DIRS.INFO The most relevant business & tech news

☆ IMF chief warns of emerging market risk with high U.S. interest rates
▼ + stars: | 2024-04-30 | by ( Matt Clinch | ) www.cnbc.com time to read: +1 min

International Monetary Fund (IMF) Managing Director Kristalina Georgieva speaks during a briefing on the Global Policy Agenda at IMF headquarters during the IMF/World Bank Spring Meetings in Washington, DC on April 18, 2024. Kristalina Georgieva, the managing director of the International Monetary Fund, played down the prospect of any negative impact from a monetary policy divergence between Europe and the U.S., but said issues could be more acute in emerging markets. The benchmark rates of most advanced economies soared in recent years, as central banks aimed to tame inflation following the Covid-19 pandemic. A high U.S. interest rate environment is traditionally bad news for emerging markets, as it makes their debts — often priced in U.S. dollars — more expensive. "It is a much more serious issue for countries where the impact of high interest rates in the United States are more profound — in many emerging market economies," Georgieva told CNBC's Silvia Amaro in Brussels on Monday.

Persons: Kristalina Georgieva, Georgieva, CNBC's Silvia Amaro Organizations: Monetary Fund, IMF, International Monetary Fund Locations: Washington , DC, Europe, U.S, United States, Brussels, Japan

☆ Japan's yen hits 34-year-low, heating talk of intervention
▼ + stars: | 2024-03-27 | by ( Sophie Kiderlin | In | ) www.cnbc.com time to read: +3 min

Japanese 1,000 yen, 5,000 yen and 10,000 yen banknotes arranged in Kyoto, Japan, on Thursday, Nov. 2, 2023. The contradictions in Japan's efforts to protect the yen while slowing the pace of rising bond yields are becoming increasingly clear in currency and debt markets. The yen was last at 151.22 against the dollar at 10:19 a.m. London time after paring back some losses. The yen hit a 34-year-low on Wednesday, weakening as much as 151.97 against the U.S. dollar and fueling market questions over potential government intervention to prop the Japanese currency. "There is now a higher chance of Japanese FX intervention.

Persons: Kentaro Takahashi, Shunichi Suzuki, Masato Kanda, Kanda Organizations: Bloomberg, Getty, U.S ., Bank of Japan, Financial Services Agency, Reuters, FX, Commonwealth Bank of Australia, Bank of America Global Research Locations: Kyoto, Japan, London

☆ Russia is eyeing big tax hikes after this month's election to pay for the war in Ukraine
▼ + stars: | 2024-03-11 | by ( Yuheng Zhan | ) www.businessinsider.com time to read: +2 min

Putin could raise taxes on high earners and companies after the country's election, Bloomberg reported. More tax revenue would pay for the war in Ukraine and fund some social programs. AdvertisementVladimir Putin could raise taxes after the presidential election this month to keep the money flowing to pay for the country's war in Ukraine. Russia's hefty spending on the Ukraine war since February 2022 is siphoning resources from the broader economy, with a 7.4% inflation rate and collapsing direct investment. Economists have warned that the country's economy cannot sustain the costs of either winning or losing the war in Ukraine.

Persons: Putin, —, Vladimir Putin, outflows Organizations: Bloomberg, Service, Bloomberg Economics, Kremlin, Finance Ministry Locations: Ukraine, Russian

☆ Japan’s Nikkei 225 stock index surpasses 40,000 for the first time
▼ + stars: | 2024-03-04 | by ( Laura He | ) edition.cnn.com time to read: +3 min

Japan’s Nikkei 225 index jumped above 40,000 for the first time on Monday, extending a historic rally that analysts say has just begun. The milestone comes just days after it had set a record closing high of 39,098.68, eclipsing its previous 1989 peak. Optimism regarding semiconductors boosted Taiwan’s stock market as well, with benchmark Taiex hitting an all-time high on Monday, led by Taiwan Semiconductor Manufacturing Company. Premier Li Qiang is set to announce China’s 2024 growth target on Tuesday and is also likely to unveil more stimulus measures to revive the sagging economy. Analysts widely expect the policymakers to set this year’s growth target at around 5%.

Persons: ”, Jefferies, “, chipmaker, Kospi, Hong, Li Qiang, Stephen Innes Organizations: Hong Kong CNN —, Nikkei, Nasdaq, Taiwan Semiconductor Manufacturing Company, Nvidia, Investors, National People’s Congress, NPC, Communist Party’s Politburo Locations: Hong Kong, Japan, Beijing, Shanghai, China

☆ Standard Chartered suspends key outbound investment channel for Chinese clients
▼ + stars: | 2024-02-27 | by ( ) www.cnbc.com time to read: 1 min

Standard Chartered has suspended new subscriptions by its clients in China into offshore products via a quota-based channel since last week, the Asia-focused bank said in a statement to Reuters. The London-headquartered bank cited "commercial reasons" as its explanation for the suspension of new investments under the qualified domestic institutional investor (QDII) program. It did not elaborate. StanChart's move comes amid Beijing's efforts to stem capital outflows as weaker yuan and a slowing economy have driven savers to move assets offshore. Launched in 2006, QDII is one of the few outbound investment channels qualified domestic and foreign institutions use to help Chinese wealth and corporate clients invest in offshore funds, bonds and other structured products.

Persons: QDII Organizations: Chartered, Reuters Locations: China, Asia, London

☆ China's central bank leaves key policy rate unchanged under shadow of the Federal Reserve
▼ + stars: | 2024-02-19 | by ( ) www.cnbc.com time to read: +1 min

A man walks past the People's Bank of China (PBOC) building on Dec. 25, 2023 in Beijing, China. China's central bank left a key policy rate unchanged as expected on Sunday when rolling over maturing medium-term loans, with uncertainties around the timing of an easing by the Federal Reserve limiting Beijing's room to maneuver on monetary policy. China's central bank left a key policy rate unchanged as expected on Sunday when rolling over maturing medium-term loans, with uncertainties around the timing of an easing by the Federal Reserve limiting Beijing's room to maneuver on monetary policy. But any aggressive monetary movement risks reviving depreciation pressure on the Chinese currency and capital outflows. Sunday's operation was meant to "maintain banking system liquidity reasonably ample," the central bank said in an online statement.

Organizations: People's Bank of China, Federal Reserve Locations: Beijing, China, outflows

☆ Moody's cuts China credit outlook, citing lower growth, property risks
▼ + stars: | 2023-12-05 | by ( ) www.reuters.com time to read: +5 min

[1/2] A Chinese national flag flutters at the headquarters of a commercial bank on a financial street near the headquarters of the People's Bank of China, China's central bank, in central Beijing November 24, 2014. "The outlook change also reflects the increased risks related to structurally and persistently lower medium-term economic growth and the ongoing downsizing of the property sector," Moody's said. "Moody's concerns about China's economic growth prospects, fiscal sustainability and other aspects are unnecessary," the ministry said. STRUGGLING FOR TRACTIONMost analysts believe China's growth is on track to hit the government's target of around 5% this year, but that compares with a COVID-weakened 2022 and activity is highly uneven. Analysts widely agree that China's growth is downshifting from breakneck expansion in the past few decades.

Persons: Kim Kyung, Moody's, Ken Cheung, Pan Gongsheng, COVID, Goldman Sachs, Gnaneshwar Rajan, Kevin Yao, Tom Hogue, Kim Coghill Organizations: People's Bank of China, REUTERS, Mizuho Bank, Economic Work Conference, Fitch, China's Finance Ministry, International Monetary Fund, Thomson Locations: Beijing, Hong Kong, China, outflows, Bengaluru

☆ Global hedge funds further offloaded Chinese stocks in Nov
▼ + stars: | 2023-12-04 | by ( Summer Zhen | ) www.reuters.com time to read: +2 min

This was also the ninth month of net outflows this year, the bank said, dragging emerging Asia to become the region with the largest net outflows across the world. U.S.-listed Chinese stocks and mainland A-shares led the selloff in November, Goldman Sachs said, adding it was "partially offset by net buying in H-shares." Within emerging Asia markets, Taiwan also recorded net outflows last month, while South Korea saw the largest net inflows, Goldman Sachs said. Hedge funds rotated their positions to developed Asia markets, including Hong Kong, Singapore and Japan, which saw net purchases in the month. ($1 = 7.1381 Chinese yuan renminbi)Reporting by Summer Zhen; Editing by Varun H KOur Standards: The Thomson Reuters Trust Principles.

Persons: Tyrone Siu, Goldman Sachs, HSI, Joe Biden, Xi Jinping's, Outflows, Summer Zhen, Varun Organizations: REUTERS, CSI, Investors, Thomson Locations: Exchange, Hong Kong, China, HONG KONG, Asia, U.S, Taiwan, South Korea, Singapore, Japan

The official purchasing managers' index (PMI) fell to 49.4 in November from 49.5 in October, staying below the 50-point level demarcating contraction from expansion, data from the National Bureau of Statistics showed on Thursday. The new orders sub index contracted for a second consecutive month, while the new export orders component extended its decline for a ninth month. "Today's PMI reading will further raise expectations towards policy support," said Zhou Hao, economist at Guotai Junan International. "Fiscal policy will be under the spotlight and take centre stage over the coming year and will be closely monitored by the market." Factory PMI has contracted for seven out of the past eight months - rising above the 50-point mark only in September.

Persons: Goldman Sachs, Zhou Hao, Joe Cash, Kim Coghill, Jacqueline Wong Organizations: cnsphoto, REUTERS, National Bureau, Statistics, Standard Chartered, PMI, Guotai, Thomson Locations: Zunyi, Guizhou province, China, BEIJING

REUTERS/Dado Ruvic/Illustration Acquire Licensing RightsLONDON/NEW YORK, Nov 30 (Reuters) - After making hay when a summer bond rout propelled the U.S. dollar to 10-month highs, hedge funds are now pondering what lies ahead for the greenback. Five funds shared their views on the fate of the dollar. This does not represent recommendations or trading positions, which some hedge funds cannot reveal for regulatory reasons. He expects the U.S. economy to slow sharply which, alongside falling inflation, will likely hurt the dollar against some emerging market currencies. The Brazilian real, trading at 4.8908 per dollar , is up roughly 8% so far this year against the dollar.

Persons: Dado Ruvic, Jonathan Fader, Fader, Doug Greenig, Florin Court's, Greenig, Tara Hariharan, Hariharan, NWI, Carlos Calabresi, Michael Sager, Sager, Nell Mackenzie, Carolina Mandl, Dhara Ranasinghe, Kirsten Donovan Organizations: REUTERS, U.S, greenback, Swiss, Reuters, FLORIN, China Foreign Exchange Trade, Long, Garde, CIBC, Thomson Locations: U.S, American, Brazil, Colombia, Hungary, Poland, China, Asia, Brazilian, London, Carolina, New York

☆ Exclusive: China govt advisers call for steady growth target in 2024, more stimulus
▼ + stars: | 2023-11-22 | by ( Kevin Yao | ) www.reuters.com time to read: +4 min

Five of the seven advisers who spoke with Reuters said they favoured a target of around 5%, matching this year's goal. The proposals will be made next month at the ruling Communist Party's annual Central Economic Work Conference that discusses policy plans and the outlook for the world's second-largest economy. "We need to adopt expansionary fiscal and monetary policy to stimulate aggregate demand," Yu Yongding, a government economist who advocates for a growth target of roughly 5%, told Reuters. "We are stepping up fiscal policy support," said another adviser, to make the "difficult" 2024 target "achievable." The stuttering post-COVID recovery has prompted many analysts to call for structural reforms that tilt the drivers of economic growth away from property and infrastructure investment and towards household consumption and market-allocation of resources.

Persons: Yu Yongding, Yu, Guan Tao, Xi Jinping, Kevin Yao, Marius Zaharia Organizations: Reuters, Communist, Economic Work Conference, BOC International, State Administration of Foreign Exchange, Thomson Locations: China, BEIJING, Beijing, outflows, Japan

☆ Exclusive: China to name finance veteran Zhu as new forex chief, sources say
▼ + stars: | 2023-11-22 | by ( ) www.reuters.com time to read: +3 min

The building of State Administration of Foreign Exchange (SAFE) is pictured in Beijing, China, January 11, 2017. Zhu's appointment to lead the State Administration of Foreign Exchange (SAFE) is expected to be announced as soon as this week, said one of the sources. Zhu, 55, would also be named a deputy governor of the People's Bank of China (PBOC), which oversees the foreign exchange regulator, said the source. Zhu will take over the forex regulatory head role from Pan Gongsheng, who has held the post since 2016 and who was named the central bank governor in July. An engineering graduate from the Shanghai University of Finance and Economics, Zhu has also been a deputy central bank governor, and vice governor of Sichuan province in southwestern China.

Persons: Jason Lee, Zhu Hexin, Zhu, Pan Gongsheng, Goldman Sachs, Sumeet Chatterjee, Muralikumar Organizations: Administration of Foreign Exchange, REUTERS, Rights, CITIC Group, State Administration of Foreign Exchange, People's Bank of China, Communist, Reuters, SAFE, Bank of Communications, Bank of China, Shanghai University of Finance, Thomson Locations: Beijing, China, Rights BEIJING, HONG KONG, Sichuan, outflows, Hong Kong

☆ China keeps lending benchmark rates unchanged, as expected
▼ + stars: | 2023-11-20 | by ( ) www.reuters.com time to read: +3 min

Paramilitary police officers stand guard in front of the headquarters of the People's Bank of China, the central bank (PBOC), in Beijing, China September 30, 2022. The one-year loan prime rate (LPR) was kept at 3.45% and the five-year LPR was unchanged at 4.20%. Most new and outstanding loans in China are based on the one-year LPR, while the five-year rate influences the pricing of mortgages. The steady fixings came after the central bank kept its medium-term interbank liquidity rate unchanged last week. The LPR, which banks normally charge their best clients, is set by 18 designated commercial banks who submit proposed rates to the central bank every month.

Persons: Tingshu Wang, Julian Evans, Pritchard, Winni Zhou, Tom Westbrook, Sam Holmes Organizations: People's Bank of China, REUTERS, Rights, Capital Economics, Thomson Locations: Beijing, China, Rights SHANGHAI, SINGAPORE, United States, outflows

[1/3] The company logo of Chinese developer Country Garden is pictured at the Shanghai Country Garden Center in Shanghai, China August 9, 2023. Beijing needs to pull "multiple levers" at the same time to address the "vulnerabilities" in the financial system, local government financing, as well as consumer sentiment, said Edward Al-Hussainy, head of emerging market fixed income research at Columbia Threadneedle, which owns Country Garden bonds. China property sector slumpShoring up confidence is the biggest challenge facing Beijing and is key to getting homebuyers spending again, which analysts says isn't likely to happen soon given an uncertain economic outlook. Reuters reported last week that Chinese authorities have asked domestic financial behemoth Ping An Insurance Group to take a controlling stake in Country Garden. "You need to fix the macro environment first; if you don't earn enough how do you buy a property?," said Xu, whose firm holds China property dollar bonds.

Persons: Aly, Edward Al, isn't, Morgan Stanley, Ping, Ping An, Elliot Hentov, Steven Xu, Xu, Raymond Cheng, Goldman Sachs, Clare Jim, Davide Barbuscia, Karin Strohecker, Summer Zhen, Rae Wee, Sumeet Chatterjee Organizations: Shanghai Country Garden, REUTERS, HONG KONG, Columbia, Reuters, HK, Economic Work Conference, Reuters Graphics, HIT, Insurance Group, State Street Global Advisors, Country, Harmonia, Bloomberg, China, CIBM Securities, Thomson Locations: Shanghai, China, HONG, Beijing, outflows, Hong Kong, New York, London, Singapore

☆ China expected to keep key lending rates unchanged next week
▼ + stars: | 2023-11-17 | by ( ) www.reuters.com time to read: +2 min

A man wearing a mask walks past the headquarters of the People's Bank of China, the central bank, in Beijing, China, February 3, 2020. In a poll of 26 market watchers, all participants predicted both the one-year LPR and the five-year tenor would stay unchanged. "The changes in LPR are more affected by the MLF rate," Zhou said, expecting the LPR to stay unchanged this month. The PBOC on Wednesday injected 1.45 trillion yuan ($200.12 billion) worth of one-year MLF loans into the banking system but kept the rates on those loans unchanged. Expectations of steady LPR fixings also come as new bank lending in China fell less than expected in October from the previous month.

Persons: Jason Lee, Zhou Maohua, Zhou, Winni Zhou, Wu Fang, Tom Westbrook, Sam Holmes Organizations: People's Bank of China, REUTERS, Rights, China Everbright Bank, Thomson Locations: Beijing, China, Rights SHANGHAI, SINGAPORE, United States, outflows, Shanghai, Singapore

☆ On sidelines of APEC Summit, Xi Jinping vows to be a ‘partner and friend’ of the US
▼ + stars: | 2023-11-16 | by ( Nectar Gan | Juliana Liu | ) edition.cnn.com time to read: +7 min

CNN —China is willing to be “a partner and a friend” of the United States, Chinese leader Xi Jinping told American business leaders in San Francisco on Wednesday, as he sought to court US businesses amid a decline in foreign investment in China. “China is willing to be a partner and friend of the United States,” he added. China is happy to see a confident, open and prosperous US,” Xi said. Xi recalled entering the US on that trip through San Fransisco, which he said formed his “first impression” of America. Under Xi, China has further expanded the scope of its anti-espionage law, raided US consultancy and due-diligence firms and detained executives in the name of national security, sending a chill through the foreign business community.

Persons: Xi Jinping, Xi, ” Xi, Tim Cook, Elon Musk, Joe Biden, ”, Biden, Dexter Roberts, Roberts, “, ’ “ Liu Dongshu, ” Liu, Fred Hu, ” Hu, China “ Organizations: CNN, Economic Cooperation, Apple, Tesla, US, China Business Council, National Committee, China Relations, Flying Tigers, Mansfield Center, University of Montana, City University of Hong, Primavera Capital Group, Bloomberg, Economy, China Locations: China, United States, San Francisco, Asia, Japan, Iowa, America, San Fransisco, City University of Hong Kong, Xi, Singapore

☆ IMF approves $35 bln credit line for Mexico
▼ + stars: | 2023-11-16 | by ( ) www.reuters.com time to read: +1 min

[1/3] Employees work at a stall in an outdoor market dedicated to the sale of fruits and vegetables, in Ciudad Juarez, Mexico July 27, 2023. REUTERS/Jose Luis Gonzalez/File Photo Acquire Licensing RightsMEXICO CITY, Nov 16 (Reuters) - The International Monetary Fund's executive board has approved a two-year, $35 billion flexible credit line for Mexico, it said in a statement on Thursday, noting the Latin American country's economy is undergoing a broad-based expansion. This is Mexico's tenth flexible credit line arrangement since 2009, and the country has reduced amounts of the lines granted in recent years, the IMF said. In 2017, the IMF granted Mexico a credit line worth around $88 billion, which by 2021 was reduced to $50 billion. Authorities will reassess the external risk outlook and their implications on access under the agreement in November 2024, the IMF added.

Persons: Jose Luis Gonzalez, Gita Gopinath, Gopinath, Kylie Madry, Valentine Hilaire, Nick Zieminski Organizations: REUTERS, MEXICO CITY, Monetary Fund's, IMF, Thomson Locations: Ciudad Juarez, Mexico, MEXICO

☆ Exclusive: China's clashing priorities behind rare money market distress
▼ + stars: | 2023-11-06 | by ( ) www.reuters.com time to read: +7 min

"Banks were grudging in lending, leaving non-banks asking each other for money in afternoon trade," he said. The reasons for the spike in interest rates and the ensuing market chaos are detailed here for the first time. They affect foreign exchange movements since the markets are the major avenue for the supply of money. The money market operator CFETS told traders to keep a 5% ceiling on repo transactions and said anyone involved in high-rate deals closed on Oct. 31 would need to explain themselves to regulators, according to sources who received the notice. "If the pattern of money supply and liquidity provision remains unchanged, the whole system remains fragile.

Persons: Xia Chun, Banks, outflows, CFETS, Tom Westbrook, Vidya Ranganathan, Raju Gopalakrishnan Organizations: People's Bank of China, China Foreign Exchange Trade, Yintech Investment Holdings, Reuters, China Everbright Bank, Co, China Central Depository, Shanghai Clearing House, Shanghai, Thomson Locations: SHANGHAI, SINGAPORE, Beijing, Shanghai, China

☆ China FDI: Foreign investors are really frustrated with country’s economic challenges
▼ + stars: | 2023-11-06 | by ( Manav Tanneeru | Laura He | ) edition.cnn.com time to read: +5 min

Hong Kong CNN —The world’s second largest economy is struggling to attract foreign companies and investments, despite Beijing’s efforts to address its myriad economic challenges, according to new data from China. A gauge of foreign direct investment (FDI) into China has slipped into the red for the first time since 1998, underscoring the country’s failure to stem capital outflows. It suggests foreign companies may be taking their money out of the country, instead of re-investing in their operations. Direct investment liabilities include profits belonging to foreign companies that have not yet been repatriated or distributed to shareholders, as well as foreign investment in financial institutions, according to the government. Late last month, China’s legislature approved one trillion yuan ($137 billion) in sovereign bonds to support the economy.

Persons: Refinitiv, Ant, “, Xu jingbai, ICHPL, Xi Jinping, ”, ” Carlo D’Andrea, Shanghai —, JP Morgan, Tesla Organizations: Hong Kong CNN, State Administration of Foreign Exchange, Commerce Ministry, Vanguard, BlackRock, CNN, Bloomberg, China, European Union Chamber of Commerce, People’s Bank of, HSBC, American Chamber of Commerce Locations: China, Hong Kong, Shanghai, Beijing, outflows, People’s Bank of China

☆ Thai policy rate is right for now, Mideast war is a concern - c.bank chief
▼ + stars: | 2023-10-28 | by ( ) www.reuters.com time to read: +2 min

The central bank's growth forecast of 4.4% for 2024 will be revised if there is any change in the government's stimulus plan, he added. Sethaput said the Bank of Thailand is concerned about the fallout from the conflict in the Middle East. "A new factor that I'm quite wary about is Middle East problems as evaluating the impact of this risk is very difficult," he said, but added that the current policy rate is appropriate. The rate has been raised by a total of 200 basis points since August last year to rein in elevated inflation. ($1 = 36.11 baht)Reporting by Orathai Sriring, Kitiphong Thaichareon and Satawasin Staporncharnchai; Editing by Shri NavaratnamOur Standards: The Thomson Reuters Trust Principles.

Persons: Sethaput Suthiwartnarueput, Sethaput, Orathai Sriring, Kitiphong, Shri Navaratnam Organizations: Bank of, Bank, Thomson Locations: BANGKOK, Bank of Thailand, outflows

Investors were also excited by Tuesday's approval of an additional 1 trillion yuan ($136.76 billion) of sovereign bond issuance. Drawing investors back into China's $10.5 trillion stock market, particularly the foreign buyers that have fled in droves this year, would stem further slides in a market which fell to its lowest since 2019 earlier this week. "China's central government is endorsing the stock market," said Qi Wang, chief investment officer of UOB Kay Hian's wealth management division in Hong Kong. Huijin last bought ETFs during the 2015 stock market crash, and during the money market liquidity crunch in 2013. Still, China's stock markets have to overcome earlier heavy selling from foreigners, burnt by Xi's previous crackdowns on internet companies and other sectors, and its earlier stringent zero-COVID policy.

Persons: China's, Huang Yan, QiuYang, Huang, Pan Gongsheng, Qi Wang, UOB Kay, Huijin, Fabiana Fedeli, Fedeli, Goldman Sachs, Samuel Shen, Ankur Banerjee, Brigid Riley, Vidya Ranganathan Organizations: Central Huijin Investment, Shanghai QiuYang, People's Bank of China, Sino, CSI, Huijin, China Asset Management Co, Singapore's United Overseas Bank, G Investments, Thomson Locations: SHANGHAI, SINGAPORE, Shanghai, China, Hong Kong, Tokyo

☆ China's Xi makes first known visit to central bank -sources
▼ + stars: | 2023-10-24 | by ( ) www.reuters.com time to read: +1 min

Chinese President Xi Jinping speaks at the opening ceremony of the Belt and Road Forum (BRF) to mark the 10th anniversary of the Belt and Road Initiative at the Great Hall of the People in Beijing, October 18, 2023. REUTERS/Edgar Su/File Photo/File Photo Acquire Licensing RightsBEIJING, Oct 24 (Reuters) - Chinese President Xi Jinping made his first known visit to the nation's central bank since he became president a decade ago, two sources with knowledge of the matter said, as China's economy and financial markets grapple with headwinds. Xi, along with Vice Premier He Lifeng and other government officials, visited the People's Bank of China (PBOC) and the State Administration of Foreign Exchange (SAFE) in Beijing on Tuesday, the sources told Reuters. The purpose of the visit was not immediately known. The PBOC and SAFE could not be immediately reached for comment outside of business hours.

Persons: Xi Jinping, Edgar Su, Goldman Sachs Organizations: Initiative, of, People, REUTERS, Rights, People's Bank of China, State Administration of Foreign Exchange, Reuters, Capital, Thomson Locations: Beijing, Rights BEIJING, Capital outflows, China

☆ China's Xi Makes First Known Visit to Central Bank -Sources
▼ + stars: | 2023-10-24 | by ( Oct. | At A.M. | ) www.usnews.com time to read: +1 min

BEIJING (Reuters) - Chinese President Xi Jinping made his first known visit to the nation's central bank since he became president a decade ago, two sources with knowledge of the matter said, as China's economy and financial markets grapple with headwinds. Xi, along with Vice Premier He Lifeng and other government officials, visited the People's Bank of China (PBOC) and the State Administration of Foreign Exchange (SAFE) in Beijing on Tuesday, the sources told Reuters. The purpose of the visit was not immediately known. The PBOC and SAFE could not be immediately reached for comment outside of business hours. Capital outflows from China rose sharply to $75 billion in September, the biggest monthly figure since 2016, Goldman Sachs' preferred gauge of foreign exchange flows showed, underscoring intensifying depreciation pressure on the yuan.

Persons: Xi Jinping, Goldman Sachs Organizations: People's Bank of China, State Administration of Foreign Exchange, Reuters, Capital Locations: BEIJING, Beijing, Capital outflows, China

☆ Morning Bid: Markets juggle 5% yields and 150 yen
▼ + stars: | 2023-10-23 | by ( ) www.reuters.com time to read: +5 min

Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., September 11, 2023. REUTERS/Brendan McDermid/File Photo Acquire Licensing RightsA look at the day ahead in U.S. and global markets from Mike DolanPartly unwinding pre-weekend safety hedges related to the Middle East conflict, world markets are back focused on some critical macro priced levels and milestones that may once again define the week. The dollar retained its bid as a result and continued to probe the 150 yen level many suspect the Bank of Japan will be keen to protect against with open-market yen buying. But even these megacaps are still in thrall to the worrying squeeze in U.S. bond markets and the breach of the 5% threshold on 10-year tenors on Monday. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: Brendan McDermid, Mike Dolan, Goldman Sachs, thrall, that's, That's, Sergio Massa, Javier Milei, Maria Corina Machado, Hess, Berkley, Brown, Susan Fenton Organizations: New York Stock Exchange, REUTERS, Bank of Japan, European Central Bank, Industrial, China, Goldman, Microsoft, Meta, Federal Reserve, Economy, Banco BBVA Argentina, Peronist, Massa, Venezuelan, Chevron, Exxon, Natural Resources, Brown, Cadence, Packaging Corp of America, Fed, Bank of Israel, Trade Organization, Treasury, Reuters, Thomson Locations: New York City, U.S, Gaza, China, Taiwan, outflows, 50bps, York, America, Venezuela, Geneva

REUTERS/Issei Kato Acquire Licensing RightsOct 24 (Reuters) - A look at the day ahead in Asian markets from Jamie McGeever, financial markets columnist. September's PMIs showed that manufacturing activity in Japan and Australia shrank and services sector activity grew, although growth in Japan was the slowest this year. The big picture, however, is still dominated by the ebb and flow of the U.S. Treasuries market. And while a broad easing of financial conditions on Monday - lower Treasury yields and a weaker dollar - should support emerging market assets, Wall Street's late downward drift will warrant caution. The MSCI Asia ex-Japan and MSCI global emerging market indexes are both down around 13% over the past three months and on Monday both hit their lowest level since Nov. 11 last year.

Persons: Issei Kato, Jamie McGeever, bode, Michele Bullock, September's PMIs, Wall, Goldman Sachs, outflows, Goldman, Josie Kao Organizations: REUTERS, Reserve Bank of Australia, Nasdaq, Bank of Japan, PMI, Thomson, Reuters Locations: Tokyo, Japan, U.S, Korean, Australia, Asia, China, South Korea

Search resuls for: "Capital outflows"

25 mentions found