Briefly

Reverse repos add 8b yuan to liquidity

The People's Bank of China, the country's central bank, on Friday conducted 8 billion yuan ($1.12 billion) of seven-day, 2 percent reverse repos to maintain reasonable and ample liquidity in the banking system. 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.

Sinopec discovers new shale reserves

Sinopec, China's largest oil refiner, has discovered a new shale gas field, with a proven reserve of nearly 146 billion cubic meters (bcm), in the Sichuan basin in Southwest China. The new shale gas field is located in Chongqing's Qijiang district and Xishui County of Southwest China's Guizhou province. Shale gas is mainly methane and is considered a clean new energy resource.

Ningbo-Zhoushan Port lifts NEV exports

The Ningbo-Zhoushan Port in East China's Zhejiang province has become a new passage for the exports of new energy vehicles (NEVs) via a sea-rail intermodal container transport service. On Thursday, the port saw the arrival of the final 93 cars in the shipment of 402 domestically produced NEVs on a container freight train from neighboring Jiangsu province. These vehicles will be transferred to a container ship bound for Europe.

Power transmission in Shanxi increases

North China's coal-rich province Shanxi transmitted around 117.55 billion kWh of electricity to other parts of the country in the first 10 months of this year, the provincial statistics bureau said. The province's electricity transmission during the period was up 17 percent year-on-year. Its total power generation volume reached around 341.25 billion kWh. As China's leading energy base, Shanxi province is key to the country's energy supply and electricity transmission. To meet increased power demands during the winter heating season, Shanxi has beefed up its electricity transmission infrastructure, the bureau said, adding that it is sending electricity to a record number of 22 provincial-level regions across the country.

RMB weakens against greenback

The central parity rate of the Chinese currency renminbi, or the yuan, weakened 138 pips to 7.1339 against the US dollar on Friday, according to the China Foreign Exchange Trade System. In China's spot foreign exchange market, the yuan is allowed to rise or fall by 2 percent from the central parity rate each trading day. The central parity rate of the yuan against the US dollar is based on a weighted average of prices offered by market makers before the opening of the interbank market each business day.

Xinhua - China Daily