Briefly

PBOC adds liquidity via reverse repos

China's central bank conducted 2 billion yuan ($281.09 million) of seven-day reverse repos at an interest rate of 1.8 percent on Friday. 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 in which the central bank purchases securities from commercial banks through bidding, with an agreement to sell them back in the future.

China cuts prices of gasoline, diesel

China cut the retail prices of gasoline and diesel on Friday, based on recent changes in international oil prices. Gasoline prices were reduced by 190 yuan ($26.7) per metric ton and diesel prices by 180 yuan per ton, the National Development and Reform Commission said. Under the current pricing mechanism, prices of refined oil products are adjusted in accordance with changes in international crude oil prices. The NDRC's price monitoring center said it expects oil prices to fluctuate with an upward trend in the short term, due to the output cut extension of the Organization of the Petroleum Exporting Countries (OPEC) and its allies, as well as geopolitical instabilities.

Xinhua - China Daily