Foreign reserves adequate for seven months imports CBN
On
By Emeka Anaeto,
Business Editor
THE Central Bank of Nigeria, CBN, has indicated that the country’s foreign exchange reserves at current level of about USD35 billion would cover seven months import needs of the economy.
This is contained in the apex bank’s 2020 economy review and 2021 outlook it has just released.
In the review and outlook the Bank explained that with the decline in the nation’s foreign exchange earnings and successive exchange rate adjustments, it was forced to implement a demand management framework which is designed to bolster the production of items that can be produced in Nigeria, and aid conservation of external reserves.
Foreign businesses stay optimistic about Chinese market
By He Yin (People s Daily) 13:09, December 19, 2020
Chinese and German technicians of Scherzinger Pump Technology Kunshan Co,. Ltd. inspect products at German GIP Industrial Park, Kunshan, east China s Jiangsu province, Aug. 3. Photo by Hua Xuegen/People s Daily Online Foreign direct investment (FDI) into the Chinese mainland, in actual use, hit 98.7 billion yuan ($14.38 billion) in November, up 5.5 percent year on year, according to statistics released by China s Ministry of Commerce (MOFCOM) on Dec. 15. This marked the eighth consecutive month for the country to witness positive growth in FDI. A recent survey done by the British Chamber of Commerce in China indicated that 44 percent of British businesses planned to increase investment in China in 2021. Similar sentiment is also shown in a U.S.-China Business Council report which said nearly 70 percent of the council s member companies expressed optimism about m
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