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China ‘unsurprisingly’ keeps loan prime rate steady for sixth straight month amid economic recovery

12 days ago

[unable to retrieve full-text content]China kept its benchmark lending rate for corporate and household loans steady for the sixth straight month at its October fixing on Tuesday, encouraged by an extended recovery in the world’s second-largest economy from the coronavirus shock.The one-year loan prime rate (LPR) was kept unchanged at 3.85 per cent, while the five-year LPR remained at 4.65 per cent – as widely expected by the market.Most new and outstanding loans are based on the LPR, while the five-year rate influences the pricing…

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China’s carbon neutral goal could cost over US$5 trillion

24 days ago

[unable to retrieve full-text content]China’s goal of reaching carbon neutrality by 2060 would require investments of more than US$5 trillion, which would include renewable power generation capacity, consultancy firm Wood Mackenzie said on Thursday.President Xi Jinping said at the United Nations General Assembly in September that China would achieve carbon neutrality before 2060, the first time the world’s biggest emitter of carbon dioxide has committed to ending its net contribution to climate change.If delivered, the pledge would…

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China’s economic growth to be 2 per cent in 2020 but coronavirus to keep Asia’s growth at lowest since 1967, World Bank warns

September 29, 2020

[unable to retrieve full-text content]The coronavirus pandemic is expected to lead to the slowest growth in more than 50 years in East Asia and the Pacific as well as China, while up to 38 million people are set to be pushed back into poverty, the World Bank said in an economic update on Monday.The World Bank said the East Asia and the Pacific region this year is projected to grow by only 0.9 per cent, the lowest rate since 1967Growth in China is expected to come in at 2 per cent this year, boosted by government spending, strong…

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China’s government bonds to be added to FTSE Russell’s trillion dollar WGBI in 2021

September 25, 2020

[unable to retrieve full-text content]FTSE Russell will add Chinese government bonds to its flagship World Government Bond Index (WGBI), the index provider said on Thursday, paving the way for billions of dollars of inflows into the world’s second-largest economy.The Chinese government bonds will be included on the index from October 2021, pending confirmation in March 2021. The addition will be phased into the index over a period of 12 months.“Since being placed on the watch list, the Chinese authorities have implemented…

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China’s ‘pork ribs and rice’ chains under pressure from rising costs after Germany ban

September 24, 2020

[unable to retrieve full-text content]The cost of China’s much-loved pork rib dishes is soaring after Beijing suspended imports of pig meat from major supplier Germany, hurting restaurants still recovering from the coronavirus hit earlier this year.Pork ribs are one of China’s bestselling menu items, but many restaurants specialising in the cut rely on imports, which can be up to 10 times cheaper than local supplies.Germany was among the biggest suppliers of ribs to China until it confirmed its first case of African swine fever, an…

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US pork exports to China surge beyond pre-trade war levels

September 23, 2020

[unable to retrieve full-text content]US pork exports to China have surged beyond pre-trade war levels, led by higher shipments from Brazil’s JBS SA and China’s WH Group, owner of Smithfield Foods, according to Panjiva, the research unit of S&P Global Market Intelligence.JBS may have shipped 370 per cent more US pork to China this year through until the end of August than at the same period in 2017, while exports linked to WH Group rose 90.1 per cent, Panjiva said on Tuesday. Meanwhile, Arkansas-based Tyson Foods shipped 7.3 per…

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Coronavirus dampens Christmas spirit in China’s Yiwu export showroom with ‘no way to save this year’

September 22, 2020

[unable to retrieve full-text content]At the Yiwu Fuye Christmas factory in eastern China, workers are stitching and testing out Santa Claus toys, checking they play a Christmas tune at the press of a button.But the jingles are the only seasonal cheer in the factory in the city of Yiwu, which produces 80 per cent of Christmas consumer goods exported globally, according to state broadcaster CCTV.Yiwu is a city dedicated to Christmas all year round, filled with factories, showrooms and stores that deliver decorations and toys to…

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China keeps benchmark loan rate steady for fifth straight month, but could increase early next year

September 21, 2020

[unable to retrieve full-text content]China kept its benchmark lending rate for corporate and household loans steady for the fifth straight month at its September fixing on Monday, as expected.The one-year loan prime rate (LPR) was kept unchanged at 3.85 per cent, while the five-year LPR remained at 4.65 per cent.Most new and outstanding loans are based on the LPR, while the five-year rate influences the pricing of mortgages.Thirty-one out of 35 traders and analysts, or nearly 90 per cent, in a snap Reuters poll conducted last week…

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US ban on China’s Xinjiang cotton ‘would wreak havoc’, leading apparel group says

September 18, 2020

[unable to retrieve full-text content]The head of a major apparel industry group told US lawmakers on Thursday that blanket import bans on cotton or other products from China’s Xinjiang region over forced labour concerns would “wreak havoc” on legitimate supply chains.Stephen Lamar, president of the American Apparel and Footwear Association, said his industry is working hard to root out products made with forced labour from its supply chains, but Xinjiang, where China has detained over 1 million Muslim Uygur, represents a unique…

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China’s August new home prices rise at a faster pace as consumer demand shows sign of picking up amid economic recovery

September 14, 2020

[unable to retrieve full-text content]New home prices in China rose at a slightly faster monthly pace in August, as consumer demand showed signs of picking up in a boost to an economy recovering from the coronavirus crisis.Average new home prices in 70 major cities climbed 0.6 per cent in August from a month earlier, a touch better than a 0.5 per cent increase in July, according to Reuters calculations based on data released by the National Bureau of Statistics on Monday.On an annual basis, home prices rose 4.8 per cent in August,…

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China’s forex reserves rose to US$3.165 trillion in August, but increase less than expected

September 7, 2020

[unable to retrieve full-text content]China’s foreign exchange reserves rose less than expected in August amid persistent weakness in the US dollar and solid gains in the yuan as China’s economy recovers steadily.The country’s foreign exchange reserves – the world’s largest – rose US$10.2 billion in August from July to US$3.165 trillion, central bank data showed on Monday.Economists polled by Reuters had expected the country’s reserves would climb by US$21.61 billion.Foreign inflows into Chinese stocks and bonds also have been…

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Taiwan lifting US beef, pork import restrictions an ‘important start for economic cooperation’, Tsai Ing-wen says

August 28, 2020

[unable to retrieve full-text content]Taiwan paved the way for an eventual free trade deal with the United States on Friday by announcing an easing of restrictions on the import of beef and pork as the island looks to boost ties with Washington at a time of tensions with China.Taiwan has long sought a free-trade agreement with the US, its most important supporter on the international stage, but Washington has complained about barriers to access for pork and beef. Taiwan said that was for health grounds, especially with concerns…

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US to probe alleged dumping of Chinese trailer chassis and sub-assemblies

August 21, 2020

[unable to retrieve full-text content]The US Commerce Department on Thursday said it had initiated an investigation into alleged dumping of Chinese-built chassis and sub-assemblies for trailers and truck semi-trailers into the United States market, and whether Chinese producers were receiving unfair subsidies.

The investigation could result in hundreds of millions of dollars worth of Chinese imports facing anti-dumping and countervailing duties.

In a statement, the US Commerce Department said it was seeking anti-dumping duties of…

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Australia to block China Mengniu Dairy Company’s buyout of Lion Dairy & Drinks from Japan’s Kirin Holdings, media report says

August 20, 2020

[unable to retrieve full-text content]Australia will not approve China Mengniu Dairy Company’s proposed buyout of some of Australia’s best-known milk brands from Japan’s Kirin Holdings, the Australian Financial Review reported on Thursday.Australia Treasurer Josh Frydenberg has gone against the advice of the Foreign Investment Review Board (FIRB) which was to approve the A$600 million (US$434 million) deal, the report said, citing unidentified sources.China Mengniu Dairy Company offered to buy Lion Dairy & Drinks from Kirin…

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China’s chicken production surges, reducing appetite for imports as food safety fears grow amid coronavirus

August 17, 2020

[unable to retrieve full-text content]China’s chicken producers are pushing ahead with aggressive expansion plans despite a slump in demand due to the coronavirus, reducing reliance on imports amid recent fears about the safety of foreign meat.The world’s second largest poultry producer is expected to produce a record 14.85 million tonnes of chicken meat in 2020, according to the United States Department of Agriculture, a substantial increase over last year’s 18 per cent rise to 13.75 million tonnes.The significant expansion is…

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China’s debt collection firms flourishing as coronavirus batters economy

August 13, 2020

[unable to retrieve full-text content]It is not a good sign for any economy when debt collectors are booming and in China right now, the industry is on a hiring spree.Whole Scene Asset Management, a debt recovery firm based in the central province of Hunan, plans to double staff numbers to 400 this year as it expands into new cities.“Debt collection companies have been mushrooming,” company founder Zhang Haiyan said. “And with bad loans growing this year, everyone is adding new hands.”Rival Bricsman is also hiring, hoping to boost…

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China new bank loans fell in July, but broad credit and liquidity growth quickened in bid to support economic recovery

August 11, 2020

[unable to retrieve full-text content]New bank lending in China fell more than expected in July from the previous month, but broad credit and liquidity growth quickened as the central bank sought to support a gradual economic recovery.Chinese banks extended 992.7 billion yuan (US$142 billion) in new yuan loans in July, down sharply from 1.81 trillion yuan in June and falling short of analyst expectations, according to data released by the People’s Bank of China (PBOC) on Tuesday.Analysts polled by Reuters had predicted new yuan…

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China car sales surge in July, clocking up fourth straight month of gains

August 11, 2020

[unable to retrieve full-text content]China’s car sales in July climbed 16.4 per cent from a year earlier, the fourth consecutive month of gains as the world’s biggest vehicle market comes off lows hit during the country’s coronavirus lockdown.Sales rose to 2.11 million vehicles in July but are still down 12.7 per cent for the year to date at 12.37 million vehicles, according to wholesale sales data from the China Association of Automobile Manufacturers (CAAM).The association expects car sales to fall around 10 per cent this year…

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China’s forex reserves rise more than expected in July to US$3.154 trillion

August 7, 2020

[unable to retrieve full-text content]China’s foreign exchange reserves rose more than expected in July as the dollar weakened and the yuan firmed as the world’s second-largest economy showed further signs of recovery. China’s foreign exchange reserves – the world’s largest – rose US$42.06 billion in July to US$3.154 trillion, central bank data showed on Friday. Economists polled by Reuters had expected the country’s reserves to rise by $12.67 billion to $3.125 trillion, likely due to fluctuations in global exchange rates and the…

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China’s banks urged to switch away from SWIFT as US sanctions over Hong Kong national security law loom

July 29, 2020

[unable to retrieve full-text content]China should prepare for potential sanctions by the United States by increasing use of its own financial messaging network for cross-border transactions in the mainland, Hong Kong and Macau, according to a report from the investment banking unit of the Bank of China.Chinese state lenders have been revamping contingency plans in anticipation of US legislation that could penalise banks for serving officials who implement the new national security law for Hong Kong.Greater use of the Cross-Border…

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China keeps loan rate steady for third straight month with ‘inaction not surprising’ as economy improves

July 20, 2020

[unable to retrieve full-text content]China kept its benchmark lending rate steady for the third straight month on Monday, matching market expectations, amid signs that the world’s second-largest economy is recovering from the shock coronavirus pandemic.The one-year loan prime rate (LPR) was kept unchanged at 3.85 per cent, while the five-year LPR remained at 4.65 per cent.Most new and outstanding loans are based on the LPR, while the five-year rate influences the pricing of mortgages.Thirty-four out of 36 participants in a Reuters…

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China loans hits record US$1.73 trillion in first half of 2020 after strong June as coronavirus recovery continues

July 10, 2020

[unable to retrieve full-text content]New bank lending in China rose 22.3 per cent in June from May as authorities continued to boost credit and ease policy to get the world’s second-largest economy humming again after a sharp coronavirus-induced contraction.Chinese banks extended 1.81 trillion yuan (US$258 billion) in new yuan loans in June, up from 1.48 trillion yuan in May and slightly exceeding analysts’ expectations, according to data released by the People’s Bank of China (PBOC) on Friday.That pushed bank lending in the first…

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China’s forex reserves rise to US$3.112 trillion in June

July 7, 2020

[unable to retrieve full-text content]China’s foreign exchange reserves rose less than expected in June as the yuan strengthened and global asset prices rebounded amid a recovery in economic sentiment.The country’s foreign exchange reserves – the world’s largest – rose US$10.64 billion in June to US$3.112 trillion, central bank data showed on Tuesday.Economists polled by Reuters had expected the country’s reserves to rise by US$18.31 billion to US$3.120 trillion.Foreign inflows into Chinese stocks and bonds have picked up recently…

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Senator Marco Rubio seeks to ban Chinese firms from US capital markets

July 1, 2020

[unable to retrieve full-text content]A top senator is preparing a bill to ban Chinese companies from US capital markets if they engage in spying, human rights abuse or support China’s military, threatening a financial blow as tensions mount over Covid-19 and Beijing’s crackdown on Hong Kong.Republican Marco Rubio, a prominent China hardliner, said he plans to unveil the legislation in the coming weeks after the US Department of Defence released a list of 20 companies, including telecoms giant Huawei and video surveillance firm…

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World Bank official to join China’s US trade talks team

June 25, 2020

[unable to retrieve full-text content]China is adding a new face to its trade negotiation team by appointing its chief representative at the World Bank to head the Ministry of Finance’s international cooperation department, three people with direct knowledge of the matter said.Yang Yingming, who has been executive director for China at the World Bank in Washington since 2016, returns to the ministry months after Beijing and Washington completed a phase one agreement that brought a truce to their bitter trade war, although bilateral…

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Steven Mnuchin says US-China decoupling will occur if American firms cannot compete fairly

June 23, 2020

[unable to retrieve full-text content]US Treasury Secretary Steven Mnuchin said on Tuesday that a decoupling of the US and Chinese economies will result if American companies are not allowed to compete on a fair and level basis in China’s economy.Speaking at a virtual event sponsored by Bloomberg and Invesco, Mnuchin said he also had “every expectation” that China would live up to the terms of the phase one trade agreement calling for a massive increase in Chinese purchases of US goods, energy and services.“If we can compete with…

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China ‘unsurprisingly’ keeps benchmark loan rate unchanged for second straight month

June 22, 2020

[unable to retrieve full-text content]China left its benchmark lending rate unchanged for the second straight month at its June fixing on Monday, matching market expectations, after the central bank kept borrowing costs on medium-term loans steady last week.The one-year loan prime rate (LPR) remained at 3.85 per cent, while the five-year LPR was also steady at 4.65 per cent.The move in the LPR affects the price lenders charge companies and households for loans, and the five-year rate influences the pricing of mortgages.A Reuters…

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Coronavirus impact: China’s auction of 1 trillion yuan of special treasury bonds to begin this week, sources say

June 15, 2020

[unable to retrieve full-text content]The Chinese government will begin auctions this week of a planned issue of 1 trillion yuan (US$141 billion) of special treasury bonds to help finance recovery from the coronavirus pandemic, sources told Reuters on Monday.Sales will be completed by the end of July, according to the sources, who attended a meeting held by China’s Ministry of Finance, which will issue the bonds.China announced plans in May to sell 1 trillion yuan of special treasury bonds to help fund economic stimulus in the wake…

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Hong Kong security law: US may restrict capital flows through city, Treasury Secretary Steven Mnuchin says

June 12, 2020

[unable to retrieve full-text content]US Treasury Secretary Steven Mnuchin said on Thursday he was working on various capital markets responses to China’s national security law for Hong Kong, including some measures that could restrict capital flows through the city.Mnuchin said his primary focus in the United States’ response to China’s Hong Kong clampdown was through the President’s Working Group on Capital Markets, an inter-agency group of US financial regulators.US President Donald Trump ordered the US Treasury-led group last…

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China’s new bank loans fell in May, but broader credit growth quickened amid policy easing

June 10, 2020

[unable to retrieve full-text content]New bank lending in China fell more than expected in May from the previous month, but broader credit growth quickened as the central bank continues to ease policy to get the economy back on solid footing after the shock from the coronavirus crisis.Banks extended 1.48 trillion yuan (US$209 billion) in new yuan loans in May, down from 1.70 trillion yuan in April and falling short of analyst expectations, according to data released by the People’s Bank of China (PBOC) on Wednesday.Analysts polled…

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