Briefly

Central bank conducts reverse repos

China's central bank conducted 158.4 billion yuan ($22.24 billion) of seven-day reverse repos at an interest rate of 1.5 percent on Tuesday. The move aims to keep liquidity reasonable and ample in the banking system, the central bank 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.

Beijing's GDP grows 5.1% in Jan-Sept

The gross domestic product of Beijing increased 5.1 percent year-on-year in the first three quarters of 2024, the city's statistics authorities said. The Chinese capital's GDP reached 3.3 trillion yuan ($463 billion) from January to September, according to the municipal bureau of statistics. Key industries in Beijing showed robust growth in the first nine months of the year. The manufacturing of computers, communication and other electronic equipment saw an increase of 19.5 percent year-on-year, while the automotive manufacturing industry surged by 18.4 percent compared with the same period last year.

Xinhua - China Daily