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Bubble tea: ChaPanda shares plunge in Hong Kong IPO
  + stars: | 2024-04-23 | by ( Anna Cooban | ) edition.cnn.com   time to read: +3 min
The company, also known as Chabaidao or ChaPanda, had priced its shares at $17.50 Hong Kong dollars ($2.23) apiece, but they plunged as low as $10.80 Hong Kong dollars ($1.38) in the first two hours of trading on the Hong Kong stock exchange. Bubble tea (also called “black pearl tea” or “boba tea”) originated in Taiwan in the 1980s, but has since found millions of devotees around the world. In January, two of China’s most popular bubble tea brands, Mixue Group and Guming Holdings, applied for IPOs on Hong Kong’s stock exchange. Another Chinese bubble tea maker, Nayuki, has lost 88% of its stock market value since going public in Hong Kong in 2021. “The overall turnover and valuation of the (Hong Kong) stock market, which depend on the market liquidity, i.e.
Persons: Baidao, Frost, Frost & Sullivan, Robert Lui, , , Laura Organizations: London CNN —, Hong, Frost &, China, Franchise Association . Stock, Mixue, Guming Holdings, Deloitte Locations: Sichuan, Hong Kong, Chengdu, Taiwan, China, Hong, Dealogic, Shanghai, Shenzhen
Shares of Chinese bubble tea chain Chabaidao tumbled almost 40% on its trading debut on the Hong Kong stock exchange. The stock, officially listed as Sichuan Baicha Baidao Industrial, fell as low as 10.84 Hong Kong dollars in the late morning — about 38% below its IPO price of HK$17.50. The bubble tea firm's IPO was the largest listing in Hong Kong in 2024 so far, with the company garnering net proceeds of HK$2.59 billion from its IPO, before listing expenses, according to its prospectus filed to the Hong Kong exchange. The company said it ranked third in China's freshly made tea shop market in terms of retail sales value in 2023, with a market share of 6.8%
Organizations: Hong, HK Locations: Hong Kong, Sichuan
At New York's Dragon Festival, authentic Chinese brands and restaurants excite locals' taste buds. Its founder shared some of her favorite vendors of soup dumplings and candies at the opening event. "This doesn't taste like home," said Xu, a 31-year-old entrepreneur and the creator of New York City's Dragon Festival, the biggest Chinese-food festival in the metropolitan area. Jessie YuChen for BIChen said that confectioners in her home province of Fujian, China, caught her attention when she was younger. In 2006, inspired by the soup dumplings made popular by Shanghai's Nanxiang district, Ma opened his first New York City storefront.
Persons: , Xu, Jessie YuChen, she's, Mila, Tang Hulu, I'm, Bu Tong, Ivy Chen, Dragon Lulu, Chen, Vivian Cao, confectioners, Emperor Guangzong, Michael Ma, Xiang Xiao Long Bao, Nan Xiang Xiao Long Bao, Ma, Nan, bartenders, Coco, Xibei Yang Organizations: Service, Park, Dragon, Prospect, lollipop, Michelin, Chi Forest, Haidilao, BI Locations: New York, SoHo, Chinatown, Flushing, York City, Koreatown, Union, Chelsea, Washington, Kwa, Henan, Queens, Prospect Park , Brooklyn, Beijing, Fujian, China, Shanghai, York, Nanxiang, New York City, Jiangsu, Zhejiang, Chi, Thai, Bangkok, Sichuan, Manhattan
BEIJING — China's fiscal stimulus is losing its effectiveness and is more of a strategy to buy time for industrial and consumption policies, S&P Global Ratings senior analyst Yunbang Xu said in a report Thursday. The analysis used growth in government spending to measure fiscal stimulus. "In our view, fiscal stimulus is a buy-time strategy that could have some longer-term benefits, if projects are focused on reviving consumption or industrial upgrades that increase value-add," Xu said. The head of the top economic planning agency said in March that China would "strengthen macroeconomic policies" and increase coordination among fiscal, monetary, employment, industrial and regional policies. High debt levels limit how much fiscal stimulus a local government can undertake, regardless of whether a city is considered a high or low-income region, the S&P report said.
Persons: Yunbang Xu, Xu Organizations: Global Locations: Nanning, Guangxi Zhuang, China, BEIJING, Shenzhen, Bazhong, Sichuan
The Condiment Wars Come for Chile Crisp (or Crunch)
  + stars: | 2024-04-05 | by ( Tejal Rao | ) www.nytimes.com   time to read: +1 min
It’s hard to pinpoint exactly when we reached peak chile crisp in the United States, but if you were to inspect my kitchen today you’d see, alongside an old jar of Lao Gan Ma — years ago, the only chile crisp I could easily find in the food shops nearby — at least a half-dozen others. While each jar contains a spicy crimson sediment under oil, some have the sweetness of star anise, while others are deepened with tiny dried shrimp or fried shallots. Some have the delicate crunch of fried sesame seeds, garlic or crushed peanuts, or the mouth-numbing tingle of Sichuan peppercorns. Some of these preparations are rooted in regional Chinese or diasporic traditions, family customs or someone’s idiosyncratic taste, and each is different from the others. You might call these condiments chile oil or chile crisp or chile crunch, and the truth is that I didn’t give the precise language of the category too much thought until Thursday.
Persons: Lao Gan Ma, tingle Locations: United States, Lao, , Sichuan
Taiwan's 7.2-magnitude earthquake has drawn seemingly friendly messages on China's social media. But they're also indicative of China's ambitions for Taiwan, and what Chinese people think of the island. AdvertisementA 7.2-magnitude earthquake that hit Taiwan on Wednesday morning prompted a wave of concerned messages on mainland China's social media, diverting from the usual hostile rhetoric toward the self-governed island. Like many of China's social media platforms, Weibo is heavily censored and moderated. However, kinetic conflict is still widely viewed on social media as only one of several options for unification.
Persons: they're, , Fabian Hamacher, Xi Jinping, Zhang Yongjin, Xi Organizations: Service, Wednesday, Reuters, REUTERS, Business, Taiwan, People's Liberation Army, PLA, Getty, Observers Locations: Taiwan, Hualien, New Taipei City, Weibo, Beijing, China, Shiyuan Township, Jishishan County, Gansu Province, Xinhua, Sichuan, Taipei
The world’s best dumplings
  + stars: | 2024-03-28 | by ( Julia Buckley | ) edition.cnn.com   time to read: +17 min
The best way to sample these dumplings is from a street vendor carting a steamer on his bicycle. KartoffelknoedelCarbtastic kartoffelknoedel ExQuisine/Adobe StockFound across Germany, kartoffelknoedel, or potato dumplings, usually accompany meat dishes. Artit_Wongpradu/iStockphoto/Getty ImagesSome dumpling purists say that the Australian dim sim is merely a bastardized version of Chinese dumplings. Joshua Resnick/500px Plus/Getty ImagesFound on Chinese takeout menus in the United States, crab rangoon are deep-fried dumplings served as a side dish. Shish barakShish barak are lamb dumplings served with yoghurt.
Persons: ., Ravioli, , chao shou, chao, bryndzové, Lisa Wiltse, dumpling, Edward Wong, there’s, Beata Zawrzel, Mayur, Lord Ganesha, Ganesh Chathurthi, Pelmeni, Dim sims, Peng, Kimchi, Jonathan Wong, manti, speck, you’ll, Deb Lindsey, Uszka, Gyoza, Joshua Resnick, Ihor, it’s, It’s, DiAnna Paulk, Paolo Bernardotti, Shish barak Shish barak, Julia Buckley Organizations: CNN, South China Morning, Adobe, Central Asia, Kazakhstan –, Turks, Adobe Stock, Corbis, China Morning, Getty, Turkish, Fascism, Washington Post Locations: . Cheng, South, Italy, Rome, Sichuan, Central, Turkey, China, Azerbaijan, Kazakhstan, Central Asia, Mongol, Slovakia, Slovakian, Indonesian, Bandung, Hong Kong, Eastern Europe, Maharashtra, Germany, Brazil, Siberia, European, Australia, North America, Europe, Tunisian, Argentina, empanadas, Mendoza, USA, Southern, United States, Central Asian, Korea, Alto Adige, Austrian Tyrol, Kathmandu, Poland, Tokyo, rangoon, Asia, Russia, Georgia, Japan, Pennsylvania, Piedmont, Afghanistan
We love food, and we love people who love food,” says Orfali. Orfali Bros BistroA multicultural menuOrfali left Syria in 2006, relocating to Dubai a year later, and his brothers followed. “Different nationalities, different colors, different languages, different accents. Orfali Bros BistroA “flourishing” food sceneDubai’s restaurant scene has, until recently, been dominated by celebrity chefs and international franchises. “We build a relationship between us and the guests, and we make it family,” Orfali says.
Persons: CNN —, Mohamad Orfali, Treet Bel Laban ” —, , Orfali —, Mohamad, Omar, We’re, Orfali, , Mohammad, barak, they’ve, Orfali Bros, Eclair, Samantha Wood, “ Mohamad, Wood, Chez Wam, ” Orfali, “ It’s Organizations: CNN, Michelin, , Orfali, UAE, Dubai, , Bros Locations: Aleppo, Syria, Dubai, East, North Africa, Orfali’s, UAE, Lebanese, Sichuan, , “ Dubai, Hokkaido, Turkish
Fu Bao fandomBorn to parents Ai Bao and Le Bao in July 2020 as part of China’s “panda diplomacy” program, Fu Bao is South Korea’s first naturally-bred panda. Some South Koreans said Fu Bao provided them with moments of joy during the pandemic. In one video, Fu Bao clings tightly to Kang’s leg, unwilling to let go, as he spins gently around the room. The other short video shows Fu Bao clinging to Kang’s arm while relaxing on a wooden bench. Once Fu Bao departs for China, there will be four giant pandas left at Everland – Fu Bao’s mother Ai Bao, father Le Bao, and their twin babies Rui Bao and Hui Bao, who were born last July.
Persons: Fu Bao, Fu, Fu Bao’s, Ai Bao, Le Bao, , you’re, zookeeper, grandpa, Kang Chul, ” Kang, 판다월드, Everland, Rui Bao, Hui Bao Organizations: CNN, South Korea’s, South, YouTube, China Conservation and Research Center, Samsung, China Wildlife Conservation Association Locations: South, Yongin city, South Korea, China, Everland, Sichuan Province
A top advisor suggested that China lower its marriage age to 18, and people aren't happy with him. It's a further sign that China's population woes can't be solved through family policy alone. His proposal, however, went viral and was quickly slammed online, a further sign that China's population woes are rooted beyond just family policies. "I thought at least those who have experienced childbirth should propose these reproduction suggestions," said one top comment with 7,500 likes on Weibo, China's version of X. China's population decreased by around 2 million people in 2023, while its birth rates have declined to their lowest levels since 1949, per government statistics.
Persons: Gan Huatian, It's, , Gan, Mao Zedong's Organizations: Service, National Committee of, Political Consultative, National People's Congress, West China Hospital, Business Locations: China, Beijing, Sichuan, Weibo
In today's big story, we're looking at bitcoin's latest rally and what's driving it so high this time around . The milestone comes amid a massive rally for bitcoin over the past month, where its price has surged almost 60%. Business Insider's Phil Rosen has a full rundown on what's pushing bitcoin's price so high this time . SOPA Images / GettyA boon for bitcoin doesn't mean everyone in the space wins. The insider I spoke to said there's no single, agreed-upon narrative for what's driving crypto toward a new peak.
Persons: , you've, Phil Rosen, BlackRock's, Jamie Dimon, there's, Tom Williams, Doom, Roubini, BofA, Li Qiang, headwinds, Mark Zuckerberg's, Andrew Bosworth, Sam Altman's, Altman, Hugo Herrera, Lachlan Murdoch, Nordstrom, Dan DeFrancesco, Jordan Parker Erb, Hallam Bullock, George Glover Organizations: Service, Business, Bitcoin, JPMorgan, Bank of America, Beijing, Apple, Getty, European Commission, Employees, BI, Boomers, Fox, Target Locations: bitcoin, China, Chengdu, Southwest China's Sichuan, New York, London
Alka Bhatt says her solo trip gave her a love of traveling alone. Courtesy Alka BhattI'm now engaged, but solo trips are still integral to my lifeIt's been nearly three years since my solo trip, and when I got home, I felt ready to date authentically. Rather than mold myself to be more desirable, I listened to my wants and needs and looked for compatibility. Within a few months, I met someone special, and a year into our relationship, I felt he was the one. On a weekend trip to DC last month, I took myself out to a fancy Sichuan restaurant after thrifting at a trendy shop.
Persons: , I'd, Alka Bhatt, Alka Bhatt I'm, It's Organizations: Service, Business, Toyota, Teton, DC Locations: Philadelphia, Texas, Houston, Pennsylvania, Lake Huron, Upstate New York, Sichuan
CNN —US officials have been scouring a trove of newly leaked documents from a Chinese tech firm for clues on how the government in Beijing allegedly uses the company in extensive hacking campaigns, multiple US cybersecurity officials familiar with the matter told CNN. The documents, posted anonymously online last weekend for anyone to access, include screenshots of chat logs, as well as records of employees and Chinese government clients of the tech firm I-Soon. “This is some of the best visibility we’ve had into Chinese hacking operations outside of a government SCIF,” said Adam Kozy, who used to track Chinese hackers for the FBI, using an acronym for classified facilities. In a leaked marketing presentation, I-Soon touted its participation in an unspecified hacking project for China’s Ministry of Public Security in 2018. The project “achieved significant results” and received “recognition and praise” from Chinese officials, according to a presentation slide.
Persons: Biden, , Adam Kozy, I’m, ” Liu Pengyu, Wu Haibo, Beijing’s, Christopher Wray, Dakota Cary, ” GitHub, , Wu, Obama, Xi Jinping, Adam Meyers, CrowdStrike, Meyers Organizations: CNN, FBI, Embassy, Telecom, China’s Ministry of Public Security, US Justice Department, US Locations: Beijing, Taiwan, India, Hong, Sichuan, China, Washington ,, Shanghai, Dakota, Asia, South Korea, Kazakhstan, Afghanistan
On February 4, Messi’s absence from the match between Inter Miami and the Hong Kong XI team sparked significant backlash. Many on Weibo questioned how the star was able to make such a quick recovery three days after the Hong Kong game. Others lashed out against what they saw as disrespect for Hong Kong – and China. In Monday’s video, Messi denied that his absence was due to political reasons and reiterated that he was unable to make the game because of an inflamed adductor that had worsened the day before the game in Hong Kong. “I’ve had a very close and special relationship with China and I’ve done a lot of things in China,” Messi said in the video.
Persons: Lionel Messi, Messi, Weibo, “ I’ve, ” Messi, , Hong Kong, XFEST, CNN’s Simone McCarthy, Chris Lau Organizations: CNN, Inter Miami, Hong Kong XI, Argentina’s, Vissel, Weibo Locations: Hong Kong, Weibo, Vissel Kobe, Tokyo, China, China’s Sichuan, Beijing
CNN —Grab your camera and slap on something flame resistant, it’s time to witness one of China’s most incredible displays – the fire dragon dance. Dragon dances have been documented at ceremonial events since the Han Dynasty (202 BCE to 220 CE), while fire dragon dances began appearing in records during the Qing Dynasty (1644-1911) and in the Republican era (1912-1949). Some historians say fire dragon dances date back even further, to the Ming Dynasty (1368-1644). Puzhai Fire Dragon, Fengshun County, GuangdongEntertainers perform a fire dragon dance to celebrate the Lantern Festival in Puzhai town, in China's Guangdong province. Tongliang Fire Dragon, ChongqingVideo Ad Feedback See a dragon dance with molten iron fireworks 00:56 - Source: CNNThe Tongliang Fire Dragon in Chongqing province is undoubtedly one of the grandest fire dragon dance performances of them all.
Persons: , Kwok Kam Chau, Kwok, We’ve, Liu Long Organizations: CNN, Republican, Hong Kong Baptist University, China’s, Steel Locations: Fengshun County, Guangdong, Puzhai, China's Guangdong province, Imaginechina, China, Hunan, China’s, Miao Autonomous Prefecture, Hunan province, Huanglongxi, Sichuan, Chengdu, China's Sichuan province, Chongqing, Chongqing province, majestically, Qicaimeng, Guizhou, Dafang County, Guizhou province
“(He) played in five of the six preseason games and only missed the game in Hong Kong, China! Don’t come to China, China doesn’t welcome you,” another user wrote in a post liked by 20,000 others. “Why didn’t Messi play in Hong Kong or participate in the handshake with HK (the Hong Kong) chief executive? Messi's no-show sparks an outcry in Hong Kong on February 4, 2024. One social media user noted that it was not only Messi who played in Tokyo, but not Hong Kong.
Persons: Lionel Messi, Messi didn’t, Messi, “ Messi, Hong Kong, Kenneth Fok, Hu Xijin, didn’t Messi, ” Hu, , Louise Delmotte, “ Don’t, Hong, David Beckham, Beckham, Gerardo “ Tata ” Martino, Luis Suárez couldn’t, Philip Fong, , nimbly, Regina Ip, ” “ Messi, Kenneth Chan, Taylor Swift, Organizations: Hong Kong CNN, Sunday, Major League Soccer, Inter Miami, Vissel, Hong, CNN, Weibo, HK, Global Times, Inter, National Basketball Association, Houston Rockets, Soccer, Ardent, Messi, Argentina national, Australia, Inter Miami's, Getty, The Inter Miami, Hong Kong Baptist University Locations: China, Hong Kong, Argentine, Japan, Vissel Kobe, Tokyo, Beijing, State, China’s Sichuan, Argentina, AFP, Asia
CNN —Inter Miami star Lionel Messi returned to action on Wednesday in a match against Vissel Kobe in Tokyo, though Chinese fans remain upset that the star did not play in Sunday’s game in Hong Kong. “Hello to all my fans in mainland China and Hong Kong! Philip Fong/AFP/Getty ImagesDuring Wednesday’s game against Vissel Kobe, Messi was brought on for David Ruiz as a second-half substitute. Fans in Hong Kong booed and called for ticket refunds due to Messi’s non-appearance in Sunday’s game, and even the Hong Kong government shared its dismay that the forward had not taken to the field. Luis Suárez, Messi former teammate at Barcelona, was also sidelined with an injury in Hong Kong but played 75 minutes for Miami against Vissel Kobe.
Persons: Lionel Messi, , ” Messi, Messi, Vissel Kobe, Philip Fong, David Ruiz, Luis Suárez Organizations: CNN — Inter Miami, Vissel, Weibo, Messi, Vissel Kobe, Miami, Hong, Barcelona Locations: Vissel Kobe, Tokyo, Hong Kong, China, Sichuan, Weibo, AFP, Japan
China has just opened the deepest and largest underground laboratory in the world. AdvertisementChina has opened the biggest and deepest underground laboratory in the world in a bid to uncover the secrets of dark matter. That leaves us with one overarching theory; that there is another type of matter acting on the universe, or so-called dark matter. CJPL hosts the Particle and Astrophysical Xenon Experiments (PandaX) and the China Dark Matter Experiment. "There is enough replication already," he said, adding that it may be better to try to find a new approach in the hunt for dark matter.
Persons: , Gran, Ning Zhao, Juan Collar Organizations: Service, Gran Sasso National Laboratory, Nature News, Nature, Sanford Underground Research, Shanghai Jiao Tong, University of Chicago Locations: China, China's Sichuan Province, CJPL, Sichuan, Italy, , South Dakota, Shanghai, Shanghai Jiao Tong University, Illinois
BEIJING (Reuters) - The death toll from a landslide in China's Yunnan province rose to 11 on Tuesday as rescue workers battled freezing temperatures and snow to locate dozens of missing people. Rescuers worked through the night sifting deep mounds of earth at the site of the landslide in Zhenxiong County, state-owned China Central Television (CCTV) reported on Tuesday. After the landslide hit on Monday, at least 47 people from 18 households were reported missing, CCTV said. Eight of the missing were found dead on Monday afternoon, according to Zhaotong Daily, a local state-owned media outlet. "The mountain just collapsed, dozens were buried," a man surnamed Gu, who witnessed the landslide, told the state-owned TV station for the neighbouring province of Guizhou.
Persons: Rescuers, Gu, Bernard Orr, Shri Navaratnam Organizations: China Central Television, Sichuan Daily Newspaper Press Locations: BEIJING, China's Yunnan, Zhenxiong County, Zhaotong, Guizhou, Shanghai
China was due Wednesday to release GDP figures for 2023, and previously announced an official target of around 5% growth for the year. Despite significant growth in sectors such as tourism and electric cars, China's economy last year did not rebound from the pandemic as quickly as many banks had initially expected. watch nowThe International Monetary Fund in November also cited China's policy announcements as a reason for its decision to raise the 2023 growth forecast to 5.4%, from 5% previously. However, the IMF said it still expected China's growth to slow in 2024 to 4.6% "amid continuing weakness in the property market and subdued external demand." In the long term, analysts generally expect China's economy to slow further from a high base.
Persons: Pan Jianyong, Goldman Sachs, Morgan Stanley, Li Qiang, Haibin Zhu, Li Organizations: Co, Getty, Visual China, BEIJING —, Economic, Tuesday, UBS, Citi, JPMorgan, CNBC, China, China Economic, Monetary Fund Locations: MEISHAN, CHINA, Sichuan, Meishan, Sichuan Province, China, Davos, Beijing, decelerating
New economic data out of China on Wednesday shows the world's second-largest economy is still struggling to bounce back from the pandemic. China's GDP for the last three months of 2023 grew by 5.2%, according to China's National Bureau of Statistics. But the latest disappointing economic data puts pressure on policymakers to act again to boost the economy. The 2023 bounce back from Covid-19 restrictions did not go as expected, but we believe the stocks' declines already reflect China headwinds and that the Chinese economy will regain its footing in time. We simply can't sell this casino operator because once it's clear the Chinese economy has stabilized, the stock is going to rally.
Persons: Estee Lauder, Morgan Stanley, It's, Wynn, Jim Cramer's, WYNN, Jim Cramer, Jim, Pan Jianyong Organizations: Wynn Resorts, China's, National Bureau of Statistics, Reuters, Starbucks, CNBC, Co, Getty, Visual China Locations: China, Covid, U.S, Mainland China, Macao, Las Vegas, MEISHAN, CHINA, Sichuan, Meishan, Sichuan Province
However, by attacking mentions of egg fried rice by famous chefs and other online influencers, the nationalist users have inadvertently promoted the very rumor their government is trying to quash. Celebrity chef Wang Gang says he won't make egg fried rice again. But can it be a coincidence every single time?” a comment said of Wang’s egg fried rice videos. But some have also come to Wang’s defense, noting that the chef has posted egg fried rice in other months throughout the year. “Why don’t we clearly stipulate a complete ban on eating and making egg fried rice in November, or simply retire egg fried rice from Chinese cruisine all togther,” another supporter quipped.
Persons: , ” Wang Gang, Wang’s, , Wang, Mao Zedong’s, Mao Anying, Mao Anying’s, Wang Gang, Chef Wang, Yang Di, Mao, Xi Jinping, Luo Changping, Xi, , , ” Wang, Hu Xijin, ” Hu Organizations: Hong Kong CNN, People’s Liberation Army, Chinese Academy, Communist Party, Weibo, telegraphs, Fried, Daily, Global Times Locations: Hong Kong, China, Weibo, American, North Korea, Nanchang, Yangzhou, Sichuan
DouYu Establishes Management Committee After CEO’s Arrest
  + stars: | 2023-11-28 | by ( Will Feuer | ) www.wsj.com   time to read: 1 min
Wuhan-based DouYu said last week that Chen Shaojie, its chairman and chief executive, was arrested by police in Chengdu, the capital of Sichuan province. Photo: Imagine China/ReutersDouYu International Holdings said its board has established an interim management committee to oversee operations after the Chinese livestreaming company said last week its chief executive and chairman was arrested. The interim committee includes Chief Strategy Officer Mingming Su, a member of the board, and Hao Cao , a director and vice president at Douyu. Simin Ren, who was named vice president at Douyu last week, also is on the committee.
Persons: DouYu, Chen Shaojie, Mingming Su, Hao Cao, Simin Ren Organizations: Reuters DouYu International Holdings Locations: Wuhan, Chengdu, Sichuan province, China, Douyu
Beijing's stock exchange is stopping major shareholders from selling stocks, Reuters reported. Sales are being blocked in a bid to sustain a market rally, sources told the news agency. AdvertisementThe Beijing Stock Exchange is stopping big shareholders from selling stocks in a bid to sustain a market rally, Reuters reported. It's not clear how long the policy, which appears to be an attempt by the authorities to ensure a recent market rally doesn't fade, will stay in effect, per Reuters. The Beijing Stock Exchange is the youngest of China's three major exchanges.
Persons: , didn't Organizations: Reuters, Service, Beijing Stock Exchange, Beijing Stock, CSI, China Securities Regulatory Commission, Business, China Morning Post, Financial Locations: Beijing, Shanghai, Shenzhen, Sichuan
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
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