Briefly

PBOC adds liquidity via reverse repos

China's central bank on Tuesday conducted 10 billion yuan ($1.48 billion) in reverse repos to maintain liquidity in the banking system. The interest rate for the seven-day reverse repos was set at 2.1 percent, according to the People's Bank of China. The move aims to keep liquidity in the banking system reasonably stable, the central bank said. 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.

Foreign trade of Jiangxi expands

East China's Jiangxi province recorded robust foreign trade growth in the first five months of 2022, according to local Customs. The province's total import and export value grew 34 percent year-on-year to 253.05 billion yuan ($37.5 billion) from January to May, said Nanchang Customs. Exports rose 39.4 percent year-on-year to 195.06 billion yuan, while imports went up 18.4 percent to 57.99 billion yuan. The Association of Southeast Asian Nations, the United States and the European Union remained Jiangxi's top trading partners in the period.

Used vehicle sales recover last month

China's secondhand auto sales rebounded in May, with both sales volume and value recording month-on-month rises, said the China Automobile Dealers Association. Over 1.18 million used cars changed hands in China last month, up 7.98 percent from April, and the value of transactions rose 9.85 percent month-on-month to about 82.56 billion yuan ($12.29 billion), according to the association. China's secondhand auto sales saw monthly increases in five out of the six major markets in May, led by the northeastern region where sales surged 98.02 percent from a month earlier. In the first five months, China's used auto sales neared 6.17 million units, down 10.69 percent from the same period last year.

Xinhua - China Daily