Briefly

Central bank drains liquidity from market

China's central bank drained liquidity from the banking system on Tuesday with more reverse repos maturing than being conducted. The People's Bank of China injected 10 billion yuan ($1.57 billion) into the market through seven-day reverse repos at an interest rate of 2.2 percent, according to a statement on the PBOC's website. With 270 billion yuan of reverse repos maturing on the same day, this led to a net liquidity withdrawal of 260 billion yuan from the market. 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.

E-info manufacturing records steady growth

China's electronic information manufacturing industry maintained stable growth in the first 11 months of 2021, said the Ministry of Industry and Information Technology. The added value of electronic information manufacturers with annual operating revenues of at least 20 million yuan ($3.1 million) expanded 16.2 percent year-on-year during the period. The growth rate rose 9 percentage points from the same period a year earlier, the MIIT said. Export delivery value of major enterprises in the sector increased 12.6 percent year-on-year in the January-November period while fixed-asset investments in the sector jumped 21.4 percent.

Xinhua