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Despite increased output, Sinopec's earnings before interest and taxes were only 18.61 billion yuan in its oil refining business, down 52.8 percent year-over-year from 39.43 billion yuan due to higher crude procurement expenses. That in chemicals dropped 27.2 percent year-on-year from 18.91 billion yuan in the first half of 2018 to 13.78 billion yuan in the first half of this year.

Despite the deficits, China has pledged to further open its service industry to foreign companies and investors.

Despite increasing fluctuations in the international financial market, the Chinese economy has maintained a stable trend, offering fundamental support for the forex market, the SAFE said.

Designed to aid China's aging population and be a strategic reserve to support future social security expenditure, the fund is made up of fiscal allocation from the central government, allocation of proceeds from the public welfare lottery, individual contributions and capital raised by other methods approved by the State Council.

Despite the decline, gold consumption still maintained at a relatively high level, said the association.