Briefly

4 cities launch foreign currency bank services

Guangzhou and Shenzhen in Guangdong province, Fuzhou in Fujian province and Hangzhou in Zhejiang province launched the first pilot of domestic and foreign currency integrated bank settlement account system on Monday. From now on, enterprises and individuals in these cities can apply for opening one bank account with multiple currency operations. The pilot measure is a significant step of unifying operational rules and restructuring processes of bank accounts, laying a solid foundation for the full life cycle management of settlement accounts with foreign currencies.

Reverse repos aim to maintain liquidity

China's central bank on Monday conducted 10 billion yuan ($1.54 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 the People's Bank of China.

China Daily - Xinhua