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☆ Chinese state media, AI companies warn of risks in ChatGPT stock frenzy
▼ + stars: | 2023-02-09 | by ( ) www.reuters.com time to read: +2 min

SHANGHAI, Feb 9 (Reuters) - Chinese state media on Thursday cautioned against risks in chasing ChatGPT-concept stocks, while artificial intelligence (AI) companies urged investors to be rational after their soaring share prices caught regulators' attention. Frenzy around the ChatGPT chatbot has spurred speculative bets in China's stock market, pumping up AI firms such as TRS Information Technology Co Ltd (300229.SZ), Hanwang Technology Co Ltd (002362.SZ) and CloudWalk Technology Co Ltd (688327.SS). ChatGPT, developed by OpenAI and backed by Microsoft Corp (MSFT.O), gives strikingly human-like responses to user queries. The Securities Times in a front-page editorial highlighted several technological concepts that spurred stock buying in China, such as fifth-generation telecommunications networks (5G), augmented reality (AR), virtual reality (VR) and anti-virus garments - the excitement for which has died down. Companies developing ChatGPT-like concepts have also flagged risks at the request of regulators after their prices shot up amid intense interest in generative AI - technology that can generate new data and media such as text and images.

☆ China state media warn of two-way volatility for yuan in 2023
▼ + stars: | 2023-01-10 | by ( ) www.reuters.com time to read: +2 min

"Even if the depreciation pressure has diminished, two-way volatility in the yuan exchange rate will still be the norm in 2023," the Securities Times said. "The shrinking current account surplus and yield gap between China and the United States will keep adding depreciation pressure on the yuan," it warned. The China Securities Journal of Beijing said improvements in China's economic expectations remained the most fundamental force in deciding the yuan's value. "After a reasonable correction, the yuan will likely continue to be subject to two-way volatility, gradually converging towards a reasonable range in the long run," the newspaper said. The Shanghai Securities News said the value of yuan would be determined mainly by domestic factors this year.

☆ China's Country Garden gets new credit line of up to $7 bln - Securities Times
▼ + stars: | 2022-11-24 | by ( ) www.reuters.com time to read: 1 min

HONG KONG, Nov 24 (Reuters) - Major Chinese developer Country Garden (2007.HK) has signed a contract with the Postal Savings Bank of China (1658.HK) for a credit line of up to 50 billion yuan ($7.0 billion), Securities Times reported on Thursday. The credit line will be used for loans for land development, mergers and acquisitions, and mortgage financing, it said. On Wednesday, three other commercial banks agreed to provide fundraising support to property developers, including industry giant Vanke , in a coordinated effort to support the country's embattled property sector. read more($1 = 7.1429 Chinese yuan renminbi)Reporting by Xie Yu; Editing by Muralikumar AnantharamanOur Standards: The Thomson Reuters Trust Principles.

☆ China Investigates Central Bank Deputy Governor in First Major Probe Since Party Congress
▼ + stars: | 2022-11-05 | by ( Sha Hua | ) www.wsj.com time to read: 1 min

SINGAPORE—China’s top anticorruption agency is investigating a deputy governor of the People’s Bank of China, in a move that signals tighter scrutiny of China’s central bank after the conclusion of a Communist Party conclave last month where Xi Jinping secured a norm-breaking third term as leader. The investigation into Fan Yifei for “suspected serious violations of laws and discipline” was announced in a single-sentence statement published Saturday by the anticorruption agency, the Central Commission for Discipline Inspection. Fan was taken from his workplace on Friday afternoon, according to the Securities Times, a state-owned newspaper.

☆ China's yuan unlikely to continue rapid depreciation -state media
▼ + stars: | 2022-09-29 | by ( ) www.reuters.com time to read: +2 min

SHANGHAI, Sept 29 (Reuters) - China's yuan is unlikely to continue depreciating rapidly, the state-owned Securities Times said in a front-page commentary on Thursday, as currencies continue to be pressured by a U.S. dollar boosted by hawkish Federal Reserve monetary tightening. Prudent balance of payments has lent support and led somewhat "restrained" losses in the yuan compared with peers, the newspaper said. Register now for FREE unlimited access to Reuters.com RegisterMarket participants usually view such state media commentary as indicative of authorities growing uncomfortable with rapid currency movement. The People's Bank of China on Wednesday said stabilising the yuan is a top priority and warned market participants against making heavy one-way bets on the currency. Register now for FREE unlimited access to Reuters.com RegisterReporting by Winni Zhou and Brenda Goh; Editing by Christopher CushingOur Standards: The Thomson Reuters Trust Principles.

☆ Chinese buyers snap up luxury homes as 'hard currency' in soft property market
▼ + stars: | 2022-09-19 | by ( ) www.reuters.com time to read: +2 min

Register now for FREE unlimited access to Reuters.com RegisterUnder-construction apartments are pictured from a building during sunset in the Shekou area of Shenzhen, Guangdong province, China November 7, 2021. REUTERS/David KirtonBEIJING, Sept 19 (Reuters) - In the southern Chinese city of Shenzhen, where the real estate sector has slowed, luxury property is bucking the downtrend, the official Securities Times reported on Monday, as wealthy buyers seek a safe haven amid a weak market. With the units ranging in size to up to 425 square meters, that suggests some could have reached values of $9.8 million. But new luxury homes are still popular with buyers, who see them as "hard currency" in a feeble property market, the newspaper cited industry insiders as saying. ($1 = 7.0176 Chinese yuan renminbi)Register now for FREE unlimited access to Reuters.com RegisterReporting by Liangping Gao and Ryan Woo; Editing by Jan HarveyOur Standards: The Thomson Reuters Trust Principles.

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