Forex reserves are stable, central banker says

    CHINA’S foreign exchange reserves are stable, Yi Gang, vice governor of the central bank, said yesterday.

    “They [foreign exchange reserves] are very stable. Our foreign exchange reserves are still the largest in the world,” Yi told reporters. China’s foreign exchange reserves declined by US$99.5 billion in January to US$3.23 trillion after a record fall the previous month. Reserves have shrunk by US$762 billion since mid-2014, more than the gross domestic product of Switzerland.

    Gree Electric buys electric car company

    GREE Electric Appliances Inc., China’s largest air conditioner maker, is buying electric vehicle company Zhuhai Yinlong New Energy Co. to diversify its business outside of home appliances.

    Gree will finance the acquisition of Yinlong through a share sale and plans to release more information April 4, in line with disclosure requirements, the Shenzhen-listed firm said yesterday. It didn’t disclose a value for the purchase. The company made about 85 percent revenue from manufacturing air conditioners and parts, with 10 percent coming from other household appliances including water heaters.

    CGN looks for more Canada uranium deals

    CHINA’S CGN Mining Co., the first direct Chinese investor in a Canadian uranium project, is interested in buying stakes in more Canadian companies, a company official said yesterday.

    CGN bought a nearly 20 percent stake for C$82.2 million (US$61.63 million) in Fission Uranium Corp., Fission said in December. “Of course, we have interest but it depends on their price,” said Xing Jianhua, deputy general manager of CGN Uranium Resources Co. “We don’t have a specific plan. We’re not in a hurry,” he said.

    Pledges on economy help shares rise again

    CHINA’S stocks rose for a fifth straight session yesterday, led by resources shares and small caps, after a flurry of reassurances by the country’s top leaders that the economy would stay on a sound footing despite strains from major structural reforms.

    The blue-chip CSI300 index rose 0.4 percent to 3,104.84, while the Shanghai Composite Index gained 0.8 percent to 2,897.34 points. The technology-focused board ChiNext jumped 2.5 percent, offsetting weakness in the banking and property sector, after the government laid out its vision to become a tech power.