Briefly

Central bank conducts reverse repos

China's central bank conducted 2 billion yuan ($280.47 million) of seven-day reverse repos at an interest rate of 1.8 percent on Tuesday. The move aims to keep liquidity reasonable and ample in the banking system, the People's Bank of China said. A reverse repo is a process in which the PBOC purchases securities from commercial banks through bidding, with an agreement to sell them back in the future.

Passenger car exports up 28% in June

China's exports of passenger vehicles hit 378,000 units in June, marking a 28 percent increase year-on-year, said the China Passenger Car Association. With the South American market recovering, exports of Chinese-branded passenger vehicles hit 325,000 units in June, up 31 percent, while exports of luxury vehicles and cars made by Chinese and foreign-invested joint ventures reached 54,000 units, up 12 percent.

Xinhua - China Daily