Briefly

Exports of pickup trucks surge

China's pickup truck exports surged 172 percent year-on-year in November as the industry saw improvements in production capacity this year, according to the China Passenger Car Association. A total of 42,000 pickup trucks were sold in China last month, up 1.8 percent month-on-month. However, the figure was 12.2 percent lower compared with the same period last year, said the association. In the first 11 months of 2022, some 470,000 units of pickup trucks were sold in the country, down 3.4 percent from the same period last year.

Trust sector expands in third quarter

China's trust sector expanded steadily in the third quarter of this year, industry data showed. The outstanding trust asset value came in at 21.07 trillion yuan ($3.03 trillion) at the end of September, up 3.08 percent from a year earlier, data from the China Trustee Association showed. On a quarter-on-quarter basis, the asset value was down 0.17 percent. In terms of trust investment, 26.33 percent of the money, the largest share of all, went to industrial and commercial enterprises, indicating the sector's continued support for the real economy. The investment in securities and bonds accounted for 4.31 percent and 21.77 percent, respectively, and the real estate sector received 8.53 percent of the total investment.

Renminbi strengthens against greenback

The central parity rate of the Chinese currency renminbi, or the yuan, strengthened 45 pips to 6.9746 against the US dollar on Monday, 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.

PBOC conducts reverse repos

China's central bank on Monday conducted 85 billion yuan ($12.2 billion) of reverse repos to maintain liquidity in the banking system. The amount included 9 billion yuan of seven-day reverse repos at an interest rate of 2 percent, and 76 billion yuan of 14-day reverse repos at an interest rate of 2.15 percent, according to the People's Bank of China.

China Daily - Xinhua