Briefly

Reverse repos net 10b yuan

The People's Bank of China on Thursday injected 10 billion yuan ($1.57 billion) into the financial system via seven-day, 2.2 percent reverse repos, to keep the liquidity in the banking system reasonably stable. 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.

Alipay, UnionPay in mobile payment deal

China's popular mobile wallet Alipay announced on Thursday it has achieved mutual recognition of QR code for receiving payment from China UnionPay, the latest progress in enhancing interconnectivity with the bank card association. The pair started jointly exploring barcode payment interconnectivity last year and has since piloted the function in China's major cities such as Beijing, Tianjin, and Guangzhou and Shenzhen in Guangdong province before rolling out nationwide, Alipay said in its official social media account.

Xinhua - China Daily