The PBOC conducted 101.3 bln yuan of 7-day reverse repo operations today; because 100.0 bln yuan of 7-day reverse repos matured today, the net injection was 1.3 bln yuan. To view open-market funding flows, see Database - PBOC Data.

Today the China Federation of Logistics & Purchasing (CFLP) said China’s agricultural products and food ingredients supply-chain sector in Q1 displayed a favorable trend of steady progress and improved quality and efficiency, shifting from volume-driven expansion to a value-creation phase. Consumption market size was about 2.6 trillion yuan in Q1, up 3.19% YoY, with the market demand base remaining broadly stable. The retail end accounted for roughly 2.0 trillion yuan and continued to dominate; the catering (restaurant) end grew more than 4.2% YoY and served as an important engine of consumption growth.

The Chinese State Council issued the Urban Renewal 15th Five-Year Plan, directing special inspections of urban residential communities built 20 years or older. Targeted renovations will address infrastructure shortfalls, upgrade service functions and environmental quality. The plan supports installing elevators in eligible buildings and mandates simultaneous improvements to long-term management and maintenance mechanisms to raise upkeep standards.