Briefly

Central bank conducts reverse repos

China's central bank conducted 106.3 billion yuan ($14.79 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 at an adequate 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.

Tesla's megafactory to complete construction

US carmaker Tesla's megafactory in Shanghai is expected to finish construction by the end of this year, according to Tesla China. The factory, which broke ground in late May, will be dedicated to manufacturing the company's energy-storage batteries, Megapack. Mass production is planned for the first quarter of 2025, with an initial output of 10,000 units annually, equal to around 40 GWh of energy storage. The new plant represents a total investment of 1.45 billion yuan ($201.76 million).

Xinhua - China Daily