Briefly

PBOC conducts reverse repos to boost liquidity

China's central bank on Thursday conducted a total of 2 billion yuan ($280.94 million) of reverse repos to maintain liquidity in the banking system. The interest rate for the seven-day reverse repos was set at 2 percent, said People's Bank of China. The move aims to keep stable liquidity in the banking system, 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.

Key gas reserves found in South China Sea

State-owned offshore oil and gas producer China National Offshore Oil Corp said on Thursday that the company has discovered the country's first deep-water deep-stratum large gas field in the South China Sea. The Baodao 21-1 gas field, located in the Qiongdongnan Basin, has proven reserves of natural gas and condensate oil of over 50 billion cubic meters and 3 million cubic meters, respectively, said the company.

Xinhua - China Daily