Chinese e-commerce giant Alibaba Group Holdings says its Taobao Marketplace shopping site has partnered with Shanghai YTO Express Logistics Co. to begin a three-day trial of drone delivery technology in Beijing, Shanghai, and Guangzhou today, according to a company announcement. During the test, parcel-packing quad-copters will be used to ferry boxed sets of products high above city traffic to 450 Taobao shoppers.
China’s central bank has provided RMB500 billion of liquidity to the nation’s biggest five banks for RMB100 billion each, via its 3-month Standing Lending Facility (SLF). The amount is roughly equivalent to one 50 basis point rate cut in the commercial banks’ required reserve ratio (RRR). Has the People’s Bank of China finally blinked in the face of deteriorating economic conditions?
BNP Paribas Investment Partners, the asset management arm of French bank BNP Paribas, has been granted a RMB Qualified Foreign Institutional Investor (RQFII) license by the China Securities Regulatory Commission (CSRC), according to a company announcement. This makes BNP Paribas Investment Partners one of the first companies in France and the Eurozone to be granted a RQFII license, which allows it to provide its clients with direct access to the Chinese domestic capital markets, including A-shares and onshore bond markets, …
The author is ANZ greater China chief economist Liu Li-Gang China’s official purchasing managers’ index (PMI), the bellwether of large industrial firms, picked up for the second consecutive month to 50.8 in May from April’s 50.4.
After the lift of a suspension in China’s IPO market, Chinese companies rushed to raise capital during the first quarter this year. China-domiciled companies raised US$7.2 billion through IPOs during the first three months this year, up 827.3% compared with the same period last year, according to preliminary results from Thomson Reuters.
The Chinese economy is likely to rebound during the second half of this year, after weakness during the first two quarters. This pattern has repeated itself during the past few years, and is likely to take place again this year, according to a research report released by Gao Hua Securities Company Ltd.