Briefly

Central bank conducts reverse repos

China's central bank conducted 328.2 billion yuan ($45.3 billion) of seven-day reverse repos at an interest rate of 1.5 percent on Thursday. The move aims to keep liquidity in the banking system adequate and at a reasonable level, 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.

Tencent reports solid growth in Q3

Chinese internet giant Tencent has reported year-on-year increases in revenue and net profit during the third quarter of 2024. Tencent raked in some 167.2 billion yuan ($23 billion) of total revenue during the third quarter, up 8 percent year-on-year. Its operating profit rose during the same period by 19 percent year-on-year, to about 61.3 billion yuan.

Xinhua - China Daily