Biz China Weekly: stock market, reverse repos, industrial profits, forex reservesSource: Xinhua| 2020-02-09 12:48:06|Editor: huaxiaBEIJING, Feb. 9 (Xinhua) -- The following are the highlights of China's business news from the past week:
STOCK MARKET
China's stock market reacted to the ongoing novel coronavirus outbreak with an anticipated drop Monday, its first trading day of the new year on China's lunar calendar.
After the bumpy start, the major stock indices closed higher for the 4th straight day Friday as government measures boosted investor confidence.
REVERSE REPOS
China's central bank released 1.7 trillion yuan (about 243.7 billion U.S. dollars) of liquidity via reverse repos this week, pumping 1.2 trillion yuan into the financial system via reverse repos on Monday, 500 billion yuan on Tuesday.
The central bank injected 300 billion yuan on Monday into the market through seven-day reverse repos at an interest rate of 2.4 percent and conducted 900 billion yuan of 14-day reverse repos at an interest rate of 2.55 percent.
INDUSTRIAL PROFITS
Profits of China's major industrial firms dropped 3.3 percent year on year last year, data from the National Bureau of Statistics showed Monday.
Revenues of major industrial companies rose 3.8 percent year on year last year, slowing from an 8.6-percent growth in 2018.
FOREX RESERVES
China's foreign exchange reserves came in at 3.115 trillion U.S. dollars at the end of January, official data showed Friday.
The amount increased by 7.6 billion dollars, or 0.2 percent, from the end of 2019, according to the State Administration of Foreign Exchange.
