Briefly

SOEs' combined revenue up in 2022

China's State-owned enterprises posted increased revenues last year, according to official data released on Monday. The SOEs raked in 82.6 trillion yuan ($12.2 trillion) in operating revenues in 2022, up 8.3 percent from a year earlier, said the Ministry of Finance. The combined profits of SOEs decreased 5.1 percent year-on-year to 4.31 trillion yuan last year, the ministry said. The SOEs saw their debt-to-asset ratio reach 64.4 percent as of the end of 2022, up 0.4 percentage point from the previous year, according to the ministry.

Yuan strengthens to 6.7604 against USD

The central parity rate of the Chinese currency renminbi, or the yuan, strengthened 22 pips to 6.7604 against the US dollar on Tuesday, said 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.

More liquidity injected via reverse repos

China's central bank continued to inject funds into the financial system through open market operations on Tuesday. The People's Bank of China said on its website that it has conducted 471 billion yuan ($69.67 billion) of seven-day reverse repos at an interest rate of 2 percent. The move is aimed at keeping liquidity stable at the end of the month, according to the central bank.

Xinhua - China Daily