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☆ China fines Mintz $1.5 mln for 'unapproved' work, after raiding its Beijing office
▼ + stars: | 2023-08-22 | by ( Yew Lun Tian | ) www.reuters.com time to read: +2 min

The U.S. corporate due diligence firm Mintz Group's office is seen in Hong Kong, China, May 18, 2023. REUTERS/James Pomfret/File Photo Acquire Licensing RightsBEIJING, Aug 22 (Reuters) - China fined U.S. firm Mintz Group about $1.5 million for doing "unapproved statistical work", said a Beijing Municipal Bureau of Statistics notice, after a raid of its Beijing office sparked worries about China's openness to foreign investment. In a further notice on its website dated July 14, the bureau said Mintz conducted 37 such investigations from March 2019 to July 2022. The firm has previously said it is licensed to conduct legitimate business in China and that it has always operated lawfully. Chinese authorities raided Mintz's Beijing office in March and detained all five local staff, in what turned out to be the beginning of a sweeping crackdown on consultancy and due diligence firms, including Bain & Company's office in Shanghai and Capvision Partners.

Persons: Mintz, James Pomfret, Xi Jinping, Yew Lun Tian, Michael Perry Organizations: REUTERS, Rights, China, U.S, Mintz Group, Beijing Municipal Bureau, Beijing's, Statistics, Wall Street Journal, Bain, Capvision Partners, Thomson Locations: Hong Kong, China, Rights BEIJING, Beijing, Shanghai

☆ Dollar hovers near highs as U.S. yields surge; PBOC bolsters yuan
▼ + stars: | 2023-08-22 | by ( ) www.cnbc.com time to read: +3 min

In this photo illustration, 100 U.S. dollar notes and 100 yuan notes are displayed. Money markets currently lay a bit less than 50/50 odds for another 25 basis point Fed hike by November, before the central bank shifts to rate cuts next year. The offshore yuan was little changed at 7.2872, after firming about 0.1% after the fixing. The Australian dollar , which often trades as a proxy to China, was also little changed at $0.6413 after initially strengthening slightly following the fixing. The Aussie has grinded higher in recent sessions after dropping to a 9 1/2-month low of $0.6365 on Thursday.

Persons: Richard Franulovich, Jerome Powell's, Franulovich, Powell, Kristina Clifton Organizations: U.S, U.S ., Westpac, Treasury, Commonwealth Bank of Australia Locations: Jackson Hole , Wyoming, China's, Beijing, China

☆ China state banks seen mopping up offshore yuan to stem currency weakness
▼ + stars: | 2023-08-21 | by ( ) www.reuters.com time to read: +3 min

Coins and banknotes of China's yuan are seen in this illustration picture taken February 24, 2022. Tightening up offshore yuan liquidity could also act to stabilise the yuan, one of the sources said. Following the state bank move, the offshore yuan rallied and was last trading at around 7.2834 per dollar, up around 0.3% on the day. The cost of shorting the yuan jumped, the state bank sources told Reuters, as seen from sudden rises in offshore yuan tomorrow-next forward points . During London trade, offshore yuan forwards jumped across the board amid signs of yuan liquidity tightness, with several banking sources attributing the liquidity squeeze to the activity by banks.

Persons: Florence Lo, Masayuki Kichikawa, Alvin Tan, Kevin Buckland, Ed Osmond, Angus MacSwan Organizations: REUTERS, Rights, greenback, Sumitomo Mitsui DS Asset Management, Reuters, People's Bank of China, Asia FX, RBC Capital Markets, UBS, Shanghai Newsroom, Thomson Locations: China, London, Asia, Tokyo

☆ US trip pays off for Taiwan VP with China drills more 'thunder than rain'
▼ + stars: | 2023-08-21 | by ( Ben Blanchard | ) www.reuters.com time to read: +5 min

China has a particular dislike of Lai, the frontrunner in polls ahead of January's presidential election, due to his previous comments about being a "worker for Taiwan independence". In his public events he talked about peace and dialogue, though he also said that Taiwan would not back down in the face of threats. "These drills were a lot of thunder, but less rain." 'NO SURPRISES'Lo Chih-cheng, a senior lawmaker for the ruling Democratic Progressive Party, said Lai's trip was also about the broader process of showing him to the United States as a steady and trustworthy leader. China could take other, trade-related, steps to punish Taiwan, having previously stopped Taiwanese fruit and fish imports.

Persons: William Lai, Carlos Garcia Rawlins, Lai, Ma Chen, Shen Dingli, Lai Ching, Lo Chih, cheng, Lo, Ko Wen, Xi Jinping, Ben Blanchard, Raju Gopalakrishnan Organizations: International Airport, REUTERS, Rights, Taiwan, U.S, Liberation Army, National Defence University, United States, Relations, Democratic Progressive Party, Taiwanese Public, National Taiwan Normal University's Graduate, of Political, Thomson Locations: United States, New York, Paraguay, Taoyuan, Taiwan, Rights TAIPEI, China, U.S, United, Shanghai, Taipei, Beijing, Washington, Asia

☆ Alibaba is so confident Beijing's tech crackdown has ended that it has just listed over 2,000 jobs for fresh graduates
▼ + stars: | 2023-08-21 | by ( Huileng Tan | ) www.businessinsider.com time to read: +3 min

Alibaba's Taotian Group — which includes Taobao and Tmall — is hiring 2,000 fresh graduates this year. It comes at an opportune time for China's fresh graduates as youth unemployment hit a record high in June. Alibaba's hiring over 2,000 fresh graduates this year – signaling that it views an end to China's tech crackdown. China's unemployment rate for those in the 16 to 24-year-old bracket hit a record high of 21.3% in June — meaning one in five youths were unemployed. The development is a reversal after waves of job cuts in China's tech sector following a regulatory crackdown that started in 2020 and wiped $1.1 trillion off the market value of its Big Tech firms.

Persons: Alibaba's, Alibaba, It's Organizations: Morning, Taotian, China Morning Post, Alibaba Holdings, Big Tech Locations: China —, Beijing, Shanghai, Hangzhou, China

☆ Asia stutters as China doles out meagre rate cut
▼ + stars: | 2023-08-21 | by ( Wayne Cole | ) www.reuters.com time to read: +4 min

China's central bank trimmed its one-year lending rate by 10 basis points and left its five-year rate unmoved, a surprise to analysts who had expected cuts of 15 basis points to both. Disappointment at the meagre move saw Chinese blue chips (.CSI300) ease 0.3%, while the Australian dollar took a dip as a liquid proxy for China risk. Analysts at Goldman Sachs, meanwhile, argue there is still scope for investors to add to equity positions. The ascent of the dollar and yields was weighing on gold at $1,887 an ounce , having touched a five-month low last week. Brent was up 38 cents at $85.18 a barrel, while U.S. crude bounced 45 cents to $81.70 per barrel.

Persons: Issei Kato, Fed's Jackson, Nvidia, Goldman Sachs, Jerome Powell, Powell, Marc Giannoni, Brent, Wayne Cole, Shri Navaratnam Organizations: REUTERS, Nikkei, China, Japan's Nikkei, FTSE, Nasdaq, Goldman, U.S, Jackson, Barclays, Thomson Locations: Tokyo, Japan, SYDNEY, China, Beijing, Asia, Pacific, Atlanta

☆ Morning Bid: Bonds burn on as China rate cut underwhelms
▼ + stars: | 2023-08-21 | by ( ) www.reuters.com time to read: +4 min

A sign is seen outside the 11 Wall St. entrance of the New York Stock Exchange (NYSE) in New York, U.S., March 1, 2021. Although prompted by a deepening property sector bust and worrying economic activity undershoot, China's latest widely expected interest rate cut on Monday was surprisingly small - underscoring concerns that official efforts to shore up the economic malaise are still just piecemeal. The People's Bank of China lowered its one-year lending rate by only 10 basis points to 3.45% - less than the 15bp cut forecast - and it left five-year rates unchanged. UBS became the latest global bank to slash China's annual economic growth forecast for this year - down to 4.8% from 5.2%. Ten-year Treasury yields hovered below last week's highs on Monday, however, and Wall St stock futures were firmer ahead of the open.

Persons: Brendan McDermid, Mike Dolan There's, China's, Xi Jinping, Vladimir Putin, disinflation, Germany's, Crest Nicholson, Mike Dolan, Bernadette Organizations: New York Stock Exchange, REUTERS, People's Bank of, Stock Connect, HK, UBS, Treasury, Federal, Jackson, Wall St, BRICS Summit, Reuters Graphics Reuters, Reuters, Thomson Locations: New York, U.S, China, People's Bank of China, South Africa, Brazil, Russia, India, Ukraine, Wall, Johannesburg

☆ Funerals in China cost so much money that Beijing is encouraging digital cemeteries
▼ + stars: | 2023-08-20 | by ( Lakshmi Varanasi | ) www.businessinsider.com time to read: +3 min

Beijing is encouraging digital burials instead of traditional ones, Bloomberg reported. What is a digital burial? Since the start of 2023, more than 500 digital plots like these have been sold in Beijing, Bloomberg reported, citing Beijing Jiuli Digital. Beijing is not the only city where digital burials are gaining traction. Digital burials save space, too.

Persons: Fu Shou Yuan, Fu Shou Organizations: Bloomberg, SunLife, Morning, The State Council, Beijing Jiuli Digital Locations: Beijing, China, Shanghai, SunLife, United

☆ Philippines to resupply South China Sea troops after Beijing's block
▼ + stars: | 2023-08-19 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Erik De Acquire Licensing Rights Read moreMANILA, Aug 19 (Reuters) - The Philippine armed forces said on Saturday it would again seek to resupply troops stationed in a rusty World War 2-era ship on a reef in the South China Sea, after China blocked a previous attempt with water cannons. China claims almost all the South China Sea, an assertion rejected internationally, while Malaysia, Vietnam, Brunei, Taiwan and the Philippines have various claims to certain areas. The planned resupply mission "is a clear demonstration of our resolve to stand up against threats and coercion, and our commitment in upholding the rule of law", the armed forces said. In 2016, an international arbitration award invalidated China's sweeping claim to almost the entire South China Sea. China, which does not recognise the ruling, has built man-made islands with airstrips and surface-to-air missiles in the South China Sea.

Persons: Thomas Shoal, Erik De, Medel Aguilar, Thomas, Aguilar, Neil Jerome Morales, William Mallard Organizations: Philippine Marines, BRP Sierra Madre, Philippine Navy, REUTERS, Thomson Locations: Philippine, Spratly, South, MANILA, South China, China, Manila, Beijing, Philippines, Thomas Shoal, Malaysia, Vietnam, Brunei, Taiwan

☆ China's economy is flailing. Here's how its problems could spill into global markets.
▼ + stars: | 2023-08-19 | by ( Phil Rosen | ) www.businessinsider.com time to read: +7 min

China's economy is facing headwinds ranging from an unstable property market to weak consumer demand. Experts told Insider that a worsening scenario in China bodes poorly for global markets and other economies like the US. "As its economy continues facing downward pressures, its growth momentum might slow down further, in turn exacerbating the already significant pressures that the global economy is facing." One way this is already being felt is in the softening of Chinese demand, which has led to a sharp drop in trade. And as the housing crisis deepens, it will become harder to China to right the ship, creating a lasting drag on future global growth.

Persons: Janet Yellen, Joe Biden, Xi Jinping, Evergrande, Alfredo Montufar, Helu, Keith Hartley, Hartley, Noah Sheidlower, Dexter Roberts, David Roche, they're, Roche Organizations: Service, Privacy, China, Country Garden Holdings, China Center, Conference Board, Federal Reserve, Atlantic Council, Housing, Independent, CNBC Locations: China, Wall, Silicon, U.S

Taiwan's constitution states that the Republic of China is a sovereign state, and that has been a consensus shared by all Taiwan's main political parties. The Republic of China government fled to Taiwan in 1949 after losing a civil war with Mao Zedong's communists, who set up the People's Republic. "It is because if he is elected as the leader of Taiwan, he may come to advance his goal of Taiwan independence, which will provoke a crisis across the Taiwan Strait." China's Taiwan Affairs Office said his comments were "weird" and "deceitful" given that his "Taiwan independence nature" had not changed. China has demanded Taiwan's government accept that both sides of the Taiwan Strait belong to "one China," something Tsai and Lai have refused to do.

Persons: William Lai, Carlos Garcia Rawlins, Lai, Tsai Ing, Mao Zedong's, Wu Xinbo, Joseph Wu, George Yin, Yin, Tsai's, Lai ., Xi Jinping, Taiwan's, Tsai, Meng Chih, cheng, Ben Blanchard, Sarah Wu, Martin Pollard, Casey, Sonali Paul Organizations: International Airport, REUTERS, Rights, Shanghai's Fudan University, National Taiwan University, Taiwan Affairs Office, Cheng Kung University, Casey Hall, Thomson Locations: United States, New York, Paraguay, Taoyuan, Taiwan, Rights TAIPEI, China, Beijing, Taiwanese, Republic of China, People's Republic of China, The Republic of China, Republic, Republic of Taiwan, Hong Kong, Shanghai

U.S. President Joe Biden holds a joint press conference with Japanese Prime Minister Fumio Kishida and South Korean President Yoon Suk Yeol during the trilateral summit at Camp David near Thurmont, Maryland, U.S., August 18, 2023. MILITARY COOPERATIONThe three countries will agree to "significant steps" to enhance security cooperation among them, including a commitment to consult each other in times of crisis, they said in a joint statement. NORTH KOREA THREATSThe three leaders spoke forcefully in remarks to reporters about the nuclear and other threats of North Korea, and said they would cooperate to counter them. The three will also counter "potential arms transfer in support of Russia's brutal war against Ukraine" by North Korea, Biden said. Reporting by Trevor Hunnicutt at Camp David and Hyonhee Shin in Seoul; editing by Grant McCoolOur Standards: The Thomson Reuters Trust Principles.

Persons: Joe Biden, Fumio Kishida, Yoon Suk, Camp David, Jim Bourg, Yoon Suk Yeol, David, Biden, Kishida, Trevor Hunnicutt, Hyonhee, Grant McCool Organizations: Japanese, South, REUTERS, NORTH, David, Thomson Locations: Camp, Thurmont , Maryland, U.S, Maryland, China, South China, People's Republic of China, NORTH KOREA, North Korea, Ukraine, Seoul

☆ China's growing aggression will be in focus as U.S. closes ranks with Japan and South Korea
▼ + stars: | 2023-08-18 | by ( Sumathi Bala | ) www.cnbc.com time to read: +6 min

President Joe Biden will unveil the measures with Japanese Prime Minister Fumio Kishida and South Korean President Yoon Suk Yeol at Camp David on Friday, said Kurt Campbell, the White House coordinator for Indo-Pacific affairs. Most countries in the region have "deep, profound economic and political interests," and a "steady and stable relationship" with China, Campbell added. watch nowChina has "warned Tokyo and Seoul against pursuing greater trilateral security cooperation with Washington, but its diplomatic pressure is backfiring," they added. "What President Yoon and Prime Minister Kishida have done has defied expectations. In March, Yoon's government announced a landmark agreement over compensation payments for South Korean victims of Japanese wartime forced labor.

Persons: Joe Biden, Fumio Kishida, Yoon Suk, Brendan SMIALOWSKI, BRENDAN SMIALOWSKI, Brendan Smialowski, David, Kurt Campbell, Camp David, Biden, Campbell, Victor Cha, Cha, Wang Wenbin, Beijing Campbell, Rahm Emanuel, Kishida, Yoon, we've, Yoon's Organizations: Japan's, South, Getty, Afp, Biden, Japanese, Center for Strategic, International Studies, Washington, White, CSIS Locations: Hiroshima, AFP, Japan, South Korea, Camp, Washington, Asia, Korea, Ukraine, Beijing, U.S, China, United States, America, America … China, warily, Eurasia, Tokyo, Seoul, South

☆ Foreign investors are giving up on China as capital flows reverse
▼ + stars: | 2023-08-17 | by ( Jason Ma | ) www.businessinsider.com time to read: +4 min

Foreign investors are giving up on China as the country's post-COVID rebound fizzles. During that span, foreign investors sold 46.2 billion yuan of mainland Chinese stocks. Meanwhile, foreign institutional investors shed 37 billion yuan worth of Chinese bonds in July, according to data out Wednesday from China's foreign exchange regulator. According to Reuters, $1.71 billion worth of mainland shares were sold by foreigners in May, outpacing April's $659 million withdrawal. In addition to the consumer and manufacturing sectors, the real estate market — which serves as a key store of wealth in China's economy — has also been getting worse.

Persons: outpacing, bullish, —, China's Organizations: Service, Kong's Stock Connect, Communist Party's, Financial Times, Bloomberg, Reuters Locations: China, Shanghai, Shenzhen, Wall, Silicon, Beijing

☆ Top China official urges more secrecy in the country's energy sector
▼ + stars: | 2023-08-17 | by ( Ruxandra Iordache | ) www.cnbc.com time to read: +2 min

SHENZHEN, CHINA - MARCH 09: View of high commercial and residential buildings on March 9, 2016 in Shenzhen, China. (Photo by Zhong Zhi/Getty Images)A lead China official called for tighter secrecy in the energy sector to protect national interests against hostile foreign forces, echoing a broader crackdown impacting the country's investment landscape. Zhang urged the steps — which include preventing the leaks of key technologies in the energy sector — while citing the priority of national interests in the face of a "hostile" international landscape. "The energy transition has some contradictions and difficulties — these very often are the focus of foreign hostile forces that want to steal and attack. "The task of promoting carbon peak carbon neutrality is arduous," he warned.

Persons: Zhong Zhi, Zhang Jianhua, Zhang, Goldman Sachs Organizations: China's National Energy Administration, CNBC Locations: SHENZHEN, CHINA, Shenzhen, China

The one unanimous conclusion they came to was that Beijing wants a greater state presence in these sectors. Kroeber says the crackdowns are about "defining what the state does, what the private sector does, and creating a more limited sandbox for the private sector to play in." That has left investors now picking the state over the private sector. The CCP's July Politburo meeting reinforced the message, with the top policymaking body pledging to put a floor under the property sector, help indebted local governments heal and boost consumer demand. Huang Yan, general manager of private fund manager Shanghai QiuYang Capital Co, said Beijing will crack down on any sector seen as increasing people's economic burden.

Persons: Aly, Jack, Arthur Kroeber, Kroeber, Zhang Kexing, Xi Jinping, Mao Zedong's, Thomas Masi, Masi, Xi, Nuno Fernandes, Fernandes, Huang Yan, Huang, Kumar Pandit, Pandit, Jason Xue, Ankur Banerjee, Vidya Ranganathan, Sam Holmes Organizations: REUTERS, Rights, Ant Group, CSI Medical Services, Beijing Tongrentang, HK, Poly, Beijing Gelei Asset Management, Communist Party's, Investors, Mao Zedong's Marxist, Boston, K Investment Management, Shanghai QiuYang, Somerset Capital, Thomson Locations: Shanghai, China, Rights SHANGHAI, HONGKONG, Beijing, New York, London, Singapore

A sign of Wanda is pictured at the headquarters of Dalian Wanda Group, in Beijing's Central Business District (CBD), China August 8, 2023. China's largest commercial property group has tapped Deutsche Bank for advice on the sale of Infront Sports & Media, the sources said, adding the process is in the early stages and could take months to complete. Headquartered in Switzerland, Infront's businesses include managing Italy's Serie A and the UK Premier League's international media rights, as well as event operations, media rights distribution and sponsorship sales. It raised $320 million through the partial sale of its entertainment unit Beijing Wanda Cultural Industry to pay it off. Spain's Mediapro, which manages international media rights for LaLiga, restructured 900 million euros in debt a year ago selling shares to investors including the group's majority shareholder Southwind.

Persons: Wanda, Tingshu Wang, China's, Wang Jianlin, Infront, Amy, Jo Crowley, Emma, Victoria Farr, Milana, Andres Gonzalez, Kane Wu, Clare Jim, Elisa Martinuzzi, Sharon Singleton Organizations: Dalian Wanda Group, Beijing's, Business, REUTERS, Reuters, Deutsche Bank, Infront Sports & Media, Serie, Premier League's, South East, Olympic Games, Beijing Wanda Cultural Industry, Infront, Companies, LaLiga, Thomson Locations: China, FRANKFURT, Switzerland, Central, South, South East Asia, Dalian, Beijing, Infront

☆ The US is quietly warning its Middle East partners about the cost of stocking up on Chinese-made weapons
▼ + stars: | 2023-08-17 | by ( Paul Iddon | ) www.businessinsider.com time to read: +9 min

Chinese arms sales in the Middle East have increased by 80% over the past decade, a result of Beijing's expanding relationships there and its willingness to deliver arms faster and with fewer stipulations than Washington. FAYEZ NURELDINE/AFP via Getty ImagesMiddle Eastern countries, led by the Arab Gulf states, have for decades been major buyers of US-made weapons. Chinese arms sales to the region are "substantial and expected to continue to increase," said Ahmed Aboudouh, an associate fellow at Chatham House. "But it's just one factor among many, including varying threat perceptions of Iran among the Arab Gulf states as well as varying levels of trust between the Arab Gulf governments themselves." Paul Iddon is a freelance journalist and columnist who writes about Middle East developments, military affairs, politics, and history.

Persons: Michael Kurilla, Kurilla, Loong, KARIM SAHIB, Colin Kahl, Biden, Kahl, We're, FAYEZ NURELDINE, Ahmed Aboudouh, Aboudouh, James Hodgman, Russia's, ANDREW CABALLERO, REYNOLDS, Emily Hawthorne, RANE, that's, Hawthorne, Abu Dhabi, Mohammed bin Zayed, Xi, ANDY WONG, Kahl's, Paul Iddon Organizations: Service, US Central Command, Senate Armed Services Committee, Dubai Airshow, Getty, Chatham House, Pentagon, Getty Images, United Arab Emirates, Patriot, Al Udeid, Base, US Air Force, Tech, Air Defense, Turkey, NATO, East, Khalifa, UAE, US, Abu Dhabi Crown, Gulf Cooperation Council Locations: China, Washington, Wall, Silicon, Beijing, AFP, British, Saudi, Riyadh, Saudi Arabia, Abu Dhabi, East, North Africa, Qatar, Russia, Europe, Gulf, UAE, Yemen, Ankara, Turkey, Prince, Xinhua, Khalifa, Abu, Arab Gulf, Iran

☆ China's Tencent posts smaller than expected revenue growth; gaming falls short
▼ + stars: | 2023-08-16 | by ( Josh Ye | ) www.reuters.com time to read: +2 min

The world's largest video game company and operator of the WeChat messaging platform said revenue reached 149.20 billion yuan ($20.45 billion) for the three months ended June 30. That compared with the 151.73 billion yuan average of 21 analyst estimates compiled by Refinitiv. Domestic gaming revenue stayed mostly flat at 31.8 billion yuan, while international gaming revenue rose 12% to 12.7 billion yuan, excluding the impact of currency movements. It grew 34% to 25 billion yuan as its TikTok-like short video service Video Accounts experienced increased demand. Revenue from fintech and business services grew 15% to 48.6 billion yuan which the company said reflected expansion in both offline and online payment activities.

Persons: David Kirton, HONG KONG, Tencent, Shawn Yang, Josh Ye, Himani Sarkar, Raju Gopalakrishnan Organizations: REUTERS, Tencent Holdings, HK, Refinitiv, Blue Lotus Capital Advisors, Inc, Thomson Locations: Nanshan district, Shenzhen, Guangdong province, China, HONG, fintech

☆ China's new home prices fall for first time this year, dimming economic outlook
▼ + stars: | 2023-08-16 | by ( ) www.reuters.com time to read: +3 min

The 0.2% fall month-on-month came after June's flat reading, according to Reuters calculations based on National Bureau of Statistics (NBS) data. The decline in home prices comes amid a worsening debt crisis at major developers, sliding property investment and home sales. Among 70 cities, 49 saw a fall in new home prices month-on-month in July from 38 cities the previous month. However, most economists expect the downside trend in home sales and prices to persist for while. "Without additional major policy easing and/or fiscal support, property sales and investment may weaken further or stay at the bottom for longer than assumed in our baseline," said Wang.

Persons: Jason Lee, Goldman Sachs, Wang Tao, Wang, Qiaoyi Li, Liangping Gao, Ryan Woo, Sam Holmes Organizations: REUTERS, National Bureau of Statistics, Goldman, Asia Economics, China, UBS Investment Bank, Thomson Locations: Wangjing, China, BEIJING, Zhengzhou, Xian, Fuzhou

☆ Oil slips as China sours sentiment
▼ + stars: | 2023-08-15 | by ( Natalie Grover | ) www.reuters.com time to read: +2 min

A VLCC oil tanker is seen at a crude oil terminal in Ningbo Zhoushan port, Zhejiang province, China May 16, 2017. In a surprise move, China's central bank marginally cut key interest rates on Tuesday, after a broad array of data highlighted intensifying pressure on the economy, mainly from the property sector. There are concerns China may struggle to meet its growth target of about 5% for the year without more fiscal stimulus. On Tuesday, Barclays cut its forecast for China's 2023 gross domestic product growth to 4.5%, citing a faster-than-expected deterioration in the housing market. Still, sentiment on China is souring, added PVM's Evans.

Persons: Stringer, galvanise, John Evans, refiners, PVM's Evans, Natalie Grover, Muyu Xu, Katya Golubkova, Tom Hogue, Jason Neely, Tomasz Janowski Organizations: REUTERS, Garden Holdings, Brent, . West Texas, of, Petroleum, Tuesday, Barclays, Thomson Locations: Ningbo Zhoushan, Zhejiang province, China, Saudi Arabia, Russia, OPEC

☆ China surprises with rate cuts as economy grapples with 'confidence crisis'
▼ + stars: | 2023-08-15 | by ( Sumathi Bala | ) www.cnbc.com time to read: +4 min

Str | Afp | Getty ImagesChina's central bank unexpectedly cut rates on Tuesday, as policymakers continued to ramp up support for its struggling economy. It was the second rate cut in three months. China is facing a "confidence crisis" as Beijing's policy delay is being perceived as "inaction" to spur growth, according to an economist. "In a crisis such as this … you can't really call it a consumption crisis or investment crisis. In addition to the rate cut on Tuesday, the central bank also injected 204 billion yuan through seven-day reverse repos, cutting borrowing costs by 10 basis points to 1.80% from 1.90%.

Persons: we've, Louise Loo, CNBC's, Loo, they've, 15bps, Goldman Sachs, Hao Zhou Organizations: Afp, Getty, People's Bank of China, Oxford Economics, Guotai Locations: China

Aug 16 (Reuters) - A look at the day ahead in Asian markets from Jamie McGeever, financial markets columnist. The word 'crisis' should always be used responsibly and judiciously when covering financial markets, business and economics, but are we at that point now with China? The People's Bank of China may have finally pulled the interest rate lever, but it had the expected impact of slamming the exchange rate. Compare and contrast China with Japan, as per Tuesday's bumper Q2 GDP data, and the U.S., where figures on Tuesday showed a surge in retail sales. Here are key developments that could provide more direction to markets on Wednesday:- New Zealand interest rate decision- China house prices (July)- Japan tankan surveys (August)By Jamie McGeever; Editing by Josie KaoOur Standards: The Thomson Reuters Trust Principles.

Persons: Jamie McGeever, Zhang Dandan, JP Morgan, Josie Kao Organizations: Peking University, People's Bank of, Atlanta, Thomson, Reuters Locations: China, New Zealand, Japan, Asia, People's Bank of China, U.S, Hong, Zealand

☆ Those desperate to break the deadlock in Ukraine are hoping China will turn on Russia. They shouldn't hold their breath.
▼ + stars: | 2023-08-15 | by ( Kelsey Vlamis | Erin Snodgrass | ) www.businessinsider.com time to read: +4 min

One expert said it was "naïve American diplomacy" to think something fundamental between China and Russia had changed. But the idea that China would turn on Russia anytime soon may be little more than wishful thinking. "It is clever Chinese diplomacy to keep meeting and talking, and it is naïve American diplomacy to think that this means something fundamental has changed," English said. He added threats from the West are also unlikely to turn China against Russia, as Xi knows that Europe is more dependent on trade with China than the other way around. "The West needs to stop looking at Chinese behavior through Western eyes, and start understanding it from a Chinese perspective."

Persons: Xi, Putin, Robert English, Xi Jinping, Vladimir Putin, Volodymyr Zelenskyy, Antony Blinken, Simon Miles, Miles, Wang Wenbin Organizations: Saudi, Service, Privacy, China, NATO, University of Southern, Duke University's Sanford School of Public, Soviet Union, Foreign, Associated Press Locations: China, Russia, Wall, Silicon, Ukraine, University of Southern California, Soviet Union, Eastern Europe, Moscow, West, Saudi Arabia, American, Europe, Soviet, Saudi

☆ India is a rising force in Southeast Asia as region seeks to counter China's dominance
▼ + stars: | 2023-08-14 | by ( Sumathi Bala | ) www.cnbc.com time to read: +8 min

(Photo credit RAVEENDRAN/AFP via Getty Images) Raveendran | Afp | Getty ImagesIndia is taking major strides to expand its influence in Southeast Asia, a move that will allow countries to counter China's dominance in the region. "India certainly is becoming more ambitious in Southeast Asia. "This is particularly salient to the maritime sphere, namely the South China Sea, where overlapping sovereignty disputes threaten regional stability and openness," he added. "It continues to maintain a very independent streak in its foreign policy, which suits a large number of Southeast Asian countries." While China remained the most influential and strategic power in Southeast Asia, its standing has diminished, the Southeast Asia survey from February showed.

Persons: Pant, Subrahmanyam Jaishankar, Narendra Modi's, Satoru Nagao, Nagao, Derek Grossman, Modi, Xi Jinping, Ted Aljibe, Enrique Manalo, Rand's Grossman, Joanne Lin, Lin, ISEAS's Lin Organizations: Indian, Getty, Afp, Observer Research Foundation, CNBC, Southeast, Hudson Institute, Vietnam Air Force, Rand Corporation, TED ALJIBE, Initiative, ASEAN Studies, Yusof Ishak Institute, Observers, Pant Observer Research, China -, Wilson Center, ASEAN Wonk, U.S, ASEAN Studies Centre, Yusof, Ukraine, U.S ., New Delhi's Observer Research Foundation Locations: New Delhi, AFP, Southeast Asia, India, China, Beijing, Vietnam, Tokyo, China —, Manila, Philippine, Delhi, The Hague, Philippines, Malaysia, Brunei, ISEAS, Singapore, Asia, Europe, China - U.S, U.S, New

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