Briefly

PBOC injects $1.55b via reverse repos

The People's Bank of China, the central bank, conducted 10 billion yuan ($1.55 billion) of reverse repos on Wednesday 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 PBOC website.

Clean energy powers Fujian province

East China province of Fujian has seen a boom in clean energy development over the past five years amid renewed efforts to cut coal use and carbon emissions. With major nuclear and wind power projects in operation, the province saw its installed capacity of clean energy production grow to around 35.1 GW by the end of last year from 25.3 GW five years ago, according to State Grid Fujian Electric Power Co Ltd. Clean energy accounted for 55.1 percent of the total installed power generating capacity in the province, with the share of nuclear power ranking first in the country.

Five firms fined over unfair pricing online

China's top market watchdog on Wednesday imposed administrative penalties on five leading community group-buying platforms for improper pricing that disrupted market order. Chengxin Youxuan, a community group-buying platform under China's ride-hailing giant Didi, Duo Duo Maicai owned by e-commerce platform Pinduoduo, Meituan Youxuan under online platform Meituan and Nicetuan were fined 1.5 million yuan ($232,300) each, according to the State Administration for Market Regulation. It also fined the Wuhan-based group-buying platform Shixianghui 500,000 yuan. According to the regulator, some community group-buying companies took advantage of the size of their funds to launch massive price subsidies in the latter half of 2020, which disrupted market order.

Paper company to invest in Malaysia

Nine Dragons Paper, a Chinese mainland paper manufacturing company listed on the Hong Kong stock exchange, will invest 5.4 billion ringgit ($1.33 billion) in Malaysia, the Malaysian Investment Development Authority said. The group's investments in Malaysia consist of two manufacturing facilities, namely ND Paper (Malaysia) in Bentong, Pahang, involving the acquisition of an existing pulp and paper mill with a total investment value of 1.2 billion ringgit, and ND Paper Malaysia (Selangor) in Banting, Selangor, with an investment value of 4.2 billion ringgit that will focus on test liner, kraft liner, corrugated medium paper, paper and pulp.

Xinhua