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REUTERS/Chris Helgren/File Photo Acquire Licensing RightsCOLOMBO, Nov 25 (Reuters) - Sri Lanka will likely approve on Monday a proposal from Chinese state refiner Sinopec to build a $4.5-billion-dollar refinery, the South Asian island nation's energy minister said on Saturday. Sri Lanka, trying to recover from its worst economic crisis in more than 70 years, is hungry for new investment and local fuel supplies. The investment will add to Sinopec's recently started fuel retailing business, the third international company with a foothold in Sri Lanka, with a license to operates 150 petrol stations. Sinopec's fuel oil division, which runs the retail business there, began in 2019 supplying marine bunker fuel at Hambantota, another Sinopec official said. Sri Lanka's refinery at Sapugaskanda, commissioned in 1969, can process 38,000 barrels of oil a day.

Persons: Chris Helgren, Kanchana Wijesekera, Wijesekera, Vitol, Uditha Jayasinghe, Chen Aizhu, Krishn Kaushik, William Mallard Organizations: China Petroleum & Chemical Corporation, REUTERS, Rights, and Energy, Reuters, Sri, China Merchant Port Holdings, Initiative, China Merchants, Thomson Locations: Vancouver , British Columbia, Canada, Sri Lanka, China's, Saudi Arabia, Russia, China, Colombo, Sinopec, Hambantota, Europe, Asia, Lanka's, Sapugaskanda

☆ Philippines' South China Sea patrols with US within its rights -security adviser
▼ + stars: | 2023-11-24 | by ( ) www.reuters.com time to read: +1 min

Philippine Air Force/Handout via REUTERS/... Acquire Licensing Rights Read moreMANILA, Nov 24 (Reuters) - The Philippines' joint patrols with the United States in the South China Sea are within Manila's rights, and it will continue to support a free and open Indo-Pacific, its national security adviser said on Friday. The Southeast Asian nation rejects China's assertion that the Philippines enlisted "foreign forces" to patrol the South China Sea, National Security Adviser Eduardo Año said in a statement, responding to Beijing's remarks. Teodoro said there will be several iterations of joint patrols moving forward. The treaty allies conducted joint patrols from Tuesday to Thursday in waters near Taiwan and the South China Sea within Manila's exclusive economic zone (EEZ), fanning further tensions with China. China claims most of the South China Sea on the basis of a "nine-dash line" that stretches as far as 1,500 km (900 miles) south of its mainland, cutting into the EEZs of rival claimants Brunei, Indonesia, Malaysia, the Philippines and Vietnam.

Persons: Eduardo Año, Gilberto Teodoro, Teodoro, Neil Jerome Morales, Mikhail Flores, Jamie Freed Organizations: Philippine Air Force, Pacific Command, . Maritime, South China, REUTERS, Philippines, National, Thomson Locations: U.S, Philippines, Batanes, South, MANILA, United States, South China, China, Taiwan, Brunei, Indonesia, Malaysia, Vietnam

☆ Philippines' South China Sea Patrols With US Within Its Rights -Security Adviser
▼ + stars: | 2023-11-24 | by ( Nov. | At A.M. | ) www.usnews.com time to read: +1 min

MANILA (Reuters) - The Philippines' joint patrols with the United States in the South China Sea are within Manila's rights, and it will continue to support a free and open Indo-Pacific, its national security adviser said on Friday. The Southeast Asian nation rejects China's assertion that the Philippines enlisted "foreign forces" to patrol the South China Sea, National Security Adviser Eduardo Año said in a statement, responding to Beijing's remarks. Teodoro said there will be several iterations of joint patrols moving forward. The treaty allies conducted joint patrols from Tuesday to Thursday in waters near Taiwan and the South China Sea within Manila's exclusive economic zone (EEZ), fanning further tensions with China. China claims most of the South China Sea on the basis of a "nine-dash line" that stretches as far as 1,500 km (900 miles) south of its mainland, cutting into the EEZs of rival claimants Brunei, Indonesia, Malaysia, the Philippines and Vietnam.

Persons: Eduardo Año, Gilberto Teodoro, Teodoro, Neil Jerome Morales, Mikhail Flores, Jamie Freed Organizations: Philippines, National Locations: MANILA, Philippines, United States, South China, China, Taiwan, South, Brunei, Indonesia, Malaysia, Vietnam

☆ Beijing is making its biggest move yet to patch up the property crisis threatening to blow up China's economy
▼ + stars: | 2023-11-24 | by ( Huileng Tan | ) www.businessinsider.com time to read: +4 min

China is drafting a "white list" of property developers for bank financing, per Bloomberg. China's massive property sector is in a slump, adding to the country's post-COVID economic woes. AdvertisementChina's finally starting to do something about the three-year property crisis that's been weighing on its COVID-scarred economy. China's real-estate sector has been mired in a crisis since the second half 2021 when a liquidity crisis at Evergrande — once China's second-largest developer — came into public view. AdvertisementStill, not everyone is convinced Beijing's property "white list" will be the solution to China's property problems.

Persons: —, China's, Nomura, it's, Rory Green, Green, White Knight, Vishnu Varathan Organizations: Bloomberg, Service, BI, Mizuho Bank, Business Locations: China, Beijing, Asia

☆ Morning Bid: Giving thanks you're not in China stocks
▼ + stars: | 2023-11-24 | by ( ) www.reuters.com time to read: +5 min

Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., September 26, 2023. A four-day ceasefire between Israel and Hamas appeared to be holding shakily on Friday with no major reports of attacks, although both sides were accused of violations. The decline marked yet another investor shrug at reports of further official moves to shore up China's ailing property sector. In Europe, data showed Germany's economy shrank slightly in the third quarter, confirming an initial estimate of a 0.1% fall. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: Brendan McDermid, Mike Dolan, shrug, didn't, Christian Lindner, Geert Wilders, Luis de Guindos, Pablo Hernandez de Cos, Nick Macfie Organizations: New York Stock Exchange, REUTERS, Stock, Mainland Properties, Bloomberg, Nvidia, Finance, Britain's Barclays, Central Bank, Bank of Spain, PMI Reuters Graphics Reuters, Reuters, Thomson Locations: New York City, U.S, Wall, Israel, OPEC, United States, Friday's, Beijing, Taiwan, China, Europe, British

[1/6] A man sings for customers touring the Erhai lake on a sightseeing bus, in Dali, Yunnan province, China November 10, 2023. Many are former city-dwellers in search of an elusive prize in authoritarian China: Space for open discussion and exchange of ideas. POLICE OVERSIGHTThe local government has sought to attract young tech talent and in September asked digital nomads for input on policies, two community organisers told Reuters. Many digital nomads who use co-working spaces are involved with technologies like blockchain, according to organisers, which they say has drawn scrutiny from local authorities. Since digital nomads, unlike university students, "are not subject to structured discipline, they are harder to manage", she said.

Persons: Florence Lo, DALI, Trump, Xi Jinping, Minhua Ling, Dali, Xi's, Bai Yunxi, Xi, Bai, Chen Zhengyun, Chen, Ling, Laurie Chen, Katerina Ang Organizations: REUTERS, Geneva Graduate Institute, Reuters, Communist Party, Thomson Locations: Dali, Yunnan province, China, China's, Israel, Gaza, Yunnan, Beijing

☆ Chasing a Different China Dream, Young Digital Nomads Head for the Hills
▼ + stars: | 2023-11-23 | by ( Nov. | At P.M. | ) www.usnews.com time to read: +6 min

Many are former city-dwellers in search of an elusive prize in authoritarian China: Space for open discussion and exchange of ideas. POLICE OVERSIGHTThe local government has sought to attract young tech talent and in September asked digital nomads for input on policies, two community organisers told Reuters. Many digital nomads who use co-working spaces are involved with technologies like blockchain, according to organisers, which they say has drawn scrutiny from local authorities. "We are more low-key and don't emphasise digital nomads in our marketing anymore," one co-working space staffer told Reuters, adding that conservative local governments in rural towns like Dali are "cautious of emerging technologies". Since digital nomads, unlike university students, "are not subject to structured discipline, they are harder to manage", she said.

Persons: Laurie Chen DALI, Trump, Xi Jinping, Minhua Ling, Dali, Xi's, Bai Yunxi, Xi, Bai, Chen Zhengyun, Chen, Ling, Laurie Chen, Katerina Ang Organizations: Geneva Graduate Institute, Reuters, Communist Party Locations: China, China's, Israel, Gaza, Dali, Yunnan, Beijing

☆ Fiji PM: China likely to collaborate on key port, shipyard project
▼ + stars: | 2023-11-22 | by ( Kirsty Needham | ) www.reuters.com time to read: +4 min

REUTERS/Lincoln Feast/File Photo Acquire Licensing RightsSYDNEY, Nov 22 (Reuters) - Fiji Prime Minister Sitiveni Rabuka told parliament on Wednesday the Pacific Islands nation was likely to collaborate with China on a key port modernisation and shipyard project, after discussing it in a meeting with Chinese president Xi Jinping. Fiji previously sought Australia's involvement to build a modern ship-building facility at Lautoka, officials and a consultant to Rabuka on the project told Reuters. Rabuka told Fiji's parliament on Wednesday his government was focused on upgrading infrastructure, "particularly the modernisation of port facilities and shipyards". An Australian-based ship design company said Rabuka had earlier sought the involvement of Australia, Fiji's largest aid donor, in the shipyard project. China has been pushing for greater security and trade ties with Pacific Islands countries.

Persons: Sitiveni Rabuka, Xi Jinping, Rabuka, Xi, Stuart Ballantyne, Ballantyne, Vajira Piyasena, Kirsty Needham, Lincoln, Edwina Gibbs Organizations: REUTERS, Lincoln, Rights, Fiji Prime, Wednesday, Reuters, APEC, Wednesday Fiji, Fiji Ports, Fiji Ships, Heavy Industry, Pacific, Thomson Locations: Fiji, Suva, China, Lautoka, Australia, San Francisco, Australian, tradespeople, Pacific, Solomon Islands, United States, Papua New Guinea

China, the world's second-largest economy, is already a major investor in South America and has offered tariff-free access to its huge consumer market to four countries. But Uruguay faces opposition from other members of the Mercosur bloc who want to settle an FTA with Europe instead. By comparison, other major beef exporters Australia and New Zealand, which have FTAs with China, pay tariffs at 3.3% and 0%. The elevation of ties with Uruguay to the level of Brazil and Argentina also pushes the remaining Mercosur member Paraguay further outside China's global trade and investment network. Agriculture-dependent Paraguay, whose main exports include beef and soybeans, is the last South American nation that has ties with democratically governed Taiwan, which China claims as part of its territory, and not with Beijing.

Persons: Xi Jinping, Luis Lacalle Pou, Florence Lo, Lacalle Pou, Xi, Joe Cash, Ryan Woo, Ella Cao, Toby Chopra, Raju Gopalakrishnan, Chizu Nomiyama, Alexander Smith Organizations: Uruguayan, of, People, REUTERS, New Development Bank BEIJING, Mercosur, South, Nations, New Development Bank, China, United, Mercosur CET, National Meat Institute of, China's National Bureau of Statistics, Thomson Locations: Beijing, China, Uruguay, Argentina, Brazil Mercosur, American, Brazil, South America, Chile, Costa Rica, Ecuador, Peru, Europe, Australia, New Zealand, Shanghai, United States, MERCOSUR Uruguay, Brussels, Montevideo, Mercosur, National Meat Institute of Uruguay, Paraguay, Taiwan

☆ Stocks in Asia hit 2-month high, dollar defensive on Fed view
▼ + stars: | 2023-11-21 | by ( Ankur Banerjee | ) www.reuters.com time to read: +5 min

A passerby walks past an electric monitor displaying various countries' stock price index outside a bank in Tokyo, Japan, March 22, 2023. MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) was 0.97% higher at 510.11 having touched 511.05, the highest since Sept. 18. In rest of Asia, Japan's Nikkei (.N225) edged higher and remained close to the 33-year high it toucehd on Monday. The Japanese yen strengthened 0.22% to 148.03 per dollar, lifting away from the one-year low of 151.92 it touched last week. The Australian dollar , often seen as a barometer of risk appetite, touched a three-month high of $0.65775 earlier in the session.

Persons: Issei Kato, DAX, Wall, Sam Altman, Ben Bennett, Nicholas Chia, murmurs, Hong, HSI, Brent, Ankur Banerjee, Jacqueline Wong, Lincoln Organizations: REUTERS, Rights, . Federal, Nvidia, Microsoft, Stock, Traders, Legal, General Investment Management, Standard Chartered, Japan's Nikkei, Thomson Locations: Tokyo, Japan, Rights SINGAPORE, Asia, Pacific, Europe, Thursday's U.S

☆ What do we know about China's new financial watchdog?
▼ + stars: | 2023-11-21 | by ( ) www.reuters.com time to read: +4 min

BEIJING, Nov 21 (Reuters) - China's Central Financial Commission (CFC), a new regulator with Premier Li Qiang as its head, held a meeting on Monday and urged stronger supervision of risks in the financial sector as Beijing accelerates efforts to become a "major financial power". The CFC was set up for the top-level design, development and supervision of the financial sector, strengthening "unified leadership on financial work", according to a restructuring plan published by state media in March this year. The CFC has recruited many officials from the central bank and the finance ministry, financial news outlet Caixin reported earlier this month. The appointments indicate that both officials, who are close confidants of President Xi Jinping, will play important roles in shaping China's financial policies. He was also appointed as party chief of a separate Central Financial Work Commission (CFWC), which has been set up to strengthen the ideological and political role of the party in China's overall financial system.

Persons: Li Qiang, Premier Li, Li, Lifeng, Xi Jinping, Wang Jiang, Xia Xiande, Xi, Ziyi Tang, Kevin Yao, Ryan Woo, Sumeet Chatterjee Organizations: Financial Commission, Communist Party, CFC, WHO, THE, Financial Work, China Everbright Group, Analysts, Reuters, National Financial Regulatory Administration, State Council, People's Bank of China, prudential, Thomson Locations: BEIJING, Beijing, China, Lincoln

☆ Taiwan election about choosing whether to embrace China, frontrunner says
▼ + stars: | 2023-11-21 | by ( Ben Blanchard | ) www.reuters.com time to read: +3 min

[1/3] Taiwan's Vice President Lai Ching-te and running mate Hsiao Bi-Khim pose for a photo after registering for the upcoming presidential election at the Central Election Commission in Taipei, Taiwan November 21, 2023. Lai Ching-te, vice president and the ruling Democratic Progressive Party's (DPP) presidential candidate, has led in most opinion polls ahead of the election. Speaking to reporters and supporters after formally registering his candidacy with the election commission, Lai said Taiwan's security was an international issue and the whole world was watching this election. "The people of Taiwan have to choose between trusting Taiwan, allowing Taiwan to continue to move forward on the road of democracy, and relying on China, following the old path of the one-China principle, and walking into the embrace of China," he said. Like Lai, Hsiao is despised by China, which has twice placed sanctions on her, most recently in April, saying she was an "independence diehard".

Persons: Lai Ching, Hsiao Bi, Ann WAng, Democratic Progressive Party's, Lai, Hsiao, colluding, Ben Blanchard, Lincoln Organizations: Central, Commission, REUTERS, Rights, Democratic Progressive, Kuomintang, KMT, Taiwan People's Party, Taipei, Thomson Locations: Taipei, Taiwan, Rights TAIPEI, China, Beijing, United States

☆ Zambia's troubled debt restructuring efforts
▼ + stars: | 2023-11-21 | by ( ) www.reuters.com time to read: +3 min

REUTERS/Yuri Gripas/File Photo Acquire Licensing RightsLONDON, Nov 21 (Reuters) - Zambia's debt restructuring has been a complex, three-year process, which suffered a serious setback on Monday when bilateral creditors, including China, effectively ordered it secure more debt relief from international funds that hold its sovereign bonds. 2020: The country requests to have its debt payments frozen under the G20-led Debt Service Suspension Initiative (DSSI) due to COVID-19. In May, Zambian President Edgar Lungu’s government hires French firm Lazard to advise on restructuring the cash-strapped southern African nation’s $11 billion worth of foreign debts. 2022: Negotiations continue with bondholders for debt relief and restructuring deals. Angry bondholders say the OCC is demanding debt relief from them that is materially higher than either Zambia's government or the International Monetary Fund deem necessary.

Persons: Yuri Gripas, Edgar Lungu’s, Lazard, Lungu’s, Hakainde Hichilema, Marc Jones, Sharon Singleton Organizations: Monetary Fund, REUTERS, Zambian, China, Export, Import Bank of China, OCC, International, Fund, Thomson Locations: Washington , U.S, China, Zambia

☆ China says it would be a 'huge foreign policy mistake' for Argentina to cut ties
▼ + stars: | 2023-11-21 | by ( Sam Meredith | ) www.cnbc.com time to read: +1 min

Argentine presidential candidate for the La Libertad Avanza alliance Javier Milei speaks to supporters after winning the presidential election runoff at his party headquarters in Buenos Aires on November 19, 2023. China on Tuesday issued a warning to Argentina that it would be a "huge foreign policy mistake" for Buenos Aires to cut ties, shortly after right-wing libertarian Javier Milei secured victory in the South American nation's presidential runoff. The president-elect said Argentina would no longer work with "communist" regimes, reportedly likened Beijing's government to an "assassin" and said the people of China were "not free." China's Foreign Ministry Spokesperson Mao Ning said on Tuesday that bilateral relations had shown "sound momentum," adding that Beijing "stands ready to work with Argentina to keep our relations on a steady course." "No countries could step out of diplomatic relations and still be able to engage in economic trade and cooperation," Mao said.

Persons: Javier Milei, Sergio Massa, Mao Ning, Mao Organizations: Argentine, La Libertad, American, Peronist Economy, China's Foreign Locations: Buenos Aires, China, Argentina, Beijing

☆ Foxconn's electric car unit falls in market debut amid tough industry outlook
▼ + stars: | 2023-11-20 | by ( ) www.reuters.com time to read: +2 min

A view of a Foxtron logo on a electric vehicle on display during the company's annual Tech Day in Taipei, Taiwan, October 18, 2022. REUTERS/Ann Wang/File Photo Acquire Licensing RightsTAIPEI, Nov 20 (Reuters) - Shares in Foxtron Vehicle Technologies (2258.TW), a unit of Taiwanese contract manufacturer Foxconn (2317.TW), fell in their market debut on Monday, hurt by concerns over headwinds in the highly competitive electric vehicle market. Foxtron shares did recover some ground from earlier losses of as much as 9%, ending down 2.7% which gave it a market capitalisation of around $2.7 billion. Foxtron is a joint venture between Foxconn - the world's largest contract manufacturer for iPhones and other consumer electronics - and local car maker Yulon (2201.TW). Young Liu, chairman of both Foxtron and Foxconn, said, however, the company has a clear strategy for growth.

Persons: Ann Wang, Foxtron, Yulon . Young Liu, Liu, Foxconn, Terry Gou, Ben Blanchard, Faith Hung, Anne Marie Roantree, Navaratnam, Edwina Gibbs Organizations: Tech Day, REUTERS, Rights, Vehicle Technologies, Mega International Securities, Yulon, Thomson Locations: Taipei, Taiwan, Rights TAIPEI, Foxconn, North America, Southeast Asia, China

China's refiners processed 63.93 million metric tons of crude in October, equivalent to 15.05 million bpd, according to National Bureau of Statistics data released on Nov. 15. Crude imports were 48.97 million metric tons and domestic output was 17.33 million, giving a total of 66.3 million, equivalent to 15.61 million bpd. Subtracting the refinery throughput from the total crude available leaves a surplus of 560,000 bpd to be put into commercial or strategic reserves. China total crude available vs refinery processingFORECASTS TOO BULLISH? China's imports for the first 10 months of the year are 11.36 million bpd, which is 1.19 million bpd higher than for the whole of 2022.

Persons: refiners, China doesn't, Stephen Coates Organizations: National Bureau, Statistics, OPEC, International Energy Agency, BP, Reuters, Thomson Locations: Qingdao, Shandong province, LAUNCESTON, Australia, China, Asia, Saudi Arabia

☆ Taiwan Election About Choosing Whether to Embrace China, Frontrunner Says
▼ + stars: | 2023-11-20 | by ( Nov. | At P.M. | ) www.usnews.com time to read: +3 min

Lai Ching-te, vice president and the ruling Democratic Progressive Party's (DPP) presidential candidate, has led in most opinion polls ahead of the election. Speaking to reporters and supporters after formally registering his candidacy with the election commission, Lai said Taiwan's security was an international issue and the whole world was watching this election. "The people of Taiwan have to choose between trusting Taiwan, allowing Taiwan to continue to move forward on the road of democracy, and relying on China, following the old path of the one-China principle, and walking into the embrace of China," he said. Like Lai, Hsiao is despised by China, which has twice placed sanctions on her, most recently in April, saying she was an "independence diehard". "Taiwan independence means war.

Persons: Ben Blanchard, Lai Ching, Democratic Progressive Party's, Lai, Hsiao, colluding, Lincoln Organizations: Democratic Progressive, Kuomintang, KMT, Taiwan People's Party, Taipei Locations: Ben Blanchard TAIPEI, China, Taiwan, Beijing, United States

Nov 20 (Reuters) - A look at the day ahead in Asian markets from Jamie McGeever, financial markets columnist. China's latest interest rate decision will be the main focus for Asian markets on Monday, with investors also eyeing third-quarter GDP from Thailand, and trade figures from Malaysia and Taiwan. On Monday, the People's Bank of China is widely expected to leave lending benchmark rates unchanged. All 26 market watchers in a Reuters poll expect the one-year and five-year loan prime rates to be held steady at 3.45% and 4.20%, respectively. It is why Beijing's policy decisions are so important: as long as the interest rate spread remains heavily against the Chinese yuan, these outflows will likely persist.

Persons: Jamie McGeever, Goldman Sachs, Diane Craft Organizations: U.S, Treasury, Japan's Nikkei, Equity, People's Bank of, Reserve Bank of Australia, Bank Indonesia, Bank of, Thomson, Reuters Locations: Thailand, Malaysia, Taiwan, Asia, Japan, People's Bank of China, Bangkok, Bank of Japan, China

☆ APEC over, Taiwan reports renewed Chinese military activity
▼ + stars: | 2023-11-19 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing RightsTAIPEI, Nov 19 (Reuters) - Taiwan reported renewed Chinese military activity around the island on Sunday, with nine aircraft crossing the sensitive median line of the Taiwan Strait and warships carrying out "combat readiness patrols". Democratically-governed Taiwan, which China claims as its own territory, has complained for the past four years of regular Chinese military patrols and drills near the island, as Beijing seeks to pressure Taipei over its sovereignty claims. With Chinese President Xi Jinping in San Francisco last week for the Asia Pacific Economic Cooperation (APEC) summit, where he met U.S. President Joe Biden, the scale of that military activity around Taiwan had scaled off. The aircraft were accompanying Chinese warships carrying out "joint combat readiness patrols" it added. China says its activities near Taiwan are aimed at "collusion" between Taiwan separatists and the United States and to protect China's territorial integrity.

Persons: Dado Ruvic, Xi Jinping, Joe Biden, Su, Xi, Biden, Ben Blanchard, William Mallard, Kim Coghill Organizations: REUTERS, Rights, Asia Pacific Economic Cooperation, U.S, Taiwan, Biden, Thomson Locations: Rights TAIPEI, Taiwan, Taiwan Strait, China, Beijing, Taipei, San Francisco, United States, U.S

☆ See the rusting warship central to the Philippines' South China Sea claims that Beijing tries to keep from holding on
▼ + stars: | 2023-11-18 | by ( Elias Chavez | ) www.businessinsider.com time to read: +2 min

BRP Sierra Madre has been grounded near the Second Thomas Shoal for 24 years. The Second Thomas Shoal is a contested part of the South China Sea that both China and the Philippines claim. The dilapidated ship has been sitting near the Second Thomas Shoal in the Spratly Islands since 1999 and has recently been the subject of tension between China and the Philippines. AdvertisementThe Second Thomas Shoal is a reef within the disputed South China Sea, a resource-rich waterway home to important shipping lanes. China claims vast swaths of the ocean, but Beijing's claims to areas claimed by Manila were dismissed by an international tribunal, the results of which China firmly rejected.

Persons: Thomas Shoal, Thomas, — Organizations: BRP Sierra Madre, South China, Sierra Madre, Service, BRP, Chinese Coast Guard, Philippine Navy Locations: South, China, Philippines, Sierra, BRP Sierra Madre, South China, Vietnam, Spratly, Manila, Philippine

☆ Exclusive: IMF chief says Biden-Xi engagement an important signal for world to cooperate
▼ + stars: | 2023-11-18 | by ( David Lawder | ) www.reuters.com time to read: +4 min

The Biden-Xi meeting is "important at a time when geo-economic fragmentation has indeed deepened with negative consequences for the prospects for accelerating growth," Georgieva said. U.S.-China engagement also will be an important factor on negotiations over World Trade Organization reform, including restoration of its dispute settlement system. "We are already seeing the impact of antisemitism and Islamophobia, raising their ugly heads all over the world. IMF SHAREHOLDING REFORMSU.S. Treasury Secretary Janet Yellen said during meetings last week with her Chinese counterpart that a key outcome of U.S.-China economic engagement was Beijing's support for a 50% increase in IMF quota-based resources, without an immediate rise in shareholding for China. Georgieva said it was important for the IMF to start quickly on revamping its shareholding formula to boost the representation of fast-growing developing economies: "The world needs an IMF that is financially strong, and that is also legitimate."

Persons: Joe Biden, Kristalina, Dina Boluarte, Loren Elliott, Kristalina Georgieva, Xi Jinping, Georgieva, Biden, Xi, Janet Yellen, David Lawder, Chris Reese, Tom Hogue Organizations: International Monetary Fund, Economic Cooperation, REUTERS, FRANCISCO, Monetary Fund, Reuters, Biden, U.S ., APEC, U.S, World Trade Organization, United, Hamas, IMF, Treasury, Thomson Locations: Asia, San Francisco , California, U.S, China, United Arab Emirates, GAZA, Gaza, Egypt, Lebanon, Jordan, Israel

☆ Philippines' Marcos meets China's Xi to find ways to reduce South China Sea tensions
▼ + stars: | 2023-11-18 | by ( Neil Jerome Morales | ) www.reuters.com time to read: +2 min

The Philippines and China need to continue to communicate, with the meeting a key part of the process to maintain peace, and keep open sea lanes and airways over the South China Sea, Marcos told reporters on the sidelines of the APEC Summit in San Francisco. "We tried to come up with mechanisms to lower the tensions in the South China Sea," Marcos said, without elaborating. Marcos said he and Xi were in agreement that geopolitical problems should not be the defining element of the two countries' relationship. Marcos granted the United States greater access to its military bases, including in provinces facing the South China Sea and democratically-ruled Taiwan, drawing the ire of Beijing. China claims almost the entire South China Sea, ignoring a 2016 ruling by the Permanent Court of Arbitration that invalidated Beijing's expansive claim.

Persons: Xi Jinping, Ferdinand Marcos Jr, Marcos, Xi, Neil Jerome Morales, Kim Coghill Organizations: of, People, cnsphoto, REUTERS, APEC, coastguard, Sea, Thomson Locations: Philippine, Beijing, China, South China, Marcos China, MANILA, South, Philippines, San Francisco, United States, Taiwan, China's, Manila

☆ APEC Over, Taiwan Reports Renewed Chinese Military Activity
▼ + stars: | 2023-11-18 | by ( Nov. | At P.M. | ) www.usnews.com time to read: +2 min

TAIPEI (Reuters) - Taiwan reported renewed Chinese military activity around the island on Sunday, with nine aircraft crossing the sensitive median line of the Taiwan Strait and warships carrying out "combat readiness patrols". Democratically-governed Taiwan, which China claims as its own territory, has complained for the past four years of regular Chinese military patrols and drills near the island, as Beijing seeks to pressure Taipei over its sovereignty claims. With Chinese President Xi Jinping in San Francisco last week for the Asia Pacific Economic Cooperation (APEC) summit, where he met U.S. President Joe Biden, the scale of that military activity around Taiwan had scaled off. The aircraft were accompanying Chinese warships carrying out "joint combat readiness patrols" it added. China says its activities near Taiwan are aimed at "collusion" between Taiwan separatists and the United States and to protect China's territorial integrity.

Persons: Xi Jinping, Joe Biden, Su, Xi, Biden, Ben Blanchard, William Mallard, Kim Coghill Organizations: Asia Pacific Economic Cooperation, U.S, Taiwan, Biden Locations: TAIPEI, Taiwan, Taiwan Strait, China, Beijing, Taipei, San Francisco, United States, U.S

☆ U.S. crude oil fell into a bear market this week and could head lower as China 'haunts the market'
▼ + stars: | 2023-11-17 | by ( Spencer Kimball | ) www.cnbc.com time to read: +5 min

U.S. crude oil prices entered a bear market this week, down 22% from September highs as traders wrangle over whether the spiral is driven by market fundamentals or just speculation. Phil Flynn, an oil market analyst with the Price Futures Group, said hedge funds have piled into short positions. There is still some "grind lower" in prices in store unless more positive data comes out of China, he said. If prices keep falling, the U.S. will slip from record production because shale producers will have trouble making money and stop investing, he said. The group has blamed speculators for the recent selloff and insisted market fundamentals are strong with China demand healthy.

Persons: Leo Mariani, Roth MKM, Phil Flynn, John Kilduff, Flynn, Kilduff, Matt Maley, Miller, Daniel Yergin, Yergin, Brent, — CNBC's Pippa Stevens Organizations: West Texas, Brent, Price Futures, Energy Information Agency, Again, Traders, P Global, Organization of, Petroleum, UBS, OPEC Locations: China, U.S, Canada, Brazil, Guyana, East, Israel, Persian, Hormuz

Chinese Yuan and U.S. dollar banknotes are seen in this illustration taken March 10, 2023. The surge in their borrowing from Chinese banks has catapulted the yuan past the euro into becoming the second-biggest currency used in global trade finance, providing a fillip to Beijing's ambitions to internationalize the yuan. "Panda bonds are steadily promoting the renminbi's function as a funding currency", the People's Bank of China (PBOC) said a report last month. German automaker Volkswagen Group (VOWG_p.DE) told Reuters it will use its inaugural 1.5 billion yuan panda bond proceeds only for its onshore China business. ($1 = 7.2421 Chinese yuan renminbi)Reporting by Samuel Shen and Rae Wee Editing by Vidya Ranganathan and Kim CoghillOur Standards: The Thomson Reuters Trust Principles.

Persons: Yuan, Dado Ruvic, Fiona Lim, Lim, SWIFT, Mercedes, Yuan internationalisation, Mark Williams, It's, Maybank's Lim, Williams, Samuel Shen, Rae Wee, Vidya Ranganathan, Kim Coghill Organizations: REUTERS, Rights, BMW, Crédit Agricole S.A, National Bank of Canada, People's Bank of China, Standard Chartered Bank, Bank of China's, Volkswagen Group, Reuters, Benz Group, Capital Economics, Thomson Locations: Rights SHANGHAI, SINGAPORE, China, Hong Kong, Asia, Russia, Argentina, Pakistan, Nigeria

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