DIRS.INFO The most relevant business & tech news

☆ U.S. criticism of Chinese overcapacity rehashes 'China threat' rhetoric, state media says
▼ + stars: | 2024-04-06 | by ( ) www.cnbc.com time to read: +2 min

U.S. Treasury Secretary Janet Yellen shakes hands with China's Vice Premier He Lifeng before a dinner in the southern Chinese city of Guangzhou, on April 5, 2024. U.S. Treasury Secretary Janet Yellen comments on China's excess manufacturing capacity seek to rehash "China threat" rhetoric and appear to create a pretext for more protectionist policies from the U.S., Chinese state media said. "Talking up 'Chinese overcapacity' in the clean energy sector also smacks of creating a pretext for rolling out more protectionist policies to shield U.S. companies," Xinhua said. Yellen met with Vice Premier He Lifeng and Guangdong Province Governor Wang Weizhong in Guangzhou after arriving in China late on Thursday. She is to travel on Saturday to Beijing, where she will meet officials including Premier Li Qiang and People's Bank of China Governor Pan Gongsheng through Monday, according to a Treasury press advisory.

Persons: Janet Yellen, Yellen, Guangdong Province Governor Wang Weizhong, Premier Li Qiang, Pan Gongsheng Organizations: Treasury, China's, Xinhua, Lifeng, Premier, People's Bank of China Locations: Guangzhou, U.S, Washington, China, Xinhua, Guangdong Province Governor, Beijing

☆ Yellen returns to China to tackle economic challenges bedeviling ties with US
▼ + stars: | 2024-04-04 | by ( Laura He | ) edition.cnn.com time to read: +6 min

Hong Kong CNN —Janet Yellen has kicked off her second visit to China as US treasury secretary to continue efforts to further stabilize ties between the world’s two largest economies. “During prior meetings with her Chinese interlocutors, Yellen has largely avoided taking a strong stance on controversial issues,” he said. Trade tensionsBiden administration officials have suggested raising tariffs on Chinese imports to “level” the playing field for trade. Former President Donald Trump has threatened to slap 60% tariffs on imports from China if he is re-elected. The “forces” are often referred to as emerging industries such as EVs, new materials and artificial intelligence.

Persons: Hong Kong CNN — Janet Yellen, Yellen, “, ’ Yellen, Joe Biden, Xi Jinping, Li Qiang, Lifeng, Liu He, Pan Gongsheng, Lan Fo’an, Craig Singleton, ”, Biden, Xi’s, Donald Trump, Rick Waters, ’, Xi, Waters, don’t, ” Singleton Organizations: Hong Kong CNN, People’s Bank of China, Finance, Foundation for Defense of Democracies, Bali . Trade, Biden, Trump, Treasury Department Locations: China, Hong Kong, Georgia, United States, California, Guangzhou, Beijing, Washington, Bali ., Eurasia

☆ China kicks off the year on strong note as retail, industrial data tops expectations
▼ + stars: | 2024-03-18 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +4 min

Retail sales rose 5.5%, better than the 5.2% increase forecast in a Reuters poll, while industrial production climbed 7%, compared with estimates of 5% growth. Investment into real estate fell by 9% in the first two months of the year from a year ago. National Bureau of Statistics Spokesperson Liu Aihua said that real estate remains in a period of "adjustment," according to a CNBC translation of his statement in Mandarin. New loans in February missed expectations and fell from the prior month, "even after adjusting for seasonality," Goldman Sachs analysts said in a report Friday. Chinese authorities did not reveal significant new support for the massive real estate sector during an annual parliamentary meeting that ended last week.

Persons: Liu Aihua, Liu, Ting Lu, Goldman Sachs, Pan Gongsheng, Goldman Organizations: Pudong New, Investment, National Bureau of, CNBC, China, People's Bank of China, Reuters Locations: Dongyu, Qiantan, Pudong, Pudong New Area, Shanghai, China, BEIJING, Real, Beijing

☆ China’s consumer inflation rate rises for first time in six months. But the holiday boost is likely to fade
▼ + stars: | 2024-03-11 | by ( Laura He | ) edition.cnn.com time to read: +4 min

Hong Kong CNN —China’s consumer inflation turned positive for the first time in six months, largely supported by the Lunar New Year holiday, when a spending boom pushed up prices. The Consumer Price Index (CPI) increased by 0.7% in February from a year earlier, government data showed on Saturday, versus a rise of 0.3% forecast in a Reuters poll. This was the first increase in the inflation rate since August 2023. Last Tuesday, Premier Li Qiang said the government had set this year’s growth target at around 5% and inflation target at 3%. But the key to growth and rising prices will be how Beijing implements its policy to stimulate demand and boost confidence, analysts said.

Persons: “, ”, Zhiwei Zhang, ” Nomura, Price, Li Qiang, Gongsheng, Zheng Shanjie Organizations: Hong Kong CNN —, Index, “, People’s Bank of China, Getty, National, ” Citi Locations: China, Hong Kong, Nanjing, Jiangsu province, Beijing

☆ China growth target: Beijing wants to upgrade the economy. Why are investors so skeptical?
▼ + stars: | 2024-03-08 | by ( Laura He | ) edition.cnn.com time to read: +7 min

Hong Kong CNN —Chinese leaders have pledged to achieve an ambitious growth rate this year, while reshaping its economic model to focus on technology innovation. On Tuesday, Premier Li Qiang announced that economic growth target of around 5% for 2024, which he said “will not be easy” to hit, given that a Covid-battered 2022 had provided a lower base of growth for last year. “The level of support is likely too little to rocket the economy to its 5% growth target this year,” said Sarah Tan, an economist at Moody’s, referring to the measures announced by Li Tuesday. “China is walking a tightrope on the fiscal front between infrastructure stimulus and LGFV [local government financing vehicle] deleveraging,” said Goldman Sachs analysts on Wednesday. In order to achieve the ambitious 5% growth target, more specific stimulus is needed, such as increasing manufacturing investments, Liu said.

Persons: Li Qiang, “, ”, Sarah Tan, Li Tuesday, Goldman Sachs, Li, ” Nomura, Xi Jinping, Peiqian Liu, Liu, Pan Gongsheng Organizations: Hong Kong CNN, AFP, Getty, Goldman, Fidelity International, People’s Bank of China, Jefferies Locations: China, Hong Kong, Beijing, ‘, Asia, —

☆ CNBC Daily Open: No news is good news for Wall Street
▼ + stars: | 2024-03-07 | by ( Sumathi Bala | ) www.cnbc.com time to read: +2 min

This report is from today's CNBC Daily Open, our international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Stocks regain groundWall Street ended Wednesday's session higher, snapping a two-day losing streak. [PRO] India's promising ETFsTapping India's promising market isn't as straightforward for foreign investors as buying shares listed on the Indian stock exchanges. Portfolio managers highlight one of the simplest routes is through ETFs that specifically track indexes comprised of Indian stocks.

Persons: Jerome Powell, Jerome Powell's, Powell, Shane Jones, who's, Gongsheng Organizations: Federal Reserve, New York Stock Exchange, CNBC, Dow, Nasdaq, Capitol, Microsoft, People's Bank of China Locations: New York City, U.S, China

(Photo by WANG Zhao / AFP) (Photo by WANG ZHAO/AFP via Getty Images)BEIJING — China's top securities regulator vowed to "strictly" crack down on market manipulators, while stating that protecting small investors was a "core task." Wu outlined measures deemed necessary to improve the quality of listed companies and increase returns on investment. They include: encouraging listed companies to improve stability, timeliness and predictability of dividend payouts, stricter delisting rules, and expanding inspections of listed companies. "China's market is the second largest in the world, but it's not as strong," Wu said, adding the recent market volatility exposed deep-seated issues. At the same press conference, Pan Gongsheng, governor of the People's Bank of China, also pledged support for overseas listings for high-quality Chinese companies.

Persons: Wu Qing, WANG Zhao, WANG ZHAO, Wu, it's, Pan Gongsheng Organizations: China Securities Regulatory Commission, National People's Congress, Getty Images, People's Bank of Locations: China, Beijing, AFP, BEIJING, People's Bank of China

China's central bank governor said there was room to further cut banks' reserve requirements, and pledged to utilize monetary policy to prop up consumer prices. BEIJING — China's central bank governor said there was room to further cut banks' reserve requirements, and pledged to utilize monetary policy to "mildly" prop up consumer prices. This is part of Beijing's broader economic policy "adjustments" so the economy can hit its growth target of around 5% for the year, while adhering to a 3% fiscal deficit. For investors in the near term, the primary concern remains how much China's policymakers are focused on ensuring growth. "If China's economy encounters unexpected shocks in the future, or the international environment undergoes unexpected changes, we still have tools in reserve in our policy toolbox," he said.

Persons: Gongsheng, Huang Shouhong Organizations: People's Bank of, State, CNBC Locations: BEIJING, People's Bank of China, China

☆ China stock market: CSRC limits short-selling in latest effort to stem a rout
▼ + stars: | 2024-01-29 | by ( Laura He | ) edition.cnn.com time to read: +3 min

Hong Kong CNN —China’s top securities regulator has limited short-selling, in its latest effort to stem a protracted $6 trillion-dollar stock market rout that began in 2021. The China Securities Regulatory Commission announced Sunday it would “fully” suspend the lending of restricted shares on bourses in mainland China. The Shenzhen stock exchange is the second-largest in mainland China after Shanghai. Bloomberg/Getty ImagesCalm returns but challenges remainChinese authorities have stepped up their measures to stem the stock market rout over the past week. A day later, in an unprecedented move, regulators said they were considering evaluating the performance of the heads of state-owned companies based on their stock market value.

Persons: Hong Kong CNN —, ”, Ken Cheung, Evergrande, ” Cheung, Hong, Li Yunze, Pan Gongsheng Organizations: Hong Kong CNN, China Securities Regulatory Commission, Mizuho Bank, Bloomberg, Shanghai Shenzhen, Administration of Financial, People’s Bank of China Locations: Hong Kong, bourses, China, Shanghai, Shenzhen

☆ Chinese stocks are starting to turn around. How to play it
▼ + stars: | 2024-01-28 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +5 min

Chinese stocks ended the week with four straight days of gains — a rare upswing after a dismal start to the year. "Investing in China, you have to have an active strategy," he said, emphasizing the need to focus on industries that receive policy support. All three are listed on mainland Chinese stock exchanges. In the past six months, foreign investors have pulled around $30 billion from mainland Chinese A shares, the report said. Citi analysts also include adidas and Kone in their basket of European stocks with China exposure.

Persons: David Chao, Chao, Pan Gongsheng, Edward Chan, Schelling Xie, Xie, CRRC, —, Peter Alexander, Alexander, — CNBC's Michael Bloom Organizations: Asia Pacific, People's Bank of China, PBOC, . Federal Reserve, Financial Regulatory Administration, CNBC, HSBC, Hong, Citi, adidas, Kone Locations: Asia, Japan, Invesco, China, Beijing, Hong Kong, Shanghai, U.S

☆ China stock market: Calm returns after wild week but big challenges remain
▼ + stars: | 2024-01-26 | by ( Laura He | ) edition.cnn.com time to read: +6 min

Hong Kong CNN —It’s been a rollercoaster week for stocks trading in mainland China and Hong Kong. “For a sustained rally in China stocks, we think China will need to address the core of these concerns (predominantly property sector issues and US-China tensions),” the analysts added. In the 7 days to January 24, exchange-traded funds (ETFs) tracking Chinese stocks recorded large inflows of $12.6 billion, according to a Citi survey of global fund managers. Still, investors have been fleeing Chinese stocks over a much longer period because they are worried about the country’s economic prospects. The country is facing the prospect of a vicious cycle whereby lower demand leads to lower investment, lower production and lower income, thus causing even lower demand.

Persons: Hong Kong CNN — It’s, Hong, — haven’t, ” Nomura, “, Li Qiang, ”, Li Yunze, Pan Gongsheng, Florence Lo, HSI, Raymond Yeung, ” Yeung Organizations: Hong Kong CNN, Shanghai Shenzhen, ”, Shanghai Financial Exchange, Bloomberg, State, Supervision, Administration Commission, Administration of Financial, Reuters, People’s Bank of China, Citi, Enodo Economics, HSBC, Greater China, ANZ Research Locations: China, Hong Kong, Shanghai, United States, Beijing, Davos, Switzerland, Greater

BANGKOK (AP) — China’s leaders launched a barrage of new policies this week to prop up languishing financial markets and rekindle growth in the world’s second-largest economy. The moves to support lending and spending with billions of dollars of fresh cash gathered pace when the central bank cut bank reserve requirements and issued new rules to encourage banks to lend more to property companies. HOW IS THE CHINESE ECONOMY DOING? The Chinese economy grew at a 5.2% annual pace in 2023, exceeding the government's target, and many indicators including factory output and retail sales show signs of improvement. The moves to put more money into the economy and encourage bank lending might not go far enough, many analysts said.

Persons: —, Premier Li Qiang, ”, It's, Pan Gongsheng, ” Stephen Innes Organizations: State Council, Economic, People's Bank of China Gov, Management Locations: BANGKOK, United States, China, Premier, Davos, Switzerland, Hong Kong, Beijing

☆ Asia markets mostly fall; South Korea economic growth beats expectations
▼ + stars: | 2024-01-25 | by ( Lim Hui Jie | ) www.cnbc.com time to read: +1 min

Currency dealers monitor exchange rates in a trading room at the KEB Hana Bank in Seoul on March 13, 2017. South Korean shares rose 0.97 percent on March 13 following the Constitutional Court's ruling to impeach ex-president Park Geun-Hye over a massive corruption scandal. The benchmark KOSPI was up 20.24 points to close at 2,117.59 points. / AFP PHOTO / JUNG Yeon-Je (Photo credit should read JUNG YEON-JE/AFP/Getty Images)Asia-Pacific markets mostly fell as investors assessed South Korea's gross domestic product numbers and markets respond to China's central bank cutting reserve requirements for the country's lenders. South Korea's GDP grew 2.2% year on year in the fourth quarter and 0.6% compared with the previous quarter, beating expectations from a Reuters poll of 2.1% and 0.5%, respectively.

Persons: Park, JUNG Yeon, JUNG YEON, Pan Gongsheng Organizations: Hana Bank, South, Getty, People's Bank of China Locations: Seoul, Asia, Pacific

☆ China is ramping up stimulus to boost market confidence — but is it enough?
▼ + stars: | 2024-01-25 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +6 min

Starting Feb. 5, the People's Bank of China will allow banks to hold smaller cash reserves, central bank governor Pan Gongsheng said at a press conference, his first in the role. Cutting the reserve requirement ratio (RRR) by 50 basis points is set to release 1 trillion yuan ($139.8 billion) in long-term capital, the central bank said. A 2 trillion yuan boost? Chinese Premier Li Qiang on Monday called for much stronger measures to boost market stability and confidence, according to an official readout. Chinese authorities in October already announced the issuance of 1 trillion yuan in government bonds, alongside a rare increase in the deficit.

Persons: Gongsheng, Pan Gongsheng, Tao Wang, Ting Lu, a, Lu, Wang, Stocks, Winnie Wu, That's, Li Qiang, Pan, Philip Yin, David Chao, Pan's Organizations: People's Bank of China, State Administration of Foreign Exchange, Financial, Getty, Visual China, People's Bank of, UBS Investment Bank, Wednesday, National Financial Regulatory Administration, UBS, Bank of America's, Bloomberg, PBOC, Citi, U.S, Asia Pacific, CNBC Locations: BEIJING, CHINA, Beijing, China, People's Bank of China, Asia, Hong Kong, capitulating, Japan, Invesco

☆ China tries to halt stock market rout by boosting lending and wooing foreign investors
▼ + stars: | 2024-01-24 | by ( Laura He | ) edition.cnn.com time to read: +6 min

Hong Kong CNN —China has vowed to pump more money into the economy and further open its $64 trillion financial industry to international investors, as Beijing scrambles to restore confidence following a massive stock market rout. The astonishing losses, reminiscent of the last Chinese stock market crash of 2015-2016, highlight a crisis of confidence among investors concerned about the country’s future. It will allow Hong Kong banks to expand their businesses in mainland China and reduce the barriers to investing in mainland insurers. Last month, China Reform Holdings, a state-owned investment fund, announced it had bought tech-focused index funds to support the market. The brutal sell-off in Chinese stock markets has even forced some hedge fund managers to apologize for making wrong bets.

Persons: Li Yunze, “, Pan Gongsheng, Goldman Sachs, Li, ”, Lam, Li Qiang, Wang Zhao, Premier Li Qiang, Stringer, Li Bei Organizations: Hong Kong CNN, Administration of Financial, People’s Bank of, Buildings, New Champions, Getty, Premier, Xinhua, Reuters, Securities Daily, Social Security Fund, China Reform Holdings, Central Huijin Investment, Shanghai Banxia Investment Management Locations: China, Hong Kong, Beijing, Shanghai, Shenzhen, People’s Bank of China, Victoria Harbour, British, Tianjin, AFP, Central, Fuyang, China's, Anhui

Pan Gongsheng was named party secretary of the People's Bank of China on July 1, 2023. BEIJING — China will cut reserve ratio requirements by 50 basis points from Feb. 5, while providing 1 trillion yuan in long-term capital in its latest attempt to boost growth in the world's second largest economy. People's Bank of China Governor Pan Gongsheng announced the measures Wednesday at a press conference in Beijing. This comes after China vowed Monday to "strengthen the market's inherent stability" amid a rout in the country's onshore and offshore stock markets. The Chinese economy is fraught with financial risks, with some of its largest real estate developers facing serious debt problems as Beijing strives to deleverage its once-bloated real estate sector.

Persons: Pan Gongsheng Organizations: People's Bank of China Locations: BEIJING, 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

☆ China economy: PBOC governor says focus will be on ‘high-quality, sustainable’ growth
▼ + stars: | 2023-11-28 | by ( Laura He | ) edition.cnn.com time to read: +4 min

“High-quality, sustainable growth is far more important.”The country is moving away from manufacturing and real estate, its traditional drivers of growth, towards a newer economic model driven by consumption and services, he added. “I’m confident China will enjoy healthy and sustainable growth in 2024 and beyond.”His remarks come at a time when China is battling a protracted recession in its vast real estate sector. But the country’s real estate sector is still struggling with sluggish sales and falling home prices. “China’s real estate market is experiencing some adjustments,” he said. The regulators have also introduced a raft of measures to stabilise the real estate industry, including reducing mortgage rates for home buyers.

Persons: Pan Gongsheng, “, Pan, “ I’m, ”, Stringer Organizations: Hong Kong CNN, People’s Bank of, “, Getty Locations: Hong Kong, “ China, People’s Bank of China, China, “, Fuyang, China's, Anhui, AFP, Wuhan, Hubei

Local governments plan to use the proceeds of the latest bond sales to purchase equity or convertible bonds from smaller banks, most of them state-owned, effectively recapitalising them, according to the deal prospectuses. DEEPER IN DEBTThe intensified efforts to support smaller banks also come amid growing worries about the impact of ballooning local government debt on the economy. While policymakers are highly concerned over rising debt levels, Beijing has little option but to support smaller banks to contain spillover risks, analysts said. It was not immediately clear if the central authorities had given any guidance to the local governments on recapitalising smaller banks, and who were the buyers of these special-purpose bonds. "Local governments are a likely the first line of defense whenever regional banks become stressed," they said.

Persons: Kim Kyung, Gavekal, Zhang Xiaoxi, Pan Gongsheng, Ziyi Tang, Ryan Woo, Sumeet Chatterjee, Kim Coghill Organizations: People's Bank of China, REUTERS, Rights, China Electronic Local Government Bond, Authorities, National Financial Regulatory Administration, International Monetary Fund, Beijing, Thomson Locations: Beijing, Rights BEIJING, China, Henan, China's, Liaoning, Yunnan, Inner Mongolia

☆ 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 inflation data released on Thursday showed that October CPI fell 0.2% year on year, while PPI data fell 2.6% year on year. Earlier this week, customs data showed that China's total exports of goods and services contracted faster than expected, although the country's crude imports in October were robust. On the plus side for oil demand, China's central bank governor, Pan Gongsheng, said the country is expected to achieve its annual growth target of 5% for this year. U.S. crude oil inventories increased by 11.9 million barrels over the week to Nov. 3, sources said, citing American Petroleum Institute figures. The U.S. Energy Information Administration (EIA), however, has delayed release of weekly oil inventory data until Nov. 15 for a system upgrade.

Persons: Dun Jiao, Tatiana Meel, Brent, Pan Gongsheng, Andrew Hayley, Tom Hogue Organizations: REUTERS, Rights, PPI, Reuters, American Petroleum Institute, U.S . Energy Information Administration, Barclays, Thomson Locations: Nakhodka, Russia, Rights BEIJING, China, United States, Venezuela, American

☆ Global asset managers bullish on China after policy shift
▼ + stars: | 2023-11-08 | by ( ) www.reuters.com time to read: +3 min

REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing RightsHONG KONG, Nov 8 (Reuters) - Economic policy shift in China and the investment opportunities it is creating are drivers for long-term bets in the country by global asset managers, top executives said on Wednesday. "China is the world's second-largest capital market" after the U.S., the head of BlackRock's (BLK.N) global client business, Mark Wiedman, said at the Global Financial Leaders Investment Summit in Hong Kong. "Long term, (China) has to be part of a global investment portfolio." At the Hong Kong event, hosted by the Hong Kong Monetary Authority, Fidelity International CEO Anne Richards said China was a key part of the global economy and that fact will not change soon. Quinn told the Hong Kong event on Tuesday that wealth flow from mainland China to Hong Kong has grown by 3 to 4 times this year.

Persons: Dado Ruvic, Mark Wiedman, Wiedman, Mike Gitlin, Gitlin, Pan Gongsheng, Anne Richards, Andrew Schlossberg, Noel Quinn, Quinn, Zhang Qingsong, Kane Wu, Xie Yu, Sumeet Chatterjee, Christopher Cushing Organizations: REUTERS, Global Financial, Investment, Capital, People's Bank of China, Securities Times, Hong Kong Monetary Authority, Fidelity International, HSBC Group, Thomson Locations: HONG KONG, China, U.S, Hong Kong, Singapore

☆ China expected to achieve 2023 GDP growth target -c.bank governor
▼ + stars: | 2023-11-08 | by ( ) www.reuters.com time to read: +1 min

People's Bank of China (PBOC) Vice Governor Pan Gongsheng speaks at a news conference in Beijing, China March 3, 2023. FollowBEIJING, Nov 8 (Reuters) - China is expected to achieve its annual gross domestic product growth target of 5% this year and will maintain prudent monetary policy to revive real economic growth, the central bank governor was quoted saying by state media on Wednesday. Beijing has set an economic growth target of around 5% for this year. China is scrambling to revive growth after a brief post-COVID-19 bounce faltered amid a protracted property market slump and local government debt risks. Economic indicators released on Tuesday showed imports unexpectedly swung to growth in October while exports contracted at a quicker pace.

Persons: Pan Gongsheng, Florence, Pan, Liangping Gao, Ellen Zhang, Ryan Woo, Tom Hogue, Sam Holmes Organizations: People's Bank of China, REUTERS, Rights Companies Shenzhen Securities Times Co, Securities Times, Thomson Locations: People's, Beijing, China, BEIJING, Pan

Nov 9 (Reuters) - A look at the day ahead in Asian markets from Jamie McGeever, financial markets columnist. Producer and consumer price inflation figures will be released, the highlights of a regional calendar that also includes Japanese bank lending, trade and current account figures, Indonesian retail sales, and Philippines GDP. Global yields are moving too - the 10-year Japanese Government Bond yield is back below 0.85%, having come within two basis points of 1% last week. The decline in U.S. bond yields is removing some of the dollar's shine, which in turn is allowing Asian currencies to fight back. Yen traders on Thursday are also eyeing Japanese bank lending figures for October and September's trade and current account report.

Persons: Jamie McGeever, Pan Gongsheng, Ping, Fed's Powell, Josie Kao Organizations: Treasury, People's Bank of China, Financial, Ping An Insurance Group, Reuters, Nissan, Honda, Sony, Group, China PPI, CPI, Thomson Locations: Asia, Philippines, Beijing, China's, Japan, Philippine, China

☆ China's Sept industrial profits extend gains helped by policy support
▼ + stars: | 2023-10-27 | by ( ) www.reuters.com time to read: +3 min

REUTERS/Gabriel Crossley/File Photo Acquire Licensing RightsBEIJING, Oct 27 (Reuters) - Profits at China's industrial firms extended gains for a second month in September, adding to signs of a stabilising economy as the authorities launched a burst of supportive policy measures. For the first nine months, profits slid 9% from a year earlier, narrowing from a 11.7% decline in the first eight months, data from the National Bureau of Statistics (NBS) showed on Friday. A fall in producer prices last month indicated that some industrial firms were still cutting prices to promote sales, putting a drag on overall industrial revenues and profits, Zhou said. The improvement in industrial profits is expected to sustain in the coming months, partly due to the lag effect in domestic macro pump-priming, he added. Industrial profit numbers cover firms with annual revenues of at least 20 million yuan ($2.73 million) from their main operations.

Persons: Gabriel Crossley, Yu Weining, Zhou Maohua, Zhou, Pan Gongsheng, Qiaoyi Li, Ryan Woo, Jacqueline Wong Organizations: II, REUTERS, Rights, National Bureau of Statistics, Graphics, NBS, China Everbright Bank, Thomson Locations: Jiujiang, Jiangxi province, China, Rights BEIJING

Search resuls for: "Pan Gongsheng"

25 mentions found