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☆ Fitch's negative outlook for China is more bad news for its stalling economy
▼ + stars: | 2024-04-10 | by ( George Glover | ) www.businessinsider.com time to read: +3 min

Read previewFitch Ratings has cut its outlook for China, adding to the gloom surrounding the world's second-largest economy. It cut its outlook from "stable" to "negative," but maintained its overall rating at "A+." The move comes after Moody's Investor Services, another major credit-rating agency, also downgraded its outlook for China to "negative" in December. As a result Fitch expects economic growth to fall to 4.5% for 2024. The ratings agency said policymakers will probably have no choice but to borrow to address its economic woes.

Persons: —, Fitch, Fitch's Organizations: Service, Business, Moody's Investor Services, Analysts, St Louis Federal Reserve, CSI Locations: China, Beijing

☆ 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

☆ Moody's cut China's credit outlook to negative on rising debt risks
▼ + stars: | 2023-12-05 | by ( Clement Tan | ) www.cnbc.com time to read: +2 min

Moody's though retained China's "A1" long-term rating on the country's sovereign bonds, while expecting China annual GDP growth to slow to 4% in 2024 and 2025 and average 3.8% from 2026 to 2030. Structural factors including weak demographics will drive a decline to 3.5% by 2030, it said. China credit default swaps (the cost of insuring against a government default) rose 4 basis points from Monday's closing level, according to Reuters data. Beijing disappointmentChina's Finance Ministry expressed its disappointment with Moody's downgrade decision. "Moody's concerns about China's economic growth prospects and fiscal sustainability are unnecessary," the ministry said in a statement Tuesday.

Persons: Javier Ghersi, Moody's Organizations: China's, Ministry Locations: China, Beijing

☆ U.S. Treasury's Yellen to meet Chinese vice premier ahead of APEC summit
▼ + stars: | 2023-11-06 | by ( David Lawder | ) www.reuters.com time to read: +3 min

[1/2] U.S. Treasury Secretary Janet Yellen discusses "U.S.-China Economic Relationship" during a forum hosted by the Johns Hopkins University at the Nitze Building in Washington, U.S., April 20, 2023. REUTERS/Sarah Silbiger/File Photo Acquire Licensing RightsWASHINGTON, Nov 6 (Reuters) - U.S. Treasury Secretary Janet Yellen will meet with Chinese Vice Premier He Lifeng in San Francisco this week to try to deepen a fledgling economic dialogue between the world's two largest economies ahead of a U.S.-hosted summit of Pacific Rim leaders. The Treasury said the Nov. 9-10 meetings will also convene the new economic and financial forums launched in October by the Treasury and China's finance ministry and central bank. Yellen also is keen to discuss what steps Chinese officials are contemplating to support their flagging economic growth, and what circumstances might change their policy path. Instead, Yellen said she was "focusing on specific, high-priority economic topics on which we can make tangible progress."

Persons: Janet Yellen, Sarah Silbiger, Yellen, Joe Biden, Xi Jinping, David Lawder, Simon Cameron, Moore Organizations: . Treasury, Johns Hopkins University, REUTERS, Rights, Pacific Rim, Treasury, San, Biden, Asia Pacific Economic Cooperation, U.S, Washington Post, Thomson Locations: China, Washington , U.S, San Francisco, U.S, Beijing

☆ US 'frankly raised' disagreements with China at first financial working group meeting
▼ + stars: | 2023-10-25 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Dado Ruvic/Illustration/File photo Acquire Licensing RightsOct 25 (Reuters) - U.S. officials "frankly raised areas of disagreement" with China at the first meeting of a new financial working group, where financial stability, supervision and regulation were discussed, the U.S. Treasury said on Wednesday. Attendees included senior officials from China's central bank and the U.S. Treasury Department, according to a Treasury statement. "The two-hour virtual meeting included a substantive and wide-ranging discussion on domestic and global financial stability, financial supervision and regulation, sustainable finance, and anti-money laundering and countering the financing of terrorism," the Treasury said. The financial working group and a parallel economic working group were launched last month after U.S. Treasury Secretary Janet Yellen's visit to Beijing in July aimed at fostering regular communications between the world's two largest economies. The economic working group, led by senior officials from the Treasury and China's Finance Ministry held its first meeting on Monday.

Persons: Dado Ruvic, Janet Yellen's, Yellen, Pan Gongsheng, Ismail Shakil, Costas Pitas, David Lawder, Paul Grant, Diane Craft Organizations: REUTERS, U.S . Treasury, U.S . Treasury Department, Treasury, U.S, China's Finance Ministry, People's Bank of China, International Monetary Fund, Bank, Reuters, Thomson Locations: China, China's, Beijing, Marrakech, Morocco, U.S

REUTERS/Dado Ruvic/Illustration Acquire Licensing RightsWASHINGTON, Oct 23 (Reuters) - Officials from the United States and China on Monday held a two-hour long virtual meeting to discuss domestic and global macroeconomic developments, the U.S. Treasury Department said, calling the meeting "productive and substantive". U.S. and Chinese officials also raised "areas of concern," statements from the two sides said, without elaborating. The meeting was led by senior officials from the U.S. Treasury Department and China's finance ministry. The EWG was launched last month following U.S. Treasury Secretary Janet Yellen's trip to Beijing in July. China's top diplomat will travel to the United States later this week to meet Blinken.

Persons: Dado Ruvic, Joe Biden, Xi Jinping, Janet Yellen's, Antony Blinken, Gina Raimondo, Blinken, Han Zheng, Jake Sullivan, Wang Yi, Kanishka Singh, Liz Lee, Ethan Wang, Christian Schmollinger Organizations: REUTERS, Rights, U.S . Treasury Department, Economic, Treasury Department, Treasury, U.S . National, Thomson Locations: United States, China, Taiwan, San Francisco, People's Republic of China, U.S, Beijing, Yellen, New York, Malta, China's, Washington

☆ US Treasury launches US-China economic, financial working groups
▼ + stars: | 2023-09-22 | by ( David Lawder | ) www.reuters.com time to read: +2 min

WASHINGTON, Sept 22 (Reuters) - The U.S. Treasury Department on Friday said it was formally launching two new U.S.-China working groups on economic and financial issues aimed at providing a regular policy communications forum between the world's two largest economies. In a statement, the Treasury said the two groups would "meet on a regular cadence" and report to Yellen and Chinese Vice Premier He Lifeng. China's Ministry of Finance will be Treasury's counterpart for the Economic Working Group, while the People's Bank of China will be its counterpart for the Financial Working Group. China's Finance Ministry and central bank both issued statements confirming the establishment of the economic and financial working groups but gave few details beyond saying they were aimed at strengthening communication and collaboration on these issues. Establishment of the two working groups also follows Commerce Secretary Gina Raimondo's agreement with Chinese officials in August to establish a working group on U.S. export controls aimed at explaining U.S. policies.

Persons: Yellen, Gina Raimondo's, Donald Trump, David Lawder, Christina Fincher Organizations: U.S . Treasury Department, Treasury, China's Ministry, Finance, Economic, People's Bank of, Financial, China's Finance Ministry, State, Thomson Locations: China, China's, People's Bank of China, Beijing, U.S, Washington

It is likely to be the biggest of three funds launched by the China Integrated Circuit Industry Investment Fund, also known as the Big Fund. Its target of 300 billion yuan ($41 billion) outdoes similar funds in 2014 and 2019, which according to government reports, raised 138.7 billion yuan and 200 billion yuan respectively. China's finance ministry is planning to contribute 60 billion yuan, said one person. Backers of the Big Fund's previous two funds include the finance ministry and deep-pocketed state-owned entities such as China Development Bank Capital, China National Tobacco Corporation and China Telecom. INVESTMENT MANAGERSThe Big Fund is considering hiring at least two institutions to invest the new fund's capital, said the three people.

Persons: Xi Jinping, Florence Lo, China's, Julie Zhu, Kevin Huang, Yelin Mo, Roxanne Liu, Sumeet Chatterjee, Edwina Gibbs Organizations: U.S, China Integrated Circuit Industry Investment Fund, Big Fund, Washington, Information Office, Ministry of Industry, Information Technology, REUTERS, China Development Bank Capital, China National Tobacco Corporation, China Telecom, Big, Semiconductor Manufacturing International Corporation, HK, Hua Hong Semiconductor, Memory Technologies, IC, China Aerospace Investment, China Aerospace Science, Technology Corporation, Thomson Locations: HONG KONG, BEIJING, China, Beijing, U.S, Japan, Netherlands

☆ Factbox: China's measures to shore up a faltering economy, more support expected
▼ + stars: | 2023-09-01 | by ( ) www.reuters.com time to read: +4 min

- China stepped up measures to boost the country's faltering economy, with top banks paving the way for further cuts in lending rates. Aug. 25 -China's cabinet on Friday approved guidelines for planning and construction of affordable housing at a meeting chaired by Premier Li Qiang. July 24- China's top leaders, at a Politburo meeting, pledged to step up support for the economy, signalling more stimulus steps. July 24 - China's state planner unveiled measures to support private investment in some infrastructure sectors and said it will strengthen financing support for private projects. July 14 - China's cabinet approved guidelines for improving the building of public infrastructure in megacities, to help support the economy and cope with future public health crises.

Persons: Premier Li Qiang, Kevin Yao, Shri Navaratnam Organizations: Premier, Communist Party, Thomson Locations: BEIJING, China, megacities

☆ TSX set to open flat ahead of data-packed week
▼ + stars: | 2023-08-28 | by ( ) www.reuters.com time to read: +2 min

The Art Deco facade of the original Toronto Stock Exchange building is seen on Bay Street in Toronto, Ontario, Canada January 23, 2019. ET (1105 GMT), after finishing the week flat on Friday. The Toronto Stock Exchange's S&P/TSX composite index (.GSPTSE) ended higher on Friday, lifted by gains in energy stocks. Investors are also awaiting earnings from major Canadian banks, including Bank of Montreal (BMO.TO), Bank of Nova Scotia (BNS.TO) and National Bank of Canada (NA.TO), reporting this week. Wall Street futures edged higher on Monday.

Persons: Chris Helgren, Canada's, Shashwat Chauhan, Shweta Agarwal Organizations: Toronto Stock Exchange, REUTERS, Bank of Canada, Toronto Stock, Bank of Montreal, Bank of Nova, National Bank of Canada, Wall, Brent, Thomson Locations: Toronto , Ontario, Canada, United States, China, Bank of Nova Scotia, Bengaluru

☆ European shares rise as fresh Chinese measures lift mood, tech stocks rally
▼ + stars: | 2023-08-28 | by ( ) www.reuters.com time to read: +1 min

The German share price index DAX graph is pictured as the German index celebrates its 35th birthday at the stock exchange in Frankfurt, Germany, August 15, 2023. By 0710 GMT, the pan-European STOXX 600 (.STOXX) added 0.7% after posting its first weekly gain in four. Technology stocks (.SX8P) advanced 1.5%, their first climb in three sessions, tracking an overnight rally on Wall Street. Meanwhile, interest rate expectations in the euro zone remained tepid following the European Central Bank President Christine Lagarde's speech late on Friday at the Jackson Hole symposium. Reporting by Shashwat Chauhan in Bengaluru; Editing by Dhanya Ann ThoppilOur Standards: The Thomson Reuters Trust Principles.

Persons: Hermes, Christine Lagarde's, Shashwat Chauhan, Dhanya Ann Thoppil Organizations: REUTERS, Staff, Beijing, Technology, European Central Bank, Thomson Locations: Frankfurt, Germany, China, United Kingdom, Bengaluru

[1/3] US Treasury Secretary Janet Yellen speaks during her meeting with China's Vice Premier He Lifeng (out of frame) at the Diaoyutai State Guesthouse in Beijing on July 8, 2023. Yellen said nothing publicly to indicate that the U.S. was poised to ease tariffs, but commentators in China were hopeful, amid a U.S. Trade Representative review. "While U.S might continue its technological curbs on China, a reduction or exemption of non-core tariffs against China is possible." Yellen last year advocated eliminating some duties on "non-strategic" goods as a way to ease some specific costs amid high inflation. Haley has said she would push Congress to revoke China’s trade status until China curbs its alleged role in the fentanyl trade.

Persons: Janet Yellen, Lifeng, Pedro PARDO, Janet Yellen's, Biden, Harry Broadman, Donald Trump's, Premier Li Qiang, Yellen, Hong Hao, Chad Bown, " Bown, Josh Hawley, Ron DeSantis, Nikki Haley, Haley, Donald Trump, David Lawder, Andrea Shalal, Gram Slattery, Jeff Mason, Heather Timmons, Nick Zieminski Organizations: China's, WASHINGTON, . Treasury, Trump, White House, World Bank, Berkeley Research, Premier, U.S . Treasury, . Trade, China's Finance, U.S, Grow Investment, Times, Peterson Institute of International Economics, Reuters, Republican, Firebrand, Thomson Locations: Diaoyutai, Beijing, China, U.S, Washington, U.s, Donald Trump's China, CHINA, Xinjiang, Hong Kong, Florida, Mexico, Cuba

BEIJING, July 10 (Reuters) - China on Monday called on the U.S. to take "practical action" in response to its "major concerns" about sanctions on Chinese firms, after U.S. Treasury Secretary Janet Yellen wrapped up more than 10 hours of meetings with senior officials in Beijing. Yellen came to Beijing seeking to ease tensions between the world's two superpowers, and while there was no breakthrough, both sides described their talks as "productive" and agreed to keep channels open "at all levels" for talks on the economy. The United States has imposed sanctions on some companies for using forced labour in the far-western region of Xinjiang. The ministry also said China believed its development was an opportunity rather than a risk to the U.S. and that "strengthening cooperation between China and the United States is a realistic need and the correct choice of the two countries." Reporting by Joe Cash and Ellen Zhang; Editing by Muralikumar Anantharaman and Stephen CoatesOur Standards: The Thomson Reuters Trust Principles.

Persons: Janet Yellen, Yellen, Joe Biden, Xi Jinping, Bruce Pang, Jones Lang LaSalle, Joe Cash, Ellen Zhang, Muralikumar Anantharaman, Stephen Coates Organizations: U.S, Treasury, Economic Cooperation, United, Jones, Thomson Locations: BEIJING, China, Beijing, Asia, San Francisco, Xinjiang, United States, Hong Kong

[1/4] U.S. Treasury Secretary Janet Yellen meets with representatives of the U.S. business community in China in Beijing, July 7, 2023. REUTERS/Thomas PeterBEIJING, July 7 (Reuters) - U.S. Treasury Secretary Janet Yellen on Friday called for market reforms in China and criticized the world's second-largest economy for its recent "punitive" actions against U.S. companies and new export controls on some critical minerals. MARKET REFORMSYellen also took aim at China's planned economy, urging Beijing to return to more market-oriented practices that had underpinned its rapid growth in past years. "A shift toward market reforms would be in China’s interests," the former top U.S. central banker told the U.S. business executives. Yellen noted that China's enormous and growing middle-class provided a big market for American goods and services, and stressed that Washington's targeted actions against China were based on national security concerns.

Persons: Janet Yellen, Thomas Peter BEIJING, Yellen, Liu He, Xi Jinping, Yi Gang, Premier Li Qiang, Yellen's, Michael Hart, Joe Biden, Xi, Antony Blinken, John Kerry, Washington, Andrea Shalal, Michael Perry, Toby Chopra Organizations: . Treasury, REUTERS, U.S, American Chamber of Commerce, Treasury, Premier, BIDEN, Economic Cooperation, Thomson Locations: China, Beijing, United States, Washington, U.S, TEEING, New Delhi, Asia, San Francisco, Ukraine

The official said Yellen and her Chinese interlocutors had a "substantive conversation," without giving any further details. "We will take action to protect our national security when needed, and this trip presents an opportunity to communicate and avoid miscommunication or misunderstanding," Yellen wrote. U.S. firms in China hope Yellen's visit will ensure trade and commercial lanes between the two economies remain open, regardless of the temperature of geo-political tensions. "I think if there was another year of no visits by top U.S. government leaders, the market would get colder," he added. Reporting by Joe Cash, Ellen Zhang and Ryan Woo; Editing by Himani Sarkar and Kim CoghillOur Standards: The Thomson Reuters Trust Principles.

Persons: Janet Yellen, Yi Gang, Liu, Yellen, interlocutors, Xi Jinping, Yellen's, Michael Hart, Joe Cash, Ellen Zhang, Ryan Woo, Himani Sarkar, Kim Coghill Organizations: . Treasury, Treasury, Twitter, American Chamber of Commerce, U.S, Thomson Locations: BEIJING, U.S, Beijing, Zurich, China

☆ China agreed to form global sovereign debt 'roundtable' -IMF chief
▼ + stars: | 2022-12-16 | by ( Andrea Shalal | ) www.reuters.com time to read: +2 min

WASHINGTON, Dec 15 (Reuters) - Chinese officials have agreed to form a global sovereign debt "roundtable" that would include a wide variety of stakeholders, including private sector creditors, International Monetary Fund chief Kristalina Georgieva said on Thursday. China has argued that private creditors and multilateral development banks should be required to accept debt "haircuts" to make the process fair. "We agreed that we should form a global sovereign debt roundtable at the highest level - the key creditors, some of the borrowers, the private sector - with the World Bank, the IMF and the G20 presidency being the co-conveners," she said. The proposed roundtable offered a structure to help improve the debt treatment process and avoid a systemic debt crisis, she said. Georgieva, World Bank President David Malpass and other financial leaders met in China's Anhui province last week with officials from the People's Bank of China, China's finance ministry and its EXIM Bank and China Development Bank.

☆ IMF chief Georgieva cites 'fruitful exchange' with China on debt issues
▼ + stars: | 2022-12-10 | by ( Andrea Shalal | ) www.reuters.com time to read: +2 min

WASHINGTON, Dec 9 (Reuters) - International Monetary Fund chief Kristlina Georgieva said she had a "fruitful exchange" with her Chinese counterparts this week on her repeated calls for accelerating debt treatments for countries like Zambia and Sri Lanka. Georgieva, World Bank President David Malpass and other financial leaders met in person in China's Anhui province this week with officials from the People's Bank of China, China's finance ministry and its EXIM Bank and China Development Bank. Georgieva said the discussions touched on the common framework for debt treatment set up in late 2020 by China, the United State and other Group of 20 major economies, as well as some specific cases of countries seeking debt relief. Implementation of the common framework process has been halting, with only one country, Chad, having completed the debt treatment process, and its agreement not resulting in any actual reductions of the country's debt. Georgieva said she saw "space for a platform for more systematic engagement on debt issues, where China can play an active role," but gave no further details.

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