DIRS.INFO The most relevant business & tech news

☆ China is stepping up to save its economy this year, but the data just doesn't seem to be getting much better
▼ + stars: | 2024-02-01 | by ( Huileng Tan | ) www.businessinsider.com time to read: +5 min

In January, authorities pulled about a dozen moves to stabilize a stock market rout and to support the property sector. But China's economic data isn't encouraging, and investor confidence is still low. Investors are cautiousThe moves gave some support to Chinese markets, but investors are still cautious. China's economic data hasn't been rosy either. Consumer appetite for property is still lowStill, overall consumer appetite for the property market appears to be in the dumps.

Persons: —, Hao Hong, Premier Li Qiang, Hong, Min Lan Tan, Tan Organizations: Service, Bloomberg, Grow Investment, Premier, Reuters, Investors, CSI, Securities Times, Estate Information Corp, Asia Pacific, UBS, Nikkei Locations: China, Beijing, Shanghai, Shenzhen, Guangzhou, Suzhou, Guangxi, Nikkei Asia

☆ There may be little to recover in the $300 billion Evergrande debt saga
▼ + stars: | 2024-01-29 | by ( Huileng Tan | Nidhi Pandurangi | ) www.businessinsider.com time to read: +5 min

Read previewChina Evergrande — the world's most indebted property developer — received a liquidation order from a Hong Kong court on Monday, but there may be little left to recover, said experts. Hong Kong-listed China Evergrande Group's stock price plunged 21% before the court hearing. But several experts BI spoke to prior to Monday's court order said Evergrande's liquidation will be challenging. AdvertisementIt's bad news for creditors, Mat Ng, the managing director at Grant Thornton, a professional services firm that specializes in restructuring, told BI. Despite the complications that could come with Evergrande's liquidation, there may be some upside in the longer run.

Persons: —, Evergrande, Liquidators, Linda Chan, Chan, Siu Shawn, Mat Ng, Grant Thornton, Ng, That's, John Bringardner, Bringardner, Daniel Margulies, Margulies, Andrew Collier Organizations: Service, Business, Evergrande, Reuters, Trading, Securities Times, Deloitte, Investors, Orient Capital Research Locations: China, Hong Kong, Evergrande, Asia

☆ 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

☆ China's cyberspace regulator summons Alibaba's Quark, Netease CC over vulgar content
▼ + stars: | 2023-10-30 | by ( ) www.reuters.com time to read: +1 min

[1/2] The logo of Alibaba Group is lit up at its office building in Beijing, China August 9, 2021. REUTERS/Tingshu Wang/File Photo Acquire Licensing RightsBEIJING, Oct 30 (Reuters) - China's cyberspace regulator on Monday fined the Alibaba-owned (9988.HK) Quark platform 500,000 yuan ($68,342.42) for hosting and promoting vulgar content. The regulator also ordered Netease's (9999.HK) livestream platform Netease CC to suspend the broadcast of some types of dance content for seven days due to vulgar content, the Cyberspace Administration of China said in a statement. Quark said it attaches great important to the matter and relevant illegal content has been banned on the platform, China's state-backed Securities Times reported. ($1 = 7.3161 Chinese yuan renminbi)Reporting by Beijing Newsroom, Editing by Louise HeavensOur Standards: The Thomson Reuters Trust Principles.

Persons: Tingshu Wang, Netease's, Quark, Louise Heavens Organizations: REUTERS, Rights, HK, Quark, Cyberspace Administration, Securities Times, Beijing, Thomson Locations: Beijing, China, Rights BEIJING

☆ Apple unveils iPhone 15 Pro with titanium case, holds line on prices
▼ + stars: | 2023-09-12 | by ( Stephen Nellis | ) www.reuters.com time to read: +5 min

IPHONE 15 LAUNCHBoth the Pro and other iPhone 15 models will have a brighter display and a 48-megapixel camera as well as 100% recycled cobalt in their batteries. [1/6]New iPhone 15 and iPhone 15 Plus are displayed during the 'Wonderlust' event at the company's headquarters in Cupertino, California, U.S. September 12, 2023. Apple said that USB-C charging cables are coming to both its iPhone 15 and the charging case of its AirPods Pro devices. She said the shift "brought some differentiation to the iPhone Pro, because there's faster throughput for data transfer. The iPhone 15 costs $799, the iPhone 15 Plus starts at $899 and the Pro series starts at $999.

Persons: Apple, Jeff Williams, Loren Elliott, Carolina Milanesi, Milanesi, Greg Joswiak, Bob O'Donnell, Pro Max, Lisa Jackson, Stephen Nellis, Aditya Soni, Pushkala, Raechel, Yuvraj Malik, Peter Henderson, Lisa Shumaker Organizations: Apple, Huawei Technologies, Huawei, Securities Times, REUTERS, American Automobile Association, AAA, Creative, TECHnalysis Research, Pro, Counterpoint Research, Thomson Locations: CUPERTINO , California, Cupertino , California, China, U.S, United States, Bengaluru

☆ Huawei raises Mate 60 shipment target -Securities Times
▼ + stars: | 2023-09-12 | by ( ) www.reuters.com time to read: 1 min

People walk past a Huawei sign at a shopping mall under renovation in Beijing, China September 7, 2023. REUTERS/Florence Lo/File photo Acquire Licensing RightsBEIJING, Sept 12 (Reuters) - China's Huawei Technologies has raised the second-half shipment target for its Mate 60 series smartphone by 20%, the country's official Securities Times reported on Tuesday. The company expects new smartphone shipments for 2023 to reach at least 40 million units, the report said. Huawei did not respond immediately to a request for comment. Reporting by Beijing newsroom Editing by David GoodmanOur Standards: The Thomson Reuters Trust Principles.

Persons: Florence, David Goodman Organizations: Huawei, REUTERS, Rights, Huawei Technologies, Securities Times, Beijing, Thomson Locations: Beijing, China, Rights BEIJING

☆ China’s cautious property giants may be rewarded
▼ + stars: | 2023-09-08 | by ( Chan Ka Sing | ) www.reuters.com time to read: +4 min

Yu Liang, president of China Vanke Co Ltd, China's top property developer, attends a news conference announcing the company's annual results in Hong Kong March 6, 2014. China Vanke Co Ltd on Thursday posted a 20.5 percent rise in net profit for 2013, in line with estimates, driven by record contracted sales last year. Yu Liang told investors last week that the property market in the world’s second-largest economy was “oversold”. The chair of $22 billion China Vanke (000002.SZ) is worth listening to. On the same day, the company reported a 19% decline in net profit to 9.9 billion yuan ($1.35 billion) for the six months to the end of June.

Persons: Yu Liang, Bobby Yip, ”, Vanke, homebuyers, Xi Jinping, Xi, Una Galani, Thomas Shum Organizations: China Vanke Co, REUTERS, Reuters, China, Mainland, HK, Securities Times, Shenzhen Metro Group, Thomson Locations: China, Hong Kong, HONG KONG, Shenzhen, Evergrande’s

☆ China Evergrande soars 70% to lead Chinese property names higher after another developer dodges default
▼ + stars: | 2023-09-06 | by ( Phil Rosen | ) www.businessinsider.com time to read: +3 min

China Evergrande stock jumped as much as 82% Wednesday, leading other Chinese property names higher. Also lifting shares was commentary in the state-owned Securities Times, which called for further easing of restrictions on the property market. AdvertisementAdvertisementThat comes after Beijing has already introduced a raft of measures to prop up the real estate sector and the broader economy. Meanwhile, Evergrande — a former $50 billion real estate giant that last month filed for Chapter 15 bankruptcy protection — remains the world's most indebted property developer. Days prior, a company filing showed a loss of 33 billion yuan in the six months up to June 30, adding on to the 582 billion yuan in losses from the last two years.

Persons: China Evergrande, Evergrande, Logan, Evergrande —, Lehman, Nicholas Spiro Organizations: Securities Times, Service, Country Garden Holdings, Logan Group, Hong, Mainland, Citi, Zhongront, Lauressa Locations: China, Wall, Silicon, Hong Kong, China's, Beijing

☆ Chinese auto chipmaker raises over $1.8 billion as Beijing prepares new chip fund
▼ + stars: | 2023-09-06 | by ( ) www.reuters.com time to read: +1 min

BEIJING, Sept 6 (Reuters) - Chinese auto chipmaker GTA Semiconductor recently completed a largely state-funded financing round worth over $1.8 billion, state-backed Securities Times reported on Wednesday, with the move described as a clear signal to the domestic chip manufacturing industry that Beijing is still willing to invest in it. With this injection of capital Shanghai-based GTA Semiconductor, one of China's largest auto chipmakers manufacturers by production, has in less than two years racked up over $2.7 billion of mostly state funds, according to the Securities Times. Reuters could not determine whether the auto chipmaker's latest fund-raising was tied to this new fund or not. GTA Semiconductor has been backed by state-owned venture capital firms like Shanghai-based Spinnotec, which first announced the $1.8 billion fund-raising round on Monday, without specifying the entities involved. The large sum GTA Semiconductor raised highlights Beijing's commitment to prop up domestic manufacturers amid an ongoing push to wean off its chipmaking capabilities from foreign dependence, according to the Securities Times.

Persons: Eduardo Baptista, Josie Kao Organizations: Semiconductor, Securities Times, Reuters, GTA Semiconductor, GTA, Thomson Locations: BEIJING, Beijing, Shanghai, China

☆ China's 360 and iFlytek release AI models to public
▼ + stars: | 2023-09-05 | by ( Josh Ye | ) www.reuters.com time to read: +1 min

AI (Artificial Intelligence) letters are placed on computer motherboard in this illustration taken, June 23, 2023. REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing RightsBEIJING, Sept 5 (Reuters) - China's 360 Security Technology (601360.SS) and iFlytek (002230.SZ) on Tuesday became the latest tech firms to release their artificial intelligence (AI) models to the public. Unlike other countries, China requires companies to submit security assessments and receive clearance before AI products can be available for anyone to use. Authorities have recently accelerated efforts to support companies developing AI as the technology increasingly becomes a focus of competition with the United States. Hefei-based iFlytek, best known for it voice recognition technology, said it was launching its "Spark" AI model while Beiing-based 360 Security Technology, best known for its antivirus software, launched its its AI model "Zhinao", according to the state-backed Securities Times.

Persons: Dado Ruvic, Josh Ye, Jacqueline Wong, Edwina Gibbs Organizations: REUTERS, Rights, Security Technology, Authorities, Securities Times, Baidu Inc, HK, SenseTime, Thomson Locations: Rights BEIJING, China, United States, Hefei, Hong Kong, Beijing

☆ Chinese banks should step up lending to private sector, central bank official quoted
▼ + stars: | 2023-08-30 | by ( ) www.reuters.com time to read: +2 min

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 Wang/File Photo Acquire Licensing RightsBEIJING, Aug 30 (Reuters) - An official at China's central bank urged banks to step up lending to private companies during a meeting on Wednesday with financial regulators, corporations and lenders, the state-owned Securities Times reported. The central bank will ask financial institutions to set annual targets for services to private firms and vigorously expand loans to companies that are borrowing for the first time, it said. Investment by private companies shrank 0.5% in the first seven months of the year, bigger than the 0.2% decline for the first half. The Shanghai and Shenzhen bourses, major banks including the Industrial and Commercial Bank of China (601398.SS) and China Construction Bank (601939.SS) as well as at least 11 private firms participated the meeting, according to Yicai financial news.

Persons: Tingshu Wang, Ma Jianyang, Yicai, Ellen Zhang, Ryan Woo, Edwina Gibbs Organizations: People's Bank of China, REUTERS, Rights, Securities Times, Investment, Industrial, Commercial Bank of China, China Construction Bank, Titan Wind Energy, Longfor Group, HK, Seazen Holdings, Thomson Locations: Beijing, China, Rights BEIJING, Shanghai, Shenzhen

☆ Centaline says mainland China unit has 'huge' unpaid developers' commissions
▼ + stars: | 2023-08-26 | by ( ) www.reuters.com time to read: +2 min

A sign of Centaline Property is pictured at the company's office in Tianjin, China August 18, 2023. REUTERS/Tingshu Wang Acquire Licensing RightsBEIJING, Aug 26 (Reuters) - Centaline Property has said its mainland China unit is owed a huge amount of unpaid commissions and so it cannot pay employees their commissions, responding to reports of delayed payments to the unit by developers including the embattled Evergrande. The Hong Kong property agency's mainland arm, Centaline Property Agency (Shenzhen), has not recovered some commission fees as property developers grapple with the debt crisis and liquidity crunch, Centaline said in a statement on Friday. "The current amount of unpaid commissions from developers and agents is huge and Centaline Property is not in a position to advance them to its employees," the company said. The Shenzhen unit has paid fixed salaries up to July, Centaline said, adding that all of units were operating normally and it would not withdraw from the mainland China market.

Persons: Tingshu Wang, Centaline, Liu Tianyang, Ella Cao, Ryan Woo, Robert Birsel Organizations: REUTERS, Rights, Centaline Property Agency, Securities Times, Thomson Locations: Tianjin, China, Rights BEIJING, Hong Kong, Shenzhen

☆ Foxconn Industrial Internet denies signing deal with Tamil Nadu -report
▼ + stars: | 2023-08-01 | by ( ) www.reuters.com time to read: +1 min

BEIJING/TAIPEI, Aug 1 (Reuters) - A subsidiary of tech giant Foxconn (2317.TW) said that it had not signed any agreement to invest 16 billion rupees ($194.6 million) in Tamil Nadu, China's Securities Times reported on Tuesday. The government of the southern Indian state of Tamil Nadu said on Monday it has signed a deal with Foxconn for a new electronic components manufacturing facility that would create 6,000 jobs. The Foxconn Industrial Internet (FII) (601138.SS) facility will be built in the Kancheepuram district near the state capital of Chennai, a state government source told Reuters on condition of anonymity as details are not yet public. "We did not sign any investment agreement," FII was quoted as saying by the Securities Times newspaper, adding the company had issued a statement in July refuting similar "rumours." ($1 = 82.2290 Indian rupees)Reporting by Beijing Newsroom and Yimou Lee in Taipei; Editing by Jacqueline Wong and Jamie FreedOur Standards: The Thomson Reuters Trust Principles.

Persons: FII, Foxconn, Yimou Lee, Jacqueline Wong, Jamie Freed Organizations: China's Securities Times, Foxconn, Securities Times, Beijing Newsroom, Thomson Locations: BEIJING, TAIPEI, Tamil Nadu, Kancheepuram, Chennai, Taipei

☆ Most of what we've heard about the yuan dethroning the dollar is from the West. Here's what China's actually said about it.
▼ + stars: | 2023-07-31 | by ( Huileng Tan | ) www.businessinsider.com time to read: +6 min

China wants the yuan to play a bigger global role but hasn't called for it to replace the dollar. China wants to make the yuan the global currency," The Washington Post reported in May. Meanwhile, the Chinese currency is in fourth place, after the Japanese yen. In April this year, Xi again raised China's goal of yuan internationalization in Qiushi magazine, a Chinese Communist Party journal. In Qiushi, Xi said that China was committed to promoting yuan internationalization "in an orderly manner."

Persons: Xi Jinping, Niall Ferguson, hasn't, dollarization, China's, Rory Green, Xi, SWIFT, Liqing Zhang, Zhang Organizations: Service, NPR, Washington Post, Stanford, CNBC, European Central Bank, Communist, TS Lombard, Communist Party, Green, Central Bank of, Media, Communist Party's, Daily, Chinese Communist Party, Securities Times, Central University of Finance, Economics Locations: China, Wall, Silicon, Beijing, Russia, London, Xinhua

☆ China central bank to use tools such as RRR to tackle economic woes
▼ + stars: | 2023-07-14 | by ( Kevin Yao | ) www.reuters.com time to read: +4 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. The central bank will step up "countercyclical adjustments" to support the economic recovery, PBOC Deputy Governor Liu Guoqiang told the press conference. Analysts polled by Reuters expect the central bank to cut the RRR by 25 basis points in the third quarter. But Liu said China has not seen deflation and there were no deflationary risks for the second half. "As for the specific policy tools, we will use them reasonably according to the needs of the situation."

Persons: Tingshu Wang, Zou Lan, Zou, Liu Guoqiang, Liu, Liangping Gao, Ellen Zhang, Shri Navaratnam, William Mallard Organizations: People's Bank of China, REUTERS, Reuters, Securities Times, Thomson Locations: Beijing, China, BEIJING

☆ China regulator asks banks to respond to bearish Goldman report -Bloomberg News
▼ + stars: | 2023-07-12 | by ( ) www.reuters.com time to read: +1 min

July 12 (Reuters) - China's financial regulator has asked banks to respond to a Goldman Sachs report published last week that downgraded ratings on some Chinese banks and raised questions over the whole sector, Bloomberg News reported on Wednesday. Goldman said in a report last week it had downgraded Agricultural Bank of China (601288.SS), Industrial and Commercial Bank of China and Industrial Bank(601166.SS), sending Chinese banking stocks tumbling. The Wall Street bank said Chinese banks could not maintain a good balance of provisions, capital and dividends at the same time as their earnings have been squeezed. The National Administration of Financial Regulation communicated with several of the largest Chinese banks and told them to respond appropriately without giving specific guidance, Bloomberg News reported citing sources. Last Friday, China's state-backed Securities Times said in an editorial the Goldman Sachs downgrade of lenders to "Sell" ratings was based on "pessimistic assumptions".

Persons: Goldman Sachs, Goldman, Gursimran Kaur, Sonali Paul Organizations: Bloomberg, Agricultural Bank of China, Commercial Bank of China, Industrial Bank, National Administration of Financial, Securities Times, Thomson Locations: China's, Bengaluru

☆ Goldman's China banks downgrade based on 'pessimistic assumptions' - state media
▼ + stars: | 2023-07-07 | by ( ) www.reuters.com time to read: +1 min

BEIJING, July 7 (Reuters) - Goldman Sachs' (GS.N) downgrade of some major Chinese lenders to "Sell" ratings is based on "pessimistic assumptions," state-backed Securities Times said in an editorial on Friday, as worries over the banking sector deepen amid a rocky economy. "It is not advisable to be bearish on the fundamentals of Chinese banks based on pessimistic assumptions, and to a large extent there is a misinterpretation," the newspaper said. Chinese bank shares listed in Hong Kong tumbled after the report was released. Investors are concerned about Chinese banks' exposure to local government debt, earnings risks stemming from such debt, and diverging fortunes among individual banks, Goldman said in the report. Chinese policymakers are stepping up efforts to boost infrastructure investment and are tackling hidden local government debts, the Securities Times said.

Persons: Goldman Sachs, Goldman, Ella Cao, Bernard Orr, Ziyi Tang, Jamie Freed Organizations: Securities Times, Agricultural Bank of China, Commercial Bank of China, Industrial Bank, Investors, Thomson Locations: BEIJING, Hong Kong

☆ Morning Bid: Battered bond market braces for payrolls
▼ + stars: | 2023-07-07 | by ( ) www.reuters.com time to read: +1 min

A look at the day ahead in European and global markets from Tom WestbrookBond markets are in a world of pain, with yields catapulted to decade highs across developed markets. Non-farm U.S. payrolls due at 1230 GMT will present another conundrum that's unlikely to end well for bonds. Or is it bad news because it implies higher interest rates? The twin concerns - higher rates and slowing Chinese growth - seem to have finally put the brakes on stocks. Key developments that could influence markets on Friday:U.S. non-farm payrollsReporting by Tom Westbrook; Editing by Edmund KlamannOur Standards: The Thomson Reuters Trust Principles.

Persons: Tom Westbrook, Treasuries, Goldman Sachs, Edmund Klamann Organizations: Dealers, Securities Times, Thomson Locations: U.S, Asia, China's

Pan Gongsheng was appointed Saturday as the new Communist Party chief at the People’s Bank of China (PBOC), in a surprise move as Beijing bolsters its drive to arrest the country’s economic slowdown and stem a slide in its currency. Pan currently serves as the deputy governor of the PBOC. “My initial reaction is this suggests Xi [Jinping] is more concerned about China’s economy than before the 20th Party Congress,” Thomas said. Since then, he has spent nearly two decades working at large state-owned banks, including the Industrial and Commercial Bank of China (ICBC) and the Agricultural Bank of China (ABC). After returning to China, he was promoted to deputy governor at the PBOC in 2012.

Persons: Yi Gang, Pan Gongsheng, Janet Yellen, Pan, Yi, didn’t, Guo Shuqing, Neil Thomas, wasn’t, ” Thomas, Xi, Mao, Thomas, China’s, Biden, ” Organizations: Beijing CNN, Cambridge University, Harvard University, Communist Party, People’s Bank of China, Securities Times, CNN, Ant, Asia Society, Center for, Communist Party’s, Committee, 20th Party Congress, Wall Street Journal, Treasury Department, Renmin University of China, Industrial, Commercial Bank of China, Agricultural Bank of China, ABC, Harvard University’s Kennedy School of Government, State Administration of Foreign Exchange, Beijing, P Global, PMI Locations: Hong Kong, Beijing, China, Shanghai, Center for China, United States, West

☆ China's big banks cut deposit rates, signaling monetary easing ahead
▼ + stars: | 2023-06-08 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +2 min

Bloomberg | Bloomberg | Getty ImagesBEIJING — China's largest banks cut interest rates for savers on Thursday in a bid to boost growth in an economy where consumption has been slow to recover. The country's six state-owned commercial banks' websites all showed updated yuan-denominated demand deposit interest rates of 0.2%, down from 0.25% last year, according to CNBC checks. The banks cut rates for other deposit products, including reducing the interest rate for five-year time deposits to 2.5% from 2.65%, according to their websites. The state-run Securities Times reported the deposit rate cuts in the Thursday edition of the newspaper. However, it's not a given that lower deposit rates will translate immediately into greater spending.

Persons: Nomura, Ting Lu, Zhang, it's Organizations: of, Bloomberg, Getty, BEIJING, CNBC, Securities Times, People's Bank of China, China, Management Locations: of China, China, Shanghai

☆ Alibaba Cloud cuts prices by up to 50% for core, storage products - Securities Times
▼ + stars: | 2023-04-26 | by ( ) www.reuters.com time to read: 1 min

BEIJING, April 26 (Reuters) - Alibaba Cloud has cut prices for its core and storage products by up to 50%, Securities Times reported on Wednesday. The price cuts are aimed at expanding its user base and market penetration, the report said. Reporting by Beijing newsroom; Writing by Liz Lee; Editing by Muralikumar AnantharamanOur Standards: The Thomson Reuters Trust Principles.

☆ 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.

☆ China's March factory activity growth falters on weaker demand - Caixin PMI
▼ + stars: | 2023-04-03 | by ( ) www.reuters.com time to read: +2 min

BEIJING, April 3 (Reuters) - China's factory activity growth stalled in March, weighed down by slowing production and weaker global demand and adding to uncertainty about a post-COVID recovery, a private sector survey showed on Monday. The reading far missed expectations of 51.7 in a Reuters poll, and echoed slower growth in an official PMI released on Friday. However, a property downturn, weaker global demand and financial uncertainty raised doubts about the strength of the rebound. The factory activity was hit by slower growth in production and demand in March with sub-indexes both falling from the previous month. The new export orders sub-index fell to 49.0 after briefly swinging into growth in February, suggesting global demand remains weak.

☆ SVB failure offers lesson for China - state media
▼ + stars: | 2023-03-15 | by ( ) www.reuters.com time to read: +2 min

SHANGHAI/HONG KONG, March 15 (Reuters) - The collapse of Silicon Valley Bank (SVB) will not impact China's financial system but offers an important lesson for the country's banking industry, the official Securities Times said in an editorial on Wednesday. An SVB-style bank failure is unlikely to happen in China but the incident would have "important implications for the development of China's small- and medium-sized lenders, and the stability of China's financial system," the editorial said. In addition, China has been closing regulatory loopholes, the editorial said. In the latest move, China said last week it would set up a new national financial regulatory body consolidating oversight of the industry. "Although the SVB incident won't have material impact on China's finiancial markets, China's financial industry still needs to earnestly learn from this lesson, and always prioritise risk prevention and control," the newspaper said.

Search resuls for: "Securities Times"

25 mentions found