China’s futures market continued to report double-digit growth in both trading volume and turnover in July, according to the China Futures Association.
The trading volume rose 36.77% year-on-year to 567.65 million lots while turnover increased 55.7% to 45.42 trillion yuan (US$6.49 trillion).
In the first seven months of 2020, the trading volume of the market totaled 3.089 billion lots, an increase of 43.69% year on year. Meanwhile, turnover grew 33.7% to 210.89 trillion yuan for the same period.
In July, the China Financial Futures Exchange was the top bourse in terms of turnover, standing at 15.24 trillion yuan, up 147% year-on-year.
China’s logistics sector sustained steady expansion in July, data from the China Federation of Logistics and Purchasing showed.
The logistics performance index, which tracks business volumes, new orders, employment, inventory turnover and equipment utility rates, came in at 50.9% in July, down by 4 percentage points month-on-month. A reading above 50% indicates expansion, while a reading below that reflects contraction.
Attributing the drop to seasonal factors, He Hui, director of the China Logistics Information Center, said the growth momentum of express delivery businesses, boosted by online consumption, remained strong.
The sub-indexes for new orders and expectations for business activities were both running above the boom-bust line, signaling enterprises’ optimistic outlook for future developments, according to He.
Opening-up of the financial sector
The People’s Bank of China (PBoC), the country’s central bank, said Monday that it will resolutely push forward the opening-up of the country’s financial industry in a sound and orderly manner.
Measures announced to open up China’s financial sector will continue to be implemented, the PBoC said in a video conference on its work in the second half of 2020.
It will promote a full implementation of the foreign investment administration model of pre-establishment national treatment plus negative list, advance the internationalisation of the renminbi and capital account convertibility in a proactive and sound manner, and unify the foreign exchange management policies applied in the opening-up of China’s bond market.
The central bank said it will be deeply involved in global financial governance and safeguard multilateralism.
The story was written by Yang Zhijie and Liu Licong and first published at ATimesCN.com. It was translated by Nadeem Xu.