DIRS.INFO The most relevant business & tech news

☆ Why It’s So Hard for China to Fix Its Real Estate Crisis
▼ + stars: | 2023-08-22 | by ( Keith Bradsher | More About Keith Bradsher | ) www.nytimes.com time to read: +1 min

The head of the central bank, fielding questions at a rare news conference, said that China would make it easier to get home mortgages. Vast sums were also lent to local governments, allowing them to splurge on new roads and rail lines. For China, it was a familiar response to economic trouble. Today, as China faces another period of deep economic uncertainty, policymakers are drawing on elements of its crisis playbook, but with little sign of the same results. It has become considerably harder for China to borrow and invest its way back to economic strength.

Persons: Zhou Xiaochuan Locations: China

☆ 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

☆ Yield gap between China and US widens to highest since 2007 after surprise rate cut
▼ + stars: | 2023-08-16 | by ( ) www.reuters.com time to read: +3 min

And markets widely expect the PBOC to loosen monetary policy further. But the divergent monetary policy paths between the world's two largest economies widened the yield gap to 164 basis points between China's benchmark 10-year government bonds and U.S Treasuries s - the highest since February 2007. "More broadly, recent economic data releases in China have been disappointing, while those in the U.S. have surprised to the upside." The widening yield gap reduced foreign appetite in China's onshore yuan bonds, with latest official data showing overseas investors' holding declined in July. But the expectations for further monetary easing and capital outflow risks has pressure on the Chinese yuan to depreciate further.

Persons: Janet Yellen, Mark Schiefelbein, David Chao, Eugenia Victorino, SEB, Winni Zhou, Tom Westbrook, Simon Cameron, Moore Organizations: Rights, People's Bank of China, Asia, Thomson Locations: United States, Diaoyutai, Beijing, China, Rights SHANGHAI, SINGAPORE, Invesco, U.S, Asia

☆ China central bank unexpectedly cuts rates to support sputtering economy
▼ + stars: | 2023-08-15 | by ( ) www.reuters.com time to read: +3 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 PhotoSHANGHAI/SINGAPORE, Aug 15 (Reuters) - China's central bank unexpectedly cut key policy rates for the second time in three months on Tuesday, in a fresh sign that the authorities are ramping up monetary easing efforts to boost a sputtering economic recovery. Analysts said the move opened the door to a potential cut in China's lending benchmark loan prime rate (LPR) next week. In a Reuters poll of 26 market watchers conducted this week, 20 participants, or 77%, predicted that the central bank would leave the MLF rate unchanged. The PBOC lowered key policy rates in June to prop up the broad economy, but data has been increasingly weak since.

Persons: Tingshu Wang, Tommy Wu, Ken Cheung, Winni Zhou, Rae Wee, Kim Coghill, Jamie Freed Organizations: People's Bank of China, REUTERS, Mizuho Bank, Thomson Locations: Beijing, China, SHANGHAI, SINGAPORE, United States

☆ 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

☆ The macroeconomic picture is relatively challenging in China, economist says
▼ + stars: | 2023-08-15 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailThe macroeconomic picture is relatively challenging in China, economist saysHao Zhou, chief economist at Guotai Junan International, says Chinese policymakers will prevent an economic slump and try to deliver on its growth target of 5% this year.

Persons: Hao Zhou Organizations: Guotai Locations: China

☆ China c.bank seen leaving policy loan rate unchanged on Tuesday
▼ + stars: | 2023-08-14 | by ( ) www.reuters.com time to read: +3 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 PhotoSHANGHAI/SINGAPORE, Aug 14 (Reuters) - China's central bank is expected to keep rates on its medium-term policy loans unchanged on Tuesday, a Reuters survey showed, despite fresh signs the economic recovery is losing momentum. The People's Bank of China (PBOC) last lowered the rate by 10 basis points to 2.65% in June. "We believe more pro-growth policies are warranted to support the economic growth, and further easing in monetary policy can be expected," analysts at BofA Global Research said. They expect a 15-basis-point cut in one-year loan prime rate (LPR) in total in the third quarter of the year.

Persons: Tingshu Wang, Li Hongwei, Zhou, Tom Westbrook, Jacqueline Wong Organizations: People's Bank of China, REUTERS, HSBC, BofA Global Research, July's, Thomson Locations: Beijing, China, SHANGHAI, SINGAPORE, United States, Shanghai, Singapore

CNN —China’s civilian spy agency has exposed a Chinese national for allegedly providing sensitive military information to the CIA, the latest in a string of highly public espionage accusations between Washington and Beijing. Zeng was allegedly offered “a huge amount” of money and immigration to the US for his family, in exchange for sensitive information about the Chinese military, the statement said. China’s announcement about the alleged CIA spy came a week after two US Navy sailors in California were arrested for allegedly providing sensitive US military information to Chinese intelligence officers. China’s Ministry of State Security is a civilian agency that oversees intelligence and counterintelligence both within China and overseas. China’s military also has its own intelligence agency.

Persons: CNN —, Zeng, ”, Xi Jinping Organizations: CNN, CIA, China’s Ministry of State Security, US, FBI, China’s Communist Party, The New York Times Locations: Washington, Beijing, Italy, China, California, United States, Russia

☆ Reaction to China inflation data
▼ + stars: | 2023-08-09 | by ( ) www.reuters.com time to read: +5 min

Below are comments from analysts on the inflation data:XING ZHAOPENG, SENIOR CHINA STRATEGIST, ANZ, SHANGHAI"Both CPI and PPI in year-on-year terms fell into negative territory and confirmed economic deflation. "With destocking and credit expansion, we expect PPI and CPI will rebound from the bottom in the fourth quarter. The CPI deflation may put more pressure on the government to consider additional fiscal stimulus to mitigate the challenge." XIA CHUN, CHIEF ECONOMIST, YINTECH INVESTMENT HOLDINGS, HONG KONG"The lower inflation data reflects weak demand on the mainland, which is biggest challenge facing China's economy. It also shows China's slower-than-expected economic rebound is not strong enough to offer the weaker global demand and lift commodity prices."

Persons: XING ZHAOPENG, CHUAN, FRANCES CHEUNG, Rather, ZHIWEI ZHANG, MARCO SUN, XIA CHUN, GARY NG, Liangping Gao, Ellen Zhang, Winni Zhou, Samuel Shen, Li Gu, Sam Holmes Organizations: ANZ, CPI, PPI, OCBC, SHANGHAI, MUFG BANK, ASIA PACIFIC, Thomson Locations: BEIJING, CHINA, SHANGHAI, China, SINGAPORE, HONG KONG, Japan, Beijing, Shanghai, Hong Kong

☆ Bank of America breaks down the 4 cities facing the biggest housing shortages right now — and the 3 where there's still plenty of room
▼ + stars: | 2023-08-08 | by ( Mark Reeth | ) www.businessinsider.com time to read: +7 min

A recent report by the Bank of America Institute compared population with housing supply. San Antonio, Dallas, Orlando, and Houston have high population growth and low housing supply. Anna Zhou, an economist at the Bank of America Institute, said in a recent report that housing supply is unusually constrained right now, as measured by months' supply. Finally, cities in the upper-left quadrant identified in red have high housing supply but a declining population, putting them in the "cold" group. Zhou highlighted San Antonio, Dallas, Orlando, and Houston as among the "hot" cities experiencing high population growth coupled with low housing supply.

Persons: Anna Zhou, Zhou, That's, US . Bank of America Zhou Organizations: Bank of America Institute, Houston, Bank of America, National Association of Realtors, US . Bank of America, BofA Global Research, Jacksonville, Las Vegas, Portland , Oregon ., Portland , Oregon . Los Angeles Locations: San Antonio, Dallas, Orlando, Cities, Tampa, Jacksonville, Antonio, Houston, 2Q24, St, Louis, Detroit, Miami, droves, Jacksonville , Florida, Columbus , Ohio, Charlotte, Nashville, San Francisco , New York, Boston, Portland , Oregon, Portland , Oregon . Los

A gentle downtrend in foreign direct investment gave way to a steep drop last quarter and inflows to China slammed to their lowest since records began 25 years ago, raising the prospect that the long-term trend is turning. Sources have told Reuters the Biden administration is likely to adopt new outbound investment restrictions on China in the coming weeks. Japan, the U.S. and Europe have already restricted the sale of high-tech chipmaking tools to Chinese companies while China has hit back by throttling exports of raw materials. To be sure, investment flows often fluctuate and many firms aren't leaving China completely or aren't leaving at all. "A lot of our clients are worried about their exposure to China as a sole country of supply."

Persons: Carlos Barria, Deng Xiaoping, Logan Wright, Biden, John Ramig, Buchalter, Daniel Seeff, Cardigan, Chi Lo, Lee Smith, Baker Donelson, Samuel Shen, Tom Westbrook, Winni Zhou, Jacqueline Wong Organizations: REUTERS, Corporate, China Markets, China's, Administration of Foreign Exchange, Investors, Reuters, Oxford Economics, Ministry of Commerce, Management, Thomson Locations: Pudong, Shanghai, SHANGHAI, SYDNEY, China, Japan, U.S, Europe, Haining, Peru, Hong Kong, Baker, Singapore

☆ Analysis-China's stubborn savers risk precipitating liquidity trap
▼ + stars: | 2023-08-04 | by ( Winni Zhou | Rae Wee | ) www.reuters.com time to read: +5 min

“Based on Japan’s experience in the 1990s, there is the risk that China is entering a liquidity trap due to the risks of balance-sheet recession,” said Natixis’s chief economist for Asia Pacific Alicia Garcia Herrero. Fan Gang, a prominent economist and former adviser to the central bank, told a forum in June that China faces a liquidity trap but not a Japan-style deflationary morass. Yet about 180 domestic A-share companies say in their stock filings that they have invested in CDs this year. China’s 220 million retail stock investors, equivalent to Brazil’s population and the biggest drivers of daily moves, have kept to the sidelines this year. “I wouldn’t pour money into the stock market any time before I see a clear rising trend,” he said.

Persons: Florence Lo, ”, Asia Pacific Alicia Garcia Herrero, “, Byron Gill, ‘, ” Gill, Betty Wang, Wu, ” Wu, John Organizations: REUTERS, Companies, Asia Pacific, Pacific Opportunities Fund, U.S, Bank, ANZ, Eastroc Beverage, China Merchants Bank, Bank of Ningbo’s Locations: SHANGHAI, SINGAPORE, Japan, China, Bank, Shanghai

Analysts see the same lack of confidence in today's Chinese households and companies that Japan grappled with in the 1990s. But in China's case there is a key difference; there is no deflationary threat yet, nor have banks switched off lending. Fan Gang, a prominent economist and former adviser to the central bank, told a forum in June that China faces a liquidity trap but not a Japan-style deflationary morass. China's policymakers have cut rates and encouraged banks to lend more in efforts to revive economic growth after the pandemic. China's 220 million retail stock investors, equivalent to Brazil's population and the biggest drivers of daily moves, have kept to the sidelines this year.

Persons: Florence Lo, Asia Pacific Alicia Garcia Herrero, Byron Gill, Gill, Betty Wang, Wu, John, Winni Zhou, Rae Wee, Vidya Ranganathan, Shri Navaratnam Organizations: REUTERS, Companies, Asia Pacific, Pacific Opportunities Fund, U.S, Bank, ANZ, Eastroc Beverage, China Merchants Bank, Bank of Ningbo's, Thomson Locations: SHANGHAI, SINGAPORE, Japan, China, Bank, Shanghai, Singapore

☆ Factbox: China's measures to slow yuan depreciation
▼ + stars: | 2023-08-01 | by ( ) www.reuters.com time to read: +4 min

Coins and banknotes of China's yuan are seen in this illustration picture taken February 24, 2022. The informal instruction, or the so-called window guidance, was meant to slow the pace of yuan depreciation, the sources said. China's yuan has lost 3.6% against the dollar to 7.16 per dollar, becoming one of the worst performing Asian currencies. ** July 20, 2023China's major state-owned banks were seen selling dollars to buy yuan in the offshore spot market in early Asian trades, sources with direct knowledge of the matter said. ** June 29, 2023China's major state-owned banks were seen selling dollars for yuan in the onshore spot foreign exchange market, sources with knowledge of the matter said.

Persons: Florence Lo, Winni Zhou, Vidya Ranganathan, Susan Fenton Organizations: REUTERS, People's Bank of China, prudential, Reuters, Thomson Locations: China

☆ Pan Gongsheng: China's new central bank governor faces daunting tasks
▼ + stars: | 2023-07-26 | by ( Laura He | ) edition.cnn.com time to read: +4 min

Hong Kong CNN —China has a new central bank governor. He replaced Yi Gang, who took office in March 2018, when China’s longest-serving central banker Zhou Xiaochuan stepped down after a 15-year tenure. He was previously a deputy governor of the PBOC and has served as head of China’s foreign exchange regulator since 2016, managing currency reserves worth $3.18 trillion. In China’s political system, the Communist Party boss is usually the top official in the relevant organization, be it a level of government or a public institution. In March, Beijing created a powerful financial watchdog run by the Communist Party, named the Central Financial Commission, as part of a broad reform of governing bodies to strengthen the party’s oversight of economic affairs.

Persons: Pan Gongsheng, Yi Gang, Zhou Xiaochuan, Xi Jinping, Xi, ”, Ken Cheung, Zhou Organizations: Hong Kong CNN, People’s Bank of China, Communist Party, Renmin University of China, Cambridge University, Harvard University, Xinhua, Mizuho Bank, Central Financial Commission, Financial Regulatory Locations: Hong Kong, China, Beijing

☆ Hamilton pips Verstappen for record pole in Hungary
▼ + stars: | 2023-07-22 | by ( Alan Baldwin | ) www.reuters.com time to read: +3 min

We've been pushing so hard over this time to finally get a pole and it just feels like the first time." Every session has been up and down," said Verstappen, who had been chasing his sixth pole in a row. McLaren's Lando Norris qualified third with Australian rookie team mate Oscar Piastri alongside and Alfa Romeo's Guanyu Zhou fifth. The Australian, a winner in Hungary with Red Bull in 2014, will start 13th with Tsunoda 17th on the grid. China's Zhou was fastest in the first phase on hard tyres, with Norris quickest in phase two on mediums.

Persons: Hamilton, Verstappen, Norris, Lewis Hamilton, Max Verstappen, Briton, It's, I've, hoarse, I’ve, We’re, McLaren's Lando Norris, Oscar Piastri, Alfa Romeo's, Zhou, Ferrari's Charles Leclerc, Valtteri, Alfa Romeo, Fernando Alonso, Aston Martin, Red Bull's Sergio Perez, Haas's Nico Hulkenberg, George Russell, Russell, Daniel Ricciardo, Yuki Tsunoda, Red Bull, Ferrari's Carlos Sainz, Alonso pipped, China's Zhou, Alan Baldwin, Frances Kerry Organizations: Hamilton, Australian, Alfa, Aston, Verstappen, Miami, Tsunoda, Christian, Thomson Locations: Hungary, Hungarian, Saudi Arabia, Japanese, London

☆ China keeps lending benchmarks unchanged; economic weakness tests policymakers
▼ + stars: | 2023-07-20 | by ( ) www.reuters.com time to read: +2 min

SHANGHAI/SINGAPORE, July 20 (Reuters) - China left its lending benchmarks unchanged on Thursday, after the central bank stood pat on a key policy rate earlier this week even as signs of a faltering economic recovery called for more stimulus. The one-year loan prime rate (LPR) was kept at 3.55%, while the five-year LPR was unchanged at 4.20%. The steady LPR fixings come as the People's Bank of China (PBOC) rolled over maturing medium-term policy loans and kept the interest rate unchanged earlier this week. The medium-term lending facility (MLF) rate serves as a guide to the LPR and markets mostly use the MLF rate as a precursor to any changes to the lending benchmarks. Most new and outstanding loans in China are based on the one-year LPR, while the five-year rate influences the pricing of mortgages.

Persons: Winni Zhou, Tom Westbrook, Jacqueline Wong Organizations: United, People's Bank of China, Thomson Locations: SHANGHAI, SINGAPORE, China, United States

HONG KONG, July 20 (Reuters) - Fans from Hong Kong and around the world gathered at the feet of a Bruce Lee statue on Thursday to pay tribute to the late kung fu legend on the 50th anniversary of his untimely death. Those who traveled to Hong Kong for the anniversary included people from mainland China, Asia and Europe. "I have loved Bruce Lee since I was very young," said Bruce Shin from South Korea who sported a brush cut and large framed sunglasses, imitating Lee. HKTB2016 REUTERS/Tyrone Siu/File PhotoLee's contributions to martial arts and popular culture have inspired legions of global fans. said Wong Yiu-keung, the chairman of the local Bruce Lee Club.

Persons: Bruce Lee, Hong, Lee, Bruce Shin, Shin, Mei Zhiyong, HKTB2016, Tyrone Siu, Chun, Kung Fu, Ip, Wong Yiu, Bruce Lee Club, Sophie Uekawa, James Pomfret, Emma Rumney Organizations: Harbour, South Korea, HKTB2016 REUTERS, Thomson Locations: HONG KONG, Hong Kong, China, Asia, Europe, South, San Francisco, British, Japan

☆ Some student-loan borrowers could be facing payments of over $500 this fall, a new study says — and they'll probably have to dip into their savings to afford it
▼ + stars: | 2023-07-19 | by ( Ayelet Sheffey | Noah Sheidlower | ) www.businessinsider.com time to read: +5 min

At the end of June, the Supreme Court struck down President Joe Biden's plan to cancel up to $20,000 in student debt for federal borrowers. To attempt to mitigate the shock of the payment resumption, the Education Department at the end of June announced a series of temporary safeguards. Once repayment starts, those high-income borrowers may have to use those savings to pay the new student loan bills. Zhou said borrowers making less than $250,000 a year cannot support their total spending with the student loan payments. This means nearly all student debt holders will need to adjust their spending behaviors when payments resume.

Persons: TransUnion, Joe Biden's, Biden, Liz Pagel, we're, Anna Zhou, Zhou Organizations: Service, Education Department, UBS, Bank of America Institute, Bank of America, Consumers Locations: Wall, Silicon

☆ Llama copyright drama: Meta stops disclosing what data it uses to train the company's giant AI models
▼ + stars: | 2023-07-18 | by ( Alistair Barr | ) www.businessinsider.com time to read: +5 min

The company didn't disclose what training data was used to train Llama 2. The AI industry typically shares many details of AI training data sets. One way to avoid the issue is to just not tell anyone what data you used to train your AI model. Until now, the AI industry has been open about the training data used for models. That last data set made up more than two-thirds of the information Meta used to train LLaMA.

Persons: Meta, Rupert Murdoch, Sarah Silverman's, OpenAI, Halimah DeLaine Prado, Meta's, Sharon Zhou Organizations: Publishers, Wall Street Journal, Big Tech, Microsoft, SEC, European Union, Google, Meta Locations: EU

☆ China rolls over medium-term policy loans, rate unchanged
▼ + stars: | 2023-07-17 | by ( ) www.reuters.com time to read: +2 min

SHANGHAI/SINGAPORE, July 17 (Reuters) - China's central bank rolled over maturing medium-term policy loans and kept the interest rate unchanged as expected on Monday, however markets expect authorities will need to unleash more stimulus to support slowing economic growth. The People's Bank of China (PBOC) said it was keeping the rate on 103 billion yuan ($14.43 billion) worth of one-year medium-term lending facility (MLF) loans to some financial institutions unchanged at 2.65%. In a Reuters poll conducted last week, market participants predicted no change to the MLF rate. Traders and analysts said the rate decision was well expected after the central bank lowered key policy rates last month. With 100 billion yuan worth of MLF loans set to expire this month, the operation resulted a net 3 billion yuan fresh fund injection into the banking system.

Persons: Goldman Sachs, Winni Zhou, Tom Westbrook, Kim Coghill, Sam Holmes Organizations: People's Bank of China, Traders, Communist Party, Goldman, Thomson Locations: SHANGHAI, SINGAPORE, United States, China

☆ China central bank rolls over medium-term policy loans, rate unchanged
▼ + stars: | 2023-07-17 | by ( ) www.reuters.com time to read: +1 min

SHANGHAI/SINGAPORE, July 17 (Reuters) - China's central bank rolled over maturing medium-term policy loans while keeping the interest rate unchanged on Monday, matching market expectations. The People's Bank of China (PBOC) said it was keeping the rate on 103 billion yuan ($14.43 billion) worth of one-year medium-term lending facility (MLF) loans to some financial institutions unchanged at 2.65% from the previous operation. With 100 billion yuan worth of MLF loans set to expire this month, the operation resulted a net 3 billion yuan fresh fund injection into the banking system. The central bank also injected 33 billion yuan through seven-day reverse repos while keeping borrowing costs unchanged at 1.90%, it said in an online statement. China's central bank lowered key policy rates in June to prop up the cooling economy.

Persons: Winni Zhou, Tom Westbrook, Kim Coghill Organizations: People's Bank of China, Thomson Locations: SHANGHAI, SINGAPORE

☆ A recent drill hints at the lessons China's military is learning from the war in Ukraine
▼ + stars: | 2023-07-17 | by ( Minnie Chan | South China Morning Post | ) www.businessinsider.com time to read: +3 min

Zhou Chenming, a researcher with the Beijing-based Yuan Wang military science technology think tank, said the PLA was learning from the Russian army, especially about the use of drones. Retired PLA instructor Song Zhongping said the scenarios in the CCTV programme appeared to mirror combat conditions in Ukraine. "The Ukraine war has inspired many militaries in their modernisation efforts," Song said. "The PLA has kept a close eye [on the Ukraine war] to update training." The 82nd Army Group, formerly the 38th Army Corps, is mainly responsible for the security of Beijing.

Persons: Liu Chen, Liu, Zhou Chenming, Yuan Wang, VCG, Zhou, Song Zhongping, Wu Xiaofei, Wu Organizations: Service, PLA, Army's 82nd Army Group, Changchun Air Show, 82nd Army Group, 38th Army Corps, CCTV Locations: Ukraine, Wall, Silicon, Hebei province, Beijing, Russian, Ukrainian

☆ I commuted from LA to UC Berkeley by plane to avoid paying Bay Area rent. It cost me around $6,000 — and I didn't miss a single class.
▼ + stars: | 2023-07-13 | by ( Hannah Towey | ) www.businessinsider.com time to read: +8 min

Bill Zhou flew to UC Berkeley from Los Angeles three times a week for an academic year to avoid paying Bay Area rent. This is an as-told-to essay based on conversations with and Reddit posts written by Bill Zhou, a 26-year-old transportation engineer. Bay Area rent for a private bedroom and bathroom is super expensive, and I didn't feel justified in spending that much money. Courtesy of Bill Zhou / Photo by Heyang QiuI scheduled all my classes to fall on Monday, Wednesday, and Friday. Also, it was affordable only because I had so many flight miles.

Persons: Bill Zhou, I've, Heyang Qiu, Heyang Qiu I, they're, it's Organizations: UC Berkeley, University of California, Alaska Airlines, Valentine's, Los Angeles International Airport, LAX, TSA, BART, AC, San Francisco International Airport, California, Patrol Locations: Los Angeles, Hong Kong, London, Berkeley, LA, Bay, San Francisco, Oakland

July 13 (Reuters) - Qingdao city in China's debt-laden Shandong province has set up a company to bail out its cash-strapped local government financing vehicles (LGFVs), sources said, as regional governments rush to reduce debt risks in a wobbly economy. The government of Qingdao and the China Development Bank did not reply to Reuters' requests for comment. While no LGFV in China has defaulted in the public markets, cases of delinquencies in the private debt market are increasing, worrying Beijing. Tianjin LGFV bonds yield more than 514 bps over government bonds, compared with 200 bps for Shandong bonds, reflecting the elevated risks. Fund manager Zhou said although he is bullish on LGFV bonds, "the first priority is to be absolutely diversified in investment.

Persons: Qingdao's, Xi Jinping, LGFVs, Goldman Sachs, Zhai Jianye, Zhai, It's, Zhou Tingzuo, Ning Yong, Zhou, Samuel Shen, Jason Xue, Tom Westbrook, Vidya Ranganathan Organizations: Dongdin Industrial Group, China Development Bank, Southwest Securities, Agricultural Bank of China, China Construction Bank, Commercial Bank of China, SS, Shoupu Fund Management Co, Ning Yong Fu Fund Management, Thomson Locations: Qingdao, China's, Shandong, China, Shandong LGFVs, Beijing, Big, Jinan, Weifang, Liaoning, Hunan, Shanghai, Tianjin, Singapore

Search resuls for: "Zhou"

25 mentions found