Briefly

PBOC reverse repos worth 10b yuan

China's central bank on Friday conducted 10 billion yuan ($1.55 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. 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.

Hongqi opens sales center in Riyadh

China's famous automaker Hongqi has inaugurated its first center for sales and exhibitions in Riyadh, the capital of Saudi Arabia. This center marks the official completion of the company's strategic sales network that includes three major Saudi cities of Jeddah, Riyadh and Dammam. Ma Zhenduo, general manager of Hongqi's Middle East division, said Hongqi's luxury models, such as H9, are among the most popular products in Saudi Arabia. Many Saudi consumers look forward to seeing Hongqi electric vehicles in the Saudi market as soon as possible, said Ma.

Report says TV sales are still shrinking

The TV market in China continued to shrink in May, according to an industry report published by the market research institute GfK. Last month, online and offline sales of TVs in China fell 37 percent and 278 percent year-on-year, respectively, said Gfk. The TV market in China rebounded at the beginning of the year, said the firm, adding the market cooled down from March and continued to slump in the following two months. The average price of TVs sold online hit 2,715 yuan ($419) in May, up 42.4 percent year-on-year, while offline prices averaged 5,045 yuan, up 29.2 percent, the data showed.

Xinhua