Briefly

Reforms in platform economy speed up

The State Administration for Market Regulation, the country's top markets regulator, said China is accelerating the construction of a national online transaction regulatory platform to enhance the early warning and emergency response capabilities for significant risks in the platform economy sector, so as to ensure its healthy development.

Foreign holdings of Chinese bonds up

The net increase in foreign holdings of domestic bonds stood at $20 billion in July, soaring 1.4 times from the previous month, data from the State Administration of Foreign Exchange showed. Foreign investors were still highly motivated to allocate RMB assets as cross-border capital flows improved in July, it said. China's foreign trade also continued to grow rapidly during the period, enabling a 48 percent month-on-month rise in net cross-border capital inflows under trade in goods, the highest level ever recorded in the same period.

PBOC conducts reverse repos

China's central bank conducted 137.8 billion yuan ($19.28 billion) of seven-day reverse repos at an interest rate of 1.7 percent on Friday. 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 central bank purchases securities from commercial banks through bidding, with an agreement to sell them back in the future.

Renminbi weakens against greenback

The central parity rate of the Chinese currency renminbi, or the yuan, weakened 65 pips to 7.1464 against the US dollar on Friday, 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.

Xinhua - China Daily