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☆ China's central bank leaves key policy rate unchanged under shadow of the Federal Reserve
▼ + stars: | 2024-02-19 | by ( ) www.cnbc.com time to read: +1 min

A man walks past the People's Bank of China (PBOC) building on Dec. 25, 2023 in Beijing, China. China's central bank left a key policy rate unchanged as expected on Sunday when rolling over maturing medium-term loans, with uncertainties around the timing of an easing by the Federal Reserve limiting Beijing's room to maneuver on monetary policy. China's central bank left a key policy rate unchanged as expected on Sunday when rolling over maturing medium-term loans, with uncertainties around the timing of an easing by the Federal Reserve limiting Beijing's room to maneuver on monetary policy. But any aggressive monetary movement risks reviving depreciation pressure on the Chinese currency and capital outflows. Sunday's operation was meant to "maintain banking system liquidity reasonably ample," the central bank said in an online statement.

Organizations: People's Bank of China, Federal Reserve Locations: Beijing, China, outflows

☆ Treating China as ‘un-investable’ would be ‘wide of the mark,’ JPMorgan strategist says
▼ + stars: | 2024-02-13 | by ( Sophie Kiderlin | In | ) www.cnbc.com time to read: +1 min

"I don't think you can treat the world's second-largest economy as either an alternative investment or un-investable, that would be wide of the mark," Bilton said. Uncertainty around monetary policy and a shrinking labor force are further causes for concern, Bilton noted. Some analysts saw this as potential dovish policy shift from the PBOC, which has appeared reluctant to take measures that could boost the struggling economy. Financial bodies including the International Monetary Fund have called for further monetary policy reforms since then. IMF Managing Director Kristalina Georgieva told CNBC this week that China had been advised to make use of more of its available fiscal and monetary policy space.

Persons: Raul Ariano, John Bilton, CNBC's, Bilton, Kristalina Georgieva Organizations: Bloomberg, Getty, JPMorgan Asset Management, People's Bank of, International Monetary Fund, IMF, CNBC Locations: Yuyuan, Shanghai, China, People's Bank of China

☆ China's central bank encourages local businesses to accept foreign payment cards
▼ + stars: | 2024-02-08 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +2 min

BEIJING — China is encouraging banks and local businesses to accept foreign bank cards and is considering other steps to make mobile pay for international visitors even easier, said Zhang Qingsong, deputy governor of the People's Bank of China. "Banks and vendors (such as hotels, restaurants, department stores and even coffee shops) are encouraged to accept foreign bankcards," Zhang said. Shopping malls have increasingly preferred not to accept foreign credit cards. Last summer, the two dominant mobile pay apps WeChat and AliPay started allowing verified users to connect their international credit cards — such as those from Visa . "Now, when using Alipay or WeChat Pay, foreign visitors do not need to provide ID information if their total annual transaction volume is under $500," he said.

Persons: Zhang Qingsong, Banks, Zhang, that's, AliPay, Tencent Organizations: Beijing Capital Airport, Visa, Mastercard, People's Bank of China, CNBC, Mobile, Alibaba, Ant Locations: BEIJING — China, Beijing, China

☆ China's economy is at risk of a brutal 'debt-deflation spiral'
▼ + stars: | 2024-02-06 | by ( Phil Rosen | ) www.businessinsider.com time to read: +4 min

China's economy has crawled out of the pandemic far below the pace of what most analysts expected, and if policymakers don't step in with sufficient support in 2024, a "debt-deflation spiral" could ensue. Deflation and falling stocksThe researchers said China's leadership has failed to address the lopsided supply and demand dynamics in particular. Meanwhile, deflation has crushed corporate earnings and stock prices in China, as well as wage growth and tax revenues. Nominal GDP grew at 4.6% in 2023, 0.6 points below real growth. "The economy could fall into a debt-deflation spiral without adequate policy support."

Persons: Gene Ma, Phoebe Feng, Ma, Feng, Banks Organizations: Wall Street, Institute of International Finance, CSI, People's Bank of Locations: China, Beijing, People's Bank of China

☆ Warnings, liquidity boost and proverbs — China's tools for propping up its stock market
▼ + stars: | 2024-02-06 | by ( Clement Tan | In Clemtan | ) www.cnbc.com time to read: +1 min

Chinese financial authorities have been striving to prop up the country's stocks through various measures, including steps aimed at increasing the liquidity in the market, warnings against malpractices and falling back on proverbs. With the onshore markets already erasing gains after the People's Bank of China announced steps to boost liquidity last month, there are doubts whether this familiar Beijing playbook will have a meaningful impact on markets. On Tuesday, Central Huijin, a unit of the mammoth sovereign wealth fund China Investment Corporation, said it had expanded purchases of exchange-traded funds linked to the country's onshore stocks to safeguard market stability. China Securities Regulatory Commission had also warned Monday against "malicious" short-selling and said it would step up scrutiny of margin financing following a volatile trading session. On Sunday it had assured to protect the interests of investors after onshore markets plunged as much as 3% before paring losses Friday.

Organizations: People's Bank of China, China Investment Corporation, China Securities Regulatory Commission Locations: Beijing, China

☆ While Chinese stocks search for a bottom, analysts say these shares are poised to bounce
▼ + stars: | 2024-02-04 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +4 min

Chinese stocks have given up much of their recent gains as investors debate whether the bottom is really in. They screened for names with more than $1 billion in capitalization and expectations for earnings growth in the next two years. Such signals come at a time when Chinese stocks have sold off sharply. Chinese stocks – whether measured by those that trade in the mainland, Hong Kong or U.S. – have fallen for more than two years. "In the past Chinese companies grew rapidly, many companies' results grew exponentially," he said in Mandarin, translated by CNBC.

Persons: Evercore, Rachel Wang, Clocktower, Ye Yuhua, — CNBC's Michael Bloom Organizations: People's Bank of China, Seng Index, Shanghai, Morningstar, CNBC, Baidu, Li Auto Locations: U.S, Beijing, Hong Kong, China, Shanghai, Guangzhou

☆ IMF expects new housing demand in China to drop by around 50% in the next decade
▼ + stars: | 2024-02-02 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +5 min

Nurphoto | Nurphoto | Getty ImagesBEIJING — Demand for new housing in China is set to drop by around 50% over the next decade, making it harder for Beijing to quickly bolster the country's overall growth. China's real estate sector and related industries have accounted for about a quarter of the country's gross domestic product. Zhang said China's housing demand would remain large, and policy support would gradually kick in. "Therefore, a significant decline in housing demand is very unlikely to happen," he said. The IMF report compared housing demand and new starts from the 2012 to 2021 period with estimates for 2024 to 2033.

Persons: Zhengxin Zhang, Zhang, Evergrande, Sonali Jain, Chandra, Nir Klein Organizations: Nurphoto, Getty, International Monetary Fund's, IMF, U.S ., People's Bank of China Locations: Huai'an, China, BEIJING, Beijing, Evergrande, Hong Kong, Asia, Pacific

☆ Gold demand hit record highs in 2023 amid geopolitical risks, China weakness
▼ + stars: | 2024-02-02 | by ( Charmaine Jacob | ) www.cnbc.com time to read: +2 min

Gold purchases from central banks led to last year's surge, with purchases exceeding 1,000 tons for two consecutive years. Gold demand hit record highs in 2023 as persistent geopolitical tensions and weakness in China's economy pushed investors toward the safe haven asset, the World Gold Council said in report. Prices hit an all-time high of $2,100 an ounce in December as central banks as well as retail investors increased purchases of gold — central bank purchases have exceeded 1,000 tons for two consecutive years. "2023 was the second highest year in history of central bank gold buying, within a hair's breadth of the record high in 2022," Fan told CNBC in a Zoom interview. Gold has actually done very well in renminbi terms, and very well compared to other asset classes in China."

Persons: Shaokai Fan, Fan, China Evergrande, Gold Organizations: Gold, CNBC, People's Bank of Locations: Russia, Ukraine, Israel, People's Bank of China, China, Hong Kong

☆ Why China's economy is doing better than people think
▼ + stars: | 2024-01-30 | by ( Filip De Mott | ) www.businessinsider.com time to read: +3 min

download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Read previewAlthough China looks dead-set on another year of economic distress, its prospects are brighter than they seem, a former advisor to the People's Bank of China wrote. For this reason, it helps that China's economy faces two-pronged deflation, with both consumer and producer price indices in the red, Yongding wrote. That means Beijing can inject considerable fiscal stimulus without concerns about inflation. According to Yongding, China's infrastructure is still behind in critical sectors, such as healthcare, education, and transportation.

Persons: —, Yu Yongding, Yongding Organizations: Service, People's Bank of China, Business, Project Syndicate, Monetary Locations: China, Beijing

☆ Evergrande shares halted after Hong Kong court orders liquidation
▼ + stars: | 2024-01-29 | by ( Shreyashi Sanyal | ) www.cnbc.com time to read: +1 min

watch nowShares of China Evergrande were halted after plunging over 20% in early trading on Monday after a Hong Kong court ruled to liquidate the embattled property developer. It comes against the backdrop of a spiraling debt crisis in the country. China Evergrande, which was once one of the country's largest property developers, has in the last few years been enveloped in Beijing's debt crisis. Containing the contagionPolicymakers in China have been scrambling to stem the debt crisis in the beleaguered property sector. Last week, the People's Bank of China and the Ministry of Finance announced measures to help boost the liquidity available to property developers.

Organizations: Street, People's Bank of China, Ministry of Finance Locations: China, Hong Kong, Beijing

☆ Chinese stocks are starting to turn around. How to play it
▼ + stars: | 2024-01-28 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +5 min

Chinese stocks ended the week with four straight days of gains — a rare upswing after a dismal start to the year. "Investing in China, you have to have an active strategy," he said, emphasizing the need to focus on industries that receive policy support. All three are listed on mainland Chinese stock exchanges. In the past six months, foreign investors have pulled around $30 billion from mainland Chinese A shares, the report said. Citi analysts also include adidas and Kone in their basket of European stocks with China exposure.

Persons: David Chao, Chao, Pan Gongsheng, Edward Chan, Schelling Xie, Xie, CRRC, —, Peter Alexander, Alexander, — CNBC's Michael Bloom Organizations: Asia Pacific, People's Bank of China, PBOC, . Federal Reserve, Financial Regulatory Administration, CNBC, HSBC, Hong, Citi, adidas, Kone Locations: Asia, Japan, Invesco, China, Beijing, Hong Kong, Shanghai, U.S

BANGKOK (AP) — China’s leaders launched a barrage of new policies this week to prop up languishing financial markets and rekindle growth in the world’s second-largest economy. The moves to support lending and spending with billions of dollars of fresh cash gathered pace when the central bank cut bank reserve requirements and issued new rules to encourage banks to lend more to property companies. HOW IS THE CHINESE ECONOMY DOING? The Chinese economy grew at a 5.2% annual pace in 2023, exceeding the government's target, and many indicators including factory output and retail sales show signs of improvement. The moves to put more money into the economy and encourage bank lending might not go far enough, many analysts said.

Persons: —, Premier Li Qiang, ”, It's, Pan Gongsheng, ” Stephen Innes Organizations: State Council, Economic, People's Bank of China Gov, Management Locations: BANGKOK, United States, China, Premier, Davos, Switzerland, Hong Kong, Beijing

☆ Asia markets mostly fall; South Korea economic growth beats expectations
▼ + stars: | 2024-01-25 | by ( Lim Hui Jie | ) www.cnbc.com time to read: +1 min

Currency dealers monitor exchange rates in a trading room at the KEB Hana Bank in Seoul on March 13, 2017. South Korean shares rose 0.97 percent on March 13 following the Constitutional Court's ruling to impeach ex-president Park Geun-Hye over a massive corruption scandal. The benchmark KOSPI was up 20.24 points to close at 2,117.59 points. / AFP PHOTO / JUNG Yeon-Je (Photo credit should read JUNG YEON-JE/AFP/Getty Images)Asia-Pacific markets mostly fell as investors assessed South Korea's gross domestic product numbers and markets respond to China's central bank cutting reserve requirements for the country's lenders. South Korea's GDP grew 2.2% year on year in the fourth quarter and 0.6% compared with the previous quarter, beating expectations from a Reuters poll of 2.1% and 0.5%, respectively.

Persons: Park, JUNG Yeon, JUNG YEON, Pan Gongsheng Organizations: Hana Bank, South, Getty, People's Bank of China Locations: Seoul, Asia, Pacific

☆ China property stocks jump as Beijing takes steps to boost liquidity in the beleaguered sector
▼ + stars: | 2024-01-25 | by ( Shreyashi Sanyal | ) www.cnbc.com time to read: 1 min

A newly built property is seen from the air in Hangzhou city, Zhejiang province, China, Dec 15, 2023. China's property stocks jumped after the country's central bank announced measures that would help boost the liquidity available to property developers. The CSI property index jumped 5.2%, while the mainland's broader CSI 300 added 1.8%. Shares of Hong Kong-listed Country Garden jumped 2.94%, Logan Group gained 5.17% and Longfor Group added 4.61%. The People's Bank of China and the Ministry of Finance said in a joint statement late Wednesday that these new measures will be valid until the end of 2024.

Organizations: Hong, Logan Group, People's Bank of China, Ministry of Finance Locations: Hangzhou city, Zhejiang province, China, Hong Kong, Hang

☆ CNBC Daily Open: All eyes on U.S. fourth-quarter GDP
▼ + stars: | 2024-01-25 | by ( Sumathi Bala | ) www.cnbc.com time to read: +2 min

This report is from today's CNBC Daily Open, our international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. China, Hong Kong shares lead gainsChina and Hong Kong stocks led gains in Asia on Thursday after the People's Bank of China said it would cut reserve requirements for the country's lenders. Fourth-quarter U.S. GDP data is due on Thursday, which is expected to show the economy is at the crossroads. Tesla's earnings disappointTesla reported fourth-quarter earnings that missed estimates as automotive revenue increased just 1% from a year earlier.

Persons: Tesla Organizations: CNBC, People's Bank of, Nasdaq, Dow, Survey, Health, Citi Locations: China, Hong Kong, Asia, People's Bank of China, India

☆ China's bank reserve ratio cut is a 'very bold policy step,' portfolio manager says
▼ + stars: | 2024-01-25 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailChina's bank reserve ratio cut is a 'very bold policy step,' portfolio manager saysStephen Chang, managing director and Asia portfolio manager at Pimco, says the People's Bank of China is "much more mindful about market signals."

Persons: Stephen Chang Organizations: People's Bank of Locations: Asia, People's Bank of China

☆ China is ramping up stimulus to boost market confidence — but is it enough?
▼ + stars: | 2024-01-25 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +6 min

Starting Feb. 5, the People's Bank of China will allow banks to hold smaller cash reserves, central bank governor Pan Gongsheng said at a press conference, his first in the role. Cutting the reserve requirement ratio (RRR) by 50 basis points is set to release 1 trillion yuan ($139.8 billion) in long-term capital, the central bank said. A 2 trillion yuan boost? Chinese Premier Li Qiang on Monday called for much stronger measures to boost market stability and confidence, according to an official readout. Chinese authorities in October already announced the issuance of 1 trillion yuan in government bonds, alongside a rare increase in the deficit.

Persons: Gongsheng, Pan Gongsheng, Tao Wang, Ting Lu, a, Lu, Wang, Stocks, Winnie Wu, That's, Li Qiang, Pan, Philip Yin, David Chao, Pan's Organizations: People's Bank of China, State Administration of Foreign Exchange, Financial, Getty, Visual China, People's Bank of, UBS Investment Bank, Wednesday, National Financial Regulatory Administration, UBS, Bank of America's, Bloomberg, PBOC, Citi, U.S, Asia Pacific, CNBC Locations: BEIJING, CHINA, Beijing, China, People's Bank of China, Asia, Hong Kong, capitulating, Japan, Invesco

Pan Gongsheng was named party secretary of the People's Bank of China on July 1, 2023. BEIJING — China will cut reserve ratio requirements by 50 basis points from Feb. 5, while providing 1 trillion yuan in long-term capital in its latest attempt to boost growth in the world's second largest economy. People's Bank of China Governor Pan Gongsheng announced the measures Wednesday at a press conference in Beijing. This comes after China vowed Monday to "strengthen the market's inherent stability" amid a rout in the country's onshore and offshore stock markets. The Chinese economy is fraught with financial risks, with some of its largest real estate developers facing serious debt problems as Beijing strives to deleverage its once-bloated real estate sector.

Persons: Pan Gongsheng Organizations: People's Bank of China Locations: BEIJING, China, Beijing

☆ China's stock market is in a 3-year slump and Beijing's flip-flops are adding to the confusion
▼ + stars: | 2024-01-23 | by ( Huileng Tan | ) www.businessinsider.com time to read: +4 min

China's stock market lost more than $6 trillion in valuation from 2021 through last week. The market is confused by Beijing's policy stance on the economy, per Nomura economists. AdvertisementA brutal downcycle in China's stock market has wiped out over $6 trillion in valuations since 2021 — and policymakers in Beijing may be adding to the turmoil. "There has been increasing confusion over Beijing's policy stance on the economy," wrote Nomura economists in a Monday note seen by Business Insider. While China's stock market is still in the dumps, some see opportunities ahead.

Persons: —, Bloomberg's, Xi Jinping's, Ji Min Organizations: Bloomberg, Nomura, Service, CSI, People's Bank of China, Business, Economic Work, China Morning Locations: Beijing, China, Hong Kong, Shanghai, Shenzhen

☆ 'It's really bad': China strategist warns of deflation and rock-bottom consumer confidence
▼ + stars: | 2024-01-23 | by ( Ruxandra Iordache | ) www.cnbc.com time to read: +3 min

BEIJNG, CHINA - NOVEMBER 13: Illuminated skyscrapers stand at the central business district at sunset on November 13, 2023 in Beijing, China. The economy here is bad, it's pretty ... it's really bad. In December, depressed prices for pork — which makes up around a fifth of China's CPI basket — heralded the possible advent of deflation. The decision comes amid infectious expectations among investment banks that China's economy will expand at a more sluggish pace in 2024. Despite this, the International Monetary Fund in November outlined a forecast for China's growth to slow in 2024 to just 4.6%.

Persons: Gao Zehong, it's, I've, Shaun Rein, CNBC's, Rein, Li Qiang, Li Organizations: Getty, China Market Research Group, CPI, People's Bank of China, Economic, International Monetary Fund Locations: BEIJNG, CHINA, Beijing, China, Davos, Switzerland

BANGKOK (AP) — US and Chinese officials have completed the third meeting of a working group established to cooperate on financial issues, in a step that continues the trend set by the two powers last November to ease tensions. Officials from the U.S. Department of the Treasury met with counterparts in the People's Bank of China to discuss issues ranging from financial stability to countering money laundering. The delegation also met with Vice Premier He Lifeng while they were in China, according to a statement from the Treasury Department Friday. In November, Yellen met with He in San Francisco. Their two-day meeting was seen as paving the way for the later meeting between U.S. President Joe Biden and China's President Xi Jinping.

Persons: Janet Yellen, Yellen, Joe Biden, Xi Jinping, Donald Trump Organizations: U.S . Department of, People's Bank of China, Treasury Department, U.S Locations: BANGKOK, People's, China, San Francisco

☆ China courts global elite at Davos with largest presence in years
▼ + stars: | 2024-01-18 | by ( Karen Gilchrist | ) www.cnbc.com time to read: +1 min

Participants walk in the street of the Alpine resort of Davos during the World Economic Forum. Davos, SWITZERLAND — China returned to Davos in full force this week as it attempts to thaw relations with the international community and court investment following years of Covid-19 lockdowns and rising geopolitical tensions. A delegation led by Chinese Premier Li Qiang is estimated to be the largest since 2017, when President Xi Jinping led an 80-strong cohort of Chinese business leaders and billionaires up the Swiss mountain. Li went on to meet for lunch with a host of top business leaders, including the CEOs of JPMorgan, Bank of America, Standard Chartered and Blackstone. He was joined by several other high ranking ministerial representatives including the Deputy Foreign Minister Ma Zhaoxu and Commerce Minister Wang Wentao.

Persons: Premier Li Qiang, Xi Jinping, Li, Ma Zhaoxu, Wang Wentao Organizations: Economic, Premier, JPMorgan, Bank of America, Standard Chartered, Blackstone, People's Bank of China, CNBC Locations: Davos, SWITZERLAND, China

☆ Dollar wobbles; yuan on guard ahead of China data dump
▼ + stars: | 2024-01-15 | by ( ) www.cnbc.com time to read: +3 min

The dollar ebbed on Monday on renewed expectations of a rate cut by the Federal Reserve in March, while the Chinese yuan struggled near a one-month low ahead of a slew of economic data this week. The offshore yuan languished near a one-month low of 7.1925 per dollar hit on Friday, and was last at 7.1861 per dollar. "I think more PBOC (People's Bank of China) easing is coming this year," said Carol Kong, a currency strategist at Commonwealth Bank of Australia. "I don't think (Monday's move) will materially weigh on the (yuan) because a rate cut is more or less priced in. The Australian dollar , often used as a liquid proxy for the yuan, edged 0.07% higher to $0.6690.

Persons: China's, Sterling, Chris Weston, Carol Kong, Party's Lai Ching, te, Goldman Sachs Organizations: Federal Reserve, Traders, U.S, Treasury, CPI, PPI, Bank of, People's Bank of China, Commonwealth Bank of Australia, Australian, New Zealand, Democratic, Taiwan Locations: Asia, U.S, Bank of Japan, China, Taiwan

☆ China investors will be asking these 3 questions in 2024
▼ + stars: | 2024-01-09 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +6 min

CHONGQING, CHINA - JANUARY 02: People visit the 2nd International Light and Shadow Art Festival at the Fine Arts Park on January 2, 2024 in Chongqing, China. For all the geopolitical risks, the attraction of China as a fast-growing market has waned as the economy matures. Many were disappointed when China's economy did not rebound as quickly as expected after the end of Covid-19 controls in December 2022. Real estate is a clear example of a debt-fueled sector, one that has accounted for about a quarter of China's economy. Machinery, electronics, transport equipment and batteries combined contributed to 17.2% of China's economy in 2020, Citi analysts said.

Persons: it's, Jason Hsu, They're, Liqian Ren, Goldman Sachs, Ding Wenjie, Ding Organizations: Fine Arts, Art, Getty, Visual China, U.S, Citi, People's Bank of, Rayliant, Rayliant Global Advisors, National Bureau, China Asset Management Co, CNBC, Machinery Locations: CHONGQING, CHINA, Chongqing, China, BEIJING, Covid, People's Bank of China, Beijing, WisdomTree

☆ Moody's cuts China credit outlook, citing lower growth, property risks
▼ + stars: | 2023-12-05 | by ( ) www.reuters.com time to read: +5 min

[1/2] A Chinese national flag flutters at the headquarters of a commercial bank on a financial street near the headquarters of the People's Bank of China, China's central bank, in central Beijing November 24, 2014. "The outlook change also reflects the increased risks related to structurally and persistently lower medium-term economic growth and the ongoing downsizing of the property sector," Moody's said. "Moody's concerns about China's economic growth prospects, fiscal sustainability and other aspects are unnecessary," the ministry said. STRUGGLING FOR TRACTIONMost analysts believe China's growth is on track to hit the government's target of around 5% this year, but that compares with a COVID-weakened 2022 and activity is highly uneven. Analysts widely agree that China's growth is downshifting from breakneck expansion in the past few decades.

Persons: Kim Kyung, Moody's, Ken Cheung, Pan Gongsheng, COVID, Goldman Sachs, Gnaneshwar Rajan, Kevin Yao, Tom Hogue, Kim Coghill Organizations: People's Bank of China, REUTERS, Mizuho Bank, Economic Work Conference, Fitch, China's Finance Ministry, International Monetary Fund, Thomson Locations: Beijing, Hong Kong, China, outflows, Bengaluru

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