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☆ China central bank ramps up liquidity support via policy loans, rate unchanged
▼ + stars: | 2023-10-16 | by ( ) www.reuters.com time to read: +2 min

Paramilitary police officers stand guard in front of the headquarters of the People's Bank of China, the central bank (PBOC), in Beijing, China September 30, 2022. REUTERS/Tingshu Wang/File photo Acquire Licensing RightsSHANGHAI, Oct 16 (Reuters) - China's central bank ramped up liquidity support to the banking system as it rolled over medium-term policy loans on Monday, but kept the interest rate unchanged as expected. It held the rate on the one-year policy loans at 2.50%, unchanged from the previous operation. With 500 billion yuan worth of MLF loans maturing, the PBOC is injecting fresh liquidity into the banking system. Market watchers polled by Reuters last week predicted no change to the MLF rate.

Persons: Tingshu Wang, PBOC, Stone Zhou, Xing Zhaopeng, Christian Schmollinger Organizations: People's Bank of China, REUTERS, Rights, Reuters, Global Markets, UOB, ANZ, Shanghai, Thomson Locations: Beijing, China, U.S, UOB China, Liaoning, Chongqing, United States

NEW YORK (AP) — Shares fell in Asia as investors braced Monday for an expected invasion by Israel in the Gaza Strip. On Friday, the price of a barrel of benchmark U.S. crude oil jumped $4.78 to settle at $87.69. Early Monday, U.S. crude oil was unchanged while Brent was up 3 cents at $90.92 a barrel. Worries about the war pulled Treasury yields lower, which often happens when investors head for safer investments during times of stress. The yield on the 10-year Treasury fell to 4.63% from 4.70% late Thursday.

Persons: —, Israel, Brent, Korea's Kospi, Australia's, Wells, JPMorgan Chase, Jamie Dimon, Todd Vasos Organizations: Economics, Markets, Nikkei, Nasdaq, Dow, Treasury, United Nations, Federal Reserve, JPMorgan Chase, JPMorgan, UnitedHealth, Wall, Dollar, U.S . Locations: Asia, Israel, Gaza, U.S, Hong Kong, Shanghai, Wells Fargo

The exception among major commodities was copper, where imports of the unwrought metal were up in September from August, but down from the year earlier month. Copper imports were 480,426 metric tons in September, up from August's 473,330, but down 5.8% from 509,954 in September last year. For the first nine months of 2023, unwrought copper imports were down 9.5% to 3.99 million metric tons. Crude oil imports were 11.13 million barrels per day (bpd) in September, down from August's 12.4 million bpd, although it's worth noting that August was third strongest month on record. IRON ORE, COALIron ore imports dropped to 101.18 million metric tons in October, down 4.9% from August's 106.42 million, but it's worth noting that August was the strongest month since October 2020.

Persons: Aly, China's, Lincoln Organizations: REUTERS, Rights, Reuters, Thomson Locations: Port, Shanghai, China, Rights LAUNCESTON, Australia, August's

☆ More Chinese companies vow share buybacks as market sags further
▼ + stars: | 2023-10-16 | by ( ) www.reuters.com time to read: +2 min

People cross a street during morning rush hour in front of the skyline of the central business district (CBD) in Beijing, China December 15, 2020. This follows more than a hundred Chinese companies committing to buybacks or withdrawing share sales in August after China imposed new rules as part of measures to shore up a sinking stock market as the country's post-COVID-19 recovery lost momentum. Its blue-chip stock index <.CSI300>, however, is near one-year lows as investor sentiment remained weak in recent months despite stimulus policies to shore up confidence. Meanwhile, more than 70 other companies in filings vowed that their major shareholders would not sell shares in the coming months, or withdrew plans to offload shares. Reporting by Jason Xue in Shanghai and Tom Westbrook in Singapore Editing by Marguerita ChoyOur Standards: The Thomson Reuters Trust Principles.

Persons: Thomas Peter, Jason Xue, Tom Westbrook, Marguerita Choy Organizations: REUTERS, Rights, China Petroleum & Chemical Corp, China Railway Construction Corp, China Mobile, Wanma Technology, GoodWe Technologies, Central Huijin Investment, Thomson Locations: Beijing, China, Shanghai, Singapore

☆ U.S. tackles loopholes in curbs on AI chip exports to China
▼ + stars: | 2023-10-16 | by ( ) www.cnbc.com time to read: +4 min

The latest crackdown on tech exports to China coincides with U.S. efforts to thaw difficult relations between the world's two largest economies. One, named the H800, has as much computing power at some settings used in AI work as the company's more powerful but blocked H100 chip. The U.S. now plans to introduce new guidelines for AI chips that will restrict certain advanced datacenter AI chips that are not currently captured, the U.S. official said. In order to keep AI chips the U.S. views as too powerful from China, the official said the U.S. planned to remove one of the parameters — the "bandwidth parameter" — it has used to restrict exports of certain AI data center chips. This would likely mean the speed at which AI chips talk to each other would be reduced.

Persons: Qilai Shen, Biden Organizations: Bitmain Technologies, Artificial Intelligence, Bloomberg, Getty, U.S, Reuters, U.S . Department of Commerce, Nvidia, The, Commerce Department Locations: Shanghai, China, Beijing, United States, Washington, The U.S, Santa Clara , California, U.S

☆ The Great China Boom is going bust
▼ + stars: | 2023-10-15 | by ( Linette Lopez | ) www.businessinsider.com time to read: +18 min

Unless dramatic action is taken, the future of China's economy is looking less like a young dynamo and more like an old, slow-moving blob. AdvertisementAdvertisementChinese President Xi Jinping has shifted the country's priorities from economic growth to a "technology and national-security race with the US." A faltering Chinese economy will suppress demand for commodities like oil seeds and grain, hitting US farmers especially hard. For the US economy, China as a workshop is much more important than China as a consumer. Now that China's economic supercycle is over, that may be the cycle we're about to witness.

Persons: We've, Xi Jinping, Lee Miller, it's, Xi's, —, Xu Jiayin, Charlene Chu, Chu, Chu —, Victor Shih, Shih, that's, they're, Zhang, Beijing's largess, Miller, It's, they'll, Chinese Communist Party that's, Anne Stevenson, Yang, isn't, Stevenson, Linette Lopez Organizations: Chinese Communist Party, CCP, Trust, Autonomous Research, Bloomberg, Autonomous, Century China Center, University of California, J Capital Research, Japan, Nike, Starbucks, WSJ, China, Companies Locations: China, Beijing, Cities, Shanghai, It's, Shenyang, metropolises, Shenzhen, Europe, Wall, —, University of California San Diego, Middle Kingdom, Mexico, Vietnam, New York City

SHANGHAI (AP) — American Solheim Cup player Angel Yin defeated top-ranked Lilia Vu on the first playoff hole to win the LPGA Shanghai tournament on Sunday for her first tour win. Both Yin and Vu finished at 14-under 274 on the Qizhong Garden Golf Club course forcing a playoff, where Yin made a birdie at the par-4 18th after Vu had narrowly missed her 20-foot birdie putt. It was 25-year-old Yin's first victory in her 159th start and she shared a warm embrace with compatriot Vu on her breakthrough win. Vu shot a 4-under 68, with six birdies and two bogeys, and was the clubhouse leader at 14-under, until Yin birdied the par-5 17th and then made par on the final hole to force a playoff. Two-time defending champion Danielle Kang of the United States shot 71 to finish five strokes back in a tie for 17th at 9 under.

Persons: Angel Yin, Lilia Vu, Vu, Yin, compatriot Vu, “, ” Yin, It’s, Maja Stark, Yin birdied, ” Vu, Choi Hye, Ariya Jutanugarn, Yu Liu, Esther Henseleit, Danielle Kang, ___ Organizations: SHANGHAI, —, Solheim, LPGA Shanghai, United Locations: United States, China, Asia, South Korea, Malaysia, Japan

☆ It’s official: The era of China’s global dominance is over
▼ + stars: | 2023-10-15 | by ( Linette Lopez | ) www.businessinsider.com time to read: +19 min

We've reached the end of an era for the Chinese economy. Unless dramatic action is taken, the future of China's economy is looking less like a young dynamo and more like an old, slow-moving blob. A faltering Chinese economy will suppress demand for commodities like oil seeds and grain, hitting US farmers especially hard. For the US economy, China as a workshop is much more important than China as a consumer. Now that China's economic supercycle is over, that may be the cycle we're about to witness.

Persons: We've, Xi Jinping, Lee Miller, it's, Xi's, —, Xu Jiayin, Charlene Chu, Chu, Chu —, Victor Shih, Shih, that's, they're, Jinping, Zhang, Miller, It's, they'll, Chinese Communist Party that's, Anne Stevenson, Yang, isn't, Stevenson, Linette Lopez Organizations: Chinese Communist Party, CCP, Trust, Autonomous Research, Bloomberg, Autonomous, Century China Center, University of California, J Capital Research, Japan, Nike, Starbucks, Companies Locations: China, Beijing, Cities, Shanghai, It's, Shenyang, metropolises, Shenzhen, Europe, Wall, —, University of California San Diego, Middle Kingdom, Mexico, Vietnam, New York City, United States

Box office receipts totaled 23.44 billion yuan ($3.2 billion) between June and September, the highest amount for that period in history, according to data from Dengta and Maoyan, China’s two major box office tracking apps. Ticket sales for the traditional high season between June and August soared to a record 20.6 yuan ($2.8 billion), smashing the previous summer peak of 17.8 billion yuan ($2.4 billion) recorded in 2019. “I’ve been a big fan of American and European movies,” Peng said. Powered by womenThat China’s recent box office boom has been driven by women is surprising given the gender imbalance in the country. So far this year, American films accounted for only about 14% of China’s box office, the second largest in the world, according to CNN calculations based on Dengta data.

Persons: Alibaba, ”, Stanley Rosen, Rosen, “, Fred Astaire, Ginger Rogers, Barbie ”, “ Oppenheimer, ” Perry Peng, she’s, “ We’ve, “ Barbie, “ I’ve, ” Peng, ” Pency Peng, Perry’s, Xuguang Chen, Chen, Kevin Tran, Tran Organizations: Hong Kong CNN, USC’s, China Institute, Warner Bros, CNN, School of Arts, Peking University, “, Morning, Hollywood Locations: China, Hong Kong, Dengta, United States, Shanghai, WarnerBros .

☆ Hurkacz wins thriller with Rublev to take Shanghai title
▼ + stars: | 2023-10-15 | by ( ) www.reuters.com time to read: +2 min

I had a match point and Andrey hit an amazing serve and then he had a match point and then I had some match points." Rublev broke Hurkacz's serve early in the second set but it was in the final set where the match really came to life. Rublev steadied himself to save match point and hold serve, and in the tiebreak he snatched early control to take a 3-0 lead. Two aces from the Polish player kept him in touch and at 5-6 down he served another ace to save match point. Both players broke serve again in quick succession to level the tiebreak at 8-8, but it was Hurkacz who had the last word and broke Rublev's serve again to win the title.

Persons: Poland's Hubert Hurkacz, China's Zhang Zhizhen, Aly, Hubert Hurkacz, Andrey Rublev, Hurkacz, Rublev, Andrey, Hurkacz's, Rublev steadied, Rublev's, Trevor Stynes, Christian Radnedge Organizations: Shanghai, Sports City Arena, Rights, Shanghai Masters, ATP, Miami, Thomson Locations: Shanghai, China, Russian

SHANGHAI (AP) — American Solheim Cup player Angel Yin shot a 7-under 65 on Saturday to move into a share of the third-round lead at the LPGA Shanghai tournament. Yin was tied with Maja Stark, who had a one-stroke lead after two rounds. Yin and Stark, who shot 70, had 12-under totals of 204 on the Qizhong Garden Golf Club course in the LPGA’s first return to China since 2019 because of the COVID-19 pandemic. Pavarisa Yoktuan of Thailand bogeyed her final hole for a 69 and was a shot back in third place. Yin's 65 was her best 18-hole score since the third round of the 2021 Honda LPGA Thailand.

Persons: Angel Yin, Yin, Maja Stark, Stark, Danielle Kang, ”, “ I’m, ” Yin, ___ Organizations: SHANGHAI, —, Solheim, LPGA Shanghai, United, Thailand Locations: China, Thailand, United States, Swedish, Asia, South Korea, Malaysia, Japan

☆ China FX regulator says CBDC features could improve monetary policy
▼ + stars: | 2023-10-13 | by ( ) www.reuters.com time to read: +2 min

China's official app for digital yuan is seen on a mobile phone next to 100-yuan banknotes in this illustration picture taken October 16, 2020. REUTERS/Florence Lo/Illustration/File photo Acquire Licensing RightsSHANGHAI, Oct 13 (Reuters) - A Chinese foreign exchange regulator official said "programmable features" of a central bank digital currency (CBDC) could help enhance the effectiveness of monetary policy tools, state media reported on Friday. China is among a host of countries developing their own CBDCs - digital tokens issued by central banks - although adoption is still in its early stages. Lu said he expected the People's Bank of China (PBOC) could explore the features to adjust rates of CBDC, which could also be used manage the macro economy. Transactions using China's CBDC, the e-CNY, hit 1.8 trillion yuan ($249.33 billion) at end-June.

Persons: Florence Lo, Lu Lei, Lu, Sam Holmes Organizations: REUTERS, Rights, State Administration of Foreign Exchange, Shanghai Securities News, People's Bank of China, Bank of International, Shanghai, Thomson Locations: China

☆ Exclusive: Star Chinese fund manager Wang detained and under investigation - sources
▼ + stars: | 2023-10-13 | by ( ) www.reuters.com time to read: +2 min

Oct 13 (Reuters) - Wang Yawei, a star fund manager in China, has been detained by authorities since August and is under investigation, according to three sources with knowledge of the matter. The 52-year-old founder of Qianhe Capital Management in Shenzhen and Top Ace Asset Management in Hong Kong is the latest high-profile Chinese business executive to be investigated or detained. His case relates to an investigation into Zhu Congjiu, a former senior official at China's top securities regulator, the sources said. Before setting up his own shop, Wang spent 14 years at China Asset Management Co (AMC), one of the country's largest mutual fund houses, as its vice-president and chief investment officer. Zhu is one of several former China Securities Regulatory Commission (CSRC) officials to come under scrutiny in recent years.

Persons: Wang Yawei, Zhu Congjiu, Wang, Zhu, Xi, Sumeet Chatterjee, Edwina Gibbs Organizations: Qianhe Capital Management, Asset Management, Communist, Central Commission, Ministry of Public Security, Qianhe, China Asset Management Co, AMC, China Securities Regulatory Commission, Shanghai bourse, Reuters, Thomson Locations: China, Shenzhen, Hong Kong, Zhejiang province

[1/2] High Representative of the European Union for Foreign Affairs and Security Policy Josep Borrell speaks during an event at Peking University in Beijing, China October 13, 2023. REUTERS/Xiaoyu Yin Acquire Licensing RightsBEIJING, Oct 13 (Reuters) - The European Union's foreign policy chief, Josep Borrell, urged China on Friday to redress economic and trade imbalances or efforts by Europe to reduce its dependence on China may "accelerate far more than is good". Borrell is on a three-day visit to China and is expected to have discussions on thorny issues including trade, Ukraine and human rights. "It is ... in our interest to find common ground, to redress the imbalance in our economic and trade relations," Borrell told students at the capital's prestigious Peking University. The trip was initially postponed in April after Borrell tested positive for COVID-19, and was then cancelled in June by China without citing a reason.

Persons: Josep Borrell, Borrell, Wang Yi, Lifeng, Laurie Chen, Albee Zhang, Philip Blenkinsop, Jamie Freed, Robert Birsel Organizations: European Union for Foreign Affairs, Peking University, REUTERS, Rights, EU, China Summit, Global Times, Thomson Locations: Beijing, China, Rights BEIJING, Europe, Ukraine, Shanghai, Russia, Brussels, Taiwan, EU, United States, decouple, Taiwan Strait

☆ Stock Market Today: JPMorgan, Wells Fargo Benefit From Higher Rates
▼ + stars: | 2023-10-13 | by ( ) www.wsj.com time to read: +1 min

U.S. stock futures and bond yields edged lower amid a string of results from major banks. JPMorgan Chase and Wells Fargo beat analysts' expectations for both earnings and revenue . Stock futures mostly edged down. Blackrock's stock fell in thin premarket trading, even though its earnings beat analysts' expectations. Treasury yields declined slightly.

Persons: Wells, Brent, Dow industrials, Hang Seng Organizations: JPMorgan Chase, Wells Fargo, Nasdaq, Shanghai, Japan’s Nikkei Locations: Europe

☆ China considers new stabilization fund to prop up stock market, Bloomberg reports
▼ + stars: | 2023-10-13 | by ( ) www.reuters.com time to read: +1 min

People stand at a shopping mall near the CCTV headquarters and China Zun skyscraper, in Beijing's central business district (CBD), China September 7, 2023. REUTERS/Tingshu Wang//File Photo Acquire Licensing RightsOct 12 (Reuters) - China is considering creating a state-backed stabilization fund to shore up confidence in its equity markets, Bloomberg News reported on Thursday. The plan calls for the fund to have access to total capital of up to hundreds of billions of yuan, the report said, adding that implementation details have not been finalized and there could be a chance the proposal will be scrapped. This move comes as China's "Big Four" state banks said late on Wednesday that their controlling state parent shareholder Central Huijin Investment bought their Shanghai-traded shares, and plans to further increase its holdings in the next six months. Reporting by Jyoti Narayan in Bengaluru; Editing by Sonali PaulOur Standards: The Thomson Reuters Trust Principles.

Persons: Tingshu Wang, Jyoti Narayan, Sonali Paul Organizations: REUTERS, Bloomberg, Financial, China Securities Regulatory Commission, Central Huijin Investment, Thomson Locations: China, Beijing's, Shanghai, Bengaluru

Traders work on the floor of the London Metal Exchange in London, Britain, September 27, 2018. Rebuilding the London nickel contract is clearly very much work in progress. FIXING NICKELOthers, meanwhile, are looking to muscle into the LME's nickel price discovery domain. The Shanghai market also took a big collateral hit from the London turmoil, volumes on its nickel contract collapsing by 53% last year relative to 2021. The blow-out of the nickel contract and the resulting near-death experience of both brokers and exchange have sapped confidence in the historical market of last resort.

Persons: Simon Dawson, Elliott, Nicolas Aguzin, Matthew Chamberlain, hasn't, it's, Ireland's, Kirsten Donovan Organizations: London Metal Exchange, REUTERS, U.S, Elliott Associates, Jane, Trading, Hong Kong Exchanges, HK, Bloomberg, London, Global Commodities Holdings, Abaxx Commodities Exchange, Canadian, Technologies Inc, Shanghai Futures Exchange, EV, CME, Reuters, Thomson Locations: London, Britain, London's, China, Shanghai, U.S

HONG KONG (AP) — Asian markets slipped on Friday following a decline on Wall Street driven by mounting pressure from rising bond market yields. The Hang Seng in Hong Kong slipped 2.2% to 17,846.49 and the Shanghai Composite index fell 0.6% to 3,088.10. Japan’s Nikkei 225 index fell 0.6% to 32,315.99. On Thursday, the S&P 500 fell 0.6% to 4,349.61. The stock market has largely been taking its cues from the bond market recently.

Persons: Australia’s, Taiwan’s Taiex, Wells, Brent Organizations: National Bureau of Statistics, Japan’s Nikkei, Dow Jones, Nasdaq, Delta Air Lines, Ford Motor Co, United Auto Workers, Detroit, Treasury, Federal Reserve, Citigroup, JPMorgan Chase, UnitedHealth Group, New York Mercantile Exchange, U.S . Locations: HONG KONG, China, Hong Kong, Shanghai, South Korea, Bangkok, Louisville , Kentucky, Wells Fargo, Gaza

☆ The CEO of $800 million startup SuperOrdinary explains why he's betting on live shopping and creators as it raises new funding to expand
▼ + stars: | 2023-10-13 | by ( Sydney Bradley | ) www.businessinsider.com time to read: +6 min

SuperOrdinary wants to be the next unicorn out of the creator economy — and it's betting on live shopping and influencers to get there. Why SuperOrdinary is bullish on live shoppingWhile live shopping has had a lukewarm appeal in the US, SuperOrdinary sees itself as a potential breakthrough. "SuperOrdinary has been live shopping or livestreaming since the beginning of the company," Reis said. The key to cracking live shopping isn't just discounts, Reis added, but fine-tuning the experience for the American consumer. "We really think that the consumer here is slowly moving across to more entertainment-style shopping," Reis said.

Persons: SuperOrdinary, Julian Reis, Reis, Fanfix, " Reis, We've, TikTok, Addison, Sephora, MrBeast, Jen Atkin's, David Yi's skincare Organizations: Intelligence, Bizrate, Brands Locations: Shanghai, Los Angeles, Indonesia

☆ Country Garden founding family provides $300 mln loan, selling jet - report
▼ + stars: | 2023-10-13 | by ( ) www.reuters.com time to read: +1 min

The company logo of Chinese developer Country Garden is pictured at the Shanghai Country Garden Center in Shanghai, China August 9, 2023. REUTERS/Aly Song/File Photo Acquire Licensing RightsHONG KONG, Oct 13 (Reuters) - The founding family of Country Garden (2007.HK) recently loaned the embattled Chinese property developer $300 million interest free, and the family was also trying to sell its private jet, a Chinese online news outlet, The Paper, reported on Friday. Another online news outlet, Cailianshe, reported earlier that founder Yeung Kwok Keung had already sold a new jet and was trying to sell another. Country Garden declined to comment. Country Garden's 30-day grace periods to make the missed coupon payments will start expiring next week.

Persons: Aly, Yeung Kwok Keung, Yeung, Mo Bin, Yang Huiyan, Clare Jim, Simon Cameron, Moore Organizations: Shanghai Country Garden, REUTERS, HK, Thomson Locations: Shanghai, China, HONG KONG, Shunde, Guangdong province

The stock market got a boost from that drop in longer-term yields, but it also felt a drag from rising shorter-term yields. Yields were mixed after a report showed inflation at the wholesale level was stronger last month than economists expected. Still, with the U.S. government racking up big deficits that require more borrowing, and buyers in shorter supply, the pressure has been mostly upward on Treasury yields. In energy trading, a further pullback in crude oil prices is helping to take some heat off inflation and support Wall Street. Oil prices have given back much of their strong gains from earlier this week, triggered by fighting in Gaza.

Persons: Sydney's, Hang Seng, ” Anderson Alves, ActivTrades, Rubeela Farooqi, ”, Gregory Daco, Brent Organizations: TOKYO, Palestinian, Hamas, Nikkei, U.S, Dow Jones, Nasdaq, Federal Reserve, Treasury, “ Fed, EY, Benchmark, New York Mercantile Exchange, Energy, Exxon Mobil, Natural Resources Locations: Israel, Hong, Shanghai, U.S . Federal, Lebanon, Iran, U.S, Gaza

☆ Chinese officials urge calm after Evergrande fears reportedly spark small bank run
▼ + stars: | 2023-10-12 | by ( Laura He | ) edition.cnn.com time to read: +5 min

Depositors lined up at the bank in Cangzhou, in Hebei province, to withdraw their money, according to photos and videos circulated online this week, prompting an appeal for calm by officials. The bank has a statement from the city government posted at its entrance, assuring the public that their deposits are safe, Yicai said. It was unclear how many depositors took part in the bank run or how much they withdrew. Central Huijin Investment, an arm of China’s sovereign wealth fund, bought tens of millions of shares in Bank of China, Agricultural Bank of China, China Construction Bank and Industrial and Commercial Bank of China, according to separate stock exchange filings made by the banks. The best performer has been China Construction Bank, which was up 5.6% in Hong Kong and 2.7% in Shanghai.

Persons: Hong Kong CNN —, ”, Evergrande, Xu Jiayin, Yicai, Weeks, ’, —, Martha Zhou Organizations: Hong Kong CNN, Police, CNN, Bank of Cangzhou, Bank, Huijin Investment, Bank of China, Agricultural Bank of, China Construction Bank, Industrial, Commercial Bank of China Locations: China, Hong Kong, Cangzhou, Hebei province, city’s, Beijing, Henan, Bank, Agricultural Bank of China, Shanghai

SummaryCompanies China's Vivo faces growing trouble as executive arrestedIndian agency's court filing accuses company of visa violationsChinese nationals went to "sensitive" border areas, agency saysVivo, India's No. "Many employees of Vivo group companies worked in India without appropriate visas," the agency said in the filing. "They have concealed information regarding their employer in their visa applications and cheated the Indian embassy or missions in China." China's foreign ministry, which said this week it was closely following the case, did not respond to a Reuters request for comment. In their decades-old border dispute, both India and China claim large tracts of land controlled by the other in the western Himalayas.

Persons: Guangwen Kuang, Arpan Chaturvedi, Aditya Kalra, Brenda Goh, David Kirton, Krishn Kaushik, Clarence Fernandez Organizations: Indian, Vivo, Krishn, Thomson Locations: DELHI, Jammu, Kashmir, Beijing, New Delhi, India, Ladakh, Vivo, China, Shanghai, Shenzhen

☆ China's 'Big Four' banks rally after state wealth fund boosts stake
▼ + stars: | 2023-10-12 | by ( Shreyashi Sanyal | ) www.cnbc.com time to read: +1 min

Bank of China is one of the major state-owned banks in China. China's sovereign wealth fund, Central Huijin Investment, increased its stake in four of the country's biggest banks late Wednesday in what is seen as a move to renew confidence in its stock market. Bank Of China, Agricultural Bank of China, Industrial and Commercial Bank of China and China Construction Bank shares rose between 2.43% and 4.73% in early trading on Thursday, while the broader CSI 300 index gained 0.69%. Central Huijin boosted its stake in each lender by 0.01 percentage point for the first time since 2015. Investor confidence in China's stock markets has been shaken by turmoil in its real estate sector as property giants such as Evergrande and Country Garden struggled to repay debt.

Persons: Hao Hong Organizations: of, Central Huijin Investment, Bank Of China, Agricultural Bank of China, Industrial, Commercial Bank of, China Construction Bank, Central Huijin, Grow Investment, Investor, Garden, CSI Locations: of China, China, Shanghai, Commercial Bank of China, Central

A man stands near a screen showing news footage of Chinese President Xi Jinping at the China Securities Regulatory Commission (CSRC) building on the Financial Street in Beijing, China July 9, 2021. The China Securities Regulatory Commission (CSRC) has told brokerages to stop offering securities trading from offshore accounts such as Hong Kong to new mainland investors, according to a Sept. 28 notice issued by its Shanghai unit. Activities now considered illegal include cross-border securities broking, securities lending, fund sales and investment consulting, according to the notice. The use of offshore brokerage accounts in Hong Kong entails converting yuan to other currencies. They can also use some foreign brokerage platforms outside mainland China if they have funds parked in offshore locations.

Persons: Xi Jinping, Tingshu Wang, brokerages, Shujin Chen, Guotai Junan, Selena Li, Zhen, Julie Zhu, Sumeet Chatterjee, Edwina Gibbs Organizations: China Securities Regulatory Commission, REUTERS, Reuters, outflows, Jefferies, Citic Securities, HK, Haitong Securities, Hong Kong, Futu Holdings, Fintech Holding, May, Hong, Stock, Hwabao Securities, Thomson Locations: Beijing, China, HONG KONG, Hong Kong, Shanghai, outflows

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