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Asian Games - Hangzhou 2022 - E-Sports - China Hangzhou Esports Centre, Hangzhou, China - September 26, 2023 Players from Team China talk during the Arena of Valor Asian Games Version Final REUTERS/Ann Wang/File Photo Acquire Licensing RightsHANGZHOU, China Sept 26 (Reuters) - China won the first gold esports medal in Asian Games history in the Eastern Chinese city of Hangzhou on Tuesday by beating Malaysia in the smartphone multiplayer battle game “Arena of Valor”, to delight fans in the world’s biggest esports market. the Chinese players shouted in a huddle on the stage just before the match began, triggering another loud cheer from spectators, before taking their seats for the "Arena of Valor" final. Thailand earlier claimed the Games' first esports medal by beating Vietnam for the bronze. The market generated $445 million in 2022 or 64.8% of the Asian esports market and China boasts 400 million esports fans, also the highest number globally, according to data from leading Asian video game market analysts Niko Partners. "Esports players are not just sitting on the chair.

Persons: Ann Wang, Tapping, Jiang Tao, Xu Bicheng, esports, Yvonne Yu, “, Xi Jinping, Serkan Toto, Niko Partners, Wong Kang Woon, Malaysia's, Martin Quin Pollard, Xihao Jiang, Ian Ransom, Ken Ferris Organizations: China Hangzhou Esports, Team China, of Valor, Rights, Malaysia, “, Valor, Asian Games, HK, Games, China Media Group, Research, Kantan Games, Thomson Locations: Hangzhou, China Hangzhou, China Hangzhou Esports Centre, China, Rights HANGZHOU, Thailand, Vietnam

☆ Exclusive: China scrutinizes quant strategies as market weakness stokes public anger - sources
▼ + stars: | 2023-09-21 | by ( ) www.reuters.com time to read: +4 min

A man wearing a protective mask is seen inside the Shanghai Stock Exchange building, as the country is hit by a new coronavirus outbreak, at the Pudong financial district in Shanghai, China February 28, 2020. Separately, the Shanghai and Shenzhen stock exchanges, under the CSRC's guidance, have sought information from major quant funds on their money-making strategies, another source said. The weakness has triggered finger-pointing in social media, as well as criticism from fund managers and retail investors against these quant funds and short sellers. Short-selling activities by quant funds could also be caught in the crossfire, he said. Another brokerage source said the CSRC asked them to elaborate on the size of their quant clientele and whether quant trading had impacted recent stock market.

Persons: Aly, shortsellers, Yuan Yuwei, Yang Tingwu, Shri Navaratnam Organizations: Shanghai Stock Exchange, REUTERS, Rights, China Securities Regulatory Commission, Global, Sigma, Huatai Securities, China's, Quant Investment, Yanfu Investments, Shanghai Minghong Investment Management Co, Wisdom Asset, Tongheng Investment, Shanghai, Thomson Locations: Pudong, Shanghai, China, Shenzhen, Winton, Beijing

☆ Julie Ertz to play in final US women’s national team match against South Africa
▼ + stars: | 2023-09-21 | by ( Amy Woodyatt | Aimee Lewis | ) edition.cnn.com time to read: +2 min

ET Thursday will see the two-time Women’s World Cup winner and two-time Olympian earn her 123rd and final cap for the US. She announced her retirement last month, adding that she made the decision “with immense emotion and processing.”Ertz controls the ball against Sweden in what would be her final Women's World Cup match. Jenna Watson/USA TODAY Sports/ReutersErtz, 31, was an integral member of the US teams which won the Women’s World Cup in 2015 and 2019. She represented the US women’s team on 122 occasions, losing just five matches and scoring 20 goals during her 10-year international career. Ertz, pictured as the US celebrates its victory over the Netherlands at the 2019 Women's World Cup final, was an integral member of the US teams which won women's soccer's showpiece event in 2015 and 2019.

Persons: Julie Ertz, Jenna Watson, Reuters Ertz, Richard Heathcote, Ertz, “ There’s, Momma can’t, Momma, ” Ertz, Madden, Twila Kilgore, Ertz’s Organizations: CNN, US, National, TQL, Sweden, USA, Reuters, Getty, Chicago Red Stars, US Soccer, National Women’s Soccer League, Angel City, Interim, “ Locations: South Africa, Cincinnati, Netherlands, Angel, Australia, New Zealand, Interim US

☆ Dollar edges down before Fed decision, sterling falls on cooling UK inflation
▼ + stars: | 2023-09-20 | by ( Joice Alves | ) www.reuters.com time to read: +4 min

The U.S. dollar index , which measures the currency against a basket of rivals, was 0.1% lower at 105.00. The pound was volatile, last down 0.23% to $1.2364 after touching its lowest in almost four months following data showing UK inflation slowed more than expected in August. "This can drag GBP down, especially against the USD where pricing for rate cuts may already be overstretched". The yen flattened at 147.87 after touching a fresh 10-month weak-point against the dollar of 148.17 ahead of the Fed decision. The offshore yuan was unchanged at 7.3055 after China met market expectations by keeping its benchmark lending rates unchanged on Wednesday.

Persons: Dado Ruvic, BoE, Dominic Bunning, Bunning, Goldman Sachs, Powell, Elsa Lignos, Masato Kanda, Janet Yellen, Joice Alves, Brigid Riley, Gerry Doyle, Emelia Organizations: REUTERS, Federal Reserve, Bank of England, U.S, Reuters, FX Research, HSBC, FX, RBC Europe, Washington, Treasury, Bank of Japan's, Thomson Locations: Japan, U.S, China, London, Tokyo

☆ Take Five: A central bank bonanza
▼ + stars: | 2023-09-18 | by ( ) www.reuters.com time to read: +5 min

Now it's the turn of the world's most important central bank. Also on Thursday, the Bank of England is tipped to hike for the 15th consecutive meeting, taking benchmark borrowing costs to 5.5%. Norway's central bank is also expected to nudge benchmark borrowing costs higher, following a 25 bps rise in August to 4%. Reuters Graphics4/ DIVERGING TRAJECTORIESThe push and pull factors on central banks are nowhere more visible than in emerging markets. But for Turkey's central bank, convening on Thursday, the only way is up.

Persons: Lewis Krauskopf, Kevin Buckland, Amanda Cooper, Naomi Rovnick, Karin Strohecker, Jerome Powell, Kazuo Ueda, Ueda, hypothesise, Tayyip Erdogan, Mark Heinrich Our Organizations: U.S . Federal, ECB, Bank of England, Reuters, Bank of Japan, Japan's, of Finance, Thomson Locations: Central, Lewis, New York, Tokyo, London, United States, Europe, Scandinavia, Switzerland, Norway's, Latin America, South Africa, Egypt, Taiwan

☆ Asian stocks steady, Japan, China central banks interrupt dollar's ascent
▼ + stars: | 2023-09-12 | by ( Tom Westbrook | ) www.reuters.com time to read: +4 min

Japanese government bonds remained under pressure on Tuesday, with 10-year JGB yields up 1 basis point to a fresh high of 0.71%. Japan's Nikkei (.N225) rose 0.61%, with markets looking to U.S. inflation data and this week's European Central Bank meeting to set interest rate expectations and the mood. Overnight, the weaker dollar and upgrade on Tesla from analysts at Morgan Stanley helped U.S. stock markets gain. "There is a sense that ECB is already done for the cycle," said Maybank analysts in a note to clients. "Recent PMI prints suggest that growth outlook could be deteriorating and puts the euro at risk of further downside.

Persons: Kazuo Ueda, Chris Weston, Matt Simpson, Christopher Wong, Morgan Stanley, bitcoin, Lincoln, Simon Cameron, MOore Organizations: Federal Reserve, Bank of Japan, Reuters, Investors, HK, Mainland Properties, Japan's Nikkei, Central Bank, Arm Holdings, New Zealand, ECB, PMI, Fed, Brent, Thomson Locations: SINGAPORE, China, Japan, Melbourne, Hang, Asia, Pacific, British, New York

☆ Yen stands tall, dollar finds floor ahead of U.S. inflation
▼ + stars: | 2023-09-12 | by ( ) www.cnbc.com time to read: +3 min

Photo taken on April 20, 2022 shows the Japanese yen and U.S. dollar banknotes in Tokyo, Japan. The Japanese currency was last marginally lower at 146.61 per dollar, after scaling a one-week top of 145.91 in the previous session. Elsewhere, the U.S. dollar reversed some of its close to 0.5% loss against a basket of currencies on Monday. The U.S. dollar index, which ended last week with an eight-week winning streak, rose 0.03% to 104.60, after falling 0.46% in the previous session. The offshore yuan found some support near Monday's one-week high and last bought 7.3020 per dollar.

Persons: Kazuo Ueda, Ueda, Chris Weston, we've, Tony Sycamore, Sterling steadied, bitcoin, Ether, Kyle Rodda Organizations: U.S, Bank of Japan, Federal Reserve, New Zealand, Fed Locations: Tokyo, Japan, United States, U.S, Tony Sycamore ., Monday's, China

☆ Yen stands tall, dollar finds floor ahead of US inflation
▼ + stars: | 2023-09-12 | by ( Rae Wee | ) www.reuters.com time to read: +3 min

Japanese yen and U.S. dollar banknotes are seen with a currency exchange rate graph in this illustration picture taken June 16, 2022. The Japanese currency was last marginally lower at 146.61 per dollar, after scaling a one-week top of 145.91 in the previous session. Elsewhere, the U.S. dollar reversed some of its close to 0.5% loss against a basket of currencies on Monday. The U.S. dollar index , which ended last week with an eight-week winning streak, rose 0.03% to 104.60, after falling 0.46% in the previous session. The offshore yuan found some support near Monday's one-week high and last bought 7.3020 per dollar.

Persons: Florence Lo, Kazuo Ueda, Ueda, Chris Weston, we've, Tony Sycamore, Sterling steadied, bitcoin, Ether, Kyle Rodda, Rae Wee, Sam Holmes Organizations: U.S, REUTERS, Rights, Bank of Japan, Federal Reserve, New Zealand, Fed, Capital.com, Thomson Locations: Rights SINGAPORE, United States, U.S, Tony Sycamore ., Monday's, China

Japanese yen and U.S. dollar banknotes are seen with a currency exchange rate graph in this illustration picture taken June 16, 2022. The greenback tumbled ahead of U.S. inflation data due on Wednesday, with traders on the lookout for whether the world's largest economy is indeed on track for a "soft landing", and whether the Federal Reserve has further to go in raising rates. "It seems that Ueda's comments were intended to stop the yen's slide against the dollar," said Takehiko Masuzawa, trading head at Phillip Securities Japan. DOLLAR SLIDEThe dollar index , which measures the U.S. currency against peers including the yen, was last down 0.26% to 104.59, near an almost one-week low. It was last nearly 0.8% higher at 7.2895 per dollar, while its offshore counterpart similarly was up about 0.9% to 7.3003 per dollar.

Persons: Florence Lo, Kazuo Ueda stoked, Ueda, Takehiko, Francesco Pesole, Matt Simpson, Rae Wee, Junko Fujita, Joice Alves, Jason Neely Organizations: U.S, REUTERS, Rights, Bank of Japan, Federal Reserve, Yomiuri, Phillip Securities Japan, Treasury, ING, Aussie, New Zealand, Thomson Locations: Rights SINGAPORE, LONDON, Japan, United States, Singapore, Tokyo, London

☆ These 10 China-focused ETFs are up this year — and one is expected to rise by another 40%
▼ + stars: | 2023-09-11 | by ( Ganesh Rao | ) www.cnbc.com time to read: +4 min

Chinese stock markets have failed to perform in 2023. All three major indexes have lost money for investors over the past week, month, three months, six months, and year. As a result, shorting the Chinese currency has been one of the most profitable investments this year, according to analysis by CNBC Pro of FactSet's ETF performance data. CNBC Pro screened for global China-focused ETFs that have posted positive returns this year to date. A weighted average analysts' price target for companies in the ETF points toward a further 22.4% upside over the next 12 months, according to FactSet data.

Persons: Thierry Wizman, Goldman Sachs, Brent Organizations: Shenzhen Component, Shanghai, Index, U.S, CNBC Pro, Singapore ., London Stock Exchange, U.S ., Macquarie, People's Bank of, China Energy, New York Stock Exchange, bbl, Goldman, Dragon, China Communication Services Locations: Shenzhen, China, New York, London, Amsterdam, Frankfurt, Singapore, People's Bank of China, Macquarie, Dragon China, U.S

Shares fell Friday in Asia after Japan reported its economy grew less than earlier estimated in the last quarter. Much of that growth was driven by exports, which rose nearly 13%, while private consumption fell 2.2% on weak investment spending. On Thursday, Wall Street slipped in mixed trading Thursday as the threat of high interest rates continued to dog Big Tech stocks. The Nasdaq composite was hit particularly hard by the drop for tech stocks, sinking 0.9% to 13,748.83. Yields remained high after a report on Thursday said fewer U.S. workers applied for unemployment benefits last week than expected.

Persons: Stocks, Brent Organizations: Nikkei, Hong, Big Tech, Nasdaq, Dow Jones, Federal Reserve, Fed, Apple, Nvidia, New York Mercantile Exchange Locations: Asia, Japan, Seoul, Shanghai

☆ US dollar rises on global growth worries; Aussie down
▼ + stars: | 2023-09-05 | by ( Saqib Iqbal Ahmed | ) www.reuters.com time to read: +3 min

The Aussie dollar slumped after the Reserve Bank of Australia kept rates steady. "Worries are on the rise about a China and Europe-led slowdown in global growth. As a result the dollar is catching a solid safe haven bid," said Joe Manimbo, senior market analyst at Convera in Washington. The euro was down 0.69% after hitting a near 3-month low against the dollar at $1.07225. A deteriorating global growth picture sent the pound to a 12-week low against the dollar after a survey showed business activity in Britain contracted last month.

Persons: Dado Ruvic, Joe Manimbo, Christopher Waller, Waller, Convera's Manimbo, bitcoin, Saqib Iqbal Ahmed, Alun John, Shinjini Ganguli, Mike Harrison, William Maclean Organizations: REUTERS, Reserve Bank of, Fed, Federal, U.S, Financial, Aussie, Thomson Locations: China, Reserve Bank of Australia, Europe, Washington, U.S, Britain, London

☆ U.S. dollar lifted by worries over global growth; Aussie sinks
▼ + stars: | 2023-09-05 | by ( Saqib Iqbal Ahmed | ) www.reuters.com time to read: +3 min

REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing RightsNEW YORK, Sept 5 (Reuters) - The dollar rose on Tuesday as jitters over global growth, particularly in China, caused investors to flock to the safe-haven U.S. currency, while the Aussie dollar slumped after the Reserve Bank of Australia kept rates steady. "Worries are on the rise about a China and Europe-led slowdown in global growth. The euro, was down 0.72% after hitting a near 3-month low against the dollar at $1.0719. The U.S. dollar also climbed against China's currency, and was last up 0.42% at 7.3081 against the yuan traded offshore. A deteriorating global growth picture sent the pound to a 12-week low against the dollar after a survey showed business activity in Britain contracted last month.

Persons: Dado Ruvic, Joe Manimbo, Christopher Waller, Waller, Convera's Manimbo, bitcoin, Saqib Iqbal Ahmed, Alun John, Shri Navaratnam, Alexander Smith, Shinjini Ganguli, Mike Harrison Organizations: REUTERS, Aussie, Reserve Bank of, Fed, Federal, U.S, Financial, Thomson Locations: China, Reserve Bank of Australia, Europe, Washington, U.S, Britain, London

☆ U.S. dollar rises on global growth worries; Aussie down
▼ + stars: | 2023-09-05 | by ( ) www.cnbc.com time to read: +3 min

The dollar rose to a near six-month high against a basket of currencies on Tuesday as jitters over global growth, particularly in China, caused investors to flock to the safe-haven U.S. currency. The Aussie dollar slumped after the Reserve Bank of Australia kept rates steady. "Worries are on the rise about a China and Europe-led slowdown in global growth. The euro was down 0.69% after hitting a near 3-month low against the dollar at $1.07225. A deteriorating global growth picture sent the pound to a 12-week low against the dollar after a survey showed business activity in Britain contracted last month.

Persons: Shane Oliver, Joe Manimbo, Christopher Waller, Waller, Convera's Manimbo, bitcoin Organizations: AMP, Reserve Bank of, Fed, Federal, U.S, Financial, Aussie Locations: Sydney, Australia, China, Reserve Bank of Australia, Europe, Washington, U.S, Britain

☆ Lyles, Richardson back up world titles in Zurich
▼ + stars: | 2023-08-31 | by ( ) www.reuters.com time to read: +3 min

ZURICH, Aug 31 (Reuters) - Americans Noah Lyles and Sha'Carri Richardson cemented their status as fastest in the world this year with victories at the Weltklasse Diamond League meeting on Thursday. Kyron McMaster of the British Virgin Islands handed world record holder Karsten Warholm his first 400 hurdles loss this season, taking victory in 47.27 to edge the weary-looking world champion Norwegian who crossed in 47.30. The Olympic champion and twice reigning world champion failed on three attempts at 6.23 - what would have been the seventh time he has bettered the world record. Winfred Yavi of Bahrain passed world record holder Beatrice Chepkoech of Kenya with a lap remaining in a carbon copy of her world victory to win the women's 3,000 steeplechase. Yomif Kejelcha of Ethiopia won a men's 5,000 race in which Lamecha Girma, the world record holder in the 3,000 steeplechase, dropped out with two laps to go.

Persons: Noah Lyles, Sha'Carri Richardson, Richardson, Erriyon Knighton, Knighton, Jamaica's Shericka Jackson, Jackson, Kyron McMaster, Karsten Warholm, Warholm, Yulimar Rojas, Rojas, Armand Duplantis of, Mutaz Barshim, Yared, Briton Josh Kerr, Kerr's, Norway's Jakob Ingebrigtsen, Nuguse, Kerr, Yavi, Beatrice Chepkoech, Yomif, Lamecha, Lori Ewing, Ed Osmond Organizations: Weltklasse Diamond League, British Virgin Islands, Venezuela, Olympic, Thomson Locations: ZURICH, Budapest, Zurich, Hungary, British, Norwegian, Armand Duplantis of Sweden, Qatar, Bahrain, Kenya, Ethiopia

REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing RightsLONDON/TOKYO, Aug 30 (Reuters) - The euro eased against the dollar on Wednesday as investors looked to more labour market data in the U.S. and inflation data in the euro zone to provide clues on the path for central banks policies. "One key input to arrive at a final assessment is the inflation data this week," he added. The euro eased 0.2% to $1.0856. The dollar index - which measures the currency against six major peers including the yen and euro - edged 0.1% higher at 103.67. INTERVENTION TERRITORYThe dollar rose 0.38% to 146.43 yen .

Persons: Dado Ruvic, Benjamin Schroeder, pare, Matt Simpson, Jerome Powell, Naoki Tamura, bitcoin, cryptocurrency, Joice Alves, Kevin Buckland, Tom Westbrook, Miral Organizations: REUTERS, Reuters, Money, ECB, ING, Index, Fed, Bank of Japan, Reserve Bank of Australia, People's Bank of, Thomson Locations: TOKYO, U.S, Spain, Germany, Westphalia, NRW, People's Bank of China, London, Tokyo

☆ Dollar finds feet as investors await further clues on Fed path
▼ + stars: | 2023-08-30 | by ( Kevin Buckland | ) www.reuters.com time to read: +4 min

REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing RightsTOKYO, Aug 30 (Reuters) - The U.S. dollar on Wednesday clawed back some of the previous session's sharp declines as investors looked ahead to more labour market data for clues on the path for Federal Reserve policy. The dollar index - which measures the currency against six major peers including the yen and euro - added 0.09% to 103.64 as of the Asian afternoon. On Tuesday, it had surged to a 10-month peak at 147.375 leading into the JOLTS report, only to end the day with a 0.45% decline. The Aussie dollar dipped as much as 0.46% after the data but eventually shook the data off to trade little changed at $0.64775. The Chinese yuan weakened slightly in offshore trading to 7.3002 per dollar, but remained well above the Aug. 17 low of 7.3490.

Persons: Dado Ruvic, pare, Matt Simpson, Simpson, Naoki Tamura, Jerome Powell, bitcoin, cryptocurrency, we're, Chris Weston, Kevin Buckland, Tom Westbrook, Lincoln, Sam Holmes Organizations: REUTERS, Rights, U.S, Federal Reserve, U.S ., Treasury, Bank of Japan, Money, Fed, Reserve Bank of Australia, People's Bank of, Thomson Locations: People's Bank of China

Aug 28 (Reuters) - A look at the day ahead in Asian markets from Jamie McGeever, financial markets columnist. The Asian economic calendar is light, with only Japanese unemployment and the latest industrial production, trade and inflation figures from Vietnam on tap. Trading volumes should return to more normal levels with UK markets open again. Fellow real estate developer China Resources Land publishes half-year results on Tuesday, while Evergrande shares trade for a second day after Monday's long-awaited reopening. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: Jamie McGeever, Gina Raimondo, Terry Gou, Josie Kao Organizations: Stock, financials Bank of China, Garden, Land, U.S . Commerce, Washington, Apple, Monday, . Commerce, Thomson, Reuters Locations: Beijing, Vietnam, China, Ukraine, Japan

But it was U.S. Treasuries that hogged the limelight once again, with benchmark 10-year yields climbing to 4.366% - their highest level since 2007 and up almost 40 bps month-to-date - before losing some ground to 4.3141%. "There's a more cautiously optimistic mood across financial markets," said Fiona Cincotta, senior markets analyst at City Index in London. At the same time, however, inflation expectations have hardly budged - meaning "real" yields, which discount inflation expectations, have surged - a development likely to prompt investors to re-evaluate taking risks. The 10-year real rate breached 2% late last week. In Europe, benchmark bond yields in Germany, France and Italy eased after Monday's sharp climb , , .

Persons: BOJ's Ueda, Fiona Cincotta, Jackson, Padhraic Garvey, Vishnu Varathan, Kazuo Ueda, Karin Strohecker, Elizabeth Howcroft, Dhara Ranasinghe, Tom Westbrook, Chizu Organizations: REUTERS, Staff, Nvidia, Wall, Index, Federal Reserve, Treasury, ING . Markets, Fed, European Central Bank, Bank of England, Bank of Japan, Mizuho Bank, NVIDIA, Wednesday, Tech, P, Brent, Benchmark, Dalian, Thomson Locations: Frankfurt, Germany, Europe, Asia, U.S, London, Americas, Jackson Hole , Wyoming, Singapore, France, Italy

U.S. Dollar and Chinese Yuan banknotes are seen in this illustration taken January 30, 2023. Rising U.S. Treasury yields, with benchmark 10-year yields hitting 16-year highs on Tuesday, and unease over China have boosted the dollar this month. "What we're seeing is a bit of a pause," said Fiona Cincotta, senior markets analyst at City Index, in London. The U.S. dollar index - which measures the currency against six major counterparts, was a touch softer at 103.30, holding below Friday's 10-week highs at 103.68. The Australian dollar was 0.4% firmer at $0.6441 as global risk appetite recovered.

Persons: Dado Ruvic, Bond, Powell, Jackson, Fiona Cincotta, We've, Kazuo Ueda, Jerome Powell, Sterling, Lee Hardman, Dhara Ranasinghe, Kevin Buckland, Angus MacSwan, Bernadette Baum Organizations: REUTERS, U.S, Treasury, City Index, Bank of Japan, Federal, Thomson Locations: China, London, , Wyoming, U.S, Toyko

☆ Rupee caught between further rise in US yields, yuan recovery
▼ + stars: | 2023-08-22 | by ( Nimesh Vora | ) www.reuters.com time to read: +2 min

A customer hands Indian currency notes to an attendant at a fuel station in Mumbai, India, August 13, 2018. REUTERS/Francis Mascarenhas/File Photo Acquire Licensing RightsMUMBAI, Aug 22 (Reuters) - The Indian rupee is likely to open little changed on Tuesday on the back of a recovery in the Chinese yuan and other Asian currencies despite a further rise in U.S. yields. Asian currencies managed a recovery on Tuesday, despite the U.S. Treasury yields. The offshore yuan was back below 7.30 to the dollar on bets of tightening up of offshore yuan liquidity. China's major state-owned banks were seen actively mopping up the offshore yuan on Monday.

Persons: Francis Mascarenhas, Jerome Powell's, Powell, Nimesh Vora, Dhanya Ann Thoppil Organizations: REUTERS, Rights, Reserve Bank of, Treasury, Federal Reserve, ING Bank, ING, U.S, Brent, Thomson Locations: Mumbai, India, Reserve Bank of India

☆ China's state banks seen mopping up offshore yuan liquidity - sources
▼ + stars: | 2023-08-21 | by ( ) www.reuters.com time to read: +1 min

Coins and banknotes of China's yuan are seen in this illustration picture taken February 24, 2022. REUTERS/Florence Lo/Illustration/File Photo Acquire Licensing RightsSHANGHAI, Aug 21 (Reuters) - China's major state-owned banks were seen actively mopping up offshore yuan liquidity on Monday, three people with knowledge of the matter said, a move that raised the cost of shorting the Chinese currency. Tightening up offshore yuan liquidity could also act to stabilise the yuan, said one of the sources. The cost of shorting the yuan jumped, the sources said, as seen from sudden rises in offshore yuan tomorrow-next forward points . China's major state-owned banks were seen busy selling U.S. dollars to buy yuan in both onshore and offshore spot foreign exchange markets last week, sources told Reuters, in an attempt to arrest the yuan's rapid losses.

Persons: Florence Lo, Ed Osmond, Angus MacSwan Organizations: REUTERS, Rights, Reuters, Shanghai, Thomson

☆ China surprises with modest rate cut amid growing yuan risks
▼ + stars: | 2023-08-21 | by ( ) www.reuters.com time to read: +4 min

The one-year loan prime rate (LPR) was lowered by 10 basis points to 3.45% from 3.55% previously, while the five-year LPR was left at 4.20%. The 10 bp cut in the one-year rate was smaller than the 15 bp cut expected by most poll respondents. Most new and outstanding loans in China are based on the one-year LPR, while the five-year rate influences the pricing of mortgages. The reduction in the one-year LPR came after the People's Bank of China (PBOC) unexpectedly lowered its medium-term policy rate last week. Cheung added that the unexpected rate outcome should be "negative to China growth outlook and the yuan exchange rate".

Persons: Tingshu Wang, LPR, Masayuki Kichikawa, Ken Cheung, Cheung, Winni Zhou, Tom Westbrook, Kevin Buckland, Sam Holmes Organizations: People's Bank of China, REUTERS, Rights, Sumitomo Mitsui DS Asset Management, Mizuho Bank, Thomson Locations: Beijing, China, Rights SHANGHAI, SINGAPORE, Shanghai

☆ Dollar gains intact as China disappoints, traders eye Jackson Hole
▼ + stars: | 2023-08-21 | by ( ) www.cnbc.com time to read: +3 min

The yuan slid to the weak side of 7.3 per dollar despite a firm fixing of its trading range by the central bank. The Antipodean currencies often function as a liquid proxy for the yuan owing to the region's exports to China. Like the yuan, the yen is also on intervention-watch, having fallen to levels around which authorities stepped in last year. The Swiss franc was just above a six-week low made last week at 0.8817 per dollar. "Two things that may come across are: decades of ultra-low rates backed by ultra-low inflation may be over," said Vishnu Varathan, head of economics and strategy at Mizuho Bank in Singapore.

Persons: Jackson, Sterling, Jerome Powell, Vishnu Varathan Organizations: Federal, Treasury, New Zealand, Australian, Commonwealth Bank of Australia, Swiss, Mizuho Bank Locations: China, London, New York, Wyoming, Singapore

U.S. Dollar and Chinese Yuan banknotes are seen in this illustration picture taken June 14, 2022. The People's Bank of China (PBOC) set a much stronger-than-expected daily fixing, lifting the yuan from a 9-month low hit on Thursday. The yuan weakened against the dollar to 7.3060 in offshore trading after the PBOC set the official mid-point at 7.2006, more than 1,000 pips stronger than Reuters' estimate. China's economic troubles have deepened, with property developer China Evergrande (3333.HK) seeking Chapter 15 protection in a U.S. bankruptcy court. The Japanese yen strengthened 0.38% versus the greenback at 145.29 per dollar after reaching a nine-month low of 146.56 on Thursday.

Persons: Florence Lo, Joe Manimbo, it's, we've, Joseph Trevisani, that's, Hannah Lang, Joice Alves, Kevin Buckland, Sharon Singleton Organizations: REUTERS, Rights, People's Bank of China, Reuters, China, HK, U.S, Federal, Thomson Locations: U.S, Convera, China, Washington, London, Tokyo

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