Banking

China's central bank continued to inject funds into the market on Tuesday to maintain liquidity. 

The People's Bank of China (PBOC) conducted 120 billion yuan (about 17.3 billion US dollars) of seven-day reverse repos at an interest rate of 2.55 percent, unchanged from the previous operation on Monday. 

Central bank governor Zhou Xiaochuan attends a news conference on the sidelines of the annual session of the National People's Congress in Beijing, March 9, 2018.

Yuan internationalization aids opening-up

Renminbi internationalization promotes China's opening-up, said Zhou Xiaochuan, governor of the People's Bank of China.

In terms of market access, China could take more bold actions to further open up, Zhou added.

China will allow foreign investors to freely remit their yuan-denominated profits and dividends and pledged to remove all barriers in cross-border trade and investment, the central bank said on Friday.

The People's Bank of China said the use of renminbi for cross-border trade and investment will help create a sound business environment and support the country's Belt and Road Initiative.

Buying Bus tickets via Alipay in Zhejiang Province China.

The latest figures from Alipay have found that 8/10 payments in Shanghai were conducted through users’ smartphones in the past year, People’s Daily reported on Jan 2.

People are using their smartphones for shopping and riding shared bikes. And searches for wallets on e-commerce platforms are declining for the first time, statistics show.