Briefly

PBOC adds liquidity 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 it has conducted 2 billion yuan ($288.79 million) 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 by which the central bank purchases securities from commercial banks through bidding, with an agreement to sell them back in the future.

Power consumption likely to rise 6%

The China Electricity Council expects the country's power use will register stable growth in 2023 driven by the overall recovery of the nation's economy. Electricity consumption will increase by about 6 percent year-on-year to reach 9.15 trillion kilowatt-hours, the council said in a report, adding that the growth is expected to pick up significantly in the second quarter. Total power use hit 2.12 trillion kWh in the first quarter, up 3.6 percent year-on-year.

Xinhua - China Daily