China Pacific plans GDR issue in London

China Pacific Insurance Group Co is moving closer to issuing global depository receipts on the London Stock Exchange and becoming the second Chinese company to offer shares through a connect program linking London and Shanghai. China Pacific, already listed in Shanghai and Hong Kong, on Wednesday announced its intention to proceed with an offering of up to 113,160,600 global depositary receipts with each GDR representing five A shares of the company.

PBOC continues to inject liquidity

The People's Bank of China, the central bank, injected 80 billion yuan ($11.3 billion) into the market through seven-day reverse repos at an interest rate of 2.2 percent on Thursday. The move is intended to offset the impacts of government bond issuance and maintain reasonable liquidity in the banking system, the central bank said.