Briefly

Central bank conducts reverse repos

China's central bank conducted 17.1 billion yuan ($2.4 billion) of seven-day reverse repos at an interest rate of 1.5 percent on Friday. The move aims to keep liquidity in the banking system at a reasonable level, 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.

Marine economy makes steady progress

China's marine economy made steady progress in the first three quarters of 2024, the Ministry of Natural Resources said. According to preliminary calculations, China's gross ocean product grew 5.4 percent year-on-year to 7.7 trillion yuan ($1.08 trillion) in the first three quarters. The country's marine transportation industry continued to improve, with ocean freight volume up 5.6 percent year-on-year and cargo turnover increasing 8.5 percent.

Xinhua - China Daily