PBOC skips open mar­ket op­er­a­tions

China Daily European Weekly - - Business - Re­fin­ery con­struc­tiuon launched in Jieyang FAW Jiefang’s trucks set sales record

The Peo­ple’s Bank of China, the na­tion’s cen­tral bank, skipped open mar­ket op­er­a­tions for the 29th con­sec­u­tive trad­ing day on Dec 5, the long­est stretch since early 2016, cit­ing suf­fi­cient liq­uid­ity in the bank­ing sys­tem. No re­verse re­pos will ma­ture. 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 con­struc­tion of a re­fin­ery with a ca­pac­ity of 20 mil­lion met­ric tons a year was launched on Dec 5 in Jieyang, Guang­dong prov­ince, by China Na­tional Petroleum Corp, the na­tion’s largest oil and gas pro­ducer by do­mes­tic an­nual out­put, and Venezuela’s PDVSA, with a to­tal in­vest­ment of 65.4 bil­lion yuan ($9.5 bil­lion; 8.4 bil­lion eu­ros; £7.5 bil­lion). The test run of the re­fin­ing-aro­mat­ics-chem­i­cal in­te­grated pro­ject will take place in 2021, said CNPC. FAW Jiefang Au­to­mo­tive Co Ltd, a truck sub­sidiary of China’s lead­ing au­tomaker FAW Group, sold a record 299,273 Jiefang trucks in the first 11 months of this year, the com­pany said on Dec 4. The com­pany has in­tro­duced sev­eral new mod­els to the mar­ket this year, in­clud­ing the sev­enth gen­er­a­tion of its clas­sic J7 heavy truck. The com­pany has set goals of sell­ing 350,000 ve­hi­cles in 2020 and 430,000 ve­hi­cles in 2023. The num­ber is ex­pected to reach 500,000 in 2025.

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