Briefly

Forex reserves rise in November

China's foreign exchange reserves rose to $3.1175 trillion at the end of November, up 2.13 percent from a month earlier, data from the State Administration of Foreign Exchange showed on Wednesday.

Secondhand car exports expanded

China has allowed 14 more provinces and regions, including Liaoning, Fujian and Sichuan, to conduct exports of secondhand cars, said a notice from the Ministry of Commerce. The notice was jointly issued by the MOC, the Ministry of Public Security and the General Administration of Customs. These provinces and regions shall formulate standards for local enterprises, standardize the selection procedures and support companies with access to secondhand cars for sale, overseas marketing channels and after-sales service to carry out the export business, it said.

PBOC conducts reverse repos

China's central bank on Wednesday conducted 2 billion yuan ($285.82 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, according to the People's Bank of China. The move aims to maintain reasonable and sufficient liquidity in the banking system, the central bank said. A reverse repo is a process by which the central bank purchases securities from commercial banks through bidding, with an agreement to sell them back in the future.

Xinhua - China Daily