Briefly

China to encourage overseas warehouses

China will promote the construction of overseas warehouses and expand cross-border e-commerce exports, the Ministry of Commerce said. Cross-border e-commerce serves as a vital force in boosting the development of China's foreign trade. Over the past five years, China's cross-border e-commerce trade has grown more than 10-fold. The ministry will push for the release of guidelines on expanding cross-border e-commerce exports and advancing the construction of overseas warehouses. During the first quarter, China's cross-border e-commerce trade reached 577.6 billion yuan ($81.23 billion), rising 9.6 percent year-on-year, of which exports amounted to 448 billion yuan with a growth rate of 14 percent. China has over 120,000 cross-border e-commerce entities and more than 1,000 cross-border e-commerce industrial parks. The number of overseas warehouses has surpassed 2,500 so far, covering a total area of over 30 million square meters.

PBOC adds liquidity via reverse repos

China's central bank conducted 100 billion yuan ($14 billion) of seven-day reverse repos at an interest rate of 1.8 percent on Friday. The move aims to keep month-end liquidity in the banking system stable, the People's Bank of China said. 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.

XINHUA-CHINA DAILY