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[1/2] Men interact with a Baidu AI robot near the company logo at its headquarters in Beijing, China April 23, 2021. "A large language model itself is a basic foundation akin to an operating system, but ultimately developers need to rely on a limited number of large models to develop various native applications. Li said there are many large models in China, but AI applications developed based on large models are still very few. Baidu's own large language model, called Ernie, was opened to public use in August, joining other products that have received government approval for release. Last month, Baidu unveiled the newest version of its generative AI model Ernie 4.0, whose first version was first rolled out in March.
Persons: Florence, Robin Li, OpenAI, Li, Ernie, Yelin, Brenda Goh, Eduardo Baptista, Kim Coghill Organizations: Baidu, REUTERS, Rights, HK, Thomson Locations: Beijing, China, Rights BEIJING, Shenzhen, Yelin Mo, Shanghai
People visit the booth of Alibaba's logistics unit Cainiao at the 2021 China International Fair for Trade in Services (CIFTIS) in Beijing, China September 3, 2021. REUTERS/Florence Lo/File Photo Acquire Licensing RightsSHANGHAI, Nov 14 (Reuters) - China's securities watchdog has asked Cainiao, the logistics arm of Alibaba Group (9988.HK), to submit additional information about its shareholders and operational structure as the unit seek to list in Hong Kong. It is a common practice for the regulator to seek supplementary information from listing hopefuls under this current system. The CSRC also asked Cainiao if beneficiaries of the firm's stock incentive scheme abided by Chinese foreign exchange management rules and other regulations. Cainiao was also asked to explain Alibaba's logic, principle and arrangements in spinning off assets for listing, and offer details of listing plans by other units.
Persons: Florence, Cainiao, Shen Guojun, Alibaba, Shen Yiming, Brenda Goh, Miral Organizations: Fair for Trade, Services, REUTERS, Rights, Alibaba, HK, China Securities Regulatory Commission, Hong, Thomson Locations: Beijing, China, Hong Kong, Alibaba
The report suggests that the Industrial and Commercial Bank of China, the world’s largest bank, could have anticipated the cyberattacks. Photo: FLORENCE LO/REUTERSThe hackers who infiltrated the New York arm of the Industrial and Commercial Bank of China and disrupted trading in the U.S. Treasury market appeared to exploit three vulnerabilities that had been flagged by U.S. officials earlier this year. In an email sent to financial-services executives and trade groups Monday that was viewed by The Wall Street Journal, Treasury officials said that the ICBC attack stemmed from Lockbit 3.0 ransomware and two tactics that target users of services managed by Citrix, a cloud-computing company.
Organizations: Commercial Bank of China, REUTERS, Industrial, Commercial Bank of, U.S . Treasury, Wall Street Journal, Treasury, Citrix Locations: FLORENCE, New York, Commercial Bank of China, U.S
Australia confident China will lift all trade blocks next month
  + stars: | 2023-11-14 | by ( ) www.reuters.com   time to read: +1 min
Flags of Australia and China are displayed in this illustration picture taken May 11, 2023. REUTERS/Florence Lo/Illustration Acquire Licensing RightsSYDNEY, Nov 15 (Reuters) - Australia said on Wednesday China could lift all its remaining trade blocks by next month as relations between the commodity trade partners stabilise and after Prime Minister Anthony Albanese's visit to Beijing earlier this month. China has lifted most trade blocks imposed amid a 2020 diplomatic dispute after Australia called for an inquiry into the origins of COVID-19. "I remain very confident ... that by Christmas all of these trade impediments will be removed," trade minister Don Farrell told ABC Radio from San Francisco, where he is attending Asia-Pacific Economic Cooperation (APEC) meetings. Farrell said he hoped to resolve the issues over lobster and beef, which related to bio-security rules, ahead of a meeting with Chinese counterpart Wang Wentao in San Francisco.
Persons: Florence Lo, Anthony Albanese's, Don Farrell, Farrell, Wang Wentao, Renju Jose, Sam Holmes Organizations: REUTERS, Rights, China, ABC Radio, Economic Cooperation, Thomson Locations: Australia, China, Beijing, San Francisco, Asia, Sydney
The logo of China's Tencent Music Entertainment Group is seen next to an earphone in this illustration picture taken March 22, 2021. REUTERS/Florence Lo/Illustration/File Photo Acquire Licensing RightsNov 14 (Reuters) - China's Tencent Music Entertainment (1698.HK) beat estimates for third-quarter revenue on Tuesday, helped by steady growth in paid subscriptions on its music streaming platform. Tencent Music, which includes platforms such as QQ Music, Kugou Music, Kuwo Music and WeSing, has won listeners over by bundling everything from karaoke platforms to live concert streaming services. Total revenue of the Tencent Holdings Ltd-controlled (0700.HK) company, however, fell to 6.57 billion yuan ($900.9 million) in the third quarter. Net profit attributable to equity holders of the company rose to 1.71 billion yuan, from 1.06 billion yuan a year earlier.
Persons: Florence Lo, Harshita Mary Varghese, Akash Sriram, Pooja Desai Organizations: Entertainment, REUTERS, HK, Kugou, Tencent Holdings, Thomson Locations: Bengaluru
Flags of China and U.S. are displayed on a printed circuit board with semiconductor chips, in this illustration picture taken February 17, 2023. REUTERS/Florence Lo/Illustration/File Photo Acquire Licensing RightsWASHINGTON, Nov 14 (Reuters) - Chinese companies are buying up U.S. chipmaking equipment to make advanced semiconductors, despite a raft of new export curbs aimed at thwarting advances in the country's semiconductor industry, a congressional report said on Tuesday. China watchers had theorized that SMIC could have made the chip with equipment obtained prior to the October 2022 rules, but it had other options for obtaining the equipment from oversees, the report shows. The United States managed to plug a key loophole in its efforts to stymie China's access to advanced chipmaking tools by convincing allies Japan and the Netherlands, with similarly robust chipmaking equipment industries, to announce their own restrictions on exports of the coveted technology. China's imports of semiconductor equipment from all countries totaled $13.8 billion (RMB 100 billion) over the first eight months of 2023, it added.
Persons: Florence Lo, United States scrambles, SMIC, Alexandra Alper, Chizu Organizations: REUTERS, Rights, U.S, Biden, Commerce Department, Huawei, SMIC, United, Office, Thomson Locations: China, U.S, United States, Netherlands, Japan
The logo of Industrial and Commercial Bank of China (ICBC) is pictured at the entrance to its branch in Beijing, China April 1, 2019. ICBC, whose U.S. arm was hit by a ransomware attack that disrupted trades in the U.S. Treasury market on Nov. 9, did not immediately respond to a request for comment. "They paid a ransom, deal closed," the Lockbit representative told Reuters via Tox, an online messaging app. "The market is mostly back to normal now," said Zhiwei Ren, a portfolio manager at Penn Mutual Asset Management. The ransomware attack came at a time of heightened worries about the resiliency of the $26 trillion Treasury market, essential to the plumbing of global finance, and is likely to draw scrutiny from regulators.
Persons: Florence, BNY Mellon, Zhiwei Ren, Ransom, Allen, James Pearson, Davide Barbuscia, Carolina Mandl, Tatiana Bautzer, Pete Schroeder, Michelle Price, David Goodman, Jonathan Oatis, Alexander Smith Organizations: Industrial, Commercial Bank of China, REUTERS, Commercial Bank of, Reuters, U.S . Treasury, Penn Mutual Asset Management, Treasury, U.S . Treasury Department, Financial, Authorities, Boeing, Overy, Washington DC, Thomson Locations: Beijing, China, Commercial Bank of China, U.S, Tox, United States, London, Carolina, New York, Washington
A banknote of Japanese yen is seen in this illustration picture taken June 15, 2022. REUTERS/Florence Lo/Illustration Acquire Licensing RightsNov 14 (Reuters) - A look at the day ahead in Asian markets from Jamie McGeever, financial markets columnist. The policy pressures facing Japanese authorities are intense, and the potential risks to financial markets if policymakers misstep are growing. After battling against deflation for decades, the Bank of Japan is moving away from ultra-loose policy. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.
Persons: Florence Lo, Jamie McGeever, Xi Jinping's, Joe Biden, Shunichi Suzuki, Goldman Sachs, Deutsche Bank's George Saravelos, Xi Jinping, Fed's Jefferson, Barr, Mester, Josie Kao Organizations: REUTERS, Economic Cooperation, U.S, Japanese Finance, Bank of, Deutsche Bank's, Mitsubishi UFJ, Sumitomo Mitsui Financial Group, Thomson, Reuters Locations: Tokyo, San Francisco, Asia, Bank of Japan, Japan, India
Data released on Thursday showing a drop in consumer prices to their lowest since the COVID-19 pandemic has increased the doubts in China's economic rebound after some months of indicators showing growth stabilising. China's big online shopping platforms did not release final sales figures for 2022, when analysts said COVID-19 restrictions inhibited spending and consumer confidence. Some indicators point to a slowdown in Singles Day sales. Data provider Syntun estimated e-commerce platforms sold 311 billion yuan of products from Oct. 31 to Nov. 3, a 7.1% decrease year-on-year. For Tan Jiapeng, a 35-year-old office worker in Beijing, his only Singles Day purchase so far has been a Descente winter jacket, an "essential purchase" for the winter.
Persons: Florence Lo, Jason Yu, Kantar, COVID, Bain, Jacob Cooke, Nomura, Tan Jiapeng, Tan, Casey Hall, Sophie Yu, Marius Zaharia Organizations: REUTERS, Rights, HK, PDD Holdings, Company, Technologies, Thomson Locations: Rights BEIJING, China, Beijing
Semiconductor chips are seen on a printed circuit board in this illustration picture taken February 17, 2023. REUTERS/Florence Lo/Illustration/File Photo Acquire Licensing RightsTOKYO, Nov 10 (Reuters) - Japan's government will allocate 1.99 trillion yen ($13 billion) to support efforts to boost its chip industry in a supplementary budget for the current fiscal year. Some of the funds are expected to be used to support Taiwanese chipmaker TSMC (2330.TW) and chip foundry venture Rapidus, local media have reported. Countries around the world are moving to strengthen control over the supply chain for chips, which are essential for the electronics, automotive and defence industries. ($1 = 151.3400 yen)Reporting by Tokyo newsroom Editing by Chang-Ran KimOur Standards: The Thomson Reuters Trust Principles.
Persons: Florence Lo, TSMC, Chang, Ran Kim Organizations: REUTERS, Rights, Tokyo, Thomson Locations: Japan
REUTERS/Florence Lo/Illustration/File Photo Acquire Licensing RightsTOKYO, Nov 9 (Reuters) - Japan's efforts to regain its position as a leading manufacturer of chips are "impressive", the head of a leading chip research organisation said on Thursday. "Japan this time has taken a bold approach and has implemented very quick decision making," Luc Van den hove, CEO of Belgium-based Imec told reporters in Tokyo. One key initiative is chip foundry venture Rapidus, which is led by veteran chip executives and hopes to manufacture cutting-edge chips by partnering with IBM (IBM.N) and Imec. "What Rapidus is trying to do is extremely difficult," said Van den hove, adding that "the Japanese team and government are very motivated to make it a success, so I'm positive." Imec, an important part of chipmaking research efforts funded by industry and governments, is considering opening offices in Hokkaido, where Rapidus production will be located, and in Tokyo, Van den hove said.
Persons: Florence Lo, Luc Van den hove, Imec, Taiwan's TSMC, Van den, Sam Nussey, Jamie Freed Organizations: REUTERS, Rights, IBM, Samsung Electronics, U.S, Thomson Locations: Japan, Belgium, Tokyo, South, Van den hove, Hokkaido, Van, China
The logo of e-commerce app Pinduoduo is displayed next to mobile phones displaying the app, in this illustration picture taken October 25, 2023. REUTERS/Florence Lo/Illustration/File Photo Acquire Licensing RightsSINGAPORE, Nov 9 (Reuters) - China's top e-commerce platforms have made insufficient effort to steer consumers onto a more sustainable path that would help protect the environment and combat climate change, environment group Greenpeace said on Thursday. "But overall, China's e-commerce giants still don't do enough to leverage their platforms towards sustainability." In a report ranking the environmental record of six of China's e-commerce giants, Greenpeace said the discount online shopping platform Pinduoduo (PDD.O) performed the worst, making "no progress whatsoever" on climate and environmental protection. Pinduoduo was given a negative score on Greenpeace's list after failing to draw up strategies on issues like climate change, waste, dangerous chemicals and biodiversity.
Persons: Florence Lo, Tang Damin, Pinduoduo, Douyin, Bytedance, Alibaba, David Stanway, Sophie Yu, Josh Ye, Casey Hall, Edwina Gibbs Organizations: REUTERS, Rights, Greenpeace, HK, Thomson Locations: Rights SINGAPORE, Beijing
Visitors check a Tesla Model 3 car next to a Model Y displayed at a showroom of the U.S. electric vehicle (EV) maker in Beijing, China February 4, 2023. REUTERS/Florence Lo/File Photo Acquire Licensing RightsCompanies Tesla Inc FollowBEIJING, Nov 9 (Reuters) - Tesla Inc (TSLA.O) on Thursday said it raised prices on its refreshed Model 3 and Model Y long-range vehicles in China, starting Nov. 9. The electric vehicle maker will increase the price of its Model 3 version in China by 1,500 yuan ($206), showed its website and official Weibo account. Tesla sales representatives in China have been posting on social media in the past week about potential price increases of the Model Y, urging consumers to place orders ahead of the increases. ($1 = 7.2800 Chinese yuan renminbi)Reporting by Bernard Orr and Qiaoyi Li; Editing by Christopher CushingOur Standards: The Thomson Reuters Trust Principles.
Persons: Florence, Bernard Orr, Qiaoyi Li, Christopher Cushing Organizations: Tesla, U.S, REUTERS, Inc, BEIJING, Tesla Inc, Weibo, Thomson Locations: Beijing, China
Russian President Vladimir Putin at the Eurasian Economic Summit on Nov. 9, 2022, in Bishkek, Kyrgyzstan. Russian President Vladimir Putin and Kazakh President Kassym-Jomart Tokayev at a joint news conference at the Kremlin in Moscow, on Feb. 10, 2022. "Central Asia obviously has to keep a fine balance and tread that line," Hess said. Analysts note that while an economically isolated Russia wants and needs to keep Central Asia on side, it is gradually losing its grip on the region. Russian President Vladimir Putin, Kazakh President Kassym-Jomart Tokayev and Uzbek President Shavkat Mirziyoyev arrive for a working breakfast of the leaders of the Commonwealth of Independent States in Moscow, Russia, on May 9, 2023.
Persons: Vladimir Putin, Keen, Emmanuel Macron, Putin, Ilham Aliyev, Serdar Berdimuhamedow, Emomali Rahmon, Alexander Lukashenko, Sergei Lavrov, , it's, Max Hess, Hess, Kassym, Mikhail Klimentyev, Xi Jinping, Florence Lo, they've, Temur Umarov, Tokayev, Shavkat Mirziyoyev, Vladimir Smirnov Organizations: Economic, Getty, Russia, Commonwealth of Independent States, Russian, Central Asia —, Central Asian, Kazakh, CIS, West, Georgia, Foreign Policy Research Institute, CNBC, Kremlin, Reuters Central, Central, Central Asia Summit, Afp, Shanghai Cooperation Organization, Carnegie Russia Eurasia Center, Commonwealth of Independent, Sputnik Locations: Bishkek, Kyrgyzstan, Central Asia, Moscow, Russian, Kazakhstan, Uzbekistan, Kazakh, Russia, Tajikistan, Turkmenistan, China, Soviet, Armenia, Azerbaijan, Belarus, Baltic States, Soviet Union, Moldova, Ukraine, U.S, Afghanistan, Asia, Xian, Shaanxi
People's Bank of China (PBOC) Vice Governor Pan Gongsheng speaks at a news conference in Beijing, China March 3, 2023. FollowBEIJING, Nov 8 (Reuters) - China is expected to achieve its annual gross domestic product growth target of 5% this year and will maintain prudent monetary policy to revive real economic growth, the central bank governor was quoted saying by state media on Wednesday. Beijing has set an economic growth target of around 5% for this year. China is scrambling to revive growth after a brief post-COVID-19 bounce faltered amid a protracted property market slump and local government debt risks. Economic indicators released on Tuesday showed imports unexpectedly swung to growth in October while exports contracted at a quicker pace.
Persons: Pan Gongsheng, Florence, Pan, Liangping Gao, Ellen Zhang, Ryan Woo, Tom Hogue, Sam Holmes Organizations: People's Bank of China, REUTERS, Rights Companies Shenzhen Securities Times Co, Securities Times, Thomson Locations: People's, Beijing, China, BEIJING, Pan
Suggesting the current dollar weakening trend has further to go, a near two-thirds majority of analysts, 28 of 45, who answered a separate question said the dollar is likely to trade lower than current levels against major currencies by year-end. The euro zone economy shrank 0.1% last quarter and is expected to flat-line in this one, barely skirting a recession. The Japanese yen, the worst-performing major currency for the year, is expected to remain under pressure in the near-term. The yen is expected to gain over 10% to change hands at 136/dollar in a year, the poll showed. Emerging market currencies are expected to take well into next year to post noticeable gains against a retreating U.S. dollar.
Persons: Florence Lo, we’ve, , Lee Hardman, “ It’s, we’re, Simon Harvey, Sterling Organizations: REUTERS, Federal Reserve, MUFG, Futures Trading, U.S, Locations: BENGALURU, U.S, Europe
People stand at the booth of Ant Group at the China International Fair for Trade in Services (CIFTIS) in Beijing, China September 2, 2023. REUTERS/Florence Lo/File Photo Acquire Licensing RightsSHANGHAI, Nov 6 (Reuters) - Ant Group has received Chinese government approval to release products powered by its "Bailing" artificial intelligence (AI) large language model to the public, a spokesperson for the Chinese firm said on Monday. Unlike other countries, China requires companies to submit security assessments and receive clearance before releasing AI products to the public. The financial affiliate of e-commerce giant Alibaba Group (9988.HK) in September unveiled a finance-specific AI model and started testing consumer and professional apps for the products. Reporting by Brenda Goh; Editing by Christian SchmollingerOur Standards: The Thomson Reuters Trust Principles.
Persons: Florence, Brenda Goh, Christian Schmollinger Organizations: Ant Group, Fair for Trade, Services, REUTERS, Rights, Alibaba, HK, Thomson Locations: Beijing, China
REUTERS/Florence Lo/File Photo Acquire Licensing RightsBEIJING, Nov 6 (Reuters) - A Chinese vice premier, He Lifeng, has been appointed head of the office of the Central Financial Commission (CFC), which is responsible for running day-to-day affairs of a new regulator tasked with overseeing a vast financial sector. 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. The appointments, announced by the central bank's Financial News publication, underscore how the ruling Communist Party has taken direct control of supervising the financial sector. He has also been appointed director of a key ruling Communist Party economic body, the Central Finance and Economic Affairs Commission, replacing Liu He. In 2014, He was named vice chairman of the National Development and Reform Commission, the state planning agency, before taking full control in 2017.
Persons: Lifeng, Florence, Xi Jinping, Liu He, Xi, Ziyi Tang, Kevin Yao, Ryan Woo, Edwina Gibbs, Robert Birsel Organizations: REUTERS, Rights, Central Financial Commission, Financial Work, Financial, Communist Party, Central Finance, Economic Affairs Commission, Xiamen University, National Development, Reform Commission, Thomson Locations: China, EU, Diaoyutai, Beijing, Rights BEIJING, Quanzhou, Fujian province, Xiamen, Tianjin
The chief executives of Nvidia (NVDA) and AMD (AMD) aren’t just two of the most powerful people in the global AI chip industry, they’re also family. “For almost half a century now, Taiwan’s economy has been centered on electronics production, chip assembly, chip manufacturing, chip design, everything semiconductors. According to Nvidia, Huang was born in 1963 in Taipei before moving to the southern city of Tainan. “I would say anyone who logs on the internet is likely touching not just one, but dozens and hundreds of Nvidia and AMD chips,” said Miller. I would say anyone who logs on the internet is likely touching not just one, but dozens and hundreds of Nvidia and AMD chips.
Persons: Taipei CNN — Jensen Huang, Lisa Su, they’re, Su, Jean Wu, Wu, Huang, ” Su, ” Wu, ” Christopher Miller, , it’s, there’s, Hwa Cheng, Edith Yeung, Miller, Robyn Beck, AMD’s, Florence Lo, , Christopher Miller Organizations: Taipei CNN, Nvidia, AMD, CNN, Consumer Technology Association, rockstar, Technology, Bloomberg, Getty, Race Capital, ASUS, Consumer, Massachusetts Institute of Technology, Oregon State University, Stanford University, McKinsey, Associated Press, CTA Locations: Hong Kong, Taipei, Taiwan, United States, China, Silicon Valley, Silicon, Tainan, Thailand, Washington, Kentucky, New York City, Las Vegas, AFP, Santa Clara , California
Flags of U.S. and China are seen in this illustration picture taken August 2, 2022. REUTERS/Florence Lo/Illustration/File Photo Acquire Licensing RightsBEIJING, Nov 2 (Reuters) - The Chinese foreign ministry said on Thursday a leading official from its department of arms control affairs will lead a delegation in China-U.S. nuclear talks. "Next week in Washington, China and U.S. will hold arms control and non-proliferation consultations at director-general level," spokesperson Wang Wenbin said when asked about a report that China agreed to nuclear arms-control talks with the United States. According to plans agreed by both sides, Wang said China and the U.S. will conduct dialogue and exchanges on a wide range of issues such as implementation of international arms control treaties. The talks come days after Foreign Minister Wang Yi met with senior U.S. officials, with both sides agreeing to hold a series of consultations in the near future.
Persons: Florence Lo, Wang Wenbin, Wang, Wang Yi, Biden, Laurie Chen, Bernard Orr, Sonali Paul, Edwina Gibbs Organizations: REUTERS, Rights, U.S, Thomson Locations: China, Rights BEIJING, U.S, Washington , China, United States
RISC-V, pronounced "risk five," is a free open-source technology that competes with costly proprietary technology from British semiconductor and software design company Arm Holdings (O9Ty.F), and Intel Corp (INTC.O). It can be used as a key part of anything from a smartphone chip to advanced processors for artificial intelligence. U.S. firms such as Qualcomm (QCOM.O) and Alphabet's (GOOGL.O) Google have embraced RISC-V, but so too have many Chinese companies. Reuters last month reported that at least four influential U.S. lawmakers view Chinese use of the technology as a potential national security threat because RISC-V is not captured by the sweeping export controls the U.S. has imposed on sending chip technology to China. They also asked the Biden administration about how it might apply an existing executive order to require U.S. companies to get an export license before working with Chinese companies on RISC-V technology.
Persons: Florence Lo, Biden, Raimondo, Stephen Nellis, Jamie Freed Organizations: REUTERS, FRANCISCO, Reuters, Arm Holdings, Intel Corp, Qualcomm, Google, Republican, Representatives, Commerce, Thomson Locations: U.S, China, New Jersey , Florida , Michigan, Indiana, San Francisco
The weapon Beijing launched over the South China Sea traveled at speeds of more than 15,000 miles an hour as it circled the globe. Flying at least 20 times the speed of sound, it could reach anywhere on earth in less than an hour. A display of military vehicles carrying a DF-41 intercontinental ballistic missile and a DF-17 hypersonic missile at an exhibition in Beijing in October 2022. Photo: Florence Lo/Reuters
Persons: Florence Lo Organizations: Reuters Locations: Beijing, South
REUTERS/Florence Lo/Illustration/File Photo Acquire Licensing RightsNov 1 (Reuters) - Shares of Advanced Micro Devices (AMD.O) jumped 8% on Wednesday, after an upbeat AI chip sales forecast signaled the company was making progress in its bid to catch up with market leader Nvidia (NVDA.O). The optimism over AI chip sales helped ease worries about a disappointing fourth-quarter forecast and put it on course for market value gains of nearly $13 billion, based on the $106.41 share price. CEO Lisa Su on Tuesday provided a 2024 sales forecast for the first time for the MI300 chips, designed to compete against the advanced H100 chips sold by Nvidia. That would make the MI300 the fastest product to ramp to $1 billion in sales in AMD's history. The CEO also said the MI300 chips had won commitments from "multiple, large hyperscale customers", a term that refers to large tech and cloud computing companies.
Persons: Florence Lo, Lisa Su, TD Cowen, Morningstar, Brian Colello, Samrhitha, Sriraj Organizations: Devices Inc, REUTERS, Micro Devices, Nvidia, Thomson Locations: Bengaluru
Chinese Vice Premier He Lifeng attends a joint press conference following the 10th China-EU High-Level Economic and Trade Dialogue at the Diaoyutai State Guesthouse in Beijing, China September 25, 2023. He, 68, replaced internationally respected Liu He as one of China's four vice premiers during its annual parliament session in March. The full scope of his portfolio had been largely unclear until Sunday when state media referred to him as the director of a powerful Communist Party economic body. "He Lifeng mainly implements policies from the top leader," said a policy adviser who spoke on condition of anonymity, referring to Xi. "Now under the leadership of the Party ... there will be closer cooperation among the top economic planner, central bank and the finance ministry."
Persons: Lifeng, Florence, Xi Jinping's, Liu, Xi, Liu He, Li Keqiang, Peng Liyuan, Kevin Yao, Laurie Chen, Joe Cash, Ellen Zhang, Marius Zaharia Organizations: REUTERS, Rights, Communist Party, Central Financial Commission, Harvard, Investors, State Council, Party, Xiamen University, National Development, Reform Commission, Thomson Locations: China, EU, Diaoyutai, Beijing, Rights BEIJING, China's, Washington, Europe, Quanzhou, Fujian, Xiamen, Tianjin, Lincoln
Morning Bid: Yen hangs under intervention cloud
  + stars: | 2023-11-01 | by ( ) www.reuters.com   time to read: +2 min
Banknotes of Japanese yen are seen in this illustration picture taken September 23, 2022. As Europe wakes up, the yen is not far off the one-year low of 151.74 hit this week and the three-decade low of 151.94 touched last year, which triggered an intervention by Tokyo at the time. The broad yen sell-off on Tuesday came a day after the BOJ watered down its 1% yield cap on the 10-year bond. How hard the BOJ defends the so-called 1% reference will be the key question traders ask in coming days. With little on Europe's economic calendar, investors are likely to keep the focus on the Fed and yen.
Persons: Florence Lo, Ankur Banerjee, Masato Kanda, ramping, Jerome Powell, Powell, Sam Holmes Organizations: REUTERS, Ankur, Fed, Reuters Graphics Reuters, Reuters, PMI, Nationwide, GSK, Thomson Locations: Tokyo, United States
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