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☆ China's hype video for its lunar base showed what looked like a NASA Space Shuttle lifting off, which it then realized and tried to fix
▼ + stars: | 2024-05-06 | by ( Matthew Loh | ) www.businessinsider.com time to read: +4 min

China's new teaser for its lunar base appeared to show a NASA Space Shuttle taking off. The Space Shuttle was later blurred out in a state media version of the CGI video. AdvertisementA new concept video showcasing China's planned lunar base appeared to feature a NASA Space Shuttle lifting off from the facility — a detail that was then omitted in a later broadcast of the clip. Related storiesIt's unclear if showing a Space Shuttle was intended by China's space administration, but the spacecraft using a Chinese base in 2045 would be nearly impossible. Beijing says it plans for its international lunar base to be built jointly by other countries as a collaborative effort.

Persons: —, CNSA, It's, Artemis Organizations: NASA Space Shuttle, Shuttle, Service, China National Space Administration, Research, American, NASA, Space, Orbiter, Getty, Orion Spacecraft, Elon, SpaceX, International Space, Space Shuttle, Business Insider Locations: China, Beijing

☆ China may have to brace for a new wave of bond defaults, S&P says
▼ + stars: | 2024-04-24 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +1 min

BEIJING — China's state-directed economy may be creating the conditions for a new wave of bond defaults that could come as soon as next year, according to an S&P Global Ratings report released Tuesday. It comes against a backdrop of extremely few defaults in China amid concerns about overall growth in the world's second-largest economy. China's corporate bond default rate fell to 0.2% in 2023, the lowest in at least 8 years and far below the global rate of about 2.6%, S&P data showed. "We've seen directives or guidance from the government in the past year to discourage defaults in the bond market." "The question is: When the guidance to avoid the defaults in the bond market [ends], what happens to the bond market?"

Persons: Charles Chang, that's, Chang, We've Organizations: Country Garden Holdings Co Locations: Phoenix, Heyuan, Guangdong province, China, BEIJING

☆ Dollar dips, yen draws support from Tokyo's jawboning
▼ + stars: | 2024-03-26 | by ( ) www.cnbc.com time to read: +3 min

The dollar was on the back foot on Tuesday, owing to profit taking and pressured in part by a slightly stronger yen as Japanese government officials continued with their jawboning to defend the currency. The dollar was on the back foot on Tuesday, owing to profit taking and pressured in part by a slightly stronger yen as Japanese government officials continued with their jawboning to defend the currency. "But it's even tougher for the (dollar) to weaken when other central banks were sounding more dovish than a dovish Fed." The dollar index was last 0.02% lower at 104.20, while the euro rose 0.03% to $1.0840. "While they say that the fundamentals don't justify the price, the market's telling them something else," said IG's Sycamore.

Persons: he's, Tony Sycamore, Thierry Wizman, Shunichi Suzuki Organizations: New Zealand, Federal, IG, FX, Macquarie, Fed, Japanese Finance, Bank of Japan's Locations: U.S, Japan, United States, Sycamore

☆ StanChart CEO Winters meets China FX regulator, launches investment banking unit
▼ + stars: | 2024-03-26 | by ( ) www.cnbc.com time to read: +2 min

Standard Chartered CEO Bill Winters met with the head of China's foreign exchange regulator on Monday, a month after the bank suspended new investments by its clients in the country into offshore products via a quota-based channel. "We have confidence in China's continued financial sector opening and economic transition," Winters said. "The inauguration of SCSCL will enhance Standard Chartered's ability to serve clients domestically and internationally, deepening and diversifying our capabilities in China". StanChart started hiring staff in China since 2023 as it geared up to launch the investment banking unit targeting niche bond deals, chairman of the unit said last year. Blackstone's Schwarzman held a meeting on Monday with the chief secretary of Communist Party of China, Cai Qi, a statement from China's Ministry of Foreign Affairs shows.

Persons: Bill Winters, Winters, Zhu Hexin, StanChart, Zhu, China's, StanChart's Winters, Noel Quinn, Blackstone's Schwarzman, Cai Qi, Cai Organizations: China's, Administration of Foreign Exchange, SAFE, Standard Chartered Securities China, China Development, Communist Party of China, China's Ministry of Foreign Affairs Locations: London, China, U.S, Los Angeles

☆ Analysis-As China's Xi Summons 'New Productive Forces', Old Questions Linger for Economy
▼ + stars: | 2024-03-05 | by ( March | At P.M. | ) www.usnews.com time to read: +5 min

By James Pomfret, Kevin Yao and Ellen ZhangHONG KONG/BEIJING (Reuters) - Facing its deepest economic challenges in years, China's leadership has tasked ministries and local governments with implementing a new mantra from President Xi Jinping: unleash "new productive forces". Beijing hopes the “new productive forces” campaign will strengthen China at a time when geopolitical pressures including steps by the United States to “decouple” or “de-risk” have curtailed access to foreign technology. "To support innovation, we should give people more freedom to think and talk, because many innovations result from the collision of ideas. The new mantra was also taken up by China's state planning agency, the National Development and Reform Commission. Its annual report on Tuesday pledged support for industries including satellite internet applications, China's BeiDou Navigation Satellite System, and research into nuclear fusion.

Persons: James Pomfret, Kevin Yao, Ellen Zhang HONG, Xi Jinping, Li Qiang, Xi’s, Xi, Tianchen Xu, Li, Steve Tsang, Ellen Zhang, Nick Macfie Organizations: Communist Party, Party, Reuters, Economist Intelligence Unit, SOAS China Institute, National Development, Reform Commission Locations: Ellen Zhang HONG KONG, BEIJING, China, China’s, Beijing, United States, London, Pearl

☆ China unveiled new dragon-themed drillers that it hopes will build the world's 'longest undersea high-speed railway tunnel'
▼ + stars: | 2024-02-27 | by ( Matthew Loh | ) www.businessinsider.com time to read: +1 min

China just showed off its second dragon-themed tunneller, which it said will drill an undersea railway. It's touted by China as the world's longest undersea high-speed railway tunnel. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementChina's state-run railway giant on Monday revealed the second of its dragon-themed tunnel-boring machines for what it says is the longest undersea rail channel in the world. The Yongzhou machine, unveiled at China Railway Construction's Changsha facility, was given a "Dragon of Fortune" paint coat to commemorate the Year of the Dragon, per state media The People's Daily.

Persons: — Organizations: Service, China, Business Locations: China, Japan, Changsha

BANGKOK (AP) — Shares were mixed Tuesday in Asia, where Chinese stocks surged after a government investment fund said it would step up stock purchases and a report said leader Xi Jinping was set to meet with officials to discuss the markets. The fund periodically steps up buying of shares in big state-owned banks and other companies to counter heavy selling pressure in the Chinese markets. On Monday, benchmarks in Shanghai and the smaller market in Shenzhen bounced between small gains and big losses, while share prices of state-run banks and other big companies rose. The Fed has yanked the federal funds rate to its highest level since 2001 to bring down high inflation. But there's also an upside for stocks from the U.S. economy's blasting through worries about a possible recession.

Persons: Xi Jinping, Xi, Hong, Seng, Australia's, India's, Jerome Powell, there's Organizations: Bloomberg, CSI, Central Huijin Investment, Nikkei, Dow Jones, Nasdaq, Federal Reserve, Institute for Supply, New York Mercantile Exchange, Brent Locations: BANGKOK, Asia, Shanghai, Shenzhen, South Korea, Bangkok

☆ China rolls out fresh property relief measures to stem the fallout from Evergrande's meltdown
▼ + stars: | 2024-01-31 | by ( Yuheng Zhan | ) www.businessinsider.com time to read: +3 min

Officials in China are boosting property sector relief measures to blunt the impact of Evergrande's collapse. The new measures are part of a wider series of economy-boosting initiatives, especially in the real estate sector, which constitutes one-quarter of the country's economy. The crisis in the property sector stems from huge debt and overbuilding in the last decade, which has resulted in a liquidity crisis for many property developers, including Evergrande. The company's troubles sent country's property sector into a tailspin starting in 2022 when it defaulted on some of its offshore bonds. China is moving mountains to hold the real estate sector's crisis from pouring into other sectors.

Persons: — Organizations: Service, Beijing, China's Ministry of Housing, China Mingsheng Banking Corp, China Securities Journal, Guangzhou, Reuters, Bloomberg Locations: China, Hong Kong, Nanning, Guangxi, Chongqing, Suzhou, Shanghai, restructurings

☆ A local government in China faked signatures on nearly 2,000 traffic tickets amid a $10 trillion debt time bomb
▼ + stars: | 2024-01-26 | by ( Huileng Tan | ) www.businessinsider.com time to read: +2 min

A local government in China faked signatures and fingerprints in nearly 2,000 traffic tickets last year. AdvertisementA local government in northern China was busted for faking signatures on nearly 2,000 traffic tickets, China's State Council, the country's cabinet, announced on January 19. In total, the bureau faked signatures and fingerprints on 1,964 of the 2,099 traffic tickets it issued last year, according to the State Council statement. China's State Council did not state the motivations behind She County's forgery. The incidents come as China's cash-strapped local governments have nearly nearly $10 trillion in so-called local government financing vehicle, or LGFV, debt.

Persons: Cash, —, Xu, didn't Organizations: Provincial, Service, Council, Authorities, State, Bloomberg Locations: China, Hebei, Hebei province, Shanghai, Beijing

☆ Tesla recalls more than 1.6 million cars in China over problems with Autopilot, locks
▼ + stars: | 2024-01-05 | by ( Ashley Capoot | In | ) www.cnbc.com time to read: +2 min

Aerial view of Tesla vehicles waiting to be loaded on board a roll-on-roll-off cargo vessel at Nangang port on September 6, 2023 in Shanghai, China. Tesla is recalling more than 1.6 million cars in China to fix problems with Autopilot features and locks, state regulators announced Friday. Both issues can be repaired through a free over-the-air software update, so drivers do not have to take their vehicles anywhere, regulators said. Additionally, more than 7,500 Model S and Model X cars were recalled over concerns that, during a crash, the noncollision side door will unlock. The safety regulators recalled around 2 million Tesla cars after determining that some of the company's Autopilot features were confusing and too easy to misuse.

Persons: Tesla, Tesla's Organizations: Administration, Market, Traffic Safety Administration, NHTSA, CNBC PRO Locations: Shanghai, China, China's, U.S

☆ Anhui Jianghuai Automobile says Nio unit, state-owned firm win bid for assets
▼ + stars: | 2023-12-05 | by ( ) www.reuters.com time to read: +2 min

Super chargers of Chinese electric vehicle (EV) maker Nio are placed at a delivery center of the company, in Nanxiang, Shanghai, China March 23, 2023. REUTERS/Aly Song/File Photo Acquire Licensing RightsSHANGHAI/BEIJING, Dec 5 (Reuters) - Anhui Jianghuai Automobile (600418.SS) (JAC) said on Tuesday that electric vehicle maker Nio's (9866.HK) Anhui unit and a state-owned company of China's Hefei government won a bid for its assets worth a combined 4.58 billion yuan ($641.2 million). In October, JAC put up for sale the assets at the two plants, known as F1 plant and F2 plant where Nio has been producing its EVs. Regulators allowed Nio to produce and sell EVs in China via the collaboration with JAC in 2018 through which Nio paid JAC commission fees on each car it produced. Nio ranked ninth in terms of sales of EVs and plug-in hybrids in the first 10 months in China with 126,067 units, according to data from China Passenger Car Association.

Persons: Nio, Aly, JAC, Hengchuang, Zhang Yan, Brenda Goh, Jacqueline Wong Organizations: REUTERS, Rights, Anhui Jianghuai Automobile, Technology, Regulators, China Passenger Car Association, Thomson Locations: Nanxiang, Shanghai, China, Rights SHANGHAI, BEIJING, Anhui, HK, Hefei, Beijing

☆ China's state banks seen swapping and selling dollars for yuan - sources
▼ + stars: | 2023-12-05 | by ( ) www.reuters.com time to read: +1 min

U.S. Dollar and Chinese Yuan banknotes are seen in this illustration taken January 30, 2023. REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing RightsSHANGHAI, Dec 5 (Reuters) - China's major state-owned banks were seen swapping yuan for U.S. dollars in the onshore swap market and selling those dollars in the spot market to support the yuan on Tuesday, two sources with knowledge of the matter said. The state bank actions come at a time the Chinese yuan strengthened 2.55% to the dollar in November for the best month this year. Chinese state banks often act on behalf of the country's central bank in the foreign exchange market, but they would also trade on their own behalf. Big banks were spotted doing a similar trade late last month, helping the yuan's recovery against a broadly weaker U.S. dollar, Reuters reported.

Persons: Dado Ruvic, Tom Westbrook, Jacqueline Wong Organizations: REUTERS, Rights, Reuters, Shanghai, Thomson

LAUNCESTON, Australia, Dec 4 (Reuters) - The two main spot prices for iron ore diverged last week, with Singapore-traded contracts gaining but China's domestic futures posting a decline. The exchange said on Nov. 30 that it will continue to strengthen its supervision of iron ore futures to maintain what it termed the safe and stable operation of the market. But despite the travails of the property sector, China's iron ore imports have been relatively robust so far in 2023. In the same week last year iron ore stockpiles were 137.5 million metric tons and were 155.4 million in the same week on 2021. History suggests that the authorities can cool iron ore prices, but only for a relatively short period, especially if the market conditions are supportive for stronger prices.

Persons: Sonali Paul Organizations: Singapore Exchange, Dalian Commodity Exchange, National Development, Reform, it's, Reuters, Thomson Locations: LAUNCESTON, Australia, Singapore, Beijing, Dalian

China has decommissioned 70.45 gigawatts (GW) of coal-fired plants in the last decade, and is building far more renewable energy capacity than any other country. Coal power makes up about 70% of emissions in China, which has committed to being carbon neutral by 2060. After 2025, it is unclear whether China will approve new coal plants. But like many cities in China's coal country, coal revenues and jobs are an incentive to keep building. Several workers in Yulin expressed little doubt about whether new coal plants make economic and environmental sense.

Persons: Li, Gao Yuhe, Xu Mingjun, China's, Xie Zhenhua, Yuheng, Duan, Colleen Howe, Ella Cao, David Stanway, Tony Munroe, Gerry Doyle Organizations: Reuters, Greenpeace, Shenhua Energy, Global Energy Monitor, Development and Research Center, Shaanxi Yulin Energy, Shaanxi Daily, Thomson Locations: YULIN, China, Yulin, Yangquan, Shanxi, Dubai, Ukraine, Canada, Shaanxi, China's, Beijing, Singapore

☆ China reports no 'unusual or novel pathogens' after WHO seeks data on respiratory illness outbreak
▼ + stars: | 2023-11-24 | by ( Karen Gilchrist | ) www.cnbc.com time to read: +2 min

Chinese authorities reportedly called for vigilance Friday as a spike in respiratory illness continues to pile pressure on health care facilities in the north of the country, despite assurances that no "unusual or novel pathogens" have been detected. The World Health Organization said Thursday that Beijing had responded to its request for data following reports of "clusters of undiagnosed pneumonia in children's hospitals in Beijing, Liaoning and other places in China." Chinese health authorities said no changes in disease presentation had been reported, according to the WHO. China has been facing a surge in respiratory infections such as influenza and clusters of pneumonia among children, with hospitals particularly in northern China reporting that they are "overwhelmed" with patients. It said that local authorities should "strengthen information reporting on infectious diseases to ensure information is reported in a timely and accurate manner."

Organizations: World Health Organization, WHO, China's, Reuters Locations: Beijing, Liaoning, China

SAN JOSE, California (AP) — Computer chip and software maker Broadcom has announced it has cleared all regulatory hurdles and plans to complete its $69 billion acquisition of cloud technology company VMware on Wednesday. The company, based in San Jose, California, announced it planned to move ahead with the deal after China joined the list of countries that had given a go-ahead for the acquisition. Broadcom is paying $61 billion in cash and stock for VMware and taking on $8 billion of its debt, making this one of the biggest technology deals ever. The European Commission, the EU’s executive arm and top antitrust enforcer, cleared the deal after Broadcom made concessions to address its concerns about competition. VMware, which is based in Palo Alto, California, has close relations with every major cloud company and provider, including Amazon, Google and Microsoft.

Persons: Hock Tan, Tan Organizations: JOSE, Broadcom, VMware, Microsoft, Activision, Administration of, European Commission, Amazon, Google, European Union, Symantec, CA Technologies, VMWare Locations: California, San Jose , California, China, Europe, Palo Alto , California, Australia, Brazil, Canada, Israel, Japan, South Africa, South Korea, Taiwan, United Kingdom

☆ Exclusive: China's state banks seen swapping and selling dollars for yuan
▼ + stars: | 2023-11-21 | by ( ) www.reuters.com time to read: +3 min

Chinese Yuan and U.S. dollar banknotes are seen in this illustration taken March 10, 2023. REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing RightsSHANGHAI, Nov 21 (Reuters) - China's major state-owned banks were seen exchanging yuan for U.S. dollars in the onshore swap market and selling those dollars in spot currency markets this week, two sources told Reuters on Tuesday. Some market participants said state banks might be trying to speed the yuan's gains and spur exporters to convert more of their FX receipts into yuan. The selling of dollars by state banks caused the onshore spot yuan to briefly touch 7.1296 per dollar, firmer than its daily official guidance for the first time in four months. To me, it looks like they are doing preparatory work ahead of a policy rate cut," said Kiyong Seong, lead Asia macro strategist at Societe Generale.

Persons: Yuan, Dado Ruvic, Kiyong Seong, Zhi Xiaojia, Zhi, Simon Cameron, Moore, Clarence Fernandez Organizations: REUTERS, Rights, Reuters, Federal, People's Bank of China, Societe Generale, Credit Agricole, Shanghai, Thomson Locations: Asia, China, United States

☆ China's not-so-special economic zone embodies a harsh new reality
▼ + stars: | 2023-11-16 | by ( David Kirton | ) www.reuters.com time to read: +9 min

REUTERS/David Kirton Acquire Licensing RightsSHENZHEN, China, Nov 16 (Reuters) - Tony Xiong is among the latest arrivals to the glitzy office towers in the newest part of Shenzhen, built to showcase China's economic miracle. Office workers are not the only ones grumbling about the unattractiveness of Qianhai, a special economic zone where Chinese dreams of global financial might and economic prosperity that once seemed inevitable are now darkened by half-empty skyscrapers and shopping malls as well as barely used motorways. And that's before China's tallest skyscraper of over 1,000 metres and a cluster of other towers are completed. With China entering a new era of sluggish growth, Qianhai may never reach the international status to which it aspires. The Qianhai Authority and China's State Council Information Office did not respond to Reuters requests for comment on the local and macro economic challenges.

Persons: David Kirton, Tony Xiong, Qianhai, Knight Frank, Antonio Fatas, Deng Xiaoping's, Xi Jinping, Xi, Zhiwu Chen, incentivised, Witman Hung, I've, Brian Miller, Klaus Zenkel, it's, Bill Deng, Zhang, James Pomfret, Marius Zaharia, David Crawshaw Organizations: REUTERS, Rights, Reuters, Authority, Communist Party, University of Hong, Qianhai Authority, HSBC, UBS, Standard Chartered, Chamber of Commerce, Greater, Thomson Locations: Shenzhen, Guangdong province, China, Rights SHENZHEN, Hong Kong, Beijing, Shanghai, China's, Qianhai, University of Hong Kong, Guangzhou, Hengqin, Macau, Nansha, South China, Greater Bay Area, . Hong Kong

SAN FRANCISCO (AP) — Chinese President Xi Jinping, fresh off his meeting with President Joe Biden, courted Indo-Pacific leaders in a flurry of meetings Thursday at a time of intensifying competition with the United States. Xi held individual talks with the leaders of Mexico, Peru, Fiji, Japan and Brunei, all on the sidelines of a summit of Asia-Pacific Economic Cooperation economies. In a meeting with Peruvian President Dina Boluarte, Xi said the two countries should strengthen economic and trade cooperation and pledged China’s support for Peru as host of next year’s summit of APEC leaders. Earlier, Xi held talks with Andrés Manuel López Obrador, praising the Mexican president for his leadership and reform efforts and pledging to bring the China-Mexico relationship to a new level. Xi called Hassanal Bolkiah, Brunei’s sultan, an “old friend” and said China would work with Brunei to bring benefits to both people.

Persons: Xi Jinping, Joe Biden, Xi, Dina Boluarte, Andrés Manuel López Obrador, López Obrador, —, Hurricane Otis, “, ” Xi, Sitiveni Rabuka, ”, Fumio Kishida, Kishida, Biden Organizations: FRANCISCO, Economic Cooperation, APEC, U.S, Fiji's, Japanese Locations: United States, Mexico, Peru, Fiji, Japan, Brunei, Asia, China, American, Latin America, Beijing, Brunei’s

☆ BAIC unit applies for approval to build Xiaomi-branded EVs in China
▼ + stars: | 2023-11-15 | by ( ) www.reuters.com time to read: +3 min

People clean the floor at the stall of the BAIC Group automobile maker at the IEEV New Energy Vehicles Exhibition in Beijing, China October 18, 2018. REUTERS/Thomas Peter/File Photo Acquire Licensing RightsBEIJING, Nov 15 (Reuters) - A unit of Beijing-based automaker BAIC Group <1958.HK> has applied to regulators for approval to build two Xiaomi-branded <1810.HK> electric vehicles (EVs), China's industry ministry website showed on Wednesday. The filing indicates that BAIC will be the manufacturer for these two models, even though Xiaomi has built a plant that can produce 200,000 EVs annually in Beijing. The new EVs will be built at a site that is the same address as the Xiaomi plant, China Business News reported. Both BAIC and Xiaomi did not immediately respond to requests for comment on the EV applications.

Persons: Thomas Peter, Xiaomi, ORV, Max, Lu Weibing, Qiaoyi Li, Zhang Yan, Brenda Goh, Mo Yelin, Muralikumar Anantharaman, Kim Coghill Organizations: BAIC Group, New Energy Vehicles Exhibition, REUTERS, Rights, BAIC, HK, CATL's, Ministry of Industry, China Business News, STAR, Reuters, Tesla Inc, Lucid, Thomson Locations: Beijing, China, Rights BEIJING, Shanghai

☆ Beijing Bishop Visits Hong Kong Amid Tensions Between China and Vatican
▼ + stars: | 2023-11-14 | by ( Nov. | At A.M. | ) www.usnews.com time to read: +2 min

By Jessie Pang and Joyce ZhouHONG KONG (Reuters) - China's state-backed Bishop of Beijing visited Hong Kong on Tuesday amid fears among some Catholics that Beijing wants tighter control over religious affairs in Hong Kong. The visit is the first trip by a mainland Chinese bishop since the former British colony was returned to China in 1997 and follows a landmark visit to the Chinese capital by his Hong Kong counterpart in April. Hong Kong has traditionally been seen as a regional Catholic hub on the edge of the Chinese mainland under officially-atheist Communist Party rule. Hong Kong has 600,000 Catholics. Tensions between Beijing and the Vatican over the appointment of bishops saw a confidential pact struck in 2018.

Persons: Jessie Pang, Joyce Zhou HONG, Bishop, Pope, Bishop Joseph Li, Li, of Hong Kong Stephen Chow, Chow, Cardinal Joseph Zen, Zen, Tyrone Siu, Joyce Zhou, Michael Perry Organizations: Reuters, Hong, Hong Kong Catholic Cathedral, Hong Kong Liaison Office, Communist Party Locations: Joyce Zhou HONG KONG, Beijing, Hong Kong, China, of Hong Kong, Vatican, China . Hong Kong, Asia

The capacity payments will be calculated based on fixed costs of 330 yuan ($45.25) per kilowatt per year for coal plants. Analysts said the move was important to ensure the financial viability of seldom-utilised, backup coal power, which is used for demand peaks or when renewable power generation is insufficient. However, observers also cautioned that the policy could risk entrenching inefficient coal power in China's energy system, despite its rapid expansion of renewable power generation capacity. "Capacity-based electricity pricing for coal power will further incentivise state-owned enterprises in China to build new coal power projects in the short term. Capacity payments should be for all power producers, not only for coal power," said Zhang Kai, deputy program director for Greenpeace East Asia in Beijing.

Persons: David Fishman, Xuewan Chen, Group's Fishman, Zhang Kai, Colleen Howe, Andrew Hayley, Edmund Klamann, Muralikumar Anantharaman, Kim Coghill Organizations: National Development, Reform Commission, Reuters, Analysts, Lantau, LSEG, Jinneng Holding, Power Co, Centre for Research, Energy, Clean, Greenpeace East, Thomson Locations: BEIJING, China, Shanghai, Beijing, Shanxi, Jiangxi Ganneng, Hunan, Greenpeace East Asia

SAN FRANCISCO, Nov 10 (Reuters) - U.S. Treasury Secretary Janet Yellen said on Friday that she agreed with Chinese Vice Premier He Lifeng to "intensify communication" on economic issues but warned him to crack down on Chinese companies that give material support to Russia for its war in Ukraine. "During our discussions, we agreed that in-depth and frank discussions matter, particularly when we disagree," Yellen said. "And I emphasized that the current uncertain global landscape makes it particularly crucial that we maintain resilient lines of communication going forward." "We would like to see China crack down on this, especially when we're able to provide information," Yellen said. Discussing the Israel-Hamas war, Yellen spoke of the need "to prevent escalation and expansion of the conflict in the Middle East," the Treasury said in a statement.

Persons: Janet Yellen, Lifeng, Yellen, Joe Biden, Xi Jinping, Carlos Barria, Donald Trump's, Liao Min, Liao, Eric Beech, David Lawder, Ann Saphir, Andrea Shalal, David Ljunggren, Chizu Nomiyama, Andrea Ricci, Grant McCool, Christian Schmollinger, Simon Cameron, Moore Organizations: FRANCISCO, . Treasury, Economic Cooperation, Communist Party, Treasury, U.S, APEC, REUTERS, Industrial, Commercial Bank of, Finance, Ministry of Finance, Fund, Thomson Locations: Russia, Ukraine, San Francisco, Asia, China, RUSSIA, Israel, U.S, San Francisco , California, Commercial Bank of China, Washington, Beijing, United States

☆ Morning Bid: Range-bound markets awaits Powell - again
▼ + stars: | 2023-11-09 | by ( ) www.reuters.com time to read: +3 min

Federal Reserve Board Chair Jerome Powell answers a question during a press conference following a two-day meeting of the Federal Open Market Committee on interest rate policy in Washington, U.S., November 1, 2023. At a separate event on Wednesday, European Central Bank chief economist Philip Lane said his bank needs to see further progress in dampening inflationary pressure, and companies along with governments need to chip in to prevent more policy tightening. "A decrease in the policy rate is not something that is likely to happen in the short term," he said. The approval paves the way for a powerful rival to blockbuster drug Wegovy in addressing record obesity rates. Ping An subsequently said in a statement to Reuters it had "not been asked by (the) Government to take over Country Garden".

Persons: Jerome Powell, Kevin Lamarque, Ankur Banerjee, Powell, Philip Lane, Patrick Harker, Huw Pill, Eli Lilly's, Ping, Merck KGaA, BOE, Christopher Cushing Organizations: Federal, Committee, REUTERS, Ankur, U.S, European Central Bank, . Federal Reserve Bank of Philadelphia, Bank of England, Investors, Novo Nordisk, Reuters, Ping An Insurance, Government, HK, AstraZeneca, Merck, Deutsche Telekom Speakers, Thomson Locations: Washington , U.S, Asia, Guangdong, Ping, Singapore

☆ Exclusive: China authorities ask Ping An to take controlling stake in Country Garden, sources say
▼ + stars: | 2023-11-08 | by ( ) www.reuters.com time to read: +6 min

Ping An has "not been asked by (the) Government to takeover Country Garden. Country Garden declined to comment. Country Garden shares were up 4% in afternoon trade. The insurer had as of Aug. 11 a 4.99% stake in Country Garden, according to Hong Kong stock exchange data. Country Garden had total liabilities of 1.4 trillion yuan ($190 billion) at the end of June.

Persons: Damir Sagolj, Ping, Li Qiang, Ping An, Ma Mingzhe, Ma, Peter, Yang Huiyan, Yang, Anne Marie Roantree, Antoni Slodkowski, Don Durfee, Edwina Gibbs Organizations: Ping An Insurance, Global Mobile Internet Conference, National Convention Center, REUTERS, Ping An Insurance Group, HK, Council, Ping An, Reuters, Government, China, Information, Country Garden, People's Bank of China, Financial Regulatory Administration, Shenzhen Metro, Peking University Founder, Thomson Locations: Beijing, China, China's, Guangdong province, Guangdong, Hong Kong, GUANGDONG, Shenzhen, Ping An

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