Briefly

Commercial banks' profits rise in 2023

China's commercial banks reported a profit growth of 3.2 percent in 2023, data from the banking regulator showed. Net profits of commercial lenders hit 2.4 trillion yuan ($338 billion), according to the National Financial Regulatory Administration. The capital adequacy ratio of the lenders (excluding foreign bank branches) was 15.06 percent at the end of December, an increase of 0.29 percentage points from the quarter ending September.

PBOC adds liquidity via reverse repos

China's central bank conducted 58 billion yuan ($8.2 billion) of seven-day reverse repos at an interest rate of 1.8 percent on Thursday. The move aims to keep liquidity reasonable and ample in the banking system, 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.

Xinhua - China Daily