Briefly

Top liquor brand reports profit surge

Kweichow Moutai, China's leading liquor producer, reported profits exceeding 120.7 billion yuan ($16.46 billion) in 2024, up 10.2 percent year-on-year. The company's revenue climbed 13.3 percent year-on-year to reach 187.19 billion yuan, according to a report released on Tuesday. Moutai also emphasized its strong focus on innovation, with spending on research and development rising 11 percent from the previous year.

Banks report forex settlement deficit

China's commercial banks saw a forex settlement deficit of $110.3 billion in 2024, official data showed. In yuan terms, forex purchases by banks reached 16.54 trillion yuan ($2.25 trillion), while sales stood at around 17.33 trillion yuan, data from the State Administration of Foreign Exchange showed. In December alone, commercial banks saw a net forex settlement deficit of 76.8 billion yuan, according to the administration.

Xinhua - China Daily