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☆ China has launched new drills encircling Taiwan. Why now?
▼ + stars: | 2024-05-23 | by ( Jessie Yeung | Nectar Gan | ) edition.cnn.com time to read: +8 min

CNN —Tensions are once again ratcheting up in the Taiwan Strait, with China launching military drills encircling Taiwan just days after the democracy swore in a new leader long loathed by Beijing. The Eastern Theater Command of the Chinese People’s Liberation Army (PLA) said it launched joint military drills involving the army, navy, air force and rocket force in areas around Taiwan early Thursday morning. The drills are being conducted in the Taiwan Strait – a narrow body of water separating the self-ruling island with mainland China – as well as north, south and east of Taiwan. The Chinese guided missile frigate Nantong, one of the vessels in the series of military drills around Taiwan. The defeated Nationalist Party fled to Taiwan, moving the seat of their Republic of China (ROC) government from the mainland to Taipei.

Persons: ”, Lai Ching, China’s, Xi Jinping, Li Xi, Lai, Wu Mei, Carlos Garcia Rawlins, Tsai Ing, Tsai –, Mike Gallagher Organizations: CNN, Communist Party, Eastern Theater Command, People’s Liberation Army, PLA, People's Liberation Army, Weibo, Taiwan’s Defense Ministry, Democratic Progressive Party, DPP, Chinese Communist Party, CCP, Nationalist Party, US, Communist, Beijing, Tuesday Locations: Taiwan, China, Beijing, Kinmen, Taipei, People’s Republic of China, Republic of China, Xi, Washington

☆ China has a 'fake gold' problem — locals are getting scammed into buying artificial jewelry
▼ + stars: | 2024-05-03 | by ( Lee Ying Shan | In Ying-Shan-Lee | ) www.cnbc.com time to read: +3 min

Gold bracelets at a gold jewelry store in the Zhejiang Province of China. Thousands of people in China have been duped into forking out money on "fake gold" — inferior or artificial gold — after trying to purchase so-called "999 gold" online, according to the government. The purest form of gold is commonly referred to as 999 gold, because it has gold content of 99.9%. "Fake gold is becoming a major problem in China as more Chinese are looking to put their savings into gold," said China Market Research Group's Managing Director Shaun Rein. Fake gold gets darker or reveals a greenish color when placed under flame, while pure gold turns brighter on exposure to heat.

Persons: Shaun Rein, Nikos Kavalis, Rein, Taobao, Pinduoduo Organizations: Visual China, Getty, Research, India, World Gold, Metals, ChinaFotoPress Locations: Zhejiang Province, China, scammers, Nantong

☆ Major companies in China are setting up their own volunteer armies
▼ + stars: | 2024-02-21 | by ( Laura He | ) edition.cnn.com time to read: +12 min

Hong Kong CNN —Chinese companies are doing something rarely seen since the 1970s: setting up their own volunteer armies. According to China’s Military Service Law, male militia members should be 18 to 35 years old. It was latest in a slew of militias established by major Chinese companies in the past year. After 1949, when the party took control of mainland China, the units were eventually embedded into governments, schools and companies. This can, in the long run, save the PLA resources by delegating some duties to militia forces to care for,” Heath said.

Persons: Xi, ”, Neil Thomas, Nuo Nuo, Huang Zhiqiang, Qilai Shen, Liu Jie, Mao Zedong, Mao, Timothy Heath, homebuyers, Heath, ” Heath, Willy Lam, Sam Yeh, ” Lam, China’s Organizations: Hong Kong CNN, CNN, People’s Armed Forces Departments, America’s National Guard, Communist, Asia Society, Center for, Communist Party, China Labour Bulletin, Foxconn, Yili, Armed Forces Department, China’s Military Service Law, People’s Liberation Army, PLA, government’s Communist Party, Inner Mongolia Autonomous, Bloomberg, Getty, Shanghai Municipal Investment Group, Construction Investment, Development, Defense Ministry, People’s Armed Police, Armed, Rand Corporation, Jamestown Foundation, Party, Taiwan Locations: China, Hong Kong, Center for China, Beijing, Zhengzhou, Henan, Hohhot, Inner Mongolia, Yili, Shanghai, Mengniu, Nantong city, Jiangsu, Huizhou city, Guangdong, Wuhan, Hubei province, People’s Republic, United States, Taiwan, Fangchenggang City, Guangxi, ”, PLA, Taiwan's, AFP

Firms like PetroChina (601857.SS) and CNOOC Gas and Power have signed long-term contracts with Shell (SHEL.L) to buy "carbon neutral" liquefied natural gas (LNG), which uses "forest offsets" to balance out carbon emissions. Greenpeace, which has long opposed fossil fuel producers counting carbon offsets toward their emissions reduction goals, said the "carbon neutral" branding was misleading the public. "For oil and gas companies in particular, carbon offsets are a smokescreen to obscure their continued, redoubled carbon emissions," said Li Jiatong, project leader with Greenpeace in Beijing. Rising sales of "carbon neutral" LNG are being driven by a surge in gas demand, particularly in Asia. While it is still a major source of greenhouse gas emissions, gas is cleaner than coal and has been described as a "bridge fuel" in the global energy transition, but anti-fossil fuel groups oppose any new gas projects.

Persons: Stringer, Li Jiatong, PetroChina, COP28, Polly Hemming, Hemming, David Stanway, Andrew Hayley, Emily Chow, Sonali Paul Organizations: REUTERS, Rights, Greenpeace, CNOOC, Power, Shell, International Energy Agency, Energy, Australia Institute, Thomson Locations: Nantong, Jiangsu province, China, Rights SINGAPORE, Beijing, Asia

Imported soybeans are transported at a port in Nantong, Jiangsu province, China August 6, 2018. If confirmed, Tuesday's sales would be the largest single-day soybean purchases by the world's top soy importer since late July, according to U.S. Department of Agriculture (USDA) daily sales data. They were the latest in a series of soy import deals since late last week by Sinograin, China's state-owned importer, according to three export traders with knowledge of the deals. Total purchases over that time were estimated at as much as 20 to 25 cargoes, two traders said. Confirmed sales to China as of late October were down 35% from a year ago, and sales to all destinations were down 28%.

Persons: Stringer, Sinograin, Brazil's, Karl Plume, Marguerita Choy, Bill Berkrot Organizations: REUTERS, Rights, U.S . Department of Agriculture, High, USDA, Traders, Thomson Locations: Nantong, Jiangsu province, China, Gulf Coast, Pacific Northwest, U.S, Brazil, China's, High U.S, Chicago

☆ China’s Economy Shows Fresh Signs of Slowing
▼ + stars: | 2023-10-31 | by ( Jason Douglas | ) www.wsj.com time to read: 1 min

Workers at a factory in Nantong, in China’s eastern Jiangsu province. Photo: str/Agence France-Presse/Getty ImagesSINGAPORE—China’s economy suffered a setback as surveys showed factory orders shrank and construction activity slowed, reigniting growth concerns just as activity appeared to be stabilizing. The closely watched surveys show the world’s second-largest economy isn’t out of the woods as it contends with challenges including a slowdown in growth overseas and a drawn-out property bust at home.

Organizations: Agence France, Getty, SINGAPORE Locations: Nantong, China’s, Jiangsu

☆ Dollar holds near 150 yen as central bank policy, data deluge awaited
▼ + stars: | 2023-10-30 | by ( ) www.cnbc.com time to read: +3 min

A Chinese bank employee counts 100-yuan notes and U.S. dollar bills at a bank counter in Nantong in China's eastern Jiangsu province on August 6, 2019. The dollar inched broadly higher in cautious trade on Monday and held near 150 yen as traders looked to a policy decision by the Bank of Japan later in the week, alongside other major central bank meetings and a slew of economic data releases globally. 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 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: nonfarm payrolls, Carol Kong, Israel, Chris Weston, Christian Scherrmann Organizations: Bank of, U.S . Federal Reserve, Bank of England, Commonwealth Bank of Australia, New Zealand, Aussie, Fed Locations: Nantong, China's, Jiangsu, Bank of Japan, Gaza's, Palestinian, U.S

☆ China PMI, bumper 'Golden Week' travel give glimmers of hope for economy
▼ + stars: | 2023-10-02 | by ( Laura He | ) edition.cnn.com time to read: +6 min

PMI data released by Caixin Media and S&P Global showed both manufacturing and services losing some momentum. “We see increasing evidence of a near-term growth stabilization,” Nomura analysts said in a research note on Saturday, thanks partly to the raft of policy measures unveiled since late July, they added. While domestic travel for the Golden Week holiday appears strong, Chinese consumers are leaving the mainland in fewer numbers. Preliminary statistics from ForwardKeys, a global travel data provider, last week showed that Chinese travel within Asia was down 33% on pre-pandemic levels. On the first day of the Golden Week holiday, the number of mainland Chinese tourists entering Hong Kong was still less than half of 2018’s level, the city’s government said over the weekend.

Persons: Hong Kong CNN —, Stringer, “, ” Nomura, Julie Kozack, Xu Jiayin, Xu Organizations: Hong Kong CNN, National Bureau, Statistics, PMI, Caixin Media, P Global, Getty, China State Railway Group, Ministry, Transport, Ministry of Culture, Tourism, NBS, ” Citi, International Monetary Fund, Bank, Golden, Evergrande Group Locations: Hong Kong, Nantong, China's Jiangsu, AFP, China, Hangzhou, China's, Zhejiang, Beijing, Asia

A vessel carrying liquefied natural gas (LNG) cargo from Russia's Yamal LNG project, is seen at Rudong LNG Terminal in Nantong, Jiangsu province, China July 18, 2018. The key word Simonelli used is "destination," as it implies that LNG and natural gas are in the energy mix for a long time to come. The second bet is that the LNG industry will be able to convince government policymakers, companies and consumers that their fuel is better than the dirtier alternative of coal-fired generation. Overall, the industry is probably correct that energy demand, especially in Asia, is going to rise strongly in coming decades. But the LNG industry will also need to have policy settings just right and deploy technologies at a scale not yet seen to remain in the energy mix in a net-zero world.

Persons: Stringer, Lorenzo Simonelli, Baker Hughes, Jamie Freed Organizations: REUTERS, Rights, LNG, CCS, Reuters, Thomson Locations: Nantong, Jiangsu province, China, Rights SINGAPORE, Singapore, Asia, Gastech, Vietnam, India

☆ Dollar soft as markets brace for data fest, yen under pressure
▼ + stars: | 2023-08-29 | by ( ) www.cnbc.com time to read: +3 min

The dollar index , which measures U.S. currency against six key rivals, eased 0.077% at 103.85, after slipping 0.2% on Monday. The index is up 2% this month as resilient economic data bolstered expectations that interest rates may stay higher for longer. The yen inched up 0.12% to 146.36 per dollar in Asian hours but remained close 146.75, its lowest level since Nov. 9. Japan intervened in currency markets last September when the dollar rose past 145 yen, prompting the Ministry of Finance to buy the yen and push the pair back to around 140 yen. The Australian dollar added 0.03% to $0.643, while the New Zealand dollar eased 0.02% to $0.591.

Persons: Jerome Powell, Carol Kong, CBA's Kong, Jackson, Chanana, Ueda, Sterling Organizations: U.S, Reuters, Commonwealth Bank of Australia, Ministry of Finance, United, Saxo, Jackson, New Zealand Locations: Nantong, China's, Jiangsu, Japan, United States

The logo of Tyson Foods is seen in Davos, Switzerland, May 22, 2022. While it was not immediately clear what valuation Tyson Foods is seeking for the China poultry business, it has annual sales of about $1.1 billion, one of the people said. Springdale, Arkansas-based Tyson Foods and Goldman Sachs declined to comment. Calls to Tyson Foods' China headquarters in Shanghai went unanswered. In the food industry, U.S. agricultural giant Cargill struck a deal in May to sell its China poultry business to private equity firm DCP Capital for an undisclosed price.

Persons: Arnd, Goldman Sachs, Tyson, Cargill, Hope Liuhe, Kane Wu, Abigail Summerville, Roxanne Liu, Tom Polansek, Jamie Freed Organizations: Tyson Foods, REUTERS, HONG KONG, Goldman, Capital, Reckitt, Primavera Capital Group, Industrial, Thomson Locations: Davos, Switzerland, HONG, China, Springdale , Arkansas, Shanghai, Russia, Ukraine, Mongolia, Nantong, Xiaogan, Hong Kong, New York, Beijing, Chicago

☆ Australia urges China to remove all trade restrictions after barley tariffs lifted
▼ + stars: | 2023-08-07 | by ( Clement Tan | ) www.cnbc.com time to read: +2 min

Don Farrell Australian trade minister"We always saw the barley application and the suspension of the barley application before the [World Trade Organisation] as a template for dealing with the wine issue," he said. "And of course, we're extremely confident that the 220% tariffs that were applied to Australian wine will be removed." Thawing tensionsIn April, Australia agreed to "temporarily suspend" its World Trade Organization complaint against China for its 2020 decision to impose 80.5% duties on Australian barley trade that was once worth about 1.5 billion Australian dollars ($988.1 million). Vcg | Visual China Group | Getty ImagesOn Monday, Farrell said a "range of factors" were at play, with Chinese beer consumers and barley importers "very strongly in favor" of reintroducing Australian barley. Since then, Australia's foreign minister Penny Wong and trade minister Farrell have visited Beijing and have had direct meetings with their direct counterparts.

Persons: Don Farrell, Farrell, Xi Jinping, Anthony Albanese, Penny Wong Organizations: World Trade, World Trade Organization, Chinese Commerce Ministry, Nantong, Trade Zone, Visual China, Australian Locations: Australia, China, Beijing, Nantong, Jiangsu Province, Bali

[1/2] A worker works on a production line at a factory of a ship equipments manufacturer, in Nantong, Jiangsu province, China March 2, 2020. China Daily via REUTERSBEIJING, June 29 (Reuters) - China's factory activity likely contracted for a third straight month in June, albeit at a marginally slower pace, a Reuters poll showed on Thursday, underscoring the need for further policy stimulus to counter weak demand at home and abroad. An index reading above 50 indicates expansion activity on a monthly basis and a reading below indicates contraction. The government has set a modest GDP growth target of about 5% for this year after badly missing its 2022 goal. The highest reading in the poll was 49.7, still short of breaking into expansion territory, while the lowest reading was 48.0.

Persons: Nomura, Li Qiang, Joe Cash, Madhumita Gokhale, Anant Chandak, Simon Cameron, Moore Organizations: REUTERS, PMI, Thomson Locations: Nantong, Jiangsu province, China, REUTERS BEIJING, Tianjin, Bengaluru

☆ Dollar eases after jump in U.S. jobless claims; Fed in focus
▼ + stars: | 2023-06-09 | by ( ) www.cnbc.com time to read: +2 min

An employee deals with U.S. one-hundred dollar banknotes at a bank on June 16, 2022 in Hai an, Nantong City, Jiangsu Province of China. The dollar retreated on Friday, dragged down by lower U.S. Treasury yields after a spike in weekly jobless claims raised hopes that a peak in U.S. interest rates was near, as the focus turned to the upcoming week packed with central bank meetings. Against the Japanese yen , the greenback dipped to a one-week low of 138.765, tracking a slide in U.S. Treasury yields. The benchmark 10-year Treasury yield last stood at 3.7317%, after falling 7 basis points on Thursday. So that'll show up in payrolls numbers and jobless claims and these sorts of numbers," said Jarrod Kerr, chief economist at Kiwibank.

Persons: Jarrod Kerr, Tayyip Erdogan, Hafize Gaye Erkan, Mohammed Elmi Organizations: U.S, Treasury, Federated Hermes Locations: Hai, Nantong City, Jiangsu Province, China, Asia, U.S, Kiwibank, United States

☆ Dollar softer as U.S. debt ceiling crisis unresolved, inflation data eyed
▼ + stars: | 2023-05-10 | by ( ) www.cnbc.com time to read: +3 min

An employee deals with U.S. one-hundred dollar banknotes at a bank on June 16, 2022 in Hai an, Nantong City, Jiangsu Province of China. The dollar weakened broadly on Wednesday after U.S. President Joe Biden and top lawmakers failed to break a deadlock on the debt ceiling crisis, though currency moves were marginal amid caution ahead of U.S. inflation data later in the day. "There has been a lot of attention lately on the debt ceiling issues," said Carol Kong, a currency strategist at Commonwealth Bank of Australia. Also preoccupying investors was U.S. inflation data, with economists polled by Reuters expecting a 5.5% year-on-year increase in core consumer prices for April. "I think markets are already expecting the Bank of Japan to make some moves."

☆ China’s central bank expects ‘U-shaped’ recovery in consumer prices
▼ + stars: | 2023-04-20 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +1 min

Workers at a factory making lithium battery products for domestic and international markets in Nantong, Jiangsu province, China. BEIJING — The People's Bank of China said Thursday it expects consumer prices to pick up this year, and that the central bank is not expecting inflation or deflation to become a significant problem for China. China's consumer price index hit an 18-month low in March, and rose 0.7% year-on-year. Zou added that in the medium to long term, China's economy has no basis for an inflationary or deflationary trend. He claimed that's because demand and supply in China's economy are even, and monetary policy is "reasonable."

☆ Dollar regains footing amid higher yields as Fed outlook weighed
▼ + stars: | 2023-04-19 | by ( ) www.cnbc.com time to read: +2 min

The dollar steadied on Wednesday after it seesawed with bond market volatility as investors scrutinized U.S. economic indicators, Federal Reserve commentary and corporate earnings for clues about the path for interest rates. The dollar index — which gauges the greenback against six major peers — ticked up 0.11% to 101.83 in Asian trading, following a 0.36% slide on Tuesday that reversed the 0.54% rally of the session before. U.S. two-year Treasury yields , which are extremely sensitive to Fed expectations, reached an almost one-month high of 4.231% overnight, and remained elevated in Tokyo trading on Wednesday. "It's the volatility in the bond market that's driving the dollar, not the other way round." The Aussie eased 0.06% to $0.67245 on Wednesday, following a 0.41% rally in the prior session.

☆ Dollar loses steam after jobless claims data, while Kuroda takes center stage in Asia
▼ + stars: | 2023-03-10 | by ( ) www.cnbc.com time to read: +3 min

An employee deals with U.S. one-hundred dollar banknotes at a bank on June 16, 2022 in Hai an, Nantong City, Jiangsu Province of China. The yen held steady in early Asia trade, and was last 0.2% higher at 135.89 per dollar, retreating from a nearly three-month low hit earlier in the week. Nonetheless, the jump in jobless claims was enough to cause traders to unwind some bets that U.S. rates would rise much higher than previously expected. The Fed funds rate is projected to peak just below 5.5% by July. Against a basket of currencies, the U.S. dollar index fell 0.12% to 105.12 but remained on track for a weekly gain of nearly 0.6%.

☆ China's economy could recover faster and earlier than expected, analysts say
▼ + stars: | 2023-01-17 | by ( Jihye Lee | ) www.cnbc.com time to read: +3 min

The nation's economy grew 3% for the full year of 2022 — the second-slowest growth rate it has seen since 1976. The nation's economy grew 3% for the full year of 2022 — the second-slowest growth rate it has seen since 1976. Xu expects to see a sharp rebound in the second quarter of 2023 as China continues to prioritize the economy over its zero-Covid policy. China's economy may have already seen the worst of pressures in the final month of 2022, JPMorgan's Zhu said. He added the weakness was the result of uncertainty surrounding the nation's zero-Covid policy and a mass infection that followed its steps of reopening.

☆ Japan to look into group's report of secret Chinese police stations
▼ + stars: | 2022-12-22 | by ( ) www.reuters.com time to read: +2 min

Safeguard Defenders, an Asia-focused rights group based in Spain, has published two reports since September indicating that Chinese authorities have established 102 overseas police stations in 53 countries, including Japan. Chinese authorities have dismissed the accusations and said the facilities are volunteer-run centres that help citizens renew documents and offer other services that were disrupted during the COVID pandemic. Matsuno said earlier that Japan had told Chinese authorities through diplomatic channels that "it would be unacceptable if there was any activity that violates Japan's sovereignty". Safeguard Defenders said in a September report that police from the Chinese city of Fuzhou had set up a "service station" in Tokyo. The group indicated in a follow-up report that police from the Chinese city of Nantong had another such station somewhere in Japan.

☆ COSCO Shipping says to buy $2.7 bln port assets from parent, in $2.9 bln ship building deal
▼ + stars: | 2022-10-31 | by ( ) www.reuters.com time to read: +1 min

Oct 31 (Reuters) - COSCO Shipping Holdings Co Ltd said on Monday it has agreed to buy port assets from its parent for an aggregate 19.7 billion yuan ($2.7 billion) as it aims to build a global digital supply chain for its customers. The Chinese shipping group said it would buy 14.9% of Shanghai International Port (Group) (600018.SS) from its indirect controlling parent China COSCO Shipping Corp Ltd for 18.9 billion yuan, and a 3.2% stake in Guangzhou Port (601228.SS) for 778.7 million yuan. COSCO Shipping Holdings (601919.SS) also said it had entered into shipping contracts with China COSCO Shipping's Dalian COSCO KHI Ship Engineering to build five vessels for a total of $1.2 billion. Its unit Orient Overseas (International) Ltd (0316.HK) has entered into ship building contracts with Nantong COSCO KHI Ship Engineering to build seven vessels for a total $1.7 billion. read more($1 = 7.2499 Chinese yuan renminbi)Reporting by Donny Kwok; Editing by Kim CoghillOur Standards: The Thomson Reuters Trust Principles.

☆ US curbs on China's microchip industry could throttle Xi Jinping's tech ambitions
▼ + stars: | 2022-10-31 | by ( Laura He | ) edition.cnn.com time to read: +8 min

One dramatic, and potentially disruptive aspect of the rules is the ban on American citizens and legal residents working with Chinese chip firms. The ban could lead to a mass resignation of top executives and core research staff working at Chinese chip firms, which will hit the industry hard, Dong from Georgetown University said. So far it’s not clear exactly how many American workers there are in China’s domestic chip industry. At Advanced Micro-Fabrication Equipment China (AMEC), one of the country’s largest semiconductor equipment manufacturers, at least seven executives, including founder and chairman Gerald Yin, hold US citizenship, the latest company documents show. But some Western suppliers have already started preparing to halt sales to China in response to the US export curbs.

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