Briefly

Reverse repos inject 46b yuan into system

China's central bank continued to inject funds into the financial system through open market operations on Monday. The People's Bank of China said on its website that it has conducted 46 billion yuan ($6.7 billion) of seven-day reverse repos at an interest rate of 2 percent. The move is aimed at keeping liquidity reasonable and ample in the banking system, according to the central bank. 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.

CNPC drills Asia's deepest oil well

China National Petroleum Corp, China's largest oil and gas producer, said on Monday that it has finished drilling Asia's deepest oil well in Mianyang, Southwest China's Sichuan province. PetroChina Southwest Oil and Gasfield Co, a subsidiary of CNPC, said the Pengshen-6 well, the deepest land-based oil well on the continent to date, with a current depth of 9,026 meters, is meant to explore hydrocarbon resources 8,000 meters underground.

E-commerce logistics sector logs rebound

China's e-commerce logistics activity registered a steady recovery in January as the country optimized COVID-19 response and consumption boomed during the weeklong Spring Festival holiday, industry data showed. The index tracking e-commerce logistics activity reached 104.6 points, bucking the trend of contraction for three consecutive months, said a survey jointly conducted by the China Federation of Logistics and Purchasing and e-commerce giant JD. Eight out of the nine major subindices measuring e-commerce logistics activity in different fields recorded growth last month, with those for business volume and rural business up 2.1 points and 2.6 points, respectively, from a month ago.

Xinhua - China Daily