China's gold output, consumption rise in Q1

China's gold output and consumption both saw steady growth in the first quarter of 2024, industry data showed on Friday. China produced 85.959 metric tons of gold in the first quarter, up 1.16 percent from a year earlier, according to data released by the China Gold Association. In the first three months, gold consumption in China stood at 308.905 tons, up 5.94 percent year-on-year, the data showed.

PBOC adds liquidity via reverse repos

China's central bank conducted 2 billion yuan ($281.47 million) of seven-day reverse repos at an interest rate of 1.8 percent on Friday. The move aims to keep liquidity reasonable and ample in the banking system, the People's Bank of China said in a statement. A reverse repo is a process in which the central bank purchases securities from commercial banks through bidding, with an agreement to sell them back in the future.