China's central bank drained 220 billion yuan (33.85 billion U.S. dollars) from the market this week to ensure stable money supply.
This follows a drain of 290 billion yuan from the financial system last week.
The People's Bank of China (PBOC) conducted 360 billion yuan in seven-day reverse repurchase agreements (repo) this week, a process in which central banks purchase securities from banks with an agreement to resell them in the future.
With 580 billion yuan's worth of repos maturing this week, the PBOC ended up draining a net 220 billion yuan from money markets.
On Friday's interbank market, the benchmark overnight Shanghai Interbank Offered Rate (Shibor), which measures the cost at which Chinese banks lend to one another, was down by 0.1 basis points to 2 percent.
The Shibor for seven-day loans fell 0.3 basis point to 2.326 percent. The Shibor for three-month loans dropped 0.2 basis point to 2.894 percent.
Yang Yuanqing, chairman and CEO of Lenovo.
Lenovo Group Ltd announced on Wednesday the establishment of a $500 million investment fund, seeking new growth points as the world's largest personal computer maker is wrestling with a declining global demand for PCs and a faltering smartphone business.
The fund, solely financed by Lenovo, will be used to finance startups in cloud computing, big data, artificial intelligence, robotics, Internet Plus and other emerging sectors.
Yang Yuanqing, chairman and CEO of Lenovo, said the new investment unit, Lenovo Capital and Incubator Group, will help the company find the biggest commercial opportunities in the next decade.
"We won't place a limit on the size of our investment in innovation as long as startups' products fit with Lenovo's broad strategies and really boast cutting-edge techs," Yang said.
According to Yang, Lenovo is also encouraging its employees to work on innovation projects, which can grow into independent firms, become the company's units and leverage capital from other investment firms to scale up.
He Zhiqiang, Lenovo's senior vice president in charge of the new investment unit, said the company will invest in 10 to 20 startups every year and help spin off at least 10 companies from Lenovo's internal incubation projects this year.
"We value quality over quantity, with focus on early-stage startups," He said, adding the company is also eyeing overseas investment opportunities.
Lenovo's intensified efforts to boost innovation came as the company is facing mounting pressure in the PC and smartphone businesses, two of its major revenue sources.
In the first quarter of 2016, Lenovo failed to make its way into global top five smartphone vendors for the first time, according to the research firm International Data Corp.
The company is having difficulty in reviving its appeal to consumers who are willing to buy more expensive handsets while its Chinese peers Oppo Electronics Corp and vivo Mobile Communication Technology Co Ltd leap forward.
In the same period, the global demand for PCs hit a nine-year low, despite that Lenovo maintained its leading position in terms of quarterly shipments.
Di Jin, a research manager at IDC China, said Lenovo's products are facing fierce competition, so it makes sense for the company to look beyond smartphones and PCs for new opportunities.
Frasers Hospitality, an international serviced apartments and hotel residences owner and operator, will continue to vigorously expand its portfolio in China as it remains confident in the country's rise as a global economic powerhouse.
The Singapore-headquartered company plans to open 10 more properties in China's key cities within the next couple of years, apart from its existing China network which currently stands at 14 properties.
The new launches will be located in Tianjin, Wuxi, Chengdu, Shanghai, Shenzhen, Nanchang, Dalian and Changsha, and will cover three of its brand offerings including Fraser serviced residences, Modena by Fraser serviced residences and Capri by Fraser hotel residence brand.
"With the exponential growth that we have witnessed over the last 11 years, there is no question that China is, and will continue to be an integral growth market for Frasers Hospitality," said Choe Peng Sum, chief executive officer of Frasers Hospitality. "Our growth strategy is very much parallel to that of China's plans to develop new infrastructure and master planned cities as they present tremendous growth opportunities."
The strengthening of Frasers Hospitality's portfolio in China, which is right on track to reach its goal of 30 properties with 7,000 units by 2019, is a significant contributor to the company's global expansion target of 30,000 units by 2019.
The company's portfolio worldwide, including those in the pipeline, stands at 139 properties, or 22,800 units, across more than 80 cities, according to the company.
| China Job Links: |
China Recruitment Agency
China Payroll & Benefits Services
Payroll & Benefits local Chinese hire
Setup your operation fast and cheap
China Job Openings - LinkedIn
Join #1 LinkedIn China Career Group
Find more Chinese jobs and talent
Scan our qrcode