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☆ China's richest man is under fire over conspiracy theories that say he's secretly promoting Japan
▼ + stars: | 2024-03-15 | by ( Matthew Loh | ) www.businessinsider.com time to read: +6 min

China's richest man is being targeted by nationalists who say he's not patriotic enough. AdvertisementZhong Shanshan, the richest man in China, has been beset this month by accusations from an online nationalist crowd that he isn't loyal enough to his country. Some think Nongfu Spring loves JapanThe hostility escalated this week into claims that Nongfu Spring was intentionally planting elements of Japanese culture into its product marketing. CFOTO/Future Publishing via Getty Images and Jinhee Lee/NurPhoto via Getty ImagesAnother complaint accused Nongfu Spring of using a red bottle cap that resembles the Japanese flag. China's nationalist groups have been notorious for turning on typically celebrated figures and businessmen.

Persons: Zhong Shanshan, Zong Qinghou, —, Zhong, he's, Zong, Zhong Shuzi, Jinhee Lee, NurPhoto, Mr Zong, Hu Xijin, shouldn't, Hu, Li Guoqing, Li, Zong Fuli, Mo Yan Organizations: Service, Nongfu, Hong, Hangzhou Wahaha, Hangzhou Wahaha Group, Getty Images, Weibo, Mount, Publishing, Getty, Global Times, The Global Times, Rongsheng Petrochemical, China Newsweek, China News Service, Business Locations: Japan, China, Hong Kong, Hangzhou, Zhejiang Province, American, Tokyo, Mount Fuji

☆ Fidelity raises $700 mln in its first bond mutual fund in China
▼ + stars: | 2023-11-23 | by ( ) www.reuters.com time to read: +3 min

SHANGHAI/SINGAPORE, Nov 23 (Reuters) - Fidelity International has garnered 5 billion yuan ($700 million) from investors for its first fixed income mutual fund in China, deepening the asset manager's involvement in the $3.8 trillion mutual fund market. The bond fund - Fidelity's second mutual fund product in China - raised the sum mainly from institutional investors in a three-week, shortened subscription period, the money manager said. China's mutual fund industry is crowded with over 150 players, including foreign ones such as BlackRock (BLK.N), Schroders (SDR.L) and JPMorgan Asset Management. "The fundraising size is rather encouraging," due to tough competition in the local market and Fidelity's limited track record in China, said Huang, who heads Fidelity International's two-year-old China mutual fund unit. Fidelity International was formerly the international investment arm of Boston-based Fidelity Investments before being spun off.

Persons: Helen Huang, Huang, Neuberger Berman, ASIFMA, Li Gu, Samuel Shen, Tom Westbrook, Muralikumar Organizations: Fidelity International, Reuters, Fidelity, JPMorgan Asset Management, Fidelity Investments, Regulators, China Securities Regulatory Commission, Thomson Locations: SHANGHAI, SINGAPORE, China, BlackRock, Boston, Beijing, Shanghai, Singapore

☆ China leaves benchmark lending rates unchanged as expected
▼ + stars: | 2023-10-20 | by ( ) www.reuters.com time to read: +3 min

A woman walks past the headquarters of the People's Bank of China (PBOC), the central bank, in Beijing, China September 28, 2018. REUTERS/Jason Lee/File Photo Acquire Licensing RightsSHANGHAI/SINGAPORE, Oct 20 (Reuters) - China kept its benchmark lending rates unchanged at the monthly fixing on Friday, matching market expectations, as a set of economic data suggested the economy is stabilising and a weaker yuan constrained further monetary easing. The one-year loan prime rate (LPR) was kept at 3.45%, while 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. China cut the one-year benchmark lending rate in August but surprised markets by keeping the five-year rate unchanged.

Persons: Jason Lee, Li Gu, Tom Westbrook, Edmund Klamann, Jacqueline Wong Organizations: People's Bank of China, REUTERS, Rights, TD Securities, Barclays, Thomson Locations: Beijing, China, Rights SHANGHAI, SINGAPORE

REUTERS/Thomas Peter/File Photo Acquire Licensing RightsHONG KONG/SHANGHAI, Oct 17 (Reuters) - China's Gemdale (600383.SS) saw its stocks and bonds plunge on Tuesday after the resignation of its chairman, as investors took no chances amid the debt crisis in the key real estate sector. However, investors concerned about the broader debt problems in China's property sector sold off the stock, which dropped by the daily 10% limit in afternoon trading in Shanghai. Gemdale has a total debt of 21.1 billion yuan ($2.88 billion) in the form of bonds due by the end of 2024, according to LSEG data. It ranked as China's 8th largest developer last year, according to private research firm China Real Estate Information Corp. It had sales of 221.8 billion yuan ($30.3 billion) last year and its financial fundamentals were stable, the company said in its annual report published in April.

Persons: Thomas Peter, Ling Ke, Gemdale, Huang Juncan, Ting Meng, Xie Yu, Li Gu, Edwina Gibbs, Miral Organizations: REUTERS, ANZ Bank China, Estate Information Corp, Thomson Locations: Beijing, China, HONG KONG, SHANGHAI, Shanghai, Hong Kong

☆ Take Five: Doves versus hawks
▼ + stars: | 2023-09-08 | by ( ) www.reuters.com time to read: +5 min

Key UK jobs data and a G20 summit, marked by the absence of China's Xi Jinping, are also in focus. The doves urge caution; the most hawkish hawks say a pause is not a done deal, but haven't explicitly called for a hike either. Wednesday's August U.S. inflation data, followed by producer price and retail sales numbers a day later, are the next test. Next up are consumer and factory price data this weekend, with industrial output and retail sales out on the 15th. The unemployment rate has been edging above last year's 48-year low, indicating some softening in the jobs market, while basic earnings are rising at record pace.

Persons: Andrew Kelly, China's Xi, Ira Iosebashvili, Kevin Buckland, Li Gu, Amanda Cooper, Ahmad Ghaddar, haven't, Goldman Sachs, Xi Jinping, He's, BoE Governor Andrew Bailey, BoE, RUSH Brent, Dhara, Philippa Fletcher Organizations: Financial, of, REUTERS, European Central Bank, United States, Key, Yoruk Bahceli, ECB, Reuters, Huawei, SMIC, West, Bank of England, Thomson Locations: of Manhattan , New York City, U.S, Yoruk, Amsterdam, New York, Tokyo, Shanghai, London, China, United States, Washington, Beijing, India, Britain, Saudi Arabia, Russia, Iran, Venezuela, Libya

☆ Factbox: How China is trying to boost its stock market
▼ + stars: | 2023-09-04 | by ( ) www.reuters.com time to read: +4 min

REUTERS/Aly Song/File Photo Acquire Licensing RightsSept 4 (Reuters) - China is launching a campaign to revive its lagging stock market, and boost investor confidence in an ailing economy. A slew of measures announced include reducing trading costs, slowing the pace of initial public offerings (IPOs), encouraging margin financing and protecting small investors. IMPROVING BEIJING STOCK EXCHANGE:China Securities Regulatory Commission (CSRC) aims to boost liquidity in the market by relaxing investor thresholds and improving trading mechanisms. It will seek to reform and invigorate the market, focusing on funding innovative small companies that specialise in niche sectors. TRANSACTION COSTS:The stamp duty on stock trading was halved on Aug 28, the finance ministry announced.

Persons: Aly, Li Gu, Jason Xue, Tom Westbrook, Simon Cameron, Moore, Lincoln Organizations: Shanghai Stock Exchange, REUTERS, Beijing Stock Exchange, China Securities Regulatory Commission, Thomson Locations: Pudong, Shanghai, China, BEIJING, Singapore

An unprecedented liquidity crisis in China's vast property sector is a major risk to a sputtering post-COVID recovery in the world's second-biggest economy, which has rattled global markets. Country Garden debt payment extension buys time for China's largest private developer to avoid default, and is good news for financial markets and the Chinese government, which has announced a raft of measures to support the property sector. In Friday's vote, 56.08% of participating Country Garden onshore creditors approved the extension, 43.64% opposed and 0.28% abstained, an official document shared with bondholders showed. Country Garden did not immediately respond to a request for comment. A default by Country Garden would have exacerbated the real estate crisis and put more strain on its onshore lenders.

Persons: spiralled, Junan, Zhou Hao, Moody's, Xie Yu, Kevin Huang, Li Gu, Sumeet Chatterjee, William Mallard Organizations: Reuters, HK, China Evergrande, Thomson Locations: HONG KONG, Beijing, China, Caa1, Hong Kong, Shanghai

HONG KONG/BEJING, Sept 2 (Reuters) - Country Garden (2007.HK) has won approval from its creditors to extend payments for an onshore private bond, two sources said on Saturday, in a major relief for the embattled Chinese property developer as well as the crisis-hit property sector. Country Garden was seeking approval from its creditors to extend the maturity for a 3.9 billion yuan ($540 million) onshore private bond in a vote that ended on Friday night. China's largest private property developer had proposed to repay the debt in instalments over three years instead of meeting its obligations by Saturday. Country Garden did not immediately respond to a request for comment. A default by Country Garden would have exacerbated the country's real estate crisis, put more strain on its onshore lenders and further delayed the prospect of a recovery of the property market.

Persons: spiralled, Xie Yu, Kevin Huang, Li Gu, Sumeet Chatterjee, William Mallard Organizations: HK, Reuters, Thomson Locations: HONG KONG, Beijing, Hong Kong, Shanghai

☆ Some onshore creditors of Country Garden private bond receive interest payments
▼ + stars: | 2023-09-01 | by ( ) www.reuters.com time to read: +1 min

A view of the residential apartments in Country Garden's Forest City development in Johor Bahru, Malaysia August 16, 2023. REUTERS/Edgar Su/File Photo Acquire Licensing RightsHONG KONG, Sept 1 (Reuters) - Some onshore creditors of embattled Chinese property developer Country Garden's (2007.HK) private bond have received interest payments, sources told Reuters on Friday. The development comes after Country Garden on Thursday delayed a deadline for creditors to vote on whether to postpone payments for that onshore 3.9 billion yuan ($537 million) private bond until Friday 1400 GMT to give bondholders "sufficient time" to prepare for the vote. Country Garden did not immediately respond to request for comment. Reporting by Li Gu, Kevin Huang and Xie Yu; Editing by Alex RichardsonOur Standards: The Thomson Reuters Trust Principles.

Persons: Edgar Su, Li Gu, Kevin Huang, Xie Yu, Alex Richardson Organizations: REUTERS, HK, Reuters, Thomson Locations: Garden's, City, Johor Bahru, Malaysia, HONG KONG

Country Garden is China's largest private developer. Country Garden has been in talks with onshore creditors to extend payments on the private bond and has proposed to repay in instalments over three years instead of meeting its obligations by the deadline on Saturday. "Country Garden may be able to extend its debts, but it does not mean the company and property sector are out of the woods unless home sales rebound." On Wednesday, creditors holding 10.5% of the outstanding principal, added a new proposal where they can vote to immediately call the company in default. The company's extension plan for the onshore private bond calls for payments in seven instalments ending in September 2026.

Persons: Matthew Pestronk, Goldman Sachs, Moody's, Kaven Tsang, Gary Ng, Ng, Xie Yu, Clare Jim, Li Gu, Matt Tracy, Sumeet Chatterjee, Anne Marie Roantree, Jacqueline Wong, Kim Coghill, Susan Fenton Organizations: HK, Post, People's Bank of China, Thursday, Asia Pacific, Thomson Locations: China, HONG KONG, SHANGHAI, Beijing, Hong Kong, Philadelphia, Guangzhou, Shenzhen, Caa1, Asia, Shanghai

☆ Country Garden seeks to add 40-day grace period to onshore bond repayment
▼ + stars: | 2023-08-29 | by ( ) www.reuters.com time to read: +1 min

The company logo of Chinese developer Country Garden is pictured at the Shanghai Country Garden Center in Shanghai, China August 9, 2023. REUTERS/Aly Song/File Photo Acquire Licensing RightsBEIJING, Aug 29 (Reuters) - China's largest private property developer Country Garden Holdings (2007.HK) is seeking to add a 40-day grace period for the repayment of a 3.9 billion yuan ($535.3 million) private onshore bond due on Saturday, according to a document seen by Reuters. Country Garden did not immediately respond to a request for comment. In the document received by private bondholders on Tuesday, Country Garden added a new voting item of adding a grace period of 40 calendar days. A small bondholder, among those who vetoed the repayment extension plan last week, told Reuters he also planned to vote against the proposed new term.

Persons: Aly, Kevin Huang, Clare Jim, Li Gu, Jacqueline Wong, Edmund Klamann Organizations: Shanghai Country Garden, REUTERS, Rights, Garden Holdings, Reuters, Thomson Locations: Shanghai, China, Rights BEIJING, HK, Beijing, Hong Kong

☆ China halves stamp duty on stock trades to boost flagging market
▼ + stars: | 2023-08-27 | by ( ) www.reuters.com time to read: +2 min

An electronic board shows Shanghai and Shenzhen stock indexes, at the Lujiazui financial district, following the coronavirus disease (COVID-19) outbreak, in Shanghai, China October 25, 2022. REUTERS/Aly Song/File photo Acquire Licensing RightsBEIJING/SHANGHAI, Aug 27 (Reuters) - China halved the stamp duty on stock trading effective Monday in the latest attempt to boost the struggling market as a recovery sputters in the world's second-biggest economy. The finance ministry said in a brief statement on Sunday it was reducing the 0.1% duty on stock trades "in order to invigorate the capital market and boost investor confidence". Along with the finance ministry move, the China Securities Regulatory Commission (CSRC) is rolling out measures to shore up market confidence in investing in listed companies. China's leaders vowed late last month to reinvigorate the stock market - the world's second largest - which has been reeling as the post-pandemic recovery flags and a debt crisis in the property market deepens.

Persons: Aly, Xie Chen, CSRC, China's, Judy Hua, Joe Cash, Li Gu, William Mallard Organizations: REUTERS, Rights, Reuters, Shanghai Jianwen Investment Management, China Securities Regulatory Commission, Regulators, Ministry of Finance, State Council, Thomson Locations: Shanghai, Shenzhen, China, Rights BEIJING, SHANGHAI, Beijing

REUTERS/Aly Song/File Photo Acquire Licensing RightsHONG KONG/AMSTERDAM, Aug 24 (Reuters) - Global investors fleeing China have one simple message for the country's leadership: put prudence aside for a short while, and start spending big. "At this point there is confusion and, as long as there is confusion, then there's lack of credibility and that means investors are more likely to stay away," said Seema Shah, chief global strategist at Principal Global Investors in London. Prominent examples are heavy Chinese government spending during the 2008 Global Financial Crisis and its swift intervention during the 2015 market crash. But the subsidies need to come from local governments, many of which are cash-strapped or even drowning in debt and unable to pay their civil servants. The lack of concrete stimulus measures now is prompting many China watchers to downgrade their growth estimates for the next few years.

Persons: Aly, China's, Seema Shah, Chen Zhao, Zhao, hasn't, Frederik Ducrozet, Ducrozet, Principal's Shah, Yan Wang, Xi Jinping's, we’ve, Lorraine Tan, Dhara Ranasinghe, Davide Barbuscia, Yoruk, Xie Yu, Ankur Banerjee, Tom Westbrook, Li Gu, Vidya Ranganathan, Kim Coghill Organizations: REUTERS, Global, Global Investors, policymaking Politburo, Pictet Wealth Management, Local, UBS Bank, Federated Hermes, Foreigners, Asia, Morningstar, Thomson Locations: Huangpu, Shanghai, China, HONG KONG, AMSTERDAM, London, Beijing, Japan, United States, New York, Amsterdam, Hong Kong, Singapore

☆ Take Five: Summer at Jackson Hole
▼ + stars: | 2023-08-18 | by ( ) www.reuters.com time to read: +5 min

REUTERS/Jason Reed Acquire Licensing RightsLONDON, Aug 16 (Reuters) - It's summer camp season and not to be left out, U.S. rate setters and overseas pals gather in Jackson Hole, Wyoming, to talk central banking. U.S. Federal Reserve officials (plus friends from the ECB, BoE and BOJ) descend on Jackson Hole, Wyoming on Aug. 24-26 for their annual central bank confab. Inflation remains sticky in places and investors want to know how long it will take for central banks to switch to easing. European PMIs could provide a bigger signal on whether the European Central Bank will hike again in September and if the Bank of England opts for a big rate increase. Turkey's central bank is poised to raise rates on Thursday for the third time in a row since Hafize Gaye Erkan was appointed as governor in early June.

Persons: Jason Reed, Ira Iosebashvili, Li Gu, Yoruk, Rosario, Marc Jones, Rachel Savage, BoE, Jackson, Vladimir Putin, Hafize Gaye Erkan, Erkan, Tayyip Erdogan, Dhara Ranasinghe, Stephen Coates Organizations: U.S . Federal, REUTERS, U.S . Federal Reserve, ECB, Nvidia, CARE, HK, China, European Central Bank, Bank of England, West, Reuters, Thomson Locations: Washington, U.S, Jackson Hole , Wyoming, China, Ira, New York, Shanghai, Amsterdam, Jorgelina, London, Johannesburg, confab, CHINA, Beijing, United States, European, Brazil, Russia, India, South Africa, Saudi Arabia, Argentina, Egypt, Turkey

Yields on one-year real estate bonds rated AA- have widened 220 bps in the past month, data from Chinabond shows. That divergence reflects investors' expectations that Beijing will support LGFVs in order to minimise financial contagion, despite rising delinquencies among developers. Yields on LGFV bonds issued in August averaged around 3.9%, the lowest seen this year, according to data provider Dealing Matrix(DM). The chorus of economists calling for China to support LGFVs as part of measures to shore up the economy has grown. Chi Lo, Hong Kong-based senior economist at BNP Paribas Asset Management, said Beijing needs to refinance LGFV debt over the next three to five years to prevent the system from imploding.

Persons: Aly, Zhu Yangmo, LGFVs, Zhu, Chi Lo, Li Gu, Samuel Shen, Tom Westbrook, Vidya Ranganathan, Kim Coghill Organizations: REUTERS, Rights, China Central Depository, Asset Management, Garden Holdings, HK, China International Capital Corp, Tianjin Infrastructure Investment Group, AAA, China, Thomson Locations: Shanghai, China, Rights SHANGHAI, SINGAPORE, Hainan, Beijing, Tianjin, Hong Kong, imploding, Singapore

Xinhua/Shutterstock‘Absolutely safe’As heavy rains moved toward the region in late July, China’s top flood control officials met to hash out their response plan. The flood was caused by flood water discharge, not by heavy rainfall.”CNN has reached out to the Zhuozhou and Bazhou governments for comment. Rescuers use rubber boats to transfer Zhuozhou residents trapped by flood waters after days of downpours brought by Typhoon Doksuri on August 2. In the recent rains, at least three upstream reservoirs released flood waters into rivers flowing into Baiyingdian from the west and the south, according to state media. Many countries have systems that involve discharging pent up flood waters into otherwise dry land after major storms.

Persons: Xi Jinping, Xi’s, ”, It’s, Xiong’an, Jade Gao, Ni Yuefeng, downpours, Typhoon Doksuri, Zhai Jujia, Li Guoying, Hongzhang Xu, Xiao, Li Na, Zhu Xudong, it’s, Xiong’an –, Xu, Baiyangdian Lake, Kevin Frayer, “, Meili Feng, Simon Song, Deng Xiaoping, Jiang Zemin, Xu Kuangdi, Yi Haifei, Andrew Stokols Organizations: CNN, Xinhua, Getty, Censors, China News Service, China’s, Water, Australian National University, Authorities, China’s Ministry of Water Resources, Hebei Provincial Department of Water Resources, Geographical Sciences, University of Nottingham, Shanghai’s Pudong New, Chinese Academy of Sciences, Urban Computing Center Locations: Beijing, China, Hebei, Xiong’an’s, Xiong'an, Zhuozhou, AFP, Bazhou, Xiong’an, Tianjin, ”, Xinhua, Baiyingdian, Baiyangdian, Mississippi, University of Nottingham Ningbo, “, Hebei province, Shenzhen, Shanghai’s Pudong, Shanghai

☆ Reaction to China inflation data
▼ + stars: | 2023-08-09 | by ( ) www.reuters.com time to read: +5 min

Below are comments from analysts on the inflation data:XING ZHAOPENG, SENIOR CHINA STRATEGIST, ANZ, SHANGHAI"Both CPI and PPI in year-on-year terms fell into negative territory and confirmed economic deflation. "With destocking and credit expansion, we expect PPI and CPI will rebound from the bottom in the fourth quarter. The CPI deflation may put more pressure on the government to consider additional fiscal stimulus to mitigate the challenge." XIA CHUN, CHIEF ECONOMIST, YINTECH INVESTMENT HOLDINGS, HONG KONG"The lower inflation data reflects weak demand on the mainland, which is biggest challenge facing China's economy. It also shows China's slower-than-expected economic rebound is not strong enough to offer the weaker global demand and lift commodity prices."

Persons: XING ZHAOPENG, CHUAN, FRANCES CHEUNG, Rather, ZHIWEI ZHANG, MARCO SUN, XIA CHUN, GARY NG, Liangping Gao, Ellen Zhang, Winni Zhou, Samuel Shen, Li Gu, Sam Holmes Organizations: ANZ, CPI, PPI, OCBC, SHANGHAI, MUFG BANK, ASIA PACIFIC, Thomson Locations: BEIJING, CHINA, SHANGHAI, China, SINGAPORE, HONG KONG, Japan, Beijing, Shanghai, Hong Kong

☆ China chipmaker Hua Hong posts modest gains in Shanghai debut
▼ + stars: | 2023-08-07 | by ( ) www.reuters.com time to read: +2 min

SHANGHAI, Aug 7 (Reuters) - Hua Hong Semiconductor, China's second-largest chip foundry, posted modest gains in its Shanghai debut on Monday, reflecting a weak market sentiment and investor caution amid mounting Sino-U.S. chip rivalry. Hua Hong shares opened 13% higher on Shanghai's tech-focused STAR Market, but quickly faltered. The Shanghai Composite Index (.SSEC) was down 0.6%, while Hua Hong's Hong Kong-listed shares declined more than 7%. Randall said the money raised by Hua Hong is not huge in a capital-intensive industry, but shows chipmakers are broadening fundraising channels in addition to government backing. Hua Hong will use most of the proceeds to boost capacity at a facility in Wuxi, in eastern Jiangsu province, according to the company's prospectus.

Persons: Hua, Hua Hong, Joe Biden's, Stewart Randall, Randall, Li Gu, Brenda Goh, Mo Yelin, Muralikumar Anantharaman, Himani Organizations: Hua Hong Semiconductor, Hua Hong, Trump, Washington, Thomson Locations: SHANGHAI, Shanghai, U.S, Hong Kong, Beijing, Washington . U.S, China, Wuxi, Jiangsu

☆ Chinese companies rush for hedging as market volatilities spike
▼ + stars: | 2023-07-05 | by ( ) www.reuters.com time to read: +2 min

SHANGHAI, July 5 (Reuters) - Chinese listed firms are embracing hedging at a record pace, according to consultancy data, as market volatility rises and China grows its derivative market. Forex hedging is popular among Chinese companies, according to D-Union, as regulators allow market forces to play a bigger role in deciding the yuan's value. Companies including Semiconductor Manufacturing Electronics (Shaoxing) Corp (688469.SS) and liquor giant Luzhou Laojiao Co Ltd (000568.SZ) announced plans in the second quarter to hedge against forex risks. Measures to develop China's derivative market also boosted interest in hedging, Ma said. Electronics, basic chemicals, and electrical equipment were among sectors that were most active in hedging during the second quarter, according to D-Union data.

Persons: Ma Weifeng, Ma, Li Gu, Samuel Shen, Tom Westbrook, Gerry Doyle Organizations: greenback, Semiconductor Manufacturing Electronics, Electronics, Sieyuan Electric Co Ltd, Thomson Locations: SHANGHAI, China, Shanghai, Shenzhen, Singapore

☆ China cuts medium-term loan rates as economy sputters, more easing expected
▼ + stars: | 2023-06-15 | by ( ) www.reuters.com time to read: +3 min

[1/2] 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. Activity data to be released later on Thursday morning was expected to point to further weakness. The cuts could also pave the way for reductions in China's benchmark lending rates when they are set next Tuesday. With 200 billion yuan ($27.93 billion) worth of MLF loans set to expire this month, Thursday's operation resulted in a net 37 billion yuan ($5.17 billion) of fresh fund injection into the banking system. The central bank also injected 2 billion yuan ($279.14 million) through seven-day reverse repos at 1.9%, it said in an online statement.

Persons: Tingshu Wang, skidding, Goldman Sachs, Li Gu, Tom Westbrook, Kim Coghill Organizations: People's Bank of China, REUTERS, BNP, Barclays, Thomson Locations: Beijing, China, SHANGHAI, SINGAPORE, outflows, Shanghai, Singapore

☆ As climate change hits, China weighs new water megaprojects
▼ + stars: | 2023-06-13 | by ( David Stanway | ) www.reuters.com time to read: +5 min

"What they have been doing so far is using engineering solutions to try to physically supply water and fix their water problem," said Mark Wang, a geographer at Melbourne University who studies the impact of China's water infrastructure. "If China can reduce water use and increase efficiency, it doesn't need mega-diversion projects." Total investment in fixed water assets exceeded 1.1 trillion yuan ($154 billion) last year, up 44% compared with 2021, analysts said. It rose 15.6% to 407 billion yuan in the first quarter of 2023 and officials say even more funding will be made available. 'CHAIN REACTIONS'Part of the new plan involves the expansion of the South-North Water Diversion Project (SNWDP), an ambitious engineering project that diverts surplus Yangtze River water to the arid Yellow River basin in the north.

Persons: Li Guoying, Mark Wang, Wang, Genevieve Donnellon, Gorges, David Stanway, Gerry Doyle Organizations: of Water, Melbourne University, China's Ministry of Water Resources, Oxford Global Society, Diversion, Thomson Locations: China, SINGAPORE, Sichuan, Liangshan County, Poyang Lake, Tibet, India

☆ Take Five: Skip, stop or go?
▼ + stars: | 2023-06-09 | by ( ) www.reuters.com time to read: +5 min

REUTERS/Leah Millis/File PhotoJune 9 (Reuters) - It's a week of the central bank heavies with the U.S. Federal Reserve, European Central Bank and Bank of Japan meeting. The Fed is tipped to stop with rate hikes (for now), the ECB, to keeping going (for now), while the BOJ remains in stop mode (for now). U.S. inflation numbers, Chinese data and a crunch moment for UBS and Credit Suisse means there's plenty happening. 1/ A LOT GOING ONMarkets get not one but two headline events with U.S. May inflation data out on Tuesday as the Fed kicks off its two-day meeting. For now, markets price in just one more increase this year, an outlook investors seem comfortable with, judging by the recent strong performance of U.S. stocks.

Persons: Leah Millis, Li Gu, Kevin Buckland, Ira Iosebashvili, Yoruk, Noele, Kazuo Ueda, Ueda, culls, Dhara Ranasinghe, Rae Wee, John O'Donnell, John Stonestreet Organizations: Federal Reserve, REUTERS, U.S . Federal Reserve, European Central Bank and Bank of Japan, ECB, UBS, Credit Suisse, U.S, Reuters, Reuters Graphics Reuters, Thomson Locations: Washington , U.S, Li, Shanghai, Tokyo, New York, Amsterdam, Zurich, China, China's, Swiss, Singapore, Frankfurt

☆ Chinese digital currency stocks surge amid new efforts to promote e-CNY
▼ + stars: | 2023-04-24 | by ( ) www.reuters.com time to read: +2 min

SHANGHAI/SINGAPORE, April 24 (Reuters) - Chinese digital currency-related stocks jumped on Monday in a weak broader market, amid the latest measures that China is taking to promote the use of its own central bank digital currency (CBDC), the digital yuan. "The development marks the latest trial China is doing to promote its e-CNY," said Dan Wang, chief economist at Hang Seng Bank China, referring to the digital yuan. Shares in Global Infotech Co (300465.SZ) soared 13% by midday, Chutian Dragon Co (003040.SZ) surged 8%, while Newland Digital Technology Co (000997.SZ) and Northking Information Technology Co (002987.SZ) also rose. However, the three people all said they don't find adequate scenarios to spend the digital yuan in their daily life. "I don't know how to use it, to be honest, no merchant around me receives digital yuan," Yang told Reuters, only giving her surname as she is not authorised to speak to the media.

The London Stock Exchange Group (LSEG) (LSEG.L) and UK trade officials visited several cities in China to promote UK capital markets recently. Wilson Xu, a banking veteran from CITIC Securities pioneering the Stock Connect programme, said liquidity will improve when there is a critical mass of Chinese listings. The Shanghai-London Stock Connect was launched in 2019 and the link was expanded last year to include Shenzhen and Switzerland. Even arrangements by SIX to allow roughly 2.5 hours of trading in a session for Chinese GDRs didn't help. Chinese companies, however, have been positive in public disclosures about their forays in Europe which have given them an alternative channel to raise funds and access foreign currency for their operations abroad.

☆ Take Five: How bad is it?
▼ + stars: | 2023-04-14 | by ( ) www.reuters.com time to read: +5 min

China and Britain release key economic data and officials from the Group of Seven nations talk climate goals. 1/ EARNINGS RECESSIONU.S. earnings season goes up a gear and the outlook is gloomy due to the regional banking crisis and the most aggressive monetary policy tightening in decades. Analysts expect Q1 S&P 500 earnings to fall 5.2% from the year-ago period, Refinitiv I/B/E/S data as of April 7 showed. In a sign of which way the authorities want lending rates to head, smaller regional banks have already cut deposit rates. China GDP vs 1-year MLF rate4/ NO ALARMS, NO SURPRISESIt's a big week for UK data, with February jobs figures on Tuesday and March inflation numbers Wednesday.

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