Top news of the week:

• The 132nd Canton Fair will open online on October 15

  October 10, 2022

  The 132nd China Import and Export Fair, also known as the Canton Fair, will open virtually on October 15, 2022. To better serve global buyers, the latest edition of Canton Fair will expand the scope of exhibitors, open for longer time and enrich online functions. Leveraging its updated online exhibition and services, the fair will provide a platform of trade cooperation for global businesses in its 50 exhibition sections covering 16 categories of commodities. Some 416 companies from 34 countries and regions will also display their production online during the fair.

• PBOC and ECB extend the bilateral currency swap arrangement again

  October 11, 2022

  The People’s Bank of China (PBOC) and the European Central Bank signed an amendment agreement to extend the current Bilateral Currency Swap Arrangement for another 3 years and it can be extended again with the agreement by the two Parties. The swap amount remains at 350 billion RMB/45 billion EUR.

• MOFCOM: Total service imports and exports in China rise in value

  October 12, 2022

  During the first eight months of the year, China’s trade in services valued at around 3.94 trillion yuan (USD550 billion), surging 20.4 percent year-on-year, according to the Ministry of Commerce on Wednesday. Service exports were 1.91 trillion yuan during this period, up 23.1 percent from a year ago, while the imports were 2.03 trillion yuan, an increase of 17.9 percent on a yearly basis. The growth pace of service exports was 5.2 percentage points higher than that of imports, resulting in a 29.5 percent decline year-on-year in service trade deficit during this period, which was valued at 121.08 billion yuan. In August alone, China’s combined value of exports and imports of services was 543.79 billion yuan, growing 17.6 percent year-on-year.

• PBOC ensures stability in currency market

  October 13, 2022

  The People’s Bank of China stated Thursday that it will continue efforts to deepen reform in the foreign exchange market, preempt unreasonable volatility in the Chinese currency, and ensure the renminbi exchange rate does not move in only one direction.

• China Development Bank boosts financial support for clean energy

  October 14, 2022

  China Development Bank has stepped up its financial support for energy development in the first three quarters of this year. The policy bank issued 406.9 billion yuan (USD57.2 billion) of loans in the energy sector between January and September to support clean energy development, energy supply guarantee, and clean and efficient coal use. Among them, 248 billion yuan of clean energy loans were issued, strongly supporting the green and low-carbon energy transition. Since the bank set up special loans to guarantee energy supply in September last year, a total of 214.3 billion yuan in loans had been issued by the end of this September.