Briefly

PBOC adds liquidity via reverse repos

China's central bank injected funds into the financial system through open market operations on Wednesday. The People's Bank of China said on its website that it has conducted 7 billion yuan ($1.02 billion) of seven-day reverse repos at an interest rate of 2 percent.

ICBC has first yuan settlement in Brazil

Industrial and Commercial Bank of China (Brazil) Ltd said it has successfully processed its first cross-border renminbi settlement transaction, making substantial progress in the bank's cross-border RMB business in the Brazilian market. In February, the People's Bank of China — the country's central bank — authorized ICBC Brazil to be the RMB clearing bank in Brazil. In the above-mentioned transaction, ICBC Brazil supported both parties in settling the transaction directly in the Chinese currency. This transaction demonstrated significant advantages in terms of clearing efficiency, exchange rate costs, and the security of fund and information flows, according to ICBC Brazil.

Xinhua - China Daily