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☆ China has more space to cut reserve ratio instead of interest rates, says ex-official
▼ + stars: | 2023-12-03 | 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. With interest rates and loan prime rates at low levels, there is more space to cut banks' reserve requirement ratio (RRR) than to cut interest rates, Sheng said. The central bank lowered the RRR in September for the second time this year to boost liquidity and support economic recovery. The weighted average RRR for financial institutions was around 7.4% after the cut. China is prudent in cutting interest rates as its monetary policy needs to consider internal and external balance, Sheng said.

Persons: Tingshu Wang, Sheng Songcheng, Sheng, Mei Mei Chu, Christopher Cushing Organizations: People's Bank of China, REUTERS, Rights, People's Bank of, Shanghai Securities, Thomson Locations: Beijing, China, Rights BEIJING, People's Bank of China, U.S

Shein has not determined the size of its offering or the valuation at IPO, the sources said. Shein, Goldman and JPMorgan declined to comment, while Morgan Stanley did not immediately respond to a request for comment. The most valuable China-founded enterprise to go public in the United States so far is ride-hailing giant Didi Global's (92Sy.MU) debut in 2021 at $68 billion valuation. In 2021, the comparable number was $300 billion when the IPO market was close to its peak. Fast fashion retailers have been gaining popularity in the United States, with Shein taking away market share from the likes of Gap (GPS.N) as shoppers look for fresher styles.

Persons: Goldman Sachs, JPMorgan Chase, Morgan Stanley, Shein, Goldman, Didi Global's, Jason Benowitz, David, Dee, Delgado, CSRC, Simon Property, Sumeet Singh, It's, Pritam Biswas, Ananya Mariam Rajesh, Kane Wu, Anirban Sen, Rishabh, Scott Murdoch, Miyoung Kim, Stephen Coates Organizations: Amazon, JPMorgan, Bloomberg, Arm Holdings, Roosevelt, REUTERS, China Securities Regulatory Commission, U.S, Reuters, Securities and Exchange Commission, SPARC Group, Forever, Brands, Simon, Aequitas Research, China's Shanghai Securities, Street, Thomson Locations: United States, China, U.S, Singapore, New York City, Shein, Bengaluru, Hong Kong, New York, Sydney

☆ More China companies buyback shares as Beijing seeks to stabilise market
▼ + stars: | 2023-10-30 | by ( ) www.reuters.com time to read: +1 min

SHANGHAI, Oct 30 (Reuters) - More than 30 Chinese listed companies unveiled share buyback and purchase plans over the weekend while major mutual fund house E Fund Management Co said it would invest in its own product as Beijing steps up efforts to put a floor under a sliding stock market. China has already announced a slew of measures, including share purchases by state fund Central Huijin, to stem declines in a stock market (.CSI300) that last week hit the lowest level since 2019. Amid government calls to revive the market, more than 20 listed companies, including Hainan Mining Co (601969.SS), Vatti Corp (002035.SZ) and Zhejiang Sanmei Chemical (603379.SS), unveiled share buyback plans or proposals late on Sunday. In addition, companies such as CRRC Corp (601766.SS) and Wuxi Lead Intelligent Equipment (300450.SZ) disclosed share purchase plans by their controlling shareholders. ($1 = 7.3145 Chinese yuan renminbi)Reporting by Samuel Shen and Tom Westbrook; Editing by Lincoln FeastOur Standards: The Thomson Reuters Trust Principles.

Persons: Samuel Shen, Tom Westbrook, Lincoln Organizations: E Fund Management, Central, Hainan Mining Co, Vatti Corp, Chemical, CRRC, E, CSI, Huijin, Shanghai Securities, Thomson Locations: SHANGHAI, Beijing, China, Hainan, Zhejiang, Wuxi

☆ China FX regulator says CBDC features could improve monetary policy
▼ + stars: | 2023-10-13 | by ( ) www.reuters.com time to read: +2 min

China's official app for digital yuan is seen on a mobile phone next to 100-yuan banknotes in this illustration picture taken October 16, 2020. REUTERS/Florence Lo/Illustration/File photo Acquire Licensing RightsSHANGHAI, Oct 13 (Reuters) - A Chinese foreign exchange regulator official said "programmable features" of a central bank digital currency (CBDC) could help enhance the effectiveness of monetary policy tools, state media reported on Friday. China is among a host of countries developing their own CBDCs - digital tokens issued by central banks - although adoption is still in its early stages. Lu said he expected the People's Bank of China (PBOC) could explore the features to adjust rates of CBDC, which could also be used manage the macro economy. Transactions using China's CBDC, the e-CNY, hit 1.8 trillion yuan ($249.33 billion) at end-June.

Persons: Florence Lo, Lu Lei, Lu, Sam Holmes Organizations: REUTERS, Rights, State Administration of Foreign Exchange, Shanghai Securities News, People's Bank of China, Bank of International, Shanghai, Thomson Locations: China

☆ SenseTime's former IP rights employee under investigation
▼ + stars: | 2023-09-28 | by ( Josh Ye | ) www.reuters.com time to read: +1 min

Hong Kong, Sept 28 (Reuters) - Chinese tech company SenseTime (0020.HK) said on Thursday a former employee of its intellectual property division is now under police investigation. Without elaborating on details, a SenseTime spokesperson told Reuters via messaging app WeChat, "a former employee of [the] intellectual property division is currently under investigation by the Public Security Bureau due to suspected commercial related case." The state-backed Shanghai Securities News said the suspect is a former executive director of intellectual property rights. The report added that the suspect is now subject to "mandatory measures" due to economic problems but it did not specify which economic problems are under investigation. Reporting by Josh Ye in Hong Kong, Ella Cao in Beijing and Meg Shen in Hong Kong.

Persons: SenseTime, Josh Ye, Ella Cao, Meg Shen, Jane Merriman, Ros Russell Organizations: HK, Public Security, Shanghai Securities News, Thomson Locations: Hong Kong, Beijing

☆ Tesla working on 'gigacasting' tech to mould underbody in one piece -report
▼ + stars: | 2023-09-27 | by ( ) www.reuters.com time to read: +1 min

A staff member attends to customers inside a Tesla Model Y car at a showroom of the U.S. electric vehicle (EV) maker in Beijing, China February 4, 2023. The state-owned Chinese newspaper, which based its report after a recent visit to Tesla's Shanghai factory, did not say when and where the upgrade will happen. Reuters reported this month that Tesla was closing in on an innovation that would allow it to die cast nearly all of the underbody of an electric vehicle in one piece. Tesla has pioneered the use of huge presses with 6,000 to 9,000 tons of clamping pressure to mould the front and rear structures of its Model Y in its "gigacasting" process that has slashed production costs. Reporting by Zhang Yan, Albee Zhang and Bernard Orr; Editing by Edwina GibbsOur Standards: The Thomson Reuters Trust Principles.

Persons: Florence, Tesla, Zhang Yan, Albee Zhang, Bernard Orr, Edwina Gibbs Organizations: Tesla, U.S, REUTERS, Rights, Shanghai Securities, Reuters, HK, Zeekr, Shanghai Securities News, Thomson Locations: Beijing, China, Rights BEIJING, Shanghai

☆ Evergrande stock tumbles after Chinese police detain staff at its wealth management unit
▼ + stars: | 2023-09-18 | by ( Laura He | ) edition.cnn.com time to read: +5 min

The state-owned Shanghai Securities Journal reported that one of the detainees is the general manager and legal representative of Evergrande Wealth, citing an unnamed source. CNN has reached out to Evergrande and Evergrande Wealth for comment about the investigation, but hasn’t received a response. Of that amount, 34 billion yuan ($4.7 billion) was still unpaid by the end of last year. Multiple protestsProblems at Evergrande’s wealth unit first became widely known in August 2021, when it stopped issuing financial products due to “difficulty” in repaying them. Sayaka Nanbu/APTo appease its creditors, Evergrande Wealth subsequently proposed several repayment plans.

Persons: “ Du, hasn’t, Evergrande, Sayaka Nanbu Organizations: Hong Kong CNN, Hong, Police, Evergrande, Shanghai Securities Journal, CNN, Shenzhen government’s, Evergrande’s Locations: Hong Kong, Shenzhen, Evergrande’s Shenzhen, Shanghai, United States

☆ Tesla sues Chinese firm over tech secret infringement -Chinese state media
▼ + stars: | 2023-09-05 | by ( ) www.reuters.com time to read: 1 min

The logo of car manufacturer Tesla is seen at a dealership in London, Britain, May 14, 2021. REUTERS/Matthew Childs/File Photo Acquire Licensing RightsCompanies Tesla Inc FollowXiaomi Corp FollowBEIJING, Sept 5 (Reuters) - Tesla Shanghai has sued a Chinese firm over tech secret infringement and unfair competition disputes, Shanghai Securities Journal reported on Tuesday. The lawsuit against Bingling Intelligent Technology, a chip designer and auto parts maker based in Changzhou, Jiangsu province, will be heard in the Shanghai intellectual property court on October 10, according to the report. A investment fund unit of Xiaomi owns 11.9% of Bingling, the report said, citing Chinese business data platform Tianyancha. Reporting by Qiaoyi Li and Brenda Goh; editing by Jason NeelyOur Standards: The Thomson Reuters Trust Principles.

Persons: Matthew Childs, Qiaoyi Li, Brenda Goh, Jason Neely Organizations: REUTERS, Shanghai, Shanghai Securities, Bingling, Technology, Xiaomi, Thomson Locations: London, Britain, BEIJING, Changzhou, Jiangsu province, 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 mutual funds cut fees as regulator targets $3.7 trillion sector
▼ + stars: | 2023-07-10 | by ( ) www.reuters.com time to read: +4 min

The cuts, which the fund companies said in identical phrasing were "aimed at reducing investors' costs in managing their wealth", come after China's securities regulator on Saturday vowed to guide mutual fund fees lower. Fund management fees would be capped at 1.2% of assets and custodian fees at 0.2%, state media reported. Nevertheless, the industry collected 144.1 billion yuan in management fees in 2022, up 1.7% from a year earlier, according to TX Investment Consulting Co. FEE CUTFullGoal Fund Management Co said it would cut fees on 119 products starting Monday, while Harvest Fund Management announced cuts for 113 products. The CSRC published opinions in April last year to promote high-quality growth of the mutual fund industry.

Persons: Morningstar, Ivan Shi, China's, Warburg Pincus, Samuel Shen, Tom Westbrook, Selena Li, Muralikumar Anantharaman, Jamie Freed Organizations: China Asset Management Co, Bank of Communications Schroder Fund Management, China Securities Regulatory Commission, Ben Advisors, Investment Consulting Co, Management, Harvest Fund Management, Asset Management Co, Ou Asset Management Co, Warburg, Shanghai Securities News, Thomson Locations: SHANGHAI, SINGAPORE, China, United States, Shanghai, China's

☆ China's factory gate prices fall at fastest pace in 7 years
▼ + stars: | 2023-07-10 | by ( ) www.reuters.com time to read: +3 min

BEIJING, July 10 (Reuters) - China's factory-gate prices fell at the fastest pace in seven-and-a-half years in June, while consumer inflation was at its slowest since 2021, adding to the case for policymakers to use more stimulus to revive sluggish demand. The consumer price index (CPI) was unchanged year-on-year, compared with the 0.2% gain seen in May, driven by a faster fall in pork prices. Beijing has set a target for average consumer inflation in 2023 of about 3%. China last month cut policy rates to boost liquidity and vowed to take measures to promote household consumption. Reuters GraphicsFor producer prices, the biggest year-on-year declines were seen in energy, metals and chemicals as domestic and foreign demand weakened.

Persons: Bruce Pang, Jones Lang Lasalle, Pang, Hu Yuexiao, COVID, Liangping Gao, Ella Cao, Ryan Woo, Sam Holmes Organizations: National Bureau of Statistics, Capital Economics, Reuters Graphics, PPI, Jones, Shanghai Securities, Thomson Locations: BEIJING, Beijing, China

☆ Nvidia CEO Jensen Huang may visit Shanghai on June 6 - Shanghai Securities News
▼ + stars: | 2023-06-02 | by ( ) www.reuters.com time to read: 1 min

SHANGHAI, June 2 (Reuters) - Nvidia Corp (NVDA.O) Chief Executive Jensen Huang may visit Shanghai on June 6, the Shanghai Securities News reported on Friday. Nvidia did not immediately respond to a Reuters request for comment. Reporting by Brenda Goh and Albee Zhang; Editing by Shri NavaratnamOur Standards: The Thomson Reuters Trust Principles.

Persons: Jensen Huang, Brenda Goh, Albee Zhang, Shri Navaratnam Organizations: Nvidia Corp, Shanghai, Shanghai Securities, Nvidia, Thomson Locations: SHANGHAI

☆ Asian hedge funds piled to China education, U.S. AI shares in Q1
▼ + stars: | 2023-05-16 | by ( Summer Zhen | ) www.reuters.com time to read: +4 min

Investors poured money into private tutoring leaders, including New Oriental and TAL Education (TAL.N), that have come through a near two-year crackdown in China on after-school education. Greenwoods also built a new position in TAL Education by acquiring 2.2 million shares. The fund run by ex-Alibaba CTO John Wu bought 2.1 million more shares to boost its stake in the tutoring giant. Share prices of both New Oriental and TAL collapsed over 90% from its peak after Beijing’s ban on K-12 private tutoring. The price of two stocks have doubled from the low point in October after China dropped its strict controls against COVID-19.

☆ China's c.bank warns SVB failure shows impact of rapid global rate hikes- state media
▼ + stars: | 2023-03-18 | by ( ) www.reuters.com time to read: +1 min

March 18 (Reuters) - A senior official at the People's Bank of China said on Saturday the collapse of Silicon Valley Bank (SVB) showed how rapid monetary policy shifts were having spillover effects, state-owned newspaper Shanghai Securities News reported. Silicon Valley Bank's balance sheet characteristics made it more sensitive to interest rates changes and ultimately led to risk, the newspaper cited him as saying. "Based on the current situation, there is still uncertainty about whether inflation in the major developed economies will fall significantly in the short term, and continuing to maintain relatively high interest rates may also have an adverse impact on the steady operations of the banking and financial system," he said. SVB Financial Group (SIVB.O) on Friday sought protection under Chapter 11 of the U.S. bankruptcy code, days after its former unit Silicon Valley Bank was taken over by U.S. regulators. Reporting by Juby Babu in Bengaluru and Brenda Goh in Shanghai; Editing by William Mallard and Sonali PaulOur Standards: The Thomson Reuters Trust Principles.

☆ Beijing may allow foreign financial firms to list in China - ex-finance minister
▼ + stars: | 2023-03-18 | by ( ) www.reuters.com time to read: +1 min

SHANGHAI, March 18 (Reuters) - China will encourage foreign capital to participate in its financial markets and may allow foreign-funded financial institutions to go public in the country when "conditions are ripe", local media quoted a former finance minister as saying on Saturday. China has been stepping up efforts to woo foreign companies and investors to aid an economic recovery after the dismantling of its zero-COVID policy late last year. It has sped up fund license approvals for foreign asset managers in recent months. Lou also commented on the recent collapse of Silicon Valley Bank, saying Chinese authorities attached great importance to preventing and resolving systemic risks and were trying to improve financial supervision with the creation of a new financial regulatory body. "We will also continue to cooperate with the financial regulatory agencies of other countries to jointly prevent and resolve systemic risks in the global financial system and maintain the stability and prosperity of the global financial market," he added, according to the newspaper.

☆ From state media to a Shaolin temple, Baidu's ChatGPT-style bot sees partner rush
▼ + stars: | 2023-02-14 | by ( ) www.reuters.com time to read: +1 min

BEIJING, Feb 14 (Reuters) - Chinese organisations, from state media to a Shaolin temple, said on Tuesday they have signed partnerships with Baidu's ChatGPT-style project, ahead of an expected launch next month. The Chinese search engine giant (9888.HK) last week announced that it would complete internal testing of its “Ernie Bot" in March. China's Shaolin Temple, the cradle of Chinese kung fu, said in a statement it would work with Baidu to integrate Ernie into its operations with the purpose of creating an AI-driven content environment. Over a dozen Chinese media outlets also said they had entered tie-ups with Baidu, including the state-owned Shanghai Securities Journal. Baidu's banking joint venture with CITIC (601998.SS), as well as its electric vehicle arm Jidu Auto, also said on Tuesday they would integrate Ernie into their operations.

☆ China's Lunar New Year travel to boost economy after COVID crunch
▼ + stars: | 2023-01-17 | by ( ) www.reuters.com time to read: +5 min

While many analysts say a return to economic normality will be gradual as the impact of COVID weakens, some see the Lunar New Year as a welcome early consumption boost. But with so many people on the move, health experts fear a deepening of the COVID outbreak, leaving the elderly in rural villages particularly vulnerable. Reuters reported on Tuesday that doctors in both public and private hospitals were being actively discouraged from attributing deaths to COVID. State media reported that some 390,000 passengers were expected to travel from Shanghai train stations on Tuesday alone for what is known as the Spring Festival holiday - seen as the world's largest annual mass migration before COVID. As travellers moved through stations in Shanghai, China's largest city, some expressed optimism despite the risks.

☆ China's Lunar New Year travel offers spark of economic rebound from COVID crunch
▼ + stars: | 2023-01-17 | by ( ) www.reuters.com time to read: +6 min

While many analysts say a return to economic normality will be gradual as the impact of COVID weakens, some see the Lunar New Year as a welcome early consumption boost. But even as workers move out, health experts fear a broadening and deepening of its COVID outbreak, leaving the elderly in rural villages particularly vulnerable. The WHO earlier welcomed Saturday's announcement after last week warning that China was heavily under-reporting deaths from the virus. "This is especially important during periods of surges when the health system is severely constrained," the statement said on Monday. As travellers moved through stations in Shanghai, China's largest city, some expressed optimism despite the risks.

☆ China state media warn of two-way volatility for yuan in 2023
▼ + stars: | 2023-01-10 | by ( ) www.reuters.com time to read: +2 min

"Even if the depreciation pressure has diminished, two-way volatility in the yuan exchange rate will still be the norm in 2023," the Securities Times said. "The shrinking current account surplus and yield gap between China and the United States will keep adding depreciation pressure on the yuan," it warned. The China Securities Journal of Beijing said improvements in China's economic expectations remained the most fundamental force in deciding the yuan's value. "After a reasonable correction, the yuan will likely continue to be subject to two-way volatility, gradually converging towards a reasonable range in the long run," the newspaper said. The Shanghai Securities News said the value of yuan would be determined mainly by domestic factors this year.

[1/4] Women wearing face masks and face shields talk on a street, as coronavirus disease (COVID-19) outbreaks continue in Shanghai, China, December 12, 2022. Reuters witnessed similar queues outside clinics in the central city of Wuhan, where COVID-19 first emerged three years ago. But the figures reflect the dropping of testing requirements, say analysts, while Chinese health expects have warned of an imminent surge. Yet China is pushing ahead with efforts to free up nationwide travel, even if foreign trips may still be a while off. The number of domestic flights available across China exceeded 7,400, nearly double from a week ago, flight tracker app VariFlight showed.

☆ Chinese government reportedly helps the world's biggest iPhone-maker fill in labor shortages by recruiting Communist Party members and veterans
▼ + stars: | 2022-11-18 | by ( Aaron Mok | ) www.businessinsider.com time to read: +3 min

Chinese government officials are helping Foxconn recruit Communist Party members, civil servants, and military veterans amid a labor shortage, NYT reports. Foxconn's labor shortage could mean iPhone shipment delays around the holidays. The move is reportedly part of a state-led effort to fill in the factory's labor shortage in the wake of a mass employee exodus over fears of strict COVID-related lockdowns. Foxconn's recruitment drive comes after hundreds of Foxconn workers fled its facilities in mid-October to avoid getting trapped quarantining there in light of a COVID-outbreak on-site. Unverified videos seen by Insider also show Foxconn workers protesting prison-like confinement in their dorms amid claims that eight employees allegedly died in a shared room, though Foxconn denied that anyone has died there.

☆ Chinese authorities call on retired soldiers to help Foxconn iPhone plant -SSN
▼ + stars: | 2022-11-16 | by ( ) www.reuters.com time to read: +2 min

SHANGHAI, Nov 16 (Reuters) - Local authorities in China's Henan province are urging retired soldiers and government workers to take on stints at Foxconn's (2317.TW) iPhone factory in Zhengzhou, the official Shanghai Securities News reported on Tuesday. Foxconn declined to comment on the hiring schemes, and also declined to give further updates on the Zhengzhou plant's manufacturing status. Apple last week lowered its forecast for shipments of the premium iPhone 14 model due to the situation. Reuters last month reported that Foxconn's production of Apple's iPhones at the Zhengzhou factory could slump by as much as 30% in November. On Tuesday, the Henan Daily reported that the factory received its first batch of new workers on Nov. 13.

☆ COMAC, Boeing agree to step up research co-operation
▼ + stars: | 2022-11-09 | by ( ) www.reuters.com time to read: 1 min

BEIJING, Nov 9 (Reuters) - Chinese planemaker Commercial Aircraft Corporation of China (COMAC) and Boeing signed an agreement to expand co-operation on their joint research centre, state media Shanghai Securities News said on Wednesday. The pact, signed at the Zhuhai airshow, aims to further support sustanable development of aviation, it added. Reporting by Beijing newsroom; Editing by Clarence FernandezOur Standards: The Thomson Reuters Trust Principles.

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