Biz China Weekly: Forex reserves, service trade, bonds for small business loans
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E-mail Xinhua, December 7, 2019
BEIJING, Dec. 7 (Xinhua) -- The following are the highlights of China's business news from the past week:
FOREX RESERVES
China's foreign exchange reserves came in at 3.09 trillion U.S. dollars at the end of November, official data showed Saturday.
The amount increased by 22.9 billion dollars, or 0.7 percent from the beginning of 2019, according to the State Administration of Foreign Exchange.
SERVICE TRADE
China's service trade totaled 4.44 trillion yuan (about 629.8 billion U.S. dollars) in the first 10 months of this year, up 2.6 percent year on year, the Ministry of Commerce (MOC) said Thursday.
Service exports increased by 9 percent year on year to 1.58 trillion yuan, while imports came in at 2.86 trillion yuan, down 0.7 percent from a year ago.
The MOC data also showed China's trade of knowledge-intensive services maintained rapid expansion, increasing by 10.7 percent year on year to 1.51 trillion yuan.
BONDS FOR SMALL BUSINESS LOANS
Bank of China (BOC), one of China's four biggest lenders, has issued 20 billion yuan in special financial bonds for small business loans in China.
The bond is a two-year fixed-rate offering with a final coupon rate of 3.25 percent and was subscribed 2.7 times, the BOC said, adding that the funds raised will be used to extend loans to small businesses to support the real economy. Enditem
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