicle, but the policy will be limited to models with an engine capacity of less than 1.6 liters.

The subsidies may boost sales for the venture between Ford Motor Co, Mazda Motor Corp and Chongqing Changan Automobile Co. The program is expected to boost new car sales by 30 billion yuan in the city this year.

Agencies-China Daily

(China Daily 06/05/2012 page13)