Briefly

Warehouse storage sector expands

China's warehouse storage sector expanded in September, according to a survey jointly released by the China Federation of Logistics and Purchasing and CMST Development Co Ltd. The index tracking the sector's development stood at 52 percent in September, up 0.8 percentage point over the previous month and remaining in expansionary territory for the fifth consecutive month. A reading above 50 percent indicates expansion, while a reading below 50 percent reflects contraction. In the fourth quarter of the year, the growth of the sector is expected to continue, boosted by infrastructure investment and e-commerce consumption.

PBOC, ECB renew currency swap deal

China's central bank on Monday said that it has renewed a bilateral currency swap deal with the European Central Bank. The deal has a scale of 350 billion yuan ($49.3 billion), or 45 billion euros. It will be valid for three years, according to a statement from the People's Bank of China. The PBOC said the renewal will help deepen bilateral financial cooperation, facilitate trade and investment, and maintain financial market stability. A currency swap sees two parties agree to exchange a certain amount of foreign currency at a predetermined rate, protecting against fluctuations.

Garment industry logs revenue, profit growth

China's garment industry registered steady expansion in terms of revenue, profits and exports in the first eight months of this year, data from the Ministry of Industry and Information Technology showed. The combined operating revenue of the country's 13,117 major apparel enterprises reached 950.4 billion yuan ($133.86 billion) over the period, up 3.7 percent year-on-year, according to the ministry. These companies raked in total profits of 43.6 billion yuan in the January-August period, up 3.4 percent over one year ago. During the same period, garment exports of the sector surged 17 percent year-on-year to $104.4 billion, the data showed.

China Daily - Xinhua