Briefly

Renminbi strengthens against greenback

The central parity rate of the Chinese currency renminbi, or the yuan, strengthened 33 pips to 7.1049 against the US dollar on Wednesday, 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. 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.

Vehicle sales log double-digit growth

China's vehicle sales surged 47.9 percent year-on-year in January to nearly 2.44 million units, said the China Association of Automobile Manufacturers on Wednesday. The country's vehicle output last month increased 51.2 percent year-on-year to 2.41 million units, according to the association.

PBOC adds liquidity via reverse repos

China's central bank conducted 396 billion yuan ($55.74 billion) in 14-day reverse repos at an interest rate of 1.95 percent on Wednesday. The move aims to keep liquidity stable ahead of Spring Festival that falls on Saturday this year, the People's Bank of China said in a statement. 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.

Forex reserves fall to $3.2193 trillion

China's forex reserves totaled $3.2193 trillion at the end of January, down by $18.7 billion, or 0.58 percent compared to the end of December 2023, according to data released on Wednesday by the State Administration of Foreign Exchange.

Xinhua - China Daily