PBOC injects $1.56b via reverse repos

The People's Bank of China, the central bank, injected 10 billion yuan ($1.56 billion) into the market via reverse repos on Wednesday to maintain reasonably ample liquidity in the banking system. The interest rate for the seven-day reverse repos was set at 2.2 percent, said a statement on the PBOC website.

NetEase revenue up 20.2% to $3.2b in Q1

Chinese internet giant NetEase Inc posted record first-quarter net revenue of 20.5 billion yuan ($3.2 billion) during the first three months of the year, up by 20.2 percent on a yearly basis. The firm posted net profit of 4.4 billion yuan in the first quarter, up 25 percent on a yearly basis, the company said. During the first quarter, NetEase's online gaming business registered a record quarterly net revenue of 15 billion yuan. Youdao, the company's intelligent learning arm, saw its net revenue surge by 147.5 percent to 1.3 billion yuan.

Xinhua