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☆ China's Sept industrial profits extend gains helped by policy support
▼ + stars: | 2023-10-27 | by ( ) www.reuters.com time to read: +3 min

REUTERS/Gabriel Crossley/File Photo Acquire Licensing RightsBEIJING, Oct 27 (Reuters) - Profits at China's industrial firms extended gains for a second month in September, adding to signs of a stabilising economy as the authorities launched a burst of supportive policy measures. For the first nine months, profits slid 9% from a year earlier, narrowing from a 11.7% decline in the first eight months, data from the National Bureau of Statistics (NBS) showed on Friday. A fall in producer prices last month indicated that some industrial firms were still cutting prices to promote sales, putting a drag on overall industrial revenues and profits, Zhou said. The improvement in industrial profits is expected to sustain in the coming months, partly due to the lag effect in domestic macro pump-priming, he added. Industrial profit numbers cover firms with annual revenues of at least 20 million yuan ($2.73 million) from their main operations.

Persons: Gabriel Crossley, Yu Weining, Zhou Maohua, Zhou, Pan Gongsheng, Qiaoyi Li, Ryan Woo, Jacqueline Wong Organizations: II, REUTERS, Rights, National Bureau of Statistics, Graphics, NBS, China Everbright Bank, Thomson Locations: Jiujiang, Jiangxi province, China, Rights BEIJING

☆ US 'frankly raised' disagreements with China at first financial working group meeting
▼ + stars: | 2023-10-25 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Dado Ruvic/Illustration/File photo Acquire Licensing RightsOct 25 (Reuters) - U.S. officials "frankly raised areas of disagreement" with China at the first meeting of a new financial working group, where financial stability, supervision and regulation were discussed, the U.S. Treasury said on Wednesday. Attendees included senior officials from China's central bank and the U.S. Treasury Department, according to a Treasury statement. "The two-hour virtual meeting included a substantive and wide-ranging discussion on domestic and global financial stability, financial supervision and regulation, sustainable finance, and anti-money laundering and countering the financing of terrorism," the Treasury said. The financial working group and a parallel economic working group were launched last month after U.S. Treasury Secretary Janet Yellen's visit to Beijing in July aimed at fostering regular communications between the world's two largest economies. The economic working group, led by senior officials from the Treasury and China's Finance Ministry held its first meeting on Monday.

Persons: Dado Ruvic, Janet Yellen's, Yellen, Pan Gongsheng, Ismail Shakil, Costas Pitas, David Lawder, Paul Grant, Diane Craft Organizations: REUTERS, U.S . Treasury, U.S . Treasury Department, Treasury, U.S, China's Finance Ministry, People's Bank of China, International Monetary Fund, Bank, Reuters, Thomson Locations: China, China's, Beijing, Marrakech, Morocco, U.S

Investors were also excited by Tuesday's approval of an additional 1 trillion yuan ($136.76 billion) of sovereign bond issuance. Drawing investors back into China's $10.5 trillion stock market, particularly the foreign buyers that have fled in droves this year, would stem further slides in a market which fell to its lowest since 2019 earlier this week. "China's central government is endorsing the stock market," said Qi Wang, chief investment officer of UOB Kay Hian's wealth management division in Hong Kong. Huijin last bought ETFs during the 2015 stock market crash, and during the money market liquidity crunch in 2013. Still, China's stock markets have to overcome earlier heavy selling from foreigners, burnt by Xi's previous crackdowns on internet companies and other sectors, and its earlier stringent zero-COVID policy.

Persons: China's, Huang Yan, QiuYang, Huang, Pan Gongsheng, Qi Wang, UOB Kay, Huijin, Fabiana Fedeli, Fedeli, Goldman Sachs, Samuel Shen, Ankur Banerjee, Brigid Riley, Vidya Ranganathan Organizations: Central Huijin Investment, Shanghai QiuYang, People's Bank of China, Sino, CSI, Huijin, China Asset Management Co, Singapore's United Overseas Bank, G Investments, Thomson Locations: SHANGHAI, SINGAPORE, Shanghai, China, Hong Kong, Tokyo

A man is reflected on an electric stock quotation board outside a brokerage in Tokyo, Japan April 18, 2023. REUTERS/Issei Kato Acquire Licensing RightsOct 23 (Reuters) - A look at the day ahead in Asian markets from Jamie McGeever, financial markets columnist. The ICE BofA Treasuries index fell 1.4% last week, its biggest fall since May, and is at an eight-year low. Perhaps ominously, however, Friday's bond market relief didn't ease the pressure elsewhere - Wall Street's three main indices still closed 0.9%-1.5% lower. According to Goldman Sachs, financial conditions in emerging markets and globally are the tightest in almost a year.

Persons: Issei Kato, Jamie McGeever, Treasuries, That's, Goldman Sachs, Pan Gongsheng, September's, Diane Craft Organizations: REUTERS, ICE, Traders, Bank of Japan, Australian PMI, PMI, Thomson, Reuters Locations: Tokyo, Japan, U.S, South Korea, Australia, Singapore, Asia, China, Australian

☆ China to bolster economic recovery and curb risks, central bank head says
▼ + stars: | 2023-10-21 | by ( Reuters Staff | ) www.reuters.com time to read: +2 min

SHANGHAI/BEIJING (Reuters) - China will promote a sustained economic recovery, focusing on expanding domestic demand, while fending off financial risks, People’s Bank of China Governor Pan Gongsheng said in a report published on Saturday. FILE PHOTO: A woman walks past the headquarters of the People's Bank of China (PBOC), the central bank, in Beijing, China September 28, 2018. The report is significant because it is the first time the governor has commented on policy after the publication of third-quarter economic data. It will also guide financial institutions to help resolve local government debt risks, including debt risks of local government financing vehicles, he said. Pan also said in the report China would resolve the default risk of bonds of big real estate enterprises, preventing risk contagion in stock, bond and foreign exchange markets, and ensuring the stable operation of financial markets.

Persons: Pan Gongsheng, Jason Lee, Pan Organizations: People’s Bank of China, People's Bank of China, REUTERS Locations: SHANGHAI, BEIJING, China, Beijing

China, whose economy is now three times the size it was in 2010, continued to push for more IMF shares. IMFC members agreed to add a third IMF Executive Board chair to represent African countries, a key sweetener for the U.S. "equi-proportional quota plan. Pan said China supported this move but it was a separate issue from the shareholding formula. It also called for the IMF's Executive Board to propose options for changes to the shareholding formula by June 2025. This would accelerate the next five-year review of quotas and meet IMF Managing Director Kristalina Georgieva's call for a deadline on adjusting its shareholding to preserve its credibility.

Persons: Nadia Calvino, Kristalina Georgieva, Pan Gongsheng, Pan, Kristalina, Georgieva, David Lawder, Andrea Shalal, Sharon Singleton, Christina Fincher, Franklin Paul, Diane Craft Organizations: Monetary, Financial, International Monetary Fund, World Bank, Monetary Fund, IMF, Fund, The U.S . Treasury, People's Bank of China, Beijing, IMF's, U.S . Treasury, United Arab, Thomson Locations: Marrakech, Morocco, MARRAKECH, U.S, China, CHINA, The U.S, India, Ukraine, Israel, Gaza, United Arab Emirates

☆ Yellen, China's top central banker talk about debt, economic developments -US Treasury
▼ + stars: | 2023-10-13 | by ( ) www.reuters.com time to read: +1 min

U.S. Secretary of Treasury Janet Yellen and People’s Bank of China Governor Pan Gongsheng pose before holding a bilateral meeting on the fifth day of the annual meeting of the International Monetary Fund and the World Bank, following last month's deadly earthquake, in Marrakech, Morocco, October 13, 2023. REUTERS/Susana Vera Acquire Licensing RightsMARRAKECH, Morocco, Oct 13 (Reuters) - U.S. Treasury Secretary Janet Yellen and People's Bank of China Governor Pan Gongsheng on Friday held a "substantive and productive" meeting that covered debt, financial architecture and future economic communications, a Treasury spokesperson said. "During the substantive and productive meeting, Secretary Yellen and Governor Pan exchanged views on macroeconomic and financial developments," the spokesperson said in an emailed statement after the meeting on the sidelines of International Monetary Fund and World Bank meetings in Morocco. "They also discussed the international financial architecture and debt issues, as well as how to make the Financial Working Group co-chaired by Treasury and the PBOC substantive and productive," the spokesperson said, referring to one of two new U.S.-China economic communications groups launched in September. Reporting by David Lawder; Editing by Alex RichardsonOur Standards: The Thomson Reuters Trust Principles.

Persons: Janet Yellen, Pan Gongsheng, Susana Vera, Yellen, Pan, David Lawder, Alex Richardson Organizations: People’s Bank of China, International Monetary Fund, World Bank, REUTERS, Rights, . Treasury, People's Bank of China, Treasury, Thomson Locations: Marrakech, Morocco, Rights MARRAKECH, China

☆ China's PBOC woos foreign businesses as economic challenges grow
▼ + stars: | 2023-09-19 | by ( Laura He | ) edition.cnn.com time to read: +3 min

The symposium was intended to “increase financial support to help stabilize foreign trade and foreign investment” and improve the “investment environment” for foreign business, the statement said. In the first eight months of this year, foreign direct investment into China fell 5.1% from a year ago, according to data released by China’s commerce ministry on Sunday. A separate measure for foreign investment painted a grimmer picture. Companies that attended PBOC’s meeting called on Beijing to improve its business environment, its statement added. “[We] will continue to optimize policy arrangements, create a market-oriented, legal and international first-class business environment,” Pan told the companies.

Persons: Gongsheng, JP Morgan, Tesla, Gina Raimondo, ”, ” Pan Organizations: Hong Kong CNN, People’s Bank of China, HSBC, Deutsche Bank, DB, BNP, Japan’s, Bank, BASF, Schneider, State Administration of Foreign Exchange, SAFE, American Chamber of Commerce, US, Companies Locations: China, Hong Kong, Shanghai, Southeast Asia, Beijing

☆ China central bank, FX regulator meet foreign firms in capital drive
▼ + stars: | 2023-09-18 | by ( ) www.reuters.com time to read: +2 min

The headquarters of the People's Bank of China, the central bank, is pictured in Beijing, China, February 3, 2020. REUTERS/Jason Lee/File Photo Acquire Licensing RightsBEIJING, Sept 18 (Reuters) - China's central bank and forex regulator met with foreign financial institutions and companies on Monday, as Beijing strives to attract overseas investment to support its recovery. China will improve its policies, and create a market-oriented and international-level business climate, PBOC Governor Pan Gongsheng was quoted as saying in the statement. China has sought to court foreign capital as its economic recovery from the COVID-19 pandemic slows in the face of tepid overseas demand and property weakness. Actualised foreign direct investment into China fell 5.1% year-on year to 847.2 billion yuan ($116 billion) in the first eight months of 2023, the commerce ministry said on Friday.

Persons: Jason Lee, Morgan Stanley, Pan Gongsheng, Pan, Ellen Zhang, Ethan Wang, Bernard Orr, Louise Heavens, Alexander Smith Organizations: People's Bank of China, REUTERS, Rights, HSBC, Deutsche Bank, Council, Thomson Locations: Beijing, China, Rights BEIJING

However, in a hopeful sign for growth, conditions did not materially worsen even though the survey showed factories under persistent pressure. China's major manufacturing rivals in the region Japan and South Korea also reported sharp declines in output on Thursday. "It's too early to tell, but today's print suggests that a sequential uptick in growth activity in the third quarter could still be possible," said Louise Loo, senior economist with Oxford Economics. Policymakers remain under pressure to boost domestic demand as the global economy continues to slow. Going forward, "the actual implementation and effectiveness of policy support will be the key indicator to watch," he added.

Persons: It's, Louise Loo, Pan Gongsheng, Frederic Neumann, Bruce Pang, Jones Lang Lasalle, Joe Cash, Qiaoyi Li, Ellen Zhang, Sam Holmes Organizations: REUTERS, Rights, National Bureau of Statistics, PMI, Oxford Economics, Reuters, People's Bank of, Global Research Asia, HSBC, Jones, Thomson Locations: Hangzhou, Zhejiang province, China, Rights BEIJING, Japan, South Korea, People's Bank of China, United States, Europe, Asia

☆ China's financial regulators urge support for resolving local debt risks
▼ + stars: | 2023-08-21 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +2 min

People walk past the headquarters of the People's Bank of China (PBOC), the central bank, in Beijing, China September 28, 2018. The meeting called for coordinating financial support to resolve local debt risks, and adjusting policy for real estate loans. The weak financial situation of local governments has prevented the central government from supporting the economy with fiscal policy, Rhodium Group analysts said in June. Earlier this year, authorities emphasized that preventing financial risks was a priority. "China's ongoing property downturn and COVID restrictions last year have strained the finances of many local governments," S&P Global Ratings analysts said in an early July report.

Persons: Jason Lee, Pan Gongsheng Organizations: People's Bank of China, Reuters, Group, China, Global, National Administration of Financial, China Securities Regulatory, Central Financial Locations: Beijing, China, Reuters BEIJING, Shanghai, Shenzhen

☆ China vows to coordinate support to resolve local government debt risks
▼ + stars: | 2023-08-20 | by ( ) www.reuters.com time to read: +3 min

Headquarters of the People's Bank of China (PBOC), the central bank, is pictured in Beijing, China September 28, 2018. REUTERS/Jason Lee/ File Photo Acquire Licensing RightsBEIJING, Aug 20 (Reuters) - China will coordinate financial support to resolve local government debt problems, the central bank said in a statement on Sunday, as policymakers look to shore up an increasingly shaky economic recovery and reassure worried investors. Financial departments should coordinate support to resolve local debt risks, enrich tools to prevent and resolve debt risks, strengthen risk monitoring and firmly hold the line on avoiding systemic risk, according to the PBOC statement. Bloomberg reported on Aug. 11 that China will offer local governments a combined 1 trillion yuan ($137 billion) in bond issuance quotas for refinancing. "Financial support to the real economy must be strong enough" while major banks should increase lending, the statement said.

Persons: Jason Lee, Fitch, Pan Gongsheng, Xiao Yuanqi, Li Chao, PBOC, Ellen Zhang, Siyi Liu, Ryan Woo, Kim Coghill Organizations: People's Bank of China, REUTERS, Rights, Communist Party, Bloomberg, PBOC, National Financial Regulatory, China Securities Regulatory, Thomson Locations: Beijing, China, Rights BEIJING

☆ Chinese property stocks surge after central bank vows more support for private businesses
▼ + stars: | 2023-08-04 | by ( Lim Hui Jie | ) www.cnbc.com time to read: +1 min

Other attendees included diary giant Yili Group, aluminum products manufacturer China Hongqiao Group and electrical components manufacturer Chint Group . At the symposium, PBOC governor Pan Gongsheng said the central bank will promote the expansion of private business bond financing support instruments, and strengthen the financial market to support their development. This is the latest move by the central government to boost market confidence and vow support for private businesses and the real estate sector amid signs of slowing growth. watch nowAt the Politburo meeting on July 24, the top leadership promised to "adjust and optimize policies" to boost the beleaguered property sector, as well as introduce measures to promote private investment. Separately, China's state planner, the National Development and Reform Commission, also released a 17-point statement, and pledged to encourage more private capital into the construction of major national projects.

Persons: Qilai Shen, Pan Gongsheng Organizations: Bloomberg, Getty, China Hongqiao Group, Chint, National Development, Reform Commission, Communist Party Locations: Beijing, China

☆ China's central bank to guide more financial resources to support private sector
▼ + stars: | 2023-08-03 | by ( ) www.reuters.com time to read: +3 min

REUTERS/Jason Lee/File PhotoBEIJING, Aug 3 (Reuters) - China's central bank governor pledged on Thursday to guide more financial resources towards the private economy, suggesting refreshed urgency from Beijing to bolster the confidence among private firms as economic momentum weakens. During a meeting on Thursday with at least eight private firms from sectors including property, aluminium and agribusiness, the People's Bank of China (PBOC) Governor Pan Gongsheng said the bank would roll out guidelines to support private firms. Responding to some firms' requests of broadening bond financing channels, Pan said the central bank would expand debt financing tools for them. "Financial institutions should actively create a positive atmosphere to support the development and growth of private firms ... and increase willingness to lend." To revive confidence among private businesses, head of the economic planner also held several meetings with private firms last month to learn about their operation difficulties.

Persons: Pan, Jason Lee, Pan Gongsheng, Ellen Zhang, Ryan Woo, Ella Cao, Jon Boyle, Alison Williams Organizations: People's Bank of China, Congress, REUTERS, HK, China Hongqiao, Chint, Thomson Locations: Beijing China, BEIJING, Beijing, China, Hope

☆ Pan Gongsheng: China's new central bank governor faces daunting tasks
▼ + stars: | 2023-07-26 | by ( Laura He | ) edition.cnn.com time to read: +4 min

Hong Kong CNN —China has a new central bank governor. He replaced Yi Gang, who took office in March 2018, when China’s longest-serving central banker Zhou Xiaochuan stepped down after a 15-year tenure. He was previously a deputy governor of the PBOC and has served as head of China’s foreign exchange regulator since 2016, managing currency reserves worth $3.18 trillion. In China’s political system, the Communist Party boss is usually the top official in the relevant organization, be it a level of government or a public institution. In March, Beijing created a powerful financial watchdog run by the Communist Party, named the Central Financial Commission, as part of a broad reform of governing bodies to strengthen the party’s oversight of economic affairs.

Persons: Pan Gongsheng, Yi Gang, Zhou Xiaochuan, Xi Jinping, Xi, ”, Ken Cheung, Zhou Organizations: Hong Kong CNN, People’s Bank of China, Communist Party, Renmin University of China, Cambridge University, Harvard University, Xinhua, Mizuho Bank, Central Financial Commission, Financial Regulatory Locations: Hong Kong, China, Beijing

☆ China’s New Central Banker Once Fixed a Crisis. He May Need to Again.
▼ + stars: | 2023-07-25 | by ( Keith Bradsher | More About Keith Bradsher | ) www.nytimes.com time to read: +1 min

For nearly eight years Pan Gongsheng has overseen one of the world’s biggest pots of money: China’s $3 trillion in foreign currency reserves. Now he will run the country’s central bank, playing an even more powerful role in the Chinese economy. Mr. Pan, a prominent economist, was named on Tuesday as governor of the central bank, the People’s Bank of China. The appointment of Mr. Pan comes at a delicate time for China. Foreign currency reserves are effectively a country’s emergency fund to be used at times of financial stress.

Persons: Pan Gongsheng, Pan, Mr Organizations: People’s Bank of China, bank’s Communist Party, Administration of Foreign Exchange Locations: China, bank’s

☆ Yellen's China trip yields long meetings, 'cordial' tone, but no consensus
▼ + stars: | 2023-07-10 | by ( David Lawder | ) www.reuters.com time to read: +5 min

"The accomplishment of the meeting was the meeting itself, not specific issues," said Scott Kennedy, a China economics expert at the Center for Strategic and International Studies in Washington. A senior U.S. Treasury official accompanying Yellen on her first trip to China as secretary described it as "respectful, frank and constructive," adding: "She was warmly received." Her meeting on Saturday with He, China's new economic czar, was scheduled for two hours but lasted five, followed by a "cordial" dinner, the official said. In the meantime, Yellen said the talks set the stage for more frequent U.S.-China communications at the staff level about economic issues, including areas of disagreement. A possible venue for this would be the Asia-Pacific Economic Cooperation summit in San Francisco in November.

Persons: Janet Yellen, Yellen, Lifeng, Scott Kennedy, Premier Li Qiang, Pan Gongsheng, Joe Biden's, Jake Colvin, Hong Hao, Hong, Colvin, Biden, John Kerry, Gina Raimondo, Xi Jinping, Wang Yiwei, David Lawder, Andrea Shalal, Ryan Woo, Ellen Zhang, Qiaoyi Li, Stephen Coates Organizations: . Treasury, U.S, Center for Strategic, International Studies, Global Times, Treasury, Premier, People's Bank of China, National Foreign Trade Council, Grow Investment, . Commerce, Renmin University, Economic Cooperation, Thomson Locations: Beijing, China, Washington, China's, U.S, United States, Hong Kong, Asia, San Francisco, Anchorage , Alaska

☆ 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

Beijing/Hong Kong CNN —The world is big enough for both the United States and China to thrive, US Treasury Secretary Janet Yellen said Sunday as she wrapped up a visit to Beijing aimed at stablizing the relationship between the world’s two largest economies. But I expect that this trip will help build a resilient and productive channel of communication,” Yellen told a news conference in Beijing. “China believes that generalizing national security is not conducive to normal economic and trade exchanges,” it said. Yellen said she discussed with Chinese officials areas of cooperation on global challenges, including working together to mobilize multilateral financing for climate action. US climate envoy John Kerry is expected to visit China next, according to US Ambassador to China Nicholas Burns, though he did not provide a timetable for the trip.

Persons: Janet Yellen, Yellen, Li Qiang, Pan Gongsheng, ” Yellen, —, Thomas Peter, ”, “, Biden, That’s, John Kerry, China Nicholas Burns Organizations: Hong Kong CNN, Communist Party, Washington, Sunday, Reuters, US, China’s, Xinhua, China, Bain & Company, Group, Street, Politico, Ukraine Locations: Beijing, Hong Kong, United States, China, “, Japan, Netherlands, decouple, Shanghai, American, ”

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

The National Financial Regulatory Administration (NFRA), a new government body under the State Council, is now the primary regulator to grant Ant the license, said the sources. PENALTY FOLLOWS MA'S RETURN TO CHINAThe final amount of the fine has been revised to at least 8 billion yuan, the sources said. Reuters reported in April that Chinese regulators were considering fining Ant about 5 billion yuan, a lower sum than what they had in mind initially. Alibaba was fined a record 18 billion yuan in 2021 for antitrust violations. ($1 = 7.2439 Chinese yuan renminbi)Reporting by Julie Zhu and Jane Xu; Additional reporting by Jason Xue; Editing by Muralikumar AnantharamanOur Standards: The Thomson Reuters Trust Principles.

Persons: Alibaba, Rukim Kuang, Jack Ma, Ant, China's, Pan Gongsheng, Didi Global, Julie Zhu, Jane Xu, Jason Xue, Muralikumar Organizations: Alibaba Honk, Ant Group, People's Bank of China, Reuters, Alibaba, HK, Lens Consulting, Communist Party, Financial Regulatory Administration, State Council, Thomson Locations: HONG KONG, Hong Kong, Ant's, Beijing, CHINA, China

☆ China's choice of PBOC party chief signals financial stability worries
▼ + stars: | 2023-07-04 | by ( Kevin Yao | ) www.reuters.com time to read: +5 min

The central bank did not immediately respond to Reuters' request for comment. Pan, central bank deputy governor since 2012 who turns 60 this month, is not expected to deviate from China's measured pace of policy easing to support the recovery, analysts said. "His professional ability will help safeguard the bottom line of systemic financial risks, especially as the property sector is slowing, and fend off a big systemic crisis." In an unexpected move, the ruling Communist Party appointed Pan as the central bank's party secretary on Saturday, taking over from Guo Shuqing. China has taken a series of steps this year to tighten party control over the country's vast, but largely closed, financial system, including plans to set up the Central Financial Commission to oversee the PBOC and other financial regulators.

Persons: Gongsheng, Jason Lee, Pan, Yi Gang, Gu Tianyong, Guo Shuqing, Yi, Yi's, Zhou Xiaochuan, Zhou, Xu Hongcai, Marius Zaharia, Jacqueline Wong Organizations: People's Bank of China, National People's Congress, REUTERS, outflows, Reuters, cryptocurrencies, prudential, Central University of Finance, Economics, Communist Party, Pan, Street, Cambridge University, Harvard University, Central Financial Commission, China Association of Policy, Thomson Locations: Beijing, China, BEIJING

Pan Gongsheng was appointed Saturday as the new Communist Party chief at the People’s Bank of China (PBOC), in a surprise move as Beijing bolsters its drive to arrest the country’s economic slowdown and stem a slide in its currency. Pan currently serves as the deputy governor of the PBOC. “My initial reaction is this suggests Xi [Jinping] is more concerned about China’s economy than before the 20th Party Congress,” Thomas said. Since then, he has spent nearly two decades working at large state-owned banks, including the Industrial and Commercial Bank of China (ICBC) and the Agricultural Bank of China (ABC). After returning to China, he was promoted to deputy governor at the PBOC in 2012.

Persons: Yi Gang, Pan Gongsheng, Janet Yellen, Pan, Yi, didn’t, Guo Shuqing, Neil Thomas, wasn’t, ” Thomas, Xi, Mao, Thomas, China’s, Biden, ” Organizations: Beijing CNN, Cambridge University, Harvard University, Communist Party, People’s Bank of China, Securities Times, CNN, Ant, Asia Society, Center for, Communist Party’s, Committee, 20th Party Congress, Wall Street Journal, Treasury Department, Renmin University of China, Industrial, Commercial Bank of China, Agricultural Bank of China, ABC, Harvard University’s Kennedy School of Government, State Administration of Foreign Exchange, Beijing, P Global, PMI Locations: Hong Kong, Beijing, China, Shanghai, Center for China, United States, West

☆ CNBC Daily Open: Markets overcame a tough first half
▼ + stars: | 2023-07-03 | by ( Yeo Boon Ping | ) www.cnbc.com time to read: +2 min

Sublime first half for stocksPop the champagne: On Friday, U.S. stocks ended in the green for the day, week, quarter and first half of the year. Asia-Pacific markets rose Monday on the back of Wall Street's rally: Japan's Nikkei 225 popped 1.67%, Hong Kong's Hang Seng Index jumped 1.73% and South Korea's Kospi climbed 1.5%. Tesla zooms aheadTesla produced 479,700 vehicles and delivered 466,140 vehicles during the second quarter. The delivery figures are an 83% year-over-year increase that beat Wall Street's expectations. Movements around ChinaU.S. Treasury Secretary Janet Yellen will travel to Beijing this week to meet with senior Chinese officials.

Persons: Kospi, Tesla, Elon, Janet Yellen, Biden, doesn't, Pan Gongsheng, — Organizations: Nikkei, Elon Musk's, China U.S, Treasury, People's Bank of China, Big Tech, UBS Locations: U.S, Asia, Pacific, Wall, China, Beijing

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