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News from China
China's central bank injects liquidity into market
15th January 2021

 China's central bank pumped cash into the financial system through open market operations Friday to maintain liquidity in the market.

A total of 500 billion yuan (about 77.36 billion U.S. dollars) was injected into the market via medium-term lending facility (MLF), according to the People's Bank of China, the central bank.
The funds will mature in one year at an interest rate of 2.95 percent.
Meanwhile, the central bank injected 2 billion yuan into the market through seven-day reverse repos at an interest rate of 2.2 percent.
The move was intended to maintain stable liquidity in the banking system, the central bank said.
The MLF tool was introduced in 2014 to help commercial and policy banks maintain liquidity by allowing them to borrow from the central bank using securities as collateral.
A reverse repo is a process in which the central bank purchases securities from commercial banks through bidding, with an agreement to sell them back in the future.
China's central bank has pledged to make its prudent monetary policy more targeted and flexible to adapt better to the needs of high-quality development and put more focus on the efficiency of financial services to support the real economy.
Source: Shanghai Daily, January 15, 2021
Students tap into campus plants to create unique perfumes
14th January 2021

 A group of students from East China University of Science and Technology has created 12 unique varieties of perfume featuring the fragrance of plants on their campus.

The team consists of students from the university’s school of chemistry and molecular engineering, and they created the perfumes after taking a course taught by Professor Wang Limin.
Wang, a lover of traditional Chinese culture and art, has been teaching a course called “Art and Chemistry,” which is open to all students, guiding them to explore the chemistry behind art.
In his classes, the Chinese stringed instrument erhu, calligraphy, blue and white porcelain, picture story books and the fairy tale of 12 floral gods are connected to chemistry. Among them, the content of floral gods, aroma culture and chemistry impressed the team the most.
“We wanted to use our expertise to innovate, as our university has been encouraging us to do so,” said Tang Zhicong, a second-year master's degree student and a member of the team. “It was a challenge as we not only decided to develop the perfumes, but also to endow them with artistic inspiration.”
According to Tang, they used cedar, wintersweet, magnolia, cherry blossom, camphor, rose, gardenia, lotus, grass, osmanthus, mandarin orange and camellia for the primary scents of their products, and gave them colorful names like “Ni Feng,” which means against the wind, “Ao Xue,” or fearless of snow, “Yu Li,” gracefully erect, “Xiao Chun,” laugh in spring, and “Tan Qiu,” explore autumn.
On the packages, they not only printed names of the perfume products, but also hand-painted patterns of the plants and words describing the month they represent and scenery of the university.
Ni Feng represents January and features cedar and sabina chinensis that can be found on the university's campus.
“It shows the tough spirit of our students and faculty facing up to challenges,” said Tang.
Tang said they worked hard to select plants on campus that are both iconic and suitable for making perfume. They checked archives, walked around campus and talked to teachers and students to design the products and packages.
“Many teachers and students love the wisteria in front of the Youyi Canteen on the Xuhui Campus, which attracts people to take photos when it blooms every year,” said Tang. “But when making the perfume, we found its aroma was too subtle so we had to nix it.”
To transfer their ideas into real products, they studied spices, conducted experiments and interned with perfume companies.
The team now has patents for their creations and is seeking partnerships with companies and starting their own businesses.
“I feel proud to be able to combine my expertise with the aesthetic enjoyment of life,” said Yang Qingying, another team member. “The sense of achievement and happiness is beyond words. To have taken part in the whole process of research, innovation and production to create the lovely perfumes is totally unique.”
In addition to perfumes, the team has developed a kind of hand disinfectant in the wake of the COVID-19 pandemic. The disinfectant won top prize in the Shanghai session of the "Challenge Cup" Entrepreneurship Competition for Chinese college students last summer.
Source: Shanghai Daily, January 14, 2021
App that generates phony health codes pulled from Google Play
13th January 2021

 Police are investigating an app that generates fake green health codes used to enter public venues based on a person's travel history and health information during the pandemic.

The app called “健康码演示” or “display of health codes” was discovered by a Netizen on Monday on Google Play, an app store for Android phones.
Its developer said the app generates green, yellow and red health codes from different regions, and users can customize various data, including names and places.
Although the app is supposed to be for display purposes only, it had been downloaded more than 1,000 times before it was pulled from the app store.
The developer is Morrowind Xie and the company is based in Hangzhou, Zhejiang Province.
An official with the Hangzhou market watchdog said the company's address might be fabricated because it couldn’t be located. Hangzhou police have started to probe the matter, Beijing Youth Daily reported.
Every region in China uses health codes, which are generated based on a person’s travel history, health information, and local COVID-19 conditions as a way to determine whether a person can enter public places.
Source: Shanghai Daily, January 13, 2021
'The Hummingbird Project' to debut in China
12th January 2021

 The Hummingbird Project,” a Canadian-Belgian thriller about finance and technology, will hit cinemas across China on January 29.

The film was written and directed by Kim Nguyen, whose child soldier drama “Rebelle” was nominated for best foreign-language film at the 85th Academy Awards.
"The Hummingbird Project" stars American actor Jesse Eisenberg, known for his roles in “The Social Network” and “Now You See Me,” and Emmy award winner Alexander Skarsgard.
The film centers on two cousins’ quest to build a fiber-optic cable between Kansas and New Jersey for high-frequency trading, which would provide them with instant financial market data and huge profits. However, the project isn't as easy and smooth as they expect.
In 2018, the film premiered at the Toronto International Film Festival.
In recent years, an array of critically acclaimed foreign films have been released in China, including “Green Book,” “Three Billboards Outside Ebbing, Missouri” and “Perfect Stranger."
Source: SHanghai Daily, January 12,2021

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