Briefly

Reverse repos net 50 billion yuan

China's central bank on Wednesday injected 50 billion yuan ($7.8 billion) into the financial system via reverse repos. The interest rate for the seven-day repos was set at 2.2 percent, according to the People's Bank of China. The move aims to maintain liquidity in the banking system, the central bank said. A reverse repo is a process by which the central bank purchases securities from commercial lenders through bidding, with an agreement to sell them back in the future.

Battery makers report improved revenues

China's major battery manufacturers reported rapid growth in profits and revenues in the first eight months, official data showed. Profits of major battery companies expanded 66.1 percent year-on-year to 33.13 billion yuan ($5.2 billion) in the January-August period, according to the Ministry of Industry and Information Technology. Business revenues of leading battery makers stood at 662 billion yuan during the period, up 47 percent from a year earlier, MIIT data showed. Among the industry's staple products, lithium-ion batteries logged an output of 14.6 billion units, up 38.7 percent year-on-year, while the output of primary batteries and battery packs climbed 7.2 percent to 27.57 billion units.

Xinhua - China Daily