New oil reserve discovered in China’s Shengli Oilfield approved by authorities

11:25, October 05, 2020

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  China's September foreign exchange reserves slightly down

  China'sforeignexchangereservesedgeddownslightlyinSeptember,endingafive-monthrisingstreaksinceApril,thoughthecountry'sforeignexchangeregulatorsaidthatsupply/demanddynamicsandcross-bordercapitalflowremainstable.。China'sforeignexchangereservesstoodat$3.1426trillionattheendofSeptember,downfrom$3.1646tri

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  China scraps reserve requirement for forward forex trading

  Chinas central bank announced on Saturday that it will scrap the reserve requirement for forward forex trading starting Monday.File photo: CFPThe foreign exchange risk reserve ratio for forward forex trading will be reduced from 20 percent to zero, the Peoples Bank of China said in an online statement.The move was made as the countrys foreign exchange market operation has remained stable with balanced market supply and demand since the start of this year, according to the statement.The PBOC said that the exchange rate of the Chinese renminbi, or the yuan, has maintained two-way fluctuations based on market supply and demand, and demonstrated greater flexibility."China has seen stable market expectations and orderly flows of cross-border capital so far this year," the central bank said."The adjustment will help the exchange rate of RMB against the U.S. dollar remain at a reasonable equilibrium level," said Wen Bin, chief analyst at China Minsheng Bank, adding that the currency has recently seen significant appreciation amid improving economic fundamentals of the country.The central parity rate of the yuan strengthened 305 pips to 6.7796 against the U.S. dollar Friday, according to the China Foreign Exchange Trade System.Wen said the adjustment can also help banks reduce the cost of forward forex trading and increase demand for this product among enterprises, so as to better use derivatives to manage exchange rate risks.In the statement, the country also pledged continued efforts to maintain the flexibility of the yuans exchange rate and stabilize market expectations to keep the RMBs exchange rate basically stable at a reasonable and balanced level.China is pursuing a prudent monetary policy in a more flexible and appropriate way, according to this years government work report.

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  Neighbors discover group success online

  A resident of Xiqianbo village in Suning county, Cangzhou city in Hebei province promotes fishing rods on a Taobao livestream. (Photo: China Daily)Residents sell products via e-commerce as the concept of Taobao Villages takes hold across countryIt all began with three "Taobao Villages" organized 11 years ago. Now theres 5,425 of them.Its a significant achievement: To be designated a Taobao Village, a community must have more than 100 active online stores, or more than 10 percent of households participating. And it must generate sales of at least 10 million yuan ($1.46 million).Xiqianbo, a small village in Suning county in Cangzhou, Hebei province, is a typical example. It became a Taobao Village in 2017.Every day, more than 10,000 fishing rods are sold through more than 100 Taobao online shops in Xiqianbo. The business brings residents annual revenues of more than 60 million yuan.Six years ago, it was nondescript－an ordinary northern village in which residents carved out a difficult living mainly by planting pear trees or doing outdoor labor.When Chen Lei was elected as the villages Party secretary in 2014, he immediately turned his attention to helping residents prosper through e-commerce.Chen and his son chose fishing rods as the core business and started the villages first online store on Taobao in 2012. Development was rapid.Suning county began to develop a fishing tool industry in the 1990s, and it has become a major production and sales center for fishing tools. There are nearly 1,000 factories and more than 5,425 online stores as of June, according to the latest report of the Ali Research Institute of Alibaba Group. Around 10,000 people are involved in the industry.With the source advantage, Chens sales reached 50,000 yuan in the first month and 3 million yuan for the first year.In 2013, he registered a trademark and began to customize products from cooperating factories. And in 2016, Chen established his own facto...