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☆ 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

☆ 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

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

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

☆ US yields languish above lows before Powell remarks; oil sags
▼ + stars: | 2023-11-08 | by ( Kevin Buckland | ) www.reuters.com time to read: +3 min

Crude oil sank to a three-month low after data showed a steep build in U.S. stockpiles, while worries about the Chinese economy weighed on the outlook for demand. Equities were mixed in Asia, with gains for tech stocks offset by slumping commodity shares. Wall Street futures pointed slightly lower following gains across the big three indexes overnight, led by a 0.9% rally for the tech-heavy Nasdaq (.IXIC). "The markets are repositioning for a moderation in U.S. growth," pushing down long-term yields and the dollar, said Kyle Rodda, a senior markets analyst at Capital.com. Declines in commodity shares amid lower energy prices were offset by a climb in growth stocks, amid expectations for lower borrowing costs.

Persons: Androniki, Jerome Powell, Christopher Waller, Michelle Bowman, Powell, Kyle Rodda, Brent, Hong, Kevin Buckland, Shri Navaratnam Organizations: Nikkei, REUTERS, Rights, Federal, Wall, Nasdaq, Fed, People's Bank of China, Thomson Locations: Tokyo, Japan, Asia, U.S, Pacific

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

☆ 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

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

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

China, whose economy is now three times the size it was in 2010, continued to push for more IMF shares. IMFC members agreed to add a third IMF Executive Board chair to represent African countries, a key sweetener for the U.S. "equi-proportional quota plan. Pan said China supported this move but it was a separate issue from the shareholding formula. It also called for the IMF's Executive Board to propose options for changes to the shareholding formula by June 2025. This would accelerate the next five-year review of quotas and meet IMF Managing Director Kristalina Georgieva's call for a deadline on adjusting its shareholding to preserve its credibility.

Persons: Nadia Calvino, Kristalina Georgieva, Pan Gongsheng, Pan, Kristalina, Georgieva, David Lawder, Andrea Shalal, Sharon Singleton, Christina Fincher, Franklin Paul, Diane Craft Organizations: Monetary, Financial, International Monetary Fund, World Bank, Monetary Fund, IMF, Fund, The U.S . Treasury, People's Bank of China, Beijing, IMF's, U.S . Treasury, United Arab, Thomson Locations: Marrakech, Morocco, MARRAKECH, U.S, China, CHINA, The U.S, India, Ukraine, Israel, Gaza, United Arab Emirates

☆ Yellen, China's top central banker talk about debt, economic developments -US Treasury
▼ + stars: | 2023-10-13 | by ( ) www.reuters.com time to read: +1 min

U.S. Secretary of Treasury Janet Yellen and People’s Bank of China Governor Pan Gongsheng pose before holding a bilateral meeting on the fifth day of the annual meeting of the International Monetary Fund and the World Bank, following last month's deadly earthquake, in Marrakech, Morocco, October 13, 2023. REUTERS/Susana Vera Acquire Licensing RightsMARRAKECH, Morocco, Oct 13 (Reuters) - U.S. Treasury Secretary Janet Yellen and People's Bank of China Governor Pan Gongsheng on Friday held a "substantive and productive" meeting that covered debt, financial architecture and future economic communications, a Treasury spokesperson said. "During the substantive and productive meeting, Secretary Yellen and Governor Pan exchanged views on macroeconomic and financial developments," the spokesperson said in an emailed statement after the meeting on the sidelines of International Monetary Fund and World Bank meetings in Morocco. "They also discussed the international financial architecture and debt issues, as well as how to make the Financial Working Group co-chaired by Treasury and the PBOC substantive and productive," the spokesperson said, referring to one of two new U.S.-China economic communications groups launched in September. Reporting by David Lawder; Editing by Alex RichardsonOur Standards: The Thomson Reuters Trust Principles.

Persons: Janet Yellen, Pan Gongsheng, Susana Vera, Yellen, Pan, David Lawder, Alex Richardson Organizations: People’s Bank of China, International Monetary Fund, World Bank, REUTERS, Rights, . Treasury, People's Bank of China, Treasury, Thomson Locations: Marrakech, Morocco, Rights MARRAKECH, China

☆ Yellen to lay out U.S. economic priorities on China in Thursday speech
▼ + stars: | 2023-04-18 | by ( ) www.reuters.com time to read: +3 min

Yellen, who said last week she still hopes to visit Beijing to meet with her new Chinese economic counterparts, will deliver remarks at Johns Hopkins University's School of Advanced International Studies, the Treasury said in a statement. Yellen's speech will detail the Biden administration's economic priorities on China, including securing U.S. national security interests, fostering "healthy" competition and cooperating, where possible, on global issues such as climate change, debt relief and macroeconomic stability. Yellen also is expected to highlight U.S. economic strength. A Treasury official said the speech comes at an opportune time just after Yellen also spoke last week with counterparts from G7 democracies, Australia and New Zealand. Another audience for the remarks is China's new economic leadership team led by Liu's replacement, Vice Premier He Lifeng.

April 17 (Reuters) - A look at the day ahead in Asian markets from Jamie McGeever. The Asian calendar on Monday is light, with only Indonesian trade and Indian wholesale price inflation potentially moving markets. Indonesia's central bank begins a two-day meeting, and will announce its policy decision on Tuesday. chartInvestors will also have the first opportunity to react to two developments over the weekend - a policy steer from China's central bank chief, and Saturday's apparent attack on Japanese Prime Minister Fumio Kishida. Yi also said the central bank will seek to get real interest rates slightly below the potential growth rate.

WASHINGTON, April 14 (Reuters) - A committee of Sri Lanka's international private creditors sent its first debt rework proposal to the country's authorities regarding more than $12 billion in bonds outstanding, according to three sources with direct knowledge of the matter. It is the first bondholder proposal after the island nation of 22 million people defaulted on its debt a year ago. A spokesperson representing the creditor committee declined to comment. Bondholders and government officials met in Washington this week, with legal and financial advisers for both sides present, two sources said. China, Sri Lanka's biggest bilateral creditor, did not join the announcement even though it holds the key to solving debt woes for some low- and middle-income countries.

WASHINGTON, April 14 (Reuters) - The International Monetary Fund's steering committee on Friday said it would accelerate its discussions on quota reforms at the global lender with an eye to making "considerable progress" by its next meeting in October. "In this context, we support at least maintaining" the IMF’s current lending resources, Calvino said in a summary of the committee's work. "With regard to IMF resources, I continue to believe that overall resources remain adequate," Yellen said. "At the same time, the IMF needs to follow through on its commitment to a new quota formula that is both fair and simple and primarily reflects the economic size of its member countries." He called for a "pragmatic approach" to complete the review by December to increase IMF resources and to "strengthen the voice and representation of dynamic emerging market and developing economies."

☆ China's green loans exceed $3.2 trln, central bank chief says
▼ + stars: | 2023-03-29 | by ( ) www.reuters.com time to read: +1 min

BOAO, China, March 29 (Reuters) - China's outstanding green loans currently exceed 22 trillion yuan ($3.2 trillion), accounting for about 10% of the country's total loan balance, People's Bank of China Governor Yi Gang said on Wednesday. Separately, China's green bonds have hit more than 2.5 trillion yuan, Yi said at the Boao Forum in southern China's Hainan province. "Achieving carbon neutrality requires 'carrots and sticks'," Yi said, adding that a central bank incentive mechanism, which provides commercial banks with loans with interest rates as low as 1.75%, could be equated to a "carrot". To support carbon emission reduction, the central bank has lent more than 300 billion yuan via a relending tool which has helped banks to make 600 billion yuan in loans to green projects. The central bank said in January it would keep the relending tool in place until the end of 2024.

☆ China's central bank says will adjust policy in a timely way as economy recovers
▼ + stars: | 2023-03-03 | by ( Kevin Yao | ) www.reuters.com time to read: +4 min

[1/4] 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. REUTERS/Tingshu WangBEIJING, March 3 (Reuters) - China's central bank will adjust monetary policy in a timely and appropriate manner, and cutting banks' reserve requirements to release long-term liquidity will still be an effective tool to support the economy, top bank officials said on Friday. "The PBOC will provide 'forceful' financial support for the stable and healthy development of the economy," People's Bank of China Governor Yi Gang told a news conference. Liu Guoqiang, a deputy PBOC governor, said China's economy is recovering but still faces some uncertainties and more policy support is needed. Since 2020, the central bank has expanded its arsenal of tools, including relending and rediscount facilities and other low-cost loans.

☆ China c.bank says to support growth, sees moderate inflation in 2023
▼ + stars: | 2022-12-02 | by ( ) www.reuters.com time to read: 1 min

BEIJING, Dec 2 (Reuters) - China's central bank will focus on supporting the slowing economy, People's Bank of China Governor Yi Gang said on Friday, adding that domestic consumer inflation is likely to stay moderate in 2023. The central bank's accommodative policy will help support China's economic recovery and employment, Yi said in a video speech to the Bank of Thailand-BIS conference in Bangkok. "Our focus is growth right now," Yi said, adding that China's economic growth is slower than expected due to the impact from the COVID-19 pandemic and other headwinds. Yi said advanced and emerging-market economies should improve policy collaboration to cope with challenges facing the global economy. Reporting by Kevin Yao; Editing by Tom Hogue & Shri NavaratnamOur Standards: The Thomson Reuters Trust Principles.

☆ Oil slips as China COVID curbs outweigh concerns over U.S. output
▼ + stars: | 2022-10-31 | by ( Florence Tan | ) www.reuters.com time to read: +2 min

SINGAPORE, Oct 31 (Reuters) - Oil prices fell on Monday on concerns that widening COVID-19 curbs in China will curtail demand, offsetting signs that output at the top U.S. shale field is losing steam. Brent crude futures dropped 36 cents, or 0.4%, to $95.41 a barrel by 0151 GMT after slipping 1.2% on Friday. U.S. West Texas Intermediate (WTI) crude was at $87.67 a barrel, down 23 cents, or 0.3%, after settling down 1.3% on Friday. Wider COVID curbs in China invariably raise concerns over demand from the world's top crude importer, Stephen Innes of SPI Asset Management said. read moreThe warnings came just as U.S. oil exports rose to a record last week, partly pushed WTI prices up 3.4%.

☆ Oil slips as China Covid curbs outweigh concerns over U.S. output
▼ + stars: | 2022-10-31 | by ( ) www.cnbc.com time to read: +1 min

Oil prices fell on Monday on concerns that widening Covid-19 curbs in China will curtail demand, offsetting signs that output at the top U.S. shale field is losing steam. Brent crude futures dropped 36 cents, or 0.4%, to $95.41 a barrel by 0151 GMT after slipping 1.2% on Friday. U.S. West Texas Intermediate (WTI) crude was at $87.67 a barrel, down 23 cents, or 0.3%, after settling down 1.3% on Friday. Wider Covid curbs in China invariably raise concerns over demand from the world's top crude importer, Stephen Innes of SPI Asset Management said. The warnings came just as U.S. oil exports rose to a record last week, partly pushed WTI prices up 3.4%.

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