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Chinese commercial banks reported a significant drop in net foreign exchange sales in the first quarter as cross-border capital flows stayed balanced and stable, the country's forex regulator said.

Chinese authorities have the policy space to tackle economic downside risks, but the counter measures need to be consistent with the structural rebalancing of the country's economy in the longer term, the World Bank said on Thursday.

Chinese companies' issuance of GDRs is an important part of the Shanghai-London Stock Connect mechanism, under which London-listed companies will also be able to issue Chinese depository receipts on the Shanghai Stock Exchange.

Chinese mobile phones are becoming popular in Russia. Even Russian users of Xiaomi, a Chinese cellphone brand, are calling themselves MiFan. On June 6, Xiaomi officially introduced their latest flagship cellphone Mix2s to the Russian market. Watch the video and see what a Russian MiFan thinks about the cellphone and about the Chinese brand.

Chinese e-commerce platform Pinduoduo recorded a loss of nearly 4 billion yuan in 2018, according to a company press release.