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☆ China’s yuan hovers near record lows against the dollar despite central bank warning
▼ + stars: | 2022-09-29 | by ( Laura He | ) edition.cnn.com time to read: +3 min

Hong Kong CNN Business —China’s yuan hovered near record lows against the US dollar on the offshore market on Thursday, as major currencies around the world continue to tumble after the Federal Reserve’s aggressive hikes. The yuan — also known as the renminbi —has been declining for months despite interventions by China’s central bank. The fall comes despite People’s Bank of China warning traders on Wednesday not to bet on the currency’s continued depreciation. Vendors exchange Chinese yuan notes at a store on Sunday, July 17, 2022, in Beijing. Ng Han Guan/APThe PBOC, meanwhile, has urged traders not to “keep gambling.”“The foreign exchange market is a big deal.

☆ Hong Kong stocks hit an 11-year low after historic Fed rate hike
▼ + stars: | 2022-09-22 | by ( Laura He | Cnn Business | ) edition.cnn.com time to read: +1 min

Hong Kong (CNN Business) Hong Kong stocks hit their lowest level in more than a decade Thursday and other Asian markets also fell after the US Federal Reserve raised rates by 75 basis points and forecast even more hikes ahead, fueling concerns about a recession. Hang Seng Index HSI Nikkei 225 N225 Shanghai Composite Index SHCOMP Thefell as much as 2.6%, breaking below 18,000 points, before recovering slightly. Australia's S&P/ASX 200 index fell 1.6%, while Japan'sand South Korea's Kospi both fell 0.6%. The Exchange Square Complex, which houses the Hong Kong Stock Exchange, in Hong Kong, China, on Wednesday, July 13, 2022. "If you were to compare this rate hike cycle to previous rate hike cycles going back to 1983, the Fed has never raised rates this much in this short a time period," said David Chao, global market strategist, Asia Pacific (ex-Japan) at Invesco.

☆ China’s ‘Lipstick King’ returns to live-streaming show after mysterious three-month disappearance
▼ + stars: | 2022-09-21 | by ( Laura He | ) edition.cnn.com time to read: +5 min

On Tuesday night, Li Jiaqi reappeared on Alibaba’s Taobao Live, a live-streaming platform for the e-commerce giant. By the end of the two-hour show, 63 million viewers had watched his live-stream, higher than most of his previous shows. The 30-year-old livestreamer, also called Austin Li, was one of China’s biggest internet celebrities, with 64 million followers on Alibaba’s Taobao. Just before the abrupt ending, Li had shown his audience a multi-layered ice cream treat decorated with Oreos and wafers. In June, just two weeks after Li disappeared, Beijing intensified its crackdown on the the country’s booming livestreaming industry.

☆ China's 'Lipstick King' returns to live-streaming show after mysterious three-month disappearance
▼ + stars: | 2022-09-21 | by ( Laura He | Cnn Business | ) edition.cnn.com time to read: +1 min

On Tuesday night, Li Jiaqi reappeared on Alibaba's Taobao Live, a live-streaming platform for the e-commerce giant. His show immediately attracted thousands of viewers within the first few minutes, despite no prior notices on his social media accounts. The 30-year-old livestreamer, also called Austin Li, was one of China's biggest internet celebrities, with 64 million followers on Alibaba's Taobao. He once sold 15,000 lipsticks within five minutes in a sales competition against Alibaba founder Jack Ma, winning himself the nickname "China's lipstick king." E-commerce livestreamer Austin Li Jiaqi attends a public-welfare livestreaming ceremony on September 23, 2021 in Hangzhou, Zhejiang Province of China.

☆ 1 in 5 of China's urban youth are unemployed. That's a huge headache for Xi Jinping
▼ + stars: | 2022-09-19 | by ( Laura He | Cnn Business | ) edition.cnn.com time to read: +9 min

The youth unemployment rate has repeatedly hit new highs this year , rising from 15.3% in March to a record 18.2% in April. In the past few months, mass layoffs have engulfed once booming Chinese industries ranging from private tutoring to real estate. Xi is seeking a historic third term when the Communist Party hold its congress next month. But youth unemployment will constitute a "major threat" to China's economic and political stability in the long run, he added. But the government seems unwilling to tackle the main reason behind China's economic slowdown this year — the zero Covid policy .

☆ Wall Street dodged a rail strike crisis, but there's trouble ahead
▼ + stars: | 2022-09-16 | by ( Nicole Goodkind | Cnn Business | ) edition.cnn.com time to read: +7 min

The company is seen as a bellwether for the economy since has insight into shipments across a wide range of industries. Persistent inflation, fears of recession and slowing economic growth have rattled markets across the globe. Now as major central banks institute aggressive rounds of monetary policy tightening to battle inflation, investors fear that they may go too far. S&P 500 INX About half of allcompanies mentioned "recession" during second quarter earnings calls, the highest number since 2010. That's the largest drop for a quarter since the second quarter of 2020 (when Covid-19 sent the United States into recession).

☆ 3 ways China and Russia are forging much closer economic ties
▼ + stars: | 2022-09-15 | by ( Laura He | Cnn Business | ) edition.cnn.com time to read: +10 min

Beijing has carefully avoided violating Western sanctions or providing direct military support to Moscow. For the first eight months of this year, total goods trade between China and Russia surged 31% to $117.2 billion. "Russia needs China more than China needs Russia," said Keith Krach, former Under Secretary of State for Economic growth, Energy and the Environment in the United States. For China, Russia now accounts for 2.8% of its total trade volume, slightly higher than the 2.5% share at the end of last year. "Russia's war in Ukraine is not in China's interest, but given Western hostility, China will not oppose Russia," she added.

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