Briefly

PBOC adds liquidity via reverse repos

China's central bank on Thursday conducted 10 billion yuan ($1.49 billion) of 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.

Jan-May fiscal revenue down 10.1%

China's fiscal revenue was 10.1 percent lower year-on-year in the first five months at 8.67 trillion yuan ($1.29 trillion), the Ministry of Finance said on Thursday. The figure was actually up by 2.9 percent year-on-year after excluding value-added tax credit rebates, the ministry said. Tax revenue came in at 7.25 trillion yuan during this period, up 1.4 percent year-on-year after excluding the VAT credit refund. Fiscal expenditure rose 5.9 percent during the period to 9.9 trillion yuan.

Xinhua - China Daily