Briefly

China Post tops global postal operators

China Post ranked first among global postal operators by both revenue and profits in the 2024 Fortune Global 500 list, according to company sources on Wednesday. China Post has established an extensive delivery network, operating 120,000 delivery trucks and 42 cargo aircraft. The State-owned postal service provider maintained stable operation in the first eight months of this year, with revenue of 472.17 billion yuan ($66.9 billion) and profits of 70.48 billion yuan.

Central bank conducts reverse repos

China's central bank conducted 61 billion yuan ($8.64 billion) of seven-day reverse repos at an interest rate of 1.5 percent on Wednesday. The move aims to keep liquidity in the banking system reasonable and ample, 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 strengthens against greenback

The central parity rate of the Chinese currency renminbi, or the yuan, strengthened 141 pips to 7.0568 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. The central parity rate of the yuan against the US dollar is based on a weighted average of prices offered by market makers before the opening of the interbank market each business day.

Xinhua - China Daily