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在线翻译:
szdaily -> Business/Markets -> 
News Bites
    2019-09-27  08:53    Shenzhen Daily

Central bank drains 100b yuan from market

CHINA’S central bank drained 100 billion yuan (US$14.1 billion) from the financial system Thursday, with more reverse repos maturing than conducted.

The People’s Bank of China injected a total of 20 billion yuan into the market through 14-day reverse repos at the interest rate of 2.7 percent, the central bank said on its website.

With 120 billion yuan worth of reverse repos maturing on the same day, this led to a net liquidity withdrawal of 100 billion yuan.

China’s SOEs post steady profit growth

PROFITS of Chinese State-owned enterprises (SOEs) grew steadily in the first eight months of 2019, official data showed Wednesday.

The combined profits of China’s SOEs rose 6.1 percent year on year to 2.41 trillion yuan (US$340.88 billion) for the January-August period, the Ministry of Finance said on its website.

During the period, SOEs in the sectors of construction, building materials, transport and storage registered rapid profit growth, the ministry said.

Insurer to issue GDRs on stock connect

CHINA Pacific Insurance (Group) Co. Ltd., one of China’s largest insurers, aims to become the second Chinese firm to issue global depository receipts (GDRs) to be traded on the Shanghai-London Stock Connect, Sina Finance reported Tuesday.

The GDRs will equal nearly 630 million shares on the Chinese mainland or 10 percent of the firm’s A-shares before the issuance, the Shanghai-based company said in a statement. The conversion rate and price of the GDRs are yet to be set, the insurer said.

Sinopec to start producing low-sulfur fuel

SINOPEC Corp. expects to start operations at the marine fuel oil blending facilities at its Qilu refinery in eastern China’s Shandong Province by the end of October, the company said Thursday.

Work on the blending facilities is in “full swing” and the first phase will have a production capacity of 300,000 tons per year of low-sulfur marine fuel upon completion, Sinopec said on its official news website.

Sinopec, Asia’s top refiner, has been making adjustments at its plants to ensure its marine fuel meets International Maritime Organization emission standards coming into force Jan. 1, 2020.

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