Briefly

Central bank conducts reverse repos

China's central bank conducted 292.6 billion yuan ($41.2 billion) of seven-day reverse repos at an interest rate of 1.5 percent on Friday. The move aims to keep liquidity reasonable and ample in the banking system at the end of the month, 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.

CATL launches new battery for hybrid cars

Contemporary Amperex Technology Co Ltd, China's leading battery maker, on Thursday unveiled a new battery designed for hybrid vehicles in Beijing. The battery, known as Freevoy, is the world's first hybrid battery with a range of over 400 kilometers and super-fast-charging capabilities, and just a 10-minute charge can add a driving distance of more than 280 kilometers. According to market research firm SNE Research, CATL's EV battery consumption volume has ranked first globally for seven consecutive years, holding 36.8 percent of the global EV battery market share in 2023. Headquartered in Ningde, East China's Fujian province, CATL has inked supply contracts with a slew of global car manufacturers.

Public offering fund value tops 32 trln yuan

Assets under the management of China's public offering funds totaled 32.07 trillion yuan ($4.51 trillion) by the end of September, data from the Asset Management Association of China showed on Friday. In comparison with the end of August, the figure saw an increase of 1.17 trillion yuan. By the end of September, 163 management companies were operating a total of 12,175 public offering funds, according to the data. Open-end funds, including equity, bond and money market funds, reported an asset value of nearly 28.24 trillion yuan, accounting for the lion's share of the total. The scale of closed-end funds came in at nearly 3.83 trillion yuan.

Coca-Cola's revenue beats estimate in Q3

The Coca-Cola Co's revenue reached $11.85 billion in its fiscal third quarter, exceeding the estimate of $11.61 billion. The company's operating income touched $2.51 billion, while its net income stood at $2.85 billion. In recent years, Coca-Cola has actively expanded its presence across various regional markets on the Chinese mainland, with a particular focus on deepening its development in South China.

Xinhua - China Daily