Briefly

Gold consumption declines 18.1% in 2020

China's gold consumption fell 18.13 percent on a yearly basis to 820.98 metric tons last year as the COVID-19 outbreak hit sales of gold jewelry, industry data showed. Consumption of gold jewelry stood at 490.58 tons in 2020, plunging 27.45 percent on a yearly basis, according to data released by the China Gold Association. During the same period, consumption of gold coins and bars went up 9.21 percent on a yearly basis to 246.59 tons, while consumption of gold for industrial and other uses fell 16.81 percent from a year earlier to 83.81 tons.

Central bank conducts $15.4b reverse repos

China's central bank on Monday conducted 100 billion yuan ($15.47 billion) of reverse repos to maintain reasonably ample liquidity in the banking system. The interest rate for the seven-day reverse repos was set at 2.2 percent, according to a statement on the website of the People's Bank of China. With 2 billion yuan of reverse repos maturing on the same day, the move led to a net liquidity injection of 98 billion yuan into the market.

Xinhua