Briefly

PBOC adds liquidity via reverse repos

China's central bank conducted 10 billion yuan ($1.4 billion) 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.

Continental expands production capacity

German car parts supplier Continental AG put into operation the fourth phase of its tire plant in Hefei, capital of East China's Anhui province, on Thursday, said the company. The plant in Hefei is Continental AG's first wholly-owned tire production base in China. With the new project, the company's annual production capacity in China is expected to reach 18 million tires in 2027. Continental AG's Hefei tire plant was inaugurated in September 2009 and covers a total area of 667,000 square meters. The company has been producing tires for passenger cars and light commercial vehicles for the Chinese market and other markets in the Asia-Pacific region since 2011.

Ad industry scales up rapidly in 2023

China's advertisement industry registered rapid expansion in 2023, with the market scale ranking second worldwide, the State Administration for Market Regulation said. The combined business revenue of major companies and public institutions in the sector rose 17.5 percent year-on-year to around 1.31 trillion yuan ($184 billion) last year, according to the administration. The index measuring the development of China's advertisement industry came in at 119 points last year, up 9.1 percent from the previous year, said the administration. The internet advertising business maintained a rapid growth momentum last year, accounting for nearly 80 percent of the total, according to the administration.

Xinhua - China Daily