Briefly

Reverse repos add $64.5b to liquidity

The People's Bank of China, the country's central bank, conducted 460 billion yuan ($64.56 billion) of seven-day, 1.8 percent reverse repos on Wednesday, to keep liquidity in the banking system reasonable and ample. 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.

VW's battery system plant starts production

Volkswagen (Anhui) Components Co Ltd, Volkswagen Group's first wholly owned battery system plant in China, has started production in Hefei, the capital of East China's Anhui province. The high-voltage battery system produced at the plant is a crucial component for Volkswagen Anhui's Modular Electric Drive Matrix electric vehicle production. This marks the latest milestone in the group's strategic development of Hefei as a hub for high-tech intelligent connected vehicle manufacturing.

Xinhua - China Daily