Briefly

PBOC adds liquidity via reverse repos

China's central bank conducted 2 billion yuan ($281.16 million) of seven-day reverse repos at an interest rate of 1.8 percent on Wednesday. The move aims to keep liquidity reasonable and ample in the banking system, the People's Bank of China said in a statement.

Renminbi strengthens against greenback

The central parity rate of the Chinese currency renminbi, or the yuan, strengthened 2 pips to 7.1133 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.

Passenger car sales up 5.7% in Jan-May

Retail sales of passenger cars in China rose in the first five months of 2024, with supportive policy measures serving to boost consumer spending, industry data showed. A total of 8.07 million passenger cars were sold via retail channels in China during the January-May period, an increase of 5.7 percent year-on-year, according to the China Passenger Car Association. In May alone, sales hit 1.7 million units, down 1.9 percent year-on-year but 11.4 percent higher than the previous month.

China Daily - Xinhua