Briefly

Telecom sector grows in Jan-Sept

China's telecommunications industry sustained steady expansion in revenue in the first three quarters, with emerging businesses like cloud computing posting rapid growth, official data showed. The combined operating revenue of the industry stood at roughly 1.2 trillion yuan ($167.37 billion) in the January-September period, up 8.2 percent year-on-year, according to the Ministry of Industry and Information Technology.

PBOC conducts reverse repos to boost liquidity

China's central bank on Monday conducted a total of 70 billion yuan ($9.75 billion) of reverse repos to maintain liquidity in the banking system. The interest rate for the seven-day reverse repos was set at 2 percent, according to People's Bank of China.

Privacy protection for e-CNY highlighted

China pays great attention to balancing between the need for safeguarding personal privacy and cracking down on illegal activities when developing the digital yuan, said Yi Gang, governor of People's Bank of China, the country's central bank. The digital yuan system anonymizes sensitive personal information and no entity or individual is allowed to access or use relevant information without legal authorization, Yi said on Monday while addressing a fintech event. Yi said the PBOC is working with the Hong Kong Monetary Authority and other monetary authorities on central bank digital currencies, ready to engage in more CBDC international cooperation.

Xinhua - China Daily