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☆ China c.bank boosts liquidity injection through policy loan, rate unchanged
▼ + stars: | 2023-11-15 | by ( ) www.reuters.com time to read: +4 min

A gardener works outside the headquarters of the central bank of the People's Republic of China in Beijing October 8, 2008. REUTERS/Jason Lee (CHINA) Acquire Licensing RightsSHANGHAI/SINGAPORE, Nov 15 (Reuters) - China's central bank ramped up liquidity injection but kept the interest rate unchanged when rolling over maturing medium-term policy loans on Wednesday, matching market expectations. The central bank said the loan operation was meant to maintain banking system liquidity reasonably ample to counteract short-term factors including tax payments and government bond issuance. All 31 market watchers polled by Reuters this week had expected the central bank to inject fresh funds to exceed the maturity. The most likely outcome is for PBOC to inject more support through open market operations, while leaving the MLF rate unchanged."

Persons: Jason Lee, Carlos Casanova, corporates, Xing Zhaopeng, Winni Zhou, Tom Westbrook, Christian Schmollinger, Stephen Coates Organizations: REUTERS, Rights, People's Bank of China, Reuters, AAA, ANZ, Thomson Locations: People's Republic of China, Beijing, China, CHINA, Rights SHANGHAI, SINGAPORE, Asia, UBP, United States

☆ China can raise 2024 budget deficit ratio to spur growth - c.bank adviser
▼ + stars: | 2023-11-10 | by ( ) www.reuters.com time to read: +1 min

A man wearing a mask walks past the headquarters of the People's Bank of China, the central bank, in Beijing, China, February 3, 2020. A higher budget deficit next year will help drive the country's economic recovery, he said. Last month, China sharply lifted its 2023 budget deficit to around 3.8% of gross domestic product from 3% because of the planned issuance of 1 trillion yuan ($137.14 billion) in sovereign bonds. China is able to achieve economic growth of slightly above 5% this year, Wang said. Weak external demand and inadequate domestic demand increase overcapacity pressures in China, Wang said.

Persons: Jason Lee, Wang Yiming, Wang, Ellen Zhang, Kevin Yao, Christopher Cushing Organizations: People's Bank of China, REUTERS, Rights, Monetary, Thomson Locations: Beijing, China, Rights BEIJING

☆ 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

☆ Dollar holds near 150 yen as c.bank policy, data deluge awaited
▼ + stars: | 2023-10-30 | by ( Rae Wee | ) www.reuters.com time to read: +4 min

Euro, Hong Kong dollar, U.S. dollar, Japanese yen, British pound and Chinese 100-yuan banknotes are seen in a picture illustration shot January 21, 2016. A PMI data deluge, inflation figures in the euro zone and U.S. nonfarm payrolls also add to the mix of the event-packed week. "I think for the FOMC and the Bank of England, they will be pretty low key with them leaving interest rates on hold. The BOJ meeting will be the most interesting one (given) heightened speculation over a policy tweak at this meeting." The yen was last 0.1% lower at 149.75 per dollar, getting a slight reprieve after having struck a one-year trough of 150.78 per dollar last week.

Persons: Jason Lee, nonfarm payrolls, Carol Kong, Israel, Chris Weston, Christian Scherrmann, Rae Wee, Muralikumar Organizations: Hong, REUTERS, Rights, Bank of, U.S . Federal Reserve, Bank of England, Commonwealth Bank of Australia, New Zealand, Aussie, Fed, Thomson Locations: Hong Kong, Rights SINGAPORE, Bank of Japan, Gaza's, Palestinian, U.S

☆ Thai policy rate is right for now, Mideast war is a concern - c.bank chief
▼ + stars: | 2023-10-28 | by ( ) www.reuters.com time to read: +2 min

The central bank's growth forecast of 4.4% for 2024 will be revised if there is any change in the government's stimulus plan, he added. Sethaput said the Bank of Thailand is concerned about the fallout from the conflict in the Middle East. "A new factor that I'm quite wary about is Middle East problems as evaluating the impact of this risk is very difficult," he said, but added that the current policy rate is appropriate. The rate has been raised by a total of 200 basis points since August last year to rein in elevated inflation. ($1 = 36.11 baht)Reporting by Orathai Sriring, Kitiphong Thaichareon and Satawasin Staporncharnchai; Editing by Shri NavaratnamOur Standards: The Thomson Reuters Trust Principles.

Persons: Sethaput Suthiwartnarueput, Sethaput, Orathai Sriring, Kitiphong, Shri Navaratnam Organizations: Bank of, Bank, Thomson Locations: BANGKOK, Bank of Thailand, outflows

Nabiullina also said the budget was a significant factor in Friday's decision. "It looks like today's interest rate hike front-loaded the tightening cycle in response to the fiscal announcements earlier this month," said Liam Peach, senior emerging markets economist at Capital Economics. The central bank's tightening cycle began this summer when inflationary pressure from a tight labour market, strong consumer demand and the budget deficit was compounded by the falling rouble. But the bank set its 2023 key rate range at 15-15.2%, suggesting rates could climb further and Nabiullina said that may be required. Sinara Investment Bank analyst Sergei Konygin said the lack of forward hawkish guidance meant it was highly likely the key rate had already reached its upper boundary.

Persons: Elvira Nabiullina, Nabiullina, Liam Peach, Dmitry Polevoy, Sergei Konygin, Vladimir Soldatkin, Elena Fabrichnaya, Alexander Marrow, Gareth Jones, Mark Trevelyan, John Stonestreet, Mike Harrison Organizations: Bank, Russia, Bank of Russia, Capital Economics, Reuters, Sinara Investment Bank, Thomson Locations: Russia, Ukraine MOSCOW, Ukraine, Moscow, Locko, London

☆ Taiwan c.bank flags forex intervention if 'extreme' fluctuations
▼ + stars: | 2023-10-04 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Thomas White/Illustration/File Photo Acquire Licensing RightsTAIPEI, Oct 4 (Reuters) - Taiwan's central bank will intervene in the foreign exchange market if there are "extreme" fluctuations to maintain financial stability, its governor Yang Chin-long said on Wednesday. Taking lawmakers' questions in parliament, Yang said the central bank will intervene in the forex market as needed if there are "extreme" fluctuations, as they seek to slow the Taiwan dollar's depreciation. Yang said Treasury "didn't really mind" about Taiwan intervening to arrest the Taiwan dollar's depreciation. The central bank last month flagged continued tight monetary policy as it keeps a close eye on inflation, and trimmed its 2023 growth forecast for the export-reliant economy. Yang said the current global interest rate cycle was nearing an end, and that Taiwan would be "no exception".

Persons: Thomas White, Yang Chin, Yang, Faith Hung, Ben Blanchard, Tom Hogue, Kim Coghill Organizations: REUTERS, Rights, Taiwan, U.S . Treasury Department, Thomson Locations: Taiwan, Rights TAIPEI, U.S

☆ European shares slide on hawkish Fed; more c.bank decisions on tap
▼ + stars: | 2023-09-21 | by ( ) www.reuters.com time to read: +1 min

Summary STOXX 600 down 0.6%Sept 21 (Reuters) - European shares fell on Thursday, tracking overnight losses on Wall Street after the U.S. Federal Reserve signalled higher-for-longer interest rates and ahead of rate decisions from the Swiss National Bank, Riksbank, Norges Bank and Bank of England. The pan-European STOXX 600 index (.STOXX) shed 0.6% by 0709 GMT, with rate-sensitive tech stocks (.SX8P) easing 0.8%. The Fed held key interest rates steady on Wednesday, as widely expected, and revised economic projections higher with warnings that the battle against inflation was far from over. The focus is now also on the monetary policy decisions in Switzerland, Sweden, Norway and the UK later in the day after the European Central Bank (ECB) raised its key interest rate last week to a record high of 4%. Reporting by Bansari Mayur Kamdar in Bengaluru; Editing by Savio D'SouzaOur Standards: The Thomson Reuters Trust Principles.

Persons: Bansari Mayur, Savio D'Souza Organizations: U.S . Federal Reserve, Swiss National Bank, Norges Bank and Bank of England, Fed, Nasdaq, European Central Bank, FTSE, Thomson Locations: Riksbank, Switzerland, Sweden, Norway, Bengaluru

☆ Yen flounders, dollar drifts ahead of c.bank bonanza
▼ + stars: | 2023-09-19 | by ( Rae Wee | ) www.reuters.com time to read: +4 min

U.S. Dollar and Euro banknotes are seen in this illustration taken July 17, 2022. The yen fell 0.1% to 147.76 per dollar and was kept pinned near last week's 10-month low of 147.95 per dollar. The euro meanwhile gave up some of its gains from the previous session and was last 0.12% lower at $1.0678. It had risen alongside euro zone government bond yields on Monday, following hawkish comments from European Central Bank (ECB) policymakers that further rate increases were on the cards. In other currencies, sterling edged 0.04% higher to $1.2390, ahead of an interest rate decision from the Bank of England (BoE) also due this week.

Persons: Dado Ruvic, Kazuo Ueda, Rodrigo Catril, Erik Weisman, NAB's Catril, BoE, Rae Wee, Lincoln Organizations: REUTERS, Rights, Federal, Wednesday, Bank of Japan's, National Australia Bank, NAB, Reserve Bank of Australia's, U.S, New Zealand, Fed, MFS Investment Management, European Central Bank, ECB, Reuters, Bank of England, Thomson Locations: Rights SINGAPORE, Asia

☆ Euro gains; yen flounders ahead of c.bank bonanza
▼ + stars: | 2023-09-19 | by ( ) www.cnbc.com time to read: +3 min

In this photo illustration, banknotes of Euro, Japanese Yen, Chinese Yuan and US dollar bill are placed under one-ounce silver bullion coins arranged on February 20, 2021 in Katwijk, Netherlands. The euro clung to gains on Tuesday following hawkish comments from European Central Bank, or ECB, policymakers, while the yen languished near a 10-month low ahead of a key rate decision from the Bank of Japan, or BOJ, later in the week. In Asia, the yen slipped marginally to 147.64 per dollar and was kept pinned near last week's 10-month low of 147.95 per dollar. Elsewhere, the U.S. dollar edged broadly lower, though strayed not too far from a six-month peak hit against its major peers last week ahead of the Fed's interest rate decision on Wednesday. Sterling edged 0.04% higher to $1.2390, ahead of an interest rate decision from the Bank of England, or BoE, also due this week.

Persons: Yuan, Rodrigo Catril, Kazuo Ueda, Erik Weisman, BoE Organizations: European Central Bank, Bank of Japan, Federal Reserve, ECB, National Australia Bank, Reuters, U.S, New Zealand, Fed, MFS Investment Management, Bank of England Locations: Katwijk , Netherlands, Asia

☆ Russian c.bank chief Nabiullina and her deputy on rates, inflation and the economy
▼ + stars: | 2023-09-15 | by ( ) www.reuters.com time to read: +8 min

NABIULLINA ON ROUBLE WEAKENING:"Of course, we take into account that the weakening of the exchange rate is a pro-inflationary factor. And about 90% of the converted foreign exchange earnings of the company continue to be sold. Having sold their foreign exchange earnings, exporters have the opportunity to buy it back in the volumes in which they deem necessary. NABIULLINA ON REPATRIATION OF FOREIGN CURRENCY PROCEEDS:“The second topic is the repatriation of foreign currency earnings, the transfer of foreign currency funds from foreign banks to Russian ones. NABIULLINA ON UNPLANNED RATE INCREASE ON AUGUST 15:“This was not a reaction to (the rouble exchange rate) reaching any specific level.

Persons: Elvira Nabiullina, Alexei Zabotkin, ” Organizations: Central Bank, Reuters, Thomson Locations: MOSCOW, Russian

☆ Russian c.bank governor speaks against reintroducing currency restrictions
▼ + stars: | 2023-09-15 | by ( ) www.reuters.com time to read: +2 min

Elvira Nabiullina, Governor of Russian Central Bank, speaks to the media during the conference "10 years of the Megaregulator: yesterday, today, tomorrow" in Moscow, Russia September 1, 2023. REUTERS/Evgenia Novozhenina/File photo Acquire Licensing RightsMOSCOW, Sept 15 (Reuters) - Russian Central Bank Governor Elvira Nabiullina spoke out against reintroducing currency controls after hiking rates to 13% on Friday, warning that such steps were inefficient and ultimately would be circumvented. Nabiullina said that discussions about currency restrictions were underway, but were largely for the government to decide. "Administrative restrictions, if they are effective... then they are usually effective only for a limited time," Nabiullina said. Similarly, she said, repatriating FX revenues from foreign banks to Russian ones would have no impact on the rouble rate.

Persons: Elvira Nabiullina, Evgenia, Russian Central Bank Governor Elvira Nabiullina, Nabiullina, Vladimir Putin, Elena Fabrichnaya, Alexander Marrow, Vladimir Soldatkin, Anastasia Lyrchikova, Mark Trevelyan Organizations: Russian Central Bank, REUTERS, Rights, Russian Central Bank Governor, Bank of Russia, Thomson Locations: Moscow, Russia

☆ S.Korea c.bank says coordinated efforts needed to deal with household debt
▼ + stars: | 2023-09-14 | by ( ) www.reuters.com time to read: +2 min

The logo of the Bank of Korea is seen in Seoul, South Korea, November 30, 2017. REUTERS/Kim Hong-Ji/File Photo Acquire Licensing RightsSEOUL, Sept 14 (Reuters) - South Korea's central bank said on Thursday it needs to make coordinated efforts to contain household debt, which is at levels that could undermine economic growth and financial stability. "Unlike in major countries, household debt increased continuously without de-leveraging and has reached a level that hinders macroeconomic and financial stability," the Bank of Korea (BOK) said in its quarterly monetary policy report. South Korea's household borrowing grew for a fifth straight month in August by the biggest amount in two years, driven up by rising mortgage demand, prompting financial authorities to tighten certain loan regulations. The BOK said in the report it was more effective for macro-prudential policy to coordinate with monetary policy than for policy responses to be made in isolation.

Persons: Kim Hong, BOK, Jihoon Lee, Sam Holmes Organizations: Bank of, REUTERS, Rights, Bank of Korea, prudential, Thomson Locations: Bank of Korea, Seoul, South Korea, Rights SEOUL

☆ Singapore c.bank bars 3AC founders from market activity
▼ + stars: | 2023-09-14 | by ( Chen Lin | ) www.reuters.com time to read: +1 min

A view of the Monetary Authority of Singapore's headquarters in Singapore June 28, 2017. REUTERS/Darren Whiteside/File Photo Acquire Licensing RightsSINGAPORE, Sept 14 (Reuters) - Singapore's central bank said on Thursday it has barred the founders of bankrupt cryptocurrency hedge fund Three Arrows Capital (3AC) from market activity in the city-state for nine years. The Monetary Authority of Singapore (MAS) said in a statement it had issued orders, which, effective from Sept 13, prohibit 3AC founder Zhu Su and Kyle Livingston Davies from performing any regulated activity and from managing any capital market services firms in Singapore. "Senior management of fund managers are required to implement robust risk management measures to protect the interest of investors," Loo Siew Yee, MAS Assistant Managing Director said. Representatives for Zhu and Davies could not immediately be reached for comment.

Persons: Darren Whiteside, cryptocurrencies Luna, TerraUSD, Zhu Su, Kyle Livingston Davies, Loo Siew Yee, Zhu, Davies, Kanupriya Kapoor Organizations: Monetary Authority, REUTERS, Rights, Arrows, British Virgin Islands, Monetary Authority of Singapore, MAS, Thomson Locations: Singapore, Rights SINGAPORE, British Virgin

Bank Negara Malaysia (BNM) maintained its overnight policy rate (OPR) (MYINTR=ECI) at 3.00%, in line with market expectations, and following an unexpected rate hike in May. "At the current OPR level, the monetary policy stance remains supportive of the economy and is consistent with the current assessment of the inflation and growth prospects," the central bank said in a statement. All 27 economists polled by Reuters had expected Bank Negara Malaysia (BNM) to maintain the benchmark rate, with most forecasting no change till the end of the year. BNM said growth prospects in Malaysia could be affected by the risks of weaker-than-expected external demand. The central bank estimates headline inflation to average between 2.8% to 3.8% in 2023, compared with 3.3% last year.

Persons: Mohd Afzanizam Abdul Rashid, BNM, Danial Azhar, Rozanna, Jacqueline Wong Organizations: Bank Negara Malaysia, Bank Muamalat, Reuters, Thomson Locations: KUALA LUMPUR, Bank Muamalat Malaysia, Bank, Malaysia

☆ Iraq set in 'battle' against dollar smugglers, c.bank governor says
▼ + stars: | 2023-08-16 | by ( Timour Azhari | ) www.reuters.com time to read: +4 min

Last month, the U.S. Treasury Department and the Fed barred 14 Iraqi banks from conducting dollar transactions as part of a wider crackdown on dollar smuggling to Iran via the Iraqi banking system, U.S. officials said. Allaq said that action related to transfers from 2022, before a new platform that aimed to improve transparency went live. He said the central bank was undertaking a review of the banking sector and introducing new regulations that he said would likely see some banks close. "It would be very normal in the coming period to see a reduction in the (number of private banks)," he said. Since January the central bank has asked banks to provide detailed information on senders and recipients of transfers via an online platform.

Persons: Ali al, Allaq, Timour Azhari, Angus MacSwan Organizations: Reuters, U.S . Treasury Department, Fed, U.S . Federal, U.S, Thomson Locations: Iraq, Iran Baghdad, Washington, Tehran Banking, BAGHDAD, Iran, Turkey, Syria, United States, U.S, Tehran, Iraq's

☆ Russian central bank hikes rates by 350 bp to 12% in extraordinary meeting
▼ + stars: | 2023-08-15 | by ( ) www.reuters.com time to read: +2 min

A Russian state flag flies over the Central Bank headquarters in Moscow, Russia March 29, 2021. A sign reads: "Bank of Russia". President Vladimir Putin's economic adviser Maxim Oreshkin on Monday rebuked the central bank blaming what he called its soft monetary policy on the weakening rouble. Hours after Oreshkin's words, as the rouble dived towards the 102 mark against the dollar, the bank announced the emergency meeting, throwing the currency a lifeline. The bank then steadily lowered the cost of borrowing to 7.5% as strong inflation pressure eased in the second half of 2022.

Persons: Maxim, Rouble, Vladimir Putin's, Maxim Oreshkin, Alexander Marrow, Guy Faulconbridge Organizations: Central Bank, Bank of, of Russia, Kremlin, Russia, Reuters, Thomson Locations: Russian, Moscow, Russia, Bank of Russia, Ukraine MOSCOW, Ukraine

☆ China c.bank seen leaving policy loan rate unchanged on Tuesday
▼ + stars: | 2023-08-14 | by ( ) www.reuters.com time to read: +3 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 PhotoSHANGHAI/SINGAPORE, Aug 14 (Reuters) - China's central bank is expected to keep rates on its medium-term policy loans unchanged on Tuesday, a Reuters survey showed, despite fresh signs the economic recovery is losing momentum. The People's Bank of China (PBOC) last lowered the rate by 10 basis points to 2.65% in June. "We believe more pro-growth policies are warranted to support the economic growth, and further easing in monetary policy can be expected," analysts at BofA Global Research said. They expect a 15-basis-point cut in one-year loan prime rate (LPR) in total in the third quarter of the year.

Persons: Tingshu Wang, Li Hongwei, Zhou, Tom Westbrook, Jacqueline Wong Organizations: People's Bank of China, REUTERS, HSBC, BofA Global Research, July's, Thomson Locations: Beijing, China, SHANGHAI, SINGAPORE, United States, Shanghai, Singapore

☆ Russian c.bank to hold emergency rate meeting as rouble tumbles
▼ + stars: | 2023-08-14 | by ( ) www.reuters.com time to read: +1 min

A Russian rouble banknote is seen in front of a descending and rising stock graph in this illustration taken March 1, 2022. REUTERS/Dado Ruvic/Illustration/File PhotoMOSCOW, Aug 14 (Reuters) - Russia's central bank will hold an extraordinary meeting on Tuesday to discuss the level of its key interest rate, it said on Monday, as the sharply weakening rouble prompted calls for higher borrowing costs. President Vladimir Putin's economic adviser rebuked the central bank on Monday as the rouble slid past 101 per U.S. dollar, blaming loose monetary policy in a sign of growing discord among Russia's monetary authorities. The bank, whose key rate is currently 8.5%, had been scheduled to hold its next meeting on rates on Sept. 15. The rouble pared its losses and firmed back to below 100 per U.S. dollar after the central bank announced Tuesday's meeting.

Persons: Dado Ruvic, Vladimir Putin's, Alexander Marrow, Gareth Jones Organizations: REUTERS, Reuters, Thomson Locations: Moscow

☆ S.Korea c.bank warns of financial stability risk as debts rise
▼ + stars: | 2023-07-17 | by ( ) www.reuters.com time to read: +2 min

SEOUL, July 17 (Reuters) - South Korea's central bank said on Monday there was a need to manage financial stability in addition to price risks as the country's high household debts have started to climb. "In terms of monetary policy, it should consider financial stability more actively to prevent excessive leveraging or risky asset investments when monetary policy is loose," the Bank of Korea (BOK) said in a report. "There is a need to discuss introducing a 'prudential monetary policy' with higher consideration on financial stability, in addition to price stability," the central bank said. The central bank said in the report there was limited financial stability risk from household debt, given the low loan-to-value ratio and the high percentage of high-income earners, but it flagged negative long-term implications on growth and inequality. The BOK has kept monetary policy unchanged since its last interest rate hike in January and its tightening campaign, which began in August 2021, is widely expected to be over.

Persons: BOK, Jihoon Lee, Jacqueline Wong Organizations: Bank of Korea, prudential, Bank for International Settlements, Thomson Locations: SEOUL, Switzerland, Australia

☆ China's Q2 GDP seen rising 7.3% y/y but on low base, recovery fades: Reuters poll
▼ + stars: | 2023-07-13 | by ( Kevin Yao | ) www.reuters.com time to read: +4 min

Economic growth is likely to slow to 4.8% in the third quarter and 5.3% in the fourth, with full-year growth expected to reach 5.5%, the poll showed. China's central bank on Monday extended until the end of 2024 some policies which were unveiled in a November rescue package to shore up the real estate sector, including loan repayment extensions for developers. Analysts polled by Reuters expect the central bank to cut banks' reserve requirement ratio (RRR) by 25 basis points in the third quarter, while keeping benchmark lending rates steady. The central bank cut the RRR - the amount of cash that banks must hold as reserves - in March. But the central bank is likely to be wary of cutting lending rates further.

Persons: it's, Zhang Yiping, Li Qiang, Devayani Sathyan, Susobhan Sarkar, Jing Wang, Kevin Yao, Kim Coghill Organizations: Beijing, Reuters, Gross, China Merchants Securities, stoke, Thomson Locations: China, BEIJING, Bengaluru, Shanghai

☆ U.S. calls Pan Gongsheng China's c.bank 'head', suggesting unannounced promotion
▼ + stars: | 2023-07-09 | by ( Andrea Shalal | ) www.reuters.com time to read: +2 min

Treasury Secretary Janet Yellen referred to PBOC Deputy Governor Pan Gongsheng, whom she meet during a series of meetings with top Chinese officials, as the head of the central bank during a press conference ending her visit to Beijing on Sunday. The Treasury Department was already referring to Pan as central bank head after Yellen met him on Friday. Pan, 60, has been deputy governor since 2012 and is China's top foreign exchange regulator. Governor Yi has been widely expected to retire since being left off the ruling Communist Party's Central Committee during the party's once-in-five-years congress in October. Reporting by Andrea Shalal in Beijing; Additional reporting by Reuters Beijing newsroom; Writing by John Geddie; Editing by William MallardOur Standards: The Thomson Reuters Trust Principles.

Persons: Janet Yellen, Pan Gongsheng, Yi, Yellen, Premier Li Qiang, Pan, Andrea Shalal, John Geddie, William Mallard Organizations: United, People's Bank of China, Sunday, Communist Party, Pan, Treasury, Premier, Information Office, Cambridge, Harvard, Communist Party's, Reuters, Thomson Locations: BEIJING, United States, Chinese, Beijing, China's, China, Reuters Beijing

China's central bank said that financial regulators would fine Ant and its subsidiaries a total of 7.12 billion yuan, require it to stop operations of its crowdfunded medical aid service Xianghubao and compensate users. Reuters reported earlier, citing sources, that Chinese authorities intended to unveil its fine on Ant as early as Friday. The sources had earlier said that the fine on Ant had been revised to at least 8 billion yuan. Reuters reported in April that Chinese regulators were considering fining Ant about 5 billion yuan, a lower sum than what they initially had in mind. Alibaba was fined a record 18 billion yuan in 2021 for antitrust violations.

Persons: China c.bank, Ant, Ping, Rukim Kuang, Jack Ma, Jeffrey Towson, Pan Gongsheng, Pan, Didi Global, Alibaba, Julie Zhu, Jane Xu, Jason Xue, Kevin Huang, Meg Shen, Twinnie Sui, Josh Ye, Ethan Wang, Muralikumar Anantharaman, Brenda Goh, David Holmes, Susan Fenton Organizations: Ant, Singapore FinTech Festival, REUTERS, Ant Group, People's Bank of China, Reuters, Ping An Bank, PICC, HK, Postal Savings Bank, Tencent Holdings, Alibaba, Hong Kong, Financial Regulatory Administration, State Council, Lens Consulting, Thomson Locations: Singapore, China, HONG KONG, Ant's, Hong, Beijing, CHINA

Reuters reported earlier, citing sources, that Chinese authorities intended to unveil its fine on Ant as early as Friday. The National Financial Regulatory Administration (NFRA), a new government body under the State Council, is now the primary regulator to grant Ant the license, they added. The sources had earlier said that the fine on Ant had been revised to at least 8 billion yuan. Reuters reported in April that Chinese regulators were considering fining Ant about 5 billion yuan, a lower sum than what they initially had in mind. Alibaba was fined a record 18 billion yuan in 2021 for antitrust violations.

Persons: China c.bank, Ant, Ping, Rukim Kuang, Jeffrey Towson, Jack Ma, China's, Pan Gongsheng, Pan, Didi Global, Alibaba, Julie Zhu, Jane Xu, Jason Xue, Kevin Huang, Meg Shen, Twinnie Sui, Josh Ye, Ethan Wang, Muralikumar Anantharaman, Brenda Goh, David Holmes, Susan Fenton Organizations: Ant, Singapore FinTech Festival, REUTERS, Ant Group, People's Bank of China, Reuters, Ping An Bank, PICC, HK, Postal Savings Bank, Tencent Holdings, Tenpay, Alibaba, Hong Kong, Lens Consulting, Communist Party, Financial Regulatory Administration, State Council, Thomson Locations: Singapore, China, HONG KONG, Ant's, Hong, Beijing, CHINA

By 1156 GMT, the rouble was 1.8% weaker against the dollar at 89.15 after earlier hitting 89.3275, its weakest point since March 29, 2022. It lost 1.8% to trade at 96.74 versus the euro , also a 15-month low. It shed 1.4% against the yuan to 12.23 <CNYRUBTOM=MCX>, a more than 14-month low. The rouble lost a key support factor on Wednesday as a month-end tax period that typically sees exporters convert foreign currency revenues to meet local liabilities passed. Brent crude oil , a global benchmark for Russia's main export, was up 0.1% at $74.41 a barrel.

Persons: C.bank, Yevgeny Prigozhin's, Vladimir Putin's, Alexei Zabotkin, Zabotkin, Alexander Marrow, Jamie Freed, Robert Birsel, Jane Merriman, Mark Heinrich Our Organizations: Alor Broker, Bank of Russia, Brent, Gazprom, Thomson Locations: Moscow, Russian, Alor, Russia, Ukraine

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