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☆ China's June factory activity slows as conditions weaken - Caixin PMI
▼ + stars: | 2023-07-03 | by ( ) www.reuters.com time to read: +3 min

BEIJING, July 3 (Reuters) - China's factory activity growth slowed in June, a private sector survey showed on Monday, with sentiment waning and recruitment cooling as firms grew increasingly concerned about sluggish market conditions. The figure, combined with Friday's official survey that showed factory activity extending declines, adds to evidence the world's No. The Caixin manufacturing PMI surveys around 650 private and state-owned manufacturers and, according to economists, focuses more on export-oriented firms in coastal regions, while the official PMI surveys 3,200 companies across China. Markets now anticipate more policy support to bolster a stuttering economic recovery, despite the central bank cutting key lending benchmark rates in June to shore up activity. "Problems reflected in June's Caixin China manufacturing PMI, ranging from an increasingly dire job market to rising deflationary pressure and waning optimism, also point to the same conclusion."

Persons: Wang Zhe, Ellen Zhang, Ryan Woo, Sam Holmes Organizations: P Global, Caixin Insight, PMI, Companies, State Council, Thomson Locations: BEIJING, China, June's

☆ Chinese navy makes rare foray into West Africa with Nigeria visit
▼ + stars: | 2023-07-03 | by ( ) www.reuters.com time to read: +1 min

BEIJING, July 3 (Reuters) - A naval fleet of China's People's Liberation Army (PLA) led by the destroyer Nanning arrived in Nigeria on Sunday, in a rare visit by the Chinese military to Africa's Atlantic coast, where Beijing has long made efforts to grow its influence. The Chinese ambassador to Nigeria hailed the five-day visit as a milestone in ties, while the Nigerian navy expressed willingness to work with China to tackle maritime security threats and maintain stability in the Gulf of Guinea, the Chinese embassy said in a statement on Monday. Oil-rich West Africa is an important global exporter of crude. The region, mostly Angola and Nigeria, is among China's top oil suppliers. Major Chinese oil explorer CNOOC Ltd also engages in deep-sea production off the coast of Nigeria.

Persons: Nanning, CNOOC, Ryan Woo, Clarence Fernandez Organizations: Liberation Army, PLA, Thomson Locations: BEIJING, Nigeria, Beijing, Nigerian, China, Gulf, Guinea, Africa, Angola, Sao Tome and Principe, Taiwan, Djibouti

☆ Chinese hospital ship to visit Pacific to boost 'responsible' image
▼ + stars: | 2023-07-03 | by ( ) www.reuters.com time to read: +1 min

"It is to present our image as a responsible big country", navy spokesperson Liu Wensheng said in a statement. China signed a security pact with the Solomon Islands last year and hopes to build similar ties with other Pacific countries. Its foreign minister has said relations with the Solomon Islands can serve as a model. The United States has pledged to triple funding for the region and it opened an embassy in the Solomon Islands in February after a 30-year absence. In May, the U.S. opened an embassy in Tonga and signed a defence pact with Papua New Guinea.

Persons: Liu Wensheng, Solomon, Albee Zhang, Ryan Woo, Robert Birsel Organizations: United, Thomson Locations: BEIJING, China, Kiribati, Tonga, Vanuatu, Solomon Islands, East Timor, United States, Pacific, Australia, New Zealand, U.S, Papua New Guinea

☆ China urges Netherlands to not abuse export control measures
▼ + stars: | 2023-07-01 | by ( ) www.reuters.com time to read: 1 min

BEIJING, July 1 (Reuters) - China has urged the Netherlands to not hinder bilateral cooperation in the semiconductor industry and to not abuse export controls, China's Ministry of Commerce said in a statement. The statement was made in response to questions from the media, it said. It also said the two countries have communicated frequently and at various levels on the topic. The Dutch government on Friday announced new restrictions on exports of some semiconductor equipment, boosting a U.S.-led drive to curb supplies of high-tech components to China. Reporting by Sophie Yu and Ryan Woo; Editing by Edwina GibbsOur Standards: The Thomson Reuters Trust Principles.

Persons: Sophie Yu, Ryan Woo, Edwina Gibbs Organizations: China's Ministry of Commerce, Thomson Locations: BEIJING, China, Netherlands, U.S

☆ Explosion hits chemical plant in southeast China
▼ + stars: | 2023-07-01 | by ( ) www.reuters.com time to read: 1 min

BEIJING, July 1 (Reuters) - An explosion occurred at a chemical plant in the southeastern Chinese province of Jiangxi at noon (0200 GMT) on Saturday, state media reported. Footage on state broadcaster CCTV showed dense smoke at the Qiantai New Material Co facility. The authorities were trying to determine the extent of potential casualties, state media said. A woman who answered the phone at the company and declined to identify herself told Reuters there were none. Reporting by Sophie Yu, Jenny Su and Ryan Woo; Editing by William MallardOur Standards: The Thomson Reuters Trust Principles.

Persons: Sophie Yu, Jenny Su, Ryan Woo, William Mallard Organizations: Reuters, Thomson Locations: BEIJING, Chinese, Jiangxi

☆ China's Xi to attend, deliver speech at SCO summit via video link - foreign ministry
▼ + stars: | 2023-06-30 | by ( ) www.reuters.com time to read: +1 min

BEIJING, June 30 (Reuters) - China's President Xi Jinping will attend and deliver a speech at a summit of the Shanghai Cooperation Organisation (SCO) via video link on July 4, the Chinese foreign ministry said on Friday. India, as the chair nation of this year's summit of the SCO Council of Heads of State, announced in May that it would hold the event in a virtual format. The SCO is a political and security union of countries spanning much of Eurasia, including China, India and Russia. Kazakhstan will take over the presidency of the SCO after the July summit. Reporting by Ryan Woo and Ethan Wang; Editing by Jacqueline Wong and Gerry DoyleOur Standards: The Thomson Reuters Trust Principles.

Persons: Xi Jinping, Ryan Woo, Ethan Wang, Jacqueline Wong, Gerry Doyle Organizations: Shanghai Cooperation Organisation, SCO Council, Heads, State, Defence, SCO, Thomson Locations: BEIJING, India, Eurasia, China, Russia, Soviet, Central Asia, Pakistan, Kazakhstan

☆ China's industrial profits tumble, deepening economic gloom
▼ + stars: | 2023-06-28 | by ( ) www.reuters.com time to read: +3 min

BEIJING, June 28 (Reuters) - Annual profits at China's industrial firms extended a double-digit decline in the first five months as softening demand squeezed margins, reinforcing hopes of more policy support to bolster a stuttering post-COVID economic recovery. "The still slow recovery in industrial profits pointed to sustained difficulties facing business operations," said Wu Chaoming, deputy director of the Chasing International Economic Institute. Wu said the corporate struggles strengthen the case for more policy measures to help companies. "As the external environment becomes increasingly complicated and severe, domestic demand still appears to be insufficient, weighing on further recovery in industrial profits," said NBS statistician Sun Xiao in an accompanying statement, noting that the foundation for a revival in industrial profits is still not solid. Industrial profit numbers cover firms with annual revenues of at least 20 million yuan ($2.77 million) from their main operations.

Persons: Wu Chaoming, Wu, Sun Xiao, Goldman Sachs, Li Qiang, Li, Qiaoyi Li, Ryan Woo, Shri Navaratnam Organizations: National Bureau of Statistics, Economic Institute, P Global, Summer, Thomson Locations: BEIJING, China, Tianjin

☆ China's tumbling industrial profits deepens economic gloom
▼ + stars: | 2023-06-28 | by ( ) www.reuters.com time to read: +3 min

☆ S&P cuts China GDP forecast as calls for stimulus intensify
▼ + stars: | 2023-06-26 | by ( ) www.reuters.com time to read: +3 min

BEIJING, June 26 (Reuters) - S&P Global cut its forecast for economic growth in China this year, underscoring the uneven nature of the country's post-reopening recovery that is spurring more calls for further stimulus. S&P now expects China to log GDP growth of 5.2% in 2023, down from an earlier estimate of 5.5%. Forecasts for China GDP growth this year range between 4.4% and 6.2%. Last week, China cut its key lending benchmarks, the first such reductions in 10 months. Further highlighting pessimism over the economy, China and Hong Kong stocks slumped on Monday after disappointing domestic tourism figures for last week's three-day Dragon Boat Festival, while the yuan also weakened against the dollar.

Persons: Goldman Sachs, Ning, Nie Wen, Liangping Gao, Ryan Woo, Edwina Gibbs Organizations: People's Bank of China, Times, Communist, Hwabao Trust, Thomson Locations: BEIJING, China, Beijing, Shanghai, Hong Kong

☆ S&P Global cuts China 2023 growth forecast to 5.2% from 5.5%
▼ + stars: | 2023-06-26 | by ( ) www.reuters.com time to read: +1 min

BEIJING, June 26 (Reuters) - S&P Global said it has cut its 2023 GDP growth forecast for China after May data showed a post-COVID recovery was faltering in the world's second-largest economy. "We have reduced our 2023 GDP growth forecast to 5.2%, from 5.5%," it said in a research note on Sunday. Goldman Sachs reduced its forecast from 6% to 5.4%, citing persistently weak confidence and the cloud over the property market as stronger-than-expected headwinds. China will roll out more stimulus to support a slowing economy this year, sources involved in policy discussions have said. Reporting by Liangping Gao and Ryan Woo; Editing by Edwina GibbsOur Standards: The Thomson Reuters Trust Principles.

Persons: Goldman Sachs, Liangping Gao, Ryan Woo, Edwina Gibbs Organizations: P Global, Thomson Locations: BEIJING, China, Beijing

☆ China Dragon Boat Festival tourism trips above pre-COVID levels -ministry
▼ + stars: | 2023-06-25 | by ( ) www.reuters.com time to read: +2 min

[1/3] People and children enjoy themselves by the lakeside at a park during the Dragon Boat festival holiday, following the coronavirus disease (COVID-19) outbreak, in Beijing, China June 4, 2022. REUTERS/Tingshu Wang/File PhotoBEIJING, June 25 (Reuters) - Trips for tourism in China during last week's three-day Dragon Boat Festival climbed 32.3% from a year earlier to an estimated 106 million, 12.8% above the pre-pandemic level in 2019, the ministry of culture and tourism said. Revenue from domestic tourism trips during the Dragon Boat Festival rose 44.5% on year to 37.31 billion yuan ($5.20 billion), recovering to 94.9% of the 2019 level, the tourism ministry said. The comparison between the 2023 and 2019 figures were made "according to comparable standards", the tourism ministry said on its website, without providing details about the metrics. The Dragon Boat Festival tourism rebound is smaller than that during the five-day May Day holiday, when domestic tourism trips surged 70.8% on year and were 19.1% above those of 2019，with revenues up 128.90% on year and on par with 2019, according to tourism ministry data last month.

Persons: Tingshu Wang, Roxanne Liu, Ryan Woo, William Mallard Organizations: REUTERS, National Immigration Administration, NIA, Thomson Locations: Beijing, China, BEIJING, Hong Kong, Taiwan, Macau

☆ Russian diplomat flies to Beijing as Putin faces heat at home
▼ + stars: | 2023-06-25 | by ( ) www.reuters.com time to read: +2 min

The rebellion has been closely followed by Chinese media which has refrained from comment ahead of any official remarks, whereas many Chinese citizens have spoken up in support of Putin on social media. many Chinese citizens wrote in social media posts. China's Embassy in Russia told Chinese media outlet Southern Metropolis Daily on Saturday that the region around Moscow was calm. "Prigozhin realises that it is difficult to achieve the desired results through this rebellion," Song said. Reporting by Ryan Woo and Beijing newsroom; Editing by Tom Hogue and Christopher CushingOur Standards: The Thomson Reuters Trust Principles.

Persons: Andrei Rudenko, Vladimir Putin's, Qin Gang, Rudenko, Putin, Joe Biden, Song Zhongping, Yevgeny Prigozhin, Prigozhin's, Wagner, Prigozhin, Ryan Woo, Tom Hogue, Christopher Cushing Organizations: China's Foreign, Qin, U.S, Reuters, China's, Southern, Daily, Global Times, Thomson Locations: BEIJING, Beijing, China, Russia, Moscow, Ukraine, Russian

☆ MLB roundup: Blake Snell helps Padres avoid sweep, dump Giants
▼ + stars: | 2023-06-23 | by ( ) www.reuters.com time to read: +7 min

He gave up six runs on four hits over 3 1/3 innings with four walks and two strikeouts. He allowed just one run on seven hits and struck out five while retiring seven of the final eight batters he faced. A's starter JP Sears (1-5) went seven innings for the second straight outing. The Marlins got a career-high 13 strikeouts in seven strong innings from starter Braxton Garrett, who left with a no-decision. The win went to Huascar Brazoban (2-1), and A.J.

Persons: Blake Snell, Sergio Estrada, Gary Sanchez, Manny Machado, Seong Kim, Sanchez, Snell, Alex Wood, Patrick Bailey, Byron Buxton, Joe Ryan, Jose Berrios, Berrios, Ryan, Buxton, Bryan Woo, Woo, Gleyber Torres, Anthony Rizzo, Isiah Kiner, Aaron Judge, Kolten Wong, Ty France, Teoscar Hernandez, Cal Raleigh, Domingo, Michael Harris II, Marcell Ozuna, Bryce Elder, Raisel Iglesias, Brandon Marsh, Alec Bohm, Tommy Henry, Riley Adams, Josh Bell, Myles Straw, Logan Allen, Nick Sandlin, JP, Garrett Cooper slugged, Braxton Garrett, Huascar Brazoban, Puk, Miami's Luis Arraez, Mitch Keller, Cooper's, Carmen Mlodzinski, Keller, Melendez, Yandy Diaz, Pete Fairbanks, Maikel Garcia, Aroldis Chapman, Scott Barlow, Randy Arozarena, Diaz, Shane McClanahan Organizations: San Diego Padres, San Francisco Giants, Oracle, USA, Padres, Giants, Red Sox, Twins, Chicago White Sox, Baltimore Orioles, Mariners, Yankees, Seattle, Cal, Braves, Phillies, Philadelphia, 10th, Diamondbacks, Washington, The Diamondbacks, Nationals, Athletics, Cleveland, Oakland, Guardians, JP Sears, Marlins, Pirates, Miami, New York Mets, Royals, Rays, Kansas City, Tampa, Thomson Locations: San Francisco , California, USA, Diego, Boston, Minneapolis, New York, Atlanta, Arizona, Pittsburgh, Tampa, St . Petersburg, Fla

[1/5] People walk on a street amid an orange alert for heatwave in Beijing, China June 22, 2023. China has a four-tier weather warning system, with red the most severe, followed by orange, yellow and blue. A red alert indicates the temperature is set to rise above 40C within 24 hours. The China Meteorological Administration said on Thursday it expected high temperatures to persist across much of the country's north for the next eight to ten days. High temperature monitoring and warnings would continue on a rolling basis in places including Beijing, Tianjin, Hebei, Shandong, Henan and Inner Mongolia, it added.

Persons: Tingshu Wang, Ryan Woo, Casey Hall, Sonali Paul Organizations: heatwave, REUTERS, China Meteorological Administration, Thomson Locations: Beijing, China, Tingshu Wang BEIJING, Tianjin, Hebei, Shandong, Henan, Inner Mongolia

☆ Beijing braces for blistering hot weather as heatwaves return
▼ + stars: | 2023-06-22 | by ( ) www.reuters.com time to read: +2 min

BEIJING, June 22 (Reuters) - Beijing on Thursday issued its second-most severe warning for high temperatures that are expected to persist through the weekend as northern China battled another round of heatwaves in a week. The Chinese capital raised an orange alert, warning temperatures could rise as high as 39 Celsius (102 Fahrenheit) in most parts of the city from Thursday to Saturday. Beijing, Tianjin, Hebei and Shandong in northern China were hammered by heatwaves last week, prompting local authorities to step up efforts to safeguard crops, ensure the safety of tourists, and suspend outdoor work during the hottest part of the day. China has a four-tier, colour-coded weather warning system, with red the most severe, followed by orange, yellow and blue. An orange alert is issued when the maximum temperature exceeds 40 Celsius in a single day, or the maximum temperature remains above 37 Celsius for two consecutive days.

Persons: Ryan Woo, Michael Perry Organizations: heatwaves, China Meteorological Administration, Thomson Locations: BEIJING, Beijing, China, Tianjin, Hebei, Shandong, Inner Mongolia, Xinjiang

WHAT IS THE COMMON FRAMEWORK? The Common Framework requires debtor countries to secure restructuring assurances from any bilateral lenders first and commercial and multilateral lenders second - to Beijing's dismay. "We call on multilateral financial institutions and commercial lenders, who are the main creditors for developing countries, to participate in developing countries' debt relief efforts," Mao said. In Paris, analysts expect China to continue to voice support for the Common Framework but for debt relief to be dispensed "case-by-case". The last time global policymakers met to discuss the Common Framework in Washington, China proposed the IMF should speed up and improve information sharing on debt sustainability analyses.

Persons: Li Qiang, acceding, Yi Gang, Mao Ning, Mao, Qin Gang, Sri, Wang Wenbin, Joe Cash, Ryan Woo, Shri Navaratnam Organizations: Paris Club, International Monetary Fund, Bank, IMF, World Bank, Foreign Ministry, China's, France, Thomson Locations: Paris, China, Zambia, Chad, Ethiopia, Ghana, United States, U.S, Beijing, Washington, CHINA, Addis Ababa, Japan, India, France, Sri Lanka's

☆ Blast at BBQ shop in northwest China kills 31
▼ + stars: | 2023-06-22 | by ( ) www.reuters.com time to read: +1 min

BEIJING, June 22 (Reuters) - A gas explosion at a barbecue restaurant on Wednesday night in China's northwestern Ningxia region killed 31, according to state-run Xinhua news agency, prompting President Xi Jinping to order stronger safety checks. The blast in Yinchuan, capital of Ningxia region, was caused by a leaking liquefied petroleum gas tank at the restaurant, Xinhua reported on Thursday. Xi told authorities to go all out to treat the wounded, and said safety supervision in key industries and sectors should be strengthened, China state television reported. Accidents due to gas and chemical blasts are not uncommon in China despite years of attempts to improve safety. Reporting by Ryan Woo; Editing by Jacqueline Wong and Tom HogueOur Standards: The Thomson Reuters Trust Principles.

Persons: Xi Jinping, Xi, Ryan Woo, Jacqueline Wong, Tom Hogue Organizations: Xinhua, Thomson Locations: BEIJING, China's, Ningxia, Yinchuan, China, Tianjin

[1/2] Chinese President Xi Jinping looks on as he meets with U.S. Secretary of State Antony Blinken (not pictured) in the Great Hall of the People in Beijing, China, June 19, 2023. Biden also said Xi was very embarrassed when a suspected Chinese spy balloon was blown off course over U.S. airspace early this year, making a personal comment on the Chinese leader when Blinken said on Monday the "chapter" should be closed. It was unclear why Biden made the comments on Xi - China's most powerful leader since Mao Zedong after he secured a precedent-breaking third term as president and head of the Communist Party. Biden said on Tuesday that Xi had been concerned by the so-called Quad strategic security group, which includes Japan, Australia, India and the United States. The U.S. president said he previously told Xi the U.S. was not trying to encircle China with the Quad.

Persons: Xi Jinping, Antony Blinken, Leah Millis, Joe Biden, Biden, Xi, Blinken, Mao Zedong, John Kerry, Narendra Modi, Trevor Hunnicutt, Ryan Woo, Kanishka Singh, Stephen Coates Organizations: U.S, of, People, REUTERS, Communist Party, Indian, Thomson Locations: Beijing, China, , California, BEIJING, California, Washington, Japan, Australia, India, United States, U.S

☆ China's state planner signs letter of intent to cooperate with European corporate giants
▼ + stars: | 2023-06-21 | by ( ) www.reuters.com time to read: +2 min

BEIJING, June 21 (Reuters) - China's state planner this week signed letters of intent in Berlin on cooperation with European corporate heavyweights in areas ranging from aviation and chemicals to automobiles, as the world's second-largest economy seek to lobby for stronger ties with Europe. The Chinese state planner said it will work with the relevant companies to advance cooperation in areas including sustainable aviation fuel, low-carbon product production, and new-energy vehicles. Li, who was on his first overseas visit since becoming premier in March, had warned against any economic decoupling from Beijing. "Lack of cooperation is the biggest risk, and lack of development is the biggest insecurity," he said. Reporting by Ethan Wang and Ryan Woo in Beijing, Twinnie Siu in Hong Kong; Editing by Jonathan OatisOur Standards: The Thomson Reuters Trust Principles.

Persons: Premier Li Qiang, Li, Ethan Wang, Ryan Woo, Twinnie Siu, Jonathan Oatis Organizations: Airbus, BASF, Siemens, Benz, BMW, Volkswagen, China's National, Reform, Premier, European Union, Thomson Locations: BEIJING, Berlin, Europe, China, Germany, West, Beijing, Hong Kong

☆ China's slower home price growth, deepening investment slump signal more easing
▼ + stars: | 2023-06-15 | by ( ) www.reuters.com time to read: +3 min

New home prices in May rose 0.1% month-on-month, slower than a 0.4% gain in March, according to Reuters calculations based on National Bureau of Statistics (NBS) data. Additional easing measures are needed to revive the industry, economists say, adding to expectations Beijing will deliver stimulus such as further easing home purchase curbs in first-tier cities. Beijing's broad-based stimulus measures to prop up the embattled property market since late last year had boosted sentiment in the wake of the abrupt end of COVID-19 curbs in December. In annual terms, prices rose slightly for the first time since April 2022, up 0.1% last month after a 0.2% drop in April. China's central bank cut the borrowing cost of its medium-term policy loans for the first time in 10 months on Thursday.

Persons: Yan Yuejin, Goldman Sachs, China's, Liangping Gao, Qiaoyi Li, Ryan Woo, Sam Holmes, Christopher Cushing Organizations: National Bureau of Statistics, China Research, Development Institution, Thomson Locations: BEIJING, Beijing, China, COVID

☆ China's Jan-May property investment, sales fall at faster pace
▼ + stars: | 2023-06-15 | by ( ) www.reuters.com time to read: 1 min

BEIJING, June 15 (Reuters) - Property investment in China fell at a faster pace in January-May, dropping 7.2% from the same period a year earlier, official data showed on Thursday, adding to concerns about the outlook for the world's second-biggest economy. Property sales by floor area declined 0.9%, versus a 0.4% fall in the first four months, according to data from the National Bureau of Statistics (NBS). New construction starts measured by floor area fell 22.6%, after a 21.2% drop in the first four months. Funds raised by China's property developers were down 6.6% after a 6.4% slide in January-April. Reporting by Liangping Gao, Ella Cao and Ryan Woo; Editing by Kim Coghill and Tom HogueOur Standards: The Thomson Reuters Trust Principles.

Persons: Liangping Gao, Ella Cao, Ryan Woo, Kim Coghill, Tom Hogue Organizations: National Bureau of Statistics, Thomson Locations: BEIJING, China

☆ China says US eagerness to engage is an 'illusion'
▼ + stars: | 2023-06-13 | by ( ) www.reuters.com time to read: +3 min

BEIJING, June 13 (Reuters) - A widely followed state-backed Chinese social media account accused Washington of repeatedly playing tricks and creating the "illusion" that it is eager to engage with China, days before an expected visit by U.S. Secretary of State Antony Blinken. While not yet announced by the State Department, a U.S. official has said Blinken will be in China for talks on June 18. Blinken, in February, cancelled a visit to Beijing after a suspected Chinese spy balloon flew across the United States. Underscoring the negative mood around the Blinken visit, a man on Tuesday sprayed painted anti-American graffiti on the wall and a gate of the U.S. consulate in Hong Kong. "Since the U.S. has repeatedly emphasised the need to strengthen high-level communication with China, whether Blinken will visit China is a litmus test of U.S. sincerity and political manoeuvring ability," Chinese state tabloid Global Times wrote in an editorial on Sunday.

Persons: Washington, Antony Blinken, Blinken, Joe Biden, Florence Lo, Ryan Woo, Lincoln Organizations: U.S, State Department, REUTERS, Hong Kong . Local, Global Times, Thomson Locations: BEIJING, China, Beijing, United States, Cuba, Havana, U.S, Hong Kong .

☆ China holds live-fire drills in East China Sea north of Taiwan
▼ + stars: | 2023-06-13 | by ( ) www.reuters.com time to read: +1 min

BEIJING, June 13 (Reuters) - China began military exercises in the East China sea to the north of Taiwan on Tuesday, including live-fire exercises from warships, as the U.S and its allies conduct their drills in the Western Pacific. China routinely conducts exercises along its coast, though the ones near Chinese-claimed Taiwan often attract the most attention. The drills are near the Dachen islands, which Taiwan controlled until 1955 until being evacuated after other nearby islands were seized by Chinese forces in a bloody battle. China will hold separate exercises in another northern part of the East China Sea until late Wednesday afternoon, the maritime safety agency said. China's East China Sea exercises coincide with a quadrilateral naval exercise in the Philippine Sea that started on Friday involving the United States, Japan, Canada and France.

Persons: Mao Zedong's, Ronald Reagan, Ryan Woo, Albee Zhang, Ben Blanchard, Robert Birsel Organizations: U.S, Safety Administration, East China, China, U.S . 7th Fleet, Thomson Locations: BEIJING, China, East China, Taiwan, Western Pacific, Zhejiang, China's Fujian, Republic of China, Taipei, East, Philippine, United States, Japan, Canada, France

☆ Several Chinese lenders cut yuan deposit rates from Monday
▼ + stars: | 2023-06-12 | by ( ) www.reuters.com time to read: +2 min

BEIJING, June 12 (Reuters) - Several Chinese commercial banks cut interest rates on a range of yuan deposits from Monday, following their larger peers in a coordinated move to ease pressure on profit margins. The deposit rate cuts follow a similar move by China's biggest state lenders on Friday and marks the second such industry-wide cut within a year, with previous action taken in September. Analysts expect the deposit rate cuts will provide more room for a further cut soon by the central bank in the reserve requirement ratio (RRR) to expand credit and boost investment spending. The lenders cut rates on two-year time deposits by 10 bps points, and three-year and five-year time deposits by 15 bps points. The rate cuts will help ease pressure on lenders' profit margins as savings held in banks had ballooned when the economy slowed during COVID-19 lockdowns.

Persons: Yi Gang, Ziyi Tang, Ryan Woo, Sonali Paul Organizations: China's, China Merchants Bank Co Ltd, China Citic Bank Corp, China Minsheng Banking Corp Ltd, People's Bank of, Thomson Locations: BEIJING, Banks, China, People's Bank of China, Shanghai

☆ China's property sector set to be persistently weak for years -Goldman
▼ + stars: | 2023-06-12 | by ( ) www.reuters.com time to read: +2 min

BEIJING, June 12 (Reuters) - China's property sector is expected to grapple with "persistent weakness" for years, Goldman Sachs analysts said, adding that its problems would continue to drag on the country's economic growth. "As such, we only assume an 'L-shaped' recovery in the property sector in coming years," the note said. China's property sector has over the past two years been thrust into a severe debt crisis - initially triggered by government moves to rein in ballooning debt - with many developers defaulting on payments as they struggle to sell apartments and raise funds. Although local governments have rolled out hundreds of measures to support the sector, and the scrapping of harsh COVID curbs in December has helped somewhat, positive investor sentiment towards the sector has been short-lived. A state-run newspaper last week urged patience amid market speculation of more stimulus for the sector.

Persons: Goldman Sachs, Liangping Gao, Ryan Woo, Edwina Gibbs Organizations: Thomson Locations: BEIJING

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