Briefly

Tianjin cross-border e-commerce trade up

Tianjin's cross-border e-commerce trade touched around 4.97 billion yuan ($700.6 million) in the first five months of 2023, up 3.18 percent year-on-year, according to the municipal bureau of commerce. During the period, more than 1.58 billion yuan of imports and over 3.38 billion yuan of exports were declared via the port city's official cross-border comprehensive e-commerce service platform, marking an increase of 2.86 percent and 3.33 percent year-on-year, respectively, said the bureau. The city in North China has vowed to further promote the construction of the China (Tianjin) cross-border e-commerce comprehensive pilot zone, and support more foreign trade enterprises in traditional industries and manufacturing companies looking to expand their markets via cross-border e-commerce trade.

Yuan strengthens against greenback

The central parity rate of the renminbi, or the yuan, strengthened 26 pips to 7.0939 against the US dollar on Friday, according to the China Foreign Exchange Trade System. In China's spot foreign exchange market, the Chinese currency is allowed to rise or fall by 2 percent from the central parity rate each trading day. The central parity rate of the yuan against the US dollar is based on a weighted average of prices offered by market makers before the opening of the interbank market each business day.

PBOC adds liquidity via reverse repos

China's central bank continued to inject funds into the financial system through open market operations on Friday. The People's Bank of China said it had conducted 2 billion yuan ($281.9 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, the central bank said. 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 future.

Xinhua - China Daily