Briefly

NEV-grid network demo zone launched

China's largest vehicle-grid integration network demonstration zone has become operational in the city of Wuxi, East China's Jiangsu province. It can draw electricity to the smart grid from 50 new energy vehicles simultaneously. State Grid Jiangsu Electric Power Co Ltd said NEV owners can receive subsidies by sending unused power in their vehicles to the grid through charging piles at the demo center. The aim of the smart network is to adjust power loads for electric vehicle charging, and encourage electric vehicle owners to sell electricity in car batteries to the grid during times of high demand and to charge their batteries during off-peak hours.

PBOC adds liquidity via reverse repos

China's central bank conducted 593 billion yuan ($82.61 billion) in seven-day reverse repos at an interest rate of 1.8 percent on Tuesday. The move aims to hedge against the potential squeeze on liquidity in the banking system from the busy tax season so as to keep liquidity reasonable and ample, the People's Bank of China said. 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.

Xinhua - China Daily