Briefly

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 that it conducted 42 billion yuan ($5.89 billion) of seven-day reverse repos at an interest rate of 1.9 percent. The move aims to offset the impacts of the tax period and keep liquidity reasonable and ample in the banking system, according to the PBOC. 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.

Dalian inks $3.8b in foreign investment

Northeast China's Dalian, a port city in Liaoning province, inked 24 foreign investment projects worth around 27 billion yuan ($3.79 billion) during the city's business promotion conference, which was held on Thursday and Friday. Covering high-end manufacturing and modern service industries, the foreign-funded projects involve 10 countries and regions including Japan, the Republic of Korea, Singapore, the United Kingdom, Germany and Belgium.

RMB strengthens against greenback

The central parity rate of the Chinese currency renminbi, or the yuan, strengthened 200 pips to 7.1289 against the US dollar on Friday, according to 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.

Jiangxi posts robust import, export growth

Jiangxi province's foreign trade grew robustly in the first five months of 2023, according to local Customs. The value of total imports and exports by the province in East China grew 21.8 percent year-on-year to 304.3 billion yuan ($42.7 billion) from January to May, data from Nanchang Customs showed. While exports rose 21.8 percent year-on-year to 234.4 billion yuan, imports went up 22 percent to 69.9 billion yuan.

Meat output tops 90m tons in 2022

China's total meat output hit a record of over 90 million metric tons in 2022, accounting for about one-fourth of the global total, data from the China Meat Association showed. China has maintained its leading role in global meat production for over 30 years, according to the association. In the first quarter of 2023, China produced 24.56 million tons of pork, beef, mutton and poultry, up 2.5 percent year-on-year.

Xinhua - China Daily