FX swap deal

    THE central bank has signed a 3 billion yuan (US$471 million) currency swap with Tajikistan, the bank said on its website.

    The People’s Bank of China said yesterday the swap lasts three years and aims to boost bilateral trade and investment and to stabilize regional financial markets. Xinhua reported Saturday that the swap was worth 3.2 billion yuan, citing Tajikistan’s central bank.

    China fears ‘overdone’

    FINANCIAL markets have overreacted to recent economic ructions in China, the chief executive of German carmaker Daimler said in a newspaper interview.

    Though growth in the Chinese economy and automobile market is slowing, Daimler still sold 53 percent more Mercedes models in August than it did in the same month last year and the company is targeting record sales of 300,000-plus vehicles in 2015, Dieter Zetsche told Bild am Sonntag.

    “It’s not a crisis; the financial market reaction and all these gloomy forecasts are overdone,” Zetsche said.

    New flight

    SICHUAN Airlines launched a flight connecting Dubai with southwestern hub Chengdu amid closer economic ties between China and United Arab Emirates.

    The new flight between Dubai and Chengdu is scheduled every Tuesday and Friday.

    Oil supplies to China

    RUSSIA’S top oil producer Rosneft promised Thursday to significantly increase oil supplies to China, its head Igor Sechin said.

    Sechin said that additional pipeline oil shipments to China would total 4.5 million tons (90,000 barrels per day) this year, but less than the 5 million agreed to in 2013. Another 4 million tons per year will be also supplied to Chinese petrochemical plants.