IN BRIEF (Page 8)

Changan Ford fined over monopoly issue

China's State Administration for Market Regulation announced on Wednesday that it has imposed a fine of 162.8 million yuan ($23.6 million) on automaker Changan Ford for implementing vertical monopoly agreements. Since 2013, Changan Ford Automobile Co has restricted the minimum vehicle resale prices for downstream dealers in Chongqing municipality, violating China's anti-monopoly law, the administration said in a statement on its website. The company's practices deprived the downstream dealers of pricing autonomy, excluded and restricted competition within the brand and in effect weakened competition among brands, the statement said.

Tencent launches gaming phone

Tencent Holdings Ltd announced on Wednesday the launch of a specialized gaming phone in partnership with computer and phone hardware maker Asus. Dubbed ROG 2, the new gadget is scheduled to debut in July. The phone excels in hardware and is designed to adapt to a number of Tencent-developed phones, the company said in a news release. The phone is equipped with a 120 Hz display, which refers to a screen refresh rate of 120 times per second, compared with a conventional refresh rate of 60 Hz by most cellphones. Such feature greatly enhances gaming experiences by ensuring smoothness and fluidity. Tencent also said its gaming unit will continue to deepen cooperation with smartphone manufacturers in new game releases.

Central bank injects $8.7b into market

The People's Bank of China (PBOC), China's central bank, on Wednesday pumped 60 billion yuan ($8.7 billion) into the financial system through open market operations. To maintain reasonable and sufficient liquidity, the central bank conducted the operations with seven-day reverse repos at an interest rate of 2.55 percent. No reverse repos are due on Wednesday. A reverse repo is a process in which the central bank purchases securities from commercial banks through bidding, with an agreement to sell them back in the future.

Hunan starts direct imports of fruit

Hunan province in Central China has started directly importing fruit from abroad. Previously the imports arrived via other Chinese ports. The first batch - 600 kg of durian and pineapple from Thailand - arrived at the airport of the provincial capital Changsha on Tuesday, Changsha customs said. Despite rising market demand, imported fruit used to enter Hunan via other Chinese ports like Shanghai and Guangzhou, and the long journey pushed up prices and reduced its taste.

China Daily - Xinhua

(China Daily Global 06/06/2019 page8)