News

China's central bank skips open market operations for 24 days

Date Nov 28 2018 11:21:28 Source:Xinhua

The People's Bank of China suspended open market operations on Wednesday, citing increased liquidity due to more expenditure at the end of the month.

It is the 24th consecutive working day for the central bank to skip open market operations, a record since early 2016 when the bank announced increased frequency of open market operations.

No reverse repos will mature this week.

A reverse repo is a process by which the central bank purchases securities from commercial banks through bidding, with an agreement to sell them back in the future.

The central bank will maintain a prudent and neutral monetary policy, easing or tightening only as appropriate, and make the financial sector better serve the real economy, according to a report published by the bank in early November.

China's steel prices hold steady in October

Date Nov 28 2018 11:21:07 Source:Xinhua

China's steel prices remained stable in October, as China's iron and steel industry has maintained solid growth momentum, according to data from an industry association.

The steel price index released by the China Iron and Steel Association (CISA) came in at 121.72 at the end of last month, up 0.07 percent from a month earlier.

The index marked a rise of 4.97 percent from a year ago, according to the association.

China's steel output is also on the rise. Official data showed China's crude steel output went up 6.4 percent year-on-year to 782 million tonnes in the first 10 months.

The data came as the property sector, a major consumer of steel, saw growing investment in the first 10 months.

China's real estate investment increased by 9.7 percent year-on-year in the first 10 months this year, according to the National Bureau of Statistics.

China's SOE profits keep steady growth in Jan-Oct

Date Nov 28 2018 11:20:38 Source:Xinhua

Profits of China's state-owned enterprises (SOEs) maintained steady growth in the first 10 months of this year, official data showed.

The combined SOEs' profits went up 17.3 percent year on year to 2.8 trillion yuan (about 400 billion U.S. dollars) in the Jan-Oct period, the Ministry of Finance (MOF) said Tuesday. The growth pace was largely stable, although slightly slower than the 19.1-percent rise registered in the first nine months.

"SOEs showed stronger debt paying ability and higher profitability than the same period a year ago," the MOF said, in particular citing stellar performance in steel, petroleum and petrochemicals and non-ferrous sectors. Aggregate revenues climbed 10.6 percent from a year earlier to 46.95 trillion yuan in the first 10 months, and total SOE assets amounted to 175.72 trillion yuan, up 8.5 percent.

China's Dezhou signs MoUs with Bangladesh to boost bilateral investment cooperation

Date Nov 27 2018 15:57:46 Source:Xinhua

Bangladeshi and Chinese business organizations have signed three memorandums of understanding (MoUs) to strengthen further relations and develop mutual cooperation.

The MoUs were inked between Bangladesh Investment Development Authority (BIDA) and Dezhou Economic and Technological Development Zone at a seminar titled "China (Dezhou) Bangladesh Investment and Industry Cooperation" on Monday.

On the sidelines of the seminar, a "Business Match-Making Session" was held with the participation of businessmen from Bangladesh and the city of Dezhou in China's Shandong province.

BIDA in collaboration with Bangladesh Economic Zones Authority (BEZA), Bangladesh Hi-tech Park Authority, Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) and Dhaka Chamber of Commerce and Industry (DCCI) organized the seminar which was supported by Dezhou Municipal Government, National Dezhou Economic and Technological Development Zone and the China Council for Promotion of International Trade (CCPIT) Dezhou Branch.

Kazi M Aminul Islam, executive chairman of BIDA, and E Hongda, director of management committee of Dezhou Economic and Technological Development Zone, presented at the seminar.

Speaking at the seminar, E Hongda said Dezhou investors are seeking investment opportunities and partners in Bangladesh in various fields including agriculture, machinery, technology and cars, renewable energy and equipment.

Moreover, he expressed the hope that the events will pave the way for further collaboration on business and joint-venture investment between investors from Dezhou and Bangladesh to benefit both two countries.

BIDA executive chairman said that steps are underway to facilitate more Chinese investment in Bangladesh, through legal frameworks and the investment and business environment.

He also encouraged Chinese and Bangladesh enterprises to go for partnering and expanding investment in Bangladesh to boost the economy of both countries.

The seminar was followed by a few paper and video presentations from both sides, showcasing trade, commerce and investment opportunities and facilities for businesses in Bangladesh and China.

China's central bank skips open market operations for 23 days

Date Nov 27 2018 15:57:10 Source:Xinhua

The People's Bank of China suspended open market operations on Tuesday, citing abundant liquidity in the financial system.

It is the 23rd consecutive working day for the central bank to skip open market operations, a record since early 2016 when the bank announced increased frequency of open market operations.

No reverse repos will mature this week.

Analysts say the central bank prefers mid- to long-term policy tools over reverse repos, which boost liquidity in the banking system within a short period of time, as it faces a major task in reducing the costs of long-term financing.

Lian Ping, chief economist with the Bank of Communications, has said the suspensions did not point to tightened monetary policy.

"There was still room for targeted reduction in commercial banks' reserve requirement ratios," Lian told online financial information provider Jrj.com.

A reverse repo is a process by which the central bank purchases securities from commercial banks through bidding, with an agreement to sell them back in the future.

The central bank will maintain a prudent and neutral monetary policy, easing or tightening only as appropriate, and make the financial sector better serve the real economy, according to a report published by the bank in early November.

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