Trade-in programs generate big sales

China's government-backed consumer goods trade-in programs benefited over 60.93 million purchases in the first quarter, boosting sales of 433.17 billion yuan ($62.84 billion), commerce ministry data showed. A total of 1.41 million subsidy applications were received for auto trade-ins, driving new vehicle sales of 228.69 billion yuan in the first quarter. Under the program, about 23.21 million home appliances, including refrigerators, washing machines, televisions, air conditioners, computers and water heaters, were traded in during the period, boosting sales by 95.43 billion yuan.

Outright reverse repos for liquidity

The People's Bank of China, the country's central bank, will conduct an 800 billion yuan ($116 billion) outright reverse repo operation on April 7 to maintain ample liquidity in the banking system. The operation will have a fixed quantity and be carried out through interest-rate bidding, with winning bids determined at multiple price levels.

Xinhua - China Daily