RMB’s global payment share up

THE Chinese currency renminbi (RMB), or the yuan, saw its share in global payments rise for a fourth straight month in August, a report said.

The RMB’s global share was up from 2.2% in July to 2.31% last month, according to the Society for Worldwide Interbank Financial Telecommunication, a global provider of financial messaging services. The currency remained the fifth most active currency. In August, the RMB payments value gained 9.25% from a month ago, higher than the 4.01% increase in that of all payments currencies.

Progress made in 5G base station construction

THE number of 5G base stations in China registered stable growth amid the country’s efforts to advance the construction of its 5G network in recent years, official data show.

China had more than 2.1 million 5G base stations by the end of August, accounting for 19.8% of its mobile base stations, up 5.5 percentage points from the end of 2021, according to the Ministry of Industry and Information Technology. Some 677,000 5G base stations were built in the first eight months of this year, according to the ministry. The number of 5G mobile users in China hit 475 million by the end of July, according to data from the ministry.

Bank to boost infrastructure loans

CHINA Development Bank said Thursday it will increase the number of infrastructure loans it gives to local governments, while prioritizing the needs of major economic provinces.

It comes after the State Council, China’s Cabinet, was quoted as saying in August it would take more steps to support the economy, including increasing funding support for infrastructure projects. The lender has spent 360 billion yuan (US$50.76 billion) funding more than 800 infrastructure projects.