Briefly

Central bank conducts reverse repos

China's central bank conducted 190.3 billion yuan ($26.47 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 at a reasonable level at the end of the month, 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.

Mobile phone shipments up

China's mobile phone shipments rose 1.8 percent year-on-year in October to over 29.67 million units, according to the China Academy of Information and Communications Technology. And 5G mobile phones accounted for 90.1 percent of the October shipments, totaling 26.72 million units, marking an increase of 1.1 percent year-on-year, said the CAICT, a research institute under the Ministry of Industry and Information Technology. In the first 10 months of 2024, total cellphone shipments grew by 8.9 percent year-on-year to 250 million units, data showed.

Yuan strengthens against greenback

The central parity rate of the Chinese currency renminbi, or the yuan, strengthened 88 pips to 7.1894 against the US dollar on Thursday, 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 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