Vehicle sales rise by 12.8% in September

Automobile sales rose by 12.8 percent on a yearly basis in September to 2.57 million units as the market benefited from government policies to spur consumption, data from an industry association showed on Tuesday. The rise marked the fifth consecutive month of double-digit growth. Auto sales rose by 17.4 percent on a monthly basis, according to the China Association of Automobile Manufacturers. During the first three quarters of the year, automobile sales totaled 17.12 million units, down 6.9 percent on a yearly basis.

PBOC fund to ease payment problems

The People's Bank of China, the central bank, has decided to establish a non-government security fund to prevent risks in payment institutions. The fund will be used to defuse risks arising due to the lack of customer provisions in payment institutions. Institutions should set aside the provision as guarantee and the central bank will inject interest earned from the clearing margin into the fund each quarter, according to an announcement on the PBOC website on Tuesday.

China Daily - Xinhua