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☆ Xi was unusually frank in spelling out China's 4 'red lines' for the US, a clear warning for Trump's China hawks
▼ + stars: | 2024-11-22 | by ( Huileng Tan | ) www.businessinsider.com time to read: +5 min

Xi outlined China's "red lines" for the US, including the country's rights to development. He told Washington not to cross "four red lines" — which analysts say is a clear message for the incoming Trump administration. Foreign Minister Wang Yi has warned about not crossing Beijing's "red lines" in the past. AdvertisementXi's language raised some eyebrows, with analysts calling it "harsh" and deeming China's foreign ministry readout "strikingly negative" in some sections. Related storiesXi named Taiwan President William LaiOf the four "red lines," Taiwan is the most sensitive issue between the two countries, as Xi has repeatedly said over the years.

Persons: Jinping, Biden, Xi, Xi Jinping, Joe Biden, Washington, Trump, Igor Khrestin, George W, Khrestin, it's, Wang Yi, Florida Sen, Marco Rubio —, Beijing —, Jersey Lee, William Lai, William Lai Ching, Democratic Progressive Party —, Lai Ching, Lai, Tsai Ming Organizations: Trump, APEC Economic, Bush Institute, Trump Administration, Business, Beijing, State, Lowy, Democratic Progressive Party, Taiwan's National Security Bureau Locations: Beijing, China, Lima , Peru, Taiwan, Florida, United States, US, Ukraine

☆ China renamed its homegrown regional airliner to better sell it abroad. Here's how it compares to its closest rival.
▼ + stars: | 2024-11-17 | by ( Taylor Rains | ) www.businessinsider.com time to read: +6 min

The C909's closest competitors in size and range are the Brazilian-made Embraer E190-E2 and E195-E2. China's state-owned planemaker, the Commercial Aircraft Corporation of China, better known as Comac, has rebranded its regional aircraft to better compete with Airbus, Boeing, and Embraer. AdvertisementEmbraer's larger planes can carry more peopleComac data shows the C909 seats five abreast and can carry 78 passengers in two classes (or up to 97 in a high-density configuration). The Embraer E190-E2 has a shorter range than its sister jet. For example, Virgin Australia agreed to buy eight E190-E2 aircraft in August.

Persons: Comac, Yin Liqin, it's, Chen Duo, Syme, Pratt, Whitney's, Grinsven, Canada's, Cirium Organizations: Airbus, Boeing, Embraer, Commercial Aircraft Corporation of China, Jets, China News Service, Getty, TransNusa, Getty Images China Southern Airlines, Airlines, Royal Jordanian Airlines, Canada's Porter Airlines, Comac, Reuters, Hainan Airlines, Porter Airlines, Colorful Guizhou Airlines, Virgin Australia Locations: Brazilian, China's, China, Europe, Guangzhou, Indonesian, Manado, Amman, Western Europe, Toronto, Los Angeles, Hainan, Zhuhai

☆ China's state-owned tobacco behemoth is booming, defying global trends and anti-smoking efforts
▼ + stars: | 2024-11-12 | by ( Dylan Butts | ) www.cnbc.com time to read: +4 min

These trends — fueled by China Tobacco — come against the backdrop of a long-term decline in cigarette sales globally. While Beijing has made commitments to curb smoking prevalence, it hasn't appeared to have materially impacted tobacco sales. In the case of China Tobacco, industry and government policy directly overlap. "China Tobacco has been exploiting this insider status and wielding its influence within the government to effectively block the adoption of tobacco control policies," he added. China Tobacco and its Hong Kong-based subsidiary China Tobacco International (HK) did not respond to an inquiry from CNBC.

Persons: Euromonitor, hasn't, Philip Morris, Gan Quan, Quan, STMA, Judith Mackay Organizations: Getty, China National Tobacco Corporation, China Tobacco, Retail, World Health Organization, State Tobacco Monopoly Administration, Philip Morris International, World, Tobacco Control, CNBC, Vital, Tobacco, Bath University, Asian Consultancy, China Tobacco International, HK, Global Locations: Shanghai, China, Euromonitor, Beijing, Hong Kong

☆ Dollar hovers near two-month peak as Fed easing bets ebb before inflation data
▼ + stars: | 2024-10-10 | by ( ) www.cnbc.com time to read: +3 min

The U.S. dollar traded near a two-month peak against major peers on Thursday as markets grew more confident about a patient approach from the Federal Reserve to further monetary easing, even as a key inflation report loomed later in the day. The U.S. dollar traded near a two-month peak against major peers on Thursday as markets grew more confident about a patient approach from the Federal Reserve to further monetary easing, even as a key inflation report loomed later in the day. The euro languished near its lowest since Aug. 13, while against the yen, the dollar hovered close to its strongest level since Aug. 15. The dollar index was little changed at 102.86 as of 0024 GMT, sticking close to Wednesday's high of 102.93. The greenback eased 0.18% to 149.035 yen , but was not far from the overnight peak of 146.365.

Persons: Kyle Rodda, —, Rodda, Mary Daly Organizations: U.S ., Federal Reserve, Reuters, U.S, CPI, Francisco Fed, Traders, New Locations: U.S

☆ Stocks making the biggest moves premarket: DocuSign, Wynn Resorts, Nvidia and more
▼ + stars: | 2024-10-08 | by ( Sean Conlon | ) www.cnbc.com time to read: +2 min

China stocks – U.S.-listed shares of Chinese companies fell after China's state planner Zheng Shanjie failed to announce any new economic stimulus plans . Online video company Bilibili tumbled more than 13%, while automaker Nio and Temu parent PDD each fell more than 9%. E-commerce companies JD.com and Alibaba also fell nearly 9% and 7%, respectively. Wells Fargo – The bank rose more than 1% after Wolfe Research upgraded the lender to outperform from peer perform. Humana – Shares rose nearly 1% after Bernstein upgraded the health insurer to outperform from market perform.

Persons: Zheng Shanjie, Bilibili, Nio, Alibaba, Young Liu's, Liu, Wells, Bernstein, Oppenheimer, LSEG, —, Jesse Pound, Brian Evans, Michelle Fox Theobald Organizations: U.S, Wynn Resorts, China, MDU Resources, Nvidia, Blackwell, Wolfe Research, Microsoft –, PepsiCo –, Gatorade, Frito, PepsiCo Locations: China, Las, Macau, Wells

☆ China to issue $284 billion of sovereign debt this year to help revive economy, sources say
▼ + stars: | 2024-09-26 | by ( ) www.cnbc.com time to read: +1 min

China plans to issue special sovereign bonds worth about 2 trillion yuan ($284.43 billion) this year as part of a fresh fiscal stimulus, said two sources with knowledge of the matter, adding to a string of measures to battle strong deflationary pressures and faltering economic growth. As part of the package, the Ministry of Finance (MOF) plans to issue 1 trillion yuan of special sovereign debt primarily to stimulate consumption amid growing concerns about a stuttering post-COVID economic recovery, said the sources. China also aims to raise another 1 trillion yuan via a separate special sovereign debt issuance and plans to use the proceeds to help local governments tackle their debt problems, the source added. Most of China's fiscal stimulus still goes into investment, but returns are dwindling and the spending has saddled local governments with $13 trillion in debt. China's State Council Information Office, which handles media queries on behalf of the government, and the MOF did not immediately respond to requests for comment.

Organizations: Ministry of Finance, Information Office Locations: China

☆ China is going after 'empty student' consultants, who help you graduate without attending a single class for a $2,800 'relationship' fee
▼ + stars: | 2024-09-09 | by ( Matthew Loh | ) www.businessinsider.com time to read: +4 min

Read previewChina's state broadcaster has aired a scathing report on consultants and vocational schools running "empty student status" services, which it said allow students to graduate without attending classes. According to the broadcaster, these consultants illegally registered students for three-year courses at vocational or technical schools. Several consultancy staff spoke to CCTV on camera, saying that they would use the $2,800 as a "relationship fee" for the schools. AdvertisementChina finds schools offering the same servicesThe broadcaster also published footage of staff from five schools in the same regions directly offering "empty student status." Another school's staff said the student could record their attendance through a mobile app.

Persons: — Organizations: Service, Business, China, IT Locations: Zhengzhou, Wuhan, Henan, Weibo, China

☆ Alibaba shares rise after it completes three-year regulatory overhaul
▼ + stars: | 2024-08-30 | by ( Arjun Kharpal | ) www.cnbc.com time to read: +3 min

Alibaba has completed a three-year regulatory "rectification" process following an antitrust fine it received on charges of monopolistic practices in 2021, China's market regulator said on Friday. In 2021, China's SAMR fined Alibaba 18.23 billion yuan ($2.6 billion) as part of an anti-monopoly investigation into the tech giant. Jefferies analysts said in a note Friday that the conclusion of the regulatory process was a "positive" for the company, which "highlights this is a new start and ensures compliance in operations." Ant Group itself also underwent a regulator-supervised rectification process, with most of the major issues resolved by last year. Regulatory concerns have been an overhang on the Alibaba stock, which has fallen more than 70% from its peak in 2020.

Persons: Alibaba, China's SAMR, Jefferies, Jack Ma, —, Christine Wang Organizations: China's, Administration, Market, Alibaba, Ant Group, Ant Locations: Beijing, China

☆ China’s state media: Canada is 'shooting itself in the foot’ with new EV tariffs
▼ + stars: | 2024-08-28 | by ( Anniek Bao | In | ) www.cnbc.com time to read: +3 min

BEIJING, CHINA - DECEMBER 04: China and Canada flag is displayed in front of the Forbidden City on December 4, 2017 in Beijing, China. China's state media has criticized Canada over its decision to impose 100% import tariffs on Chinese electric vehicles, using bolder language than Beijing's official government response. Canada is "shooting itself in the foot" by "following U.S.' protectionist policies," the outspoken editor of the Global Times, a Chinese government mouthpiece, wrote Wednesday. On Monday, Canada announced that it would import 100% tariffs on China-made electric vehicles, effective Oct. 1. The Biden administration announced in May significant tariffs on Chinese EVs, advanced batteries, solar cells, steel, aluminum and medical equipment.

Persons: Biden, Lin Jian, Lin, Justin Trudeau, –, Sheila Chiang Organizations: Global Times, Communist Party, European Union, European, China's Ministry of Commerce, Foreign Ministry, Ottawa Locations: BEIJING, CHINA, China, Canada, City, Beijing, U.S, EVs

☆ China expects air travel to hit a record in 2024
▼ + stars: | 2024-08-14 | by ( Ernestine Siu | In Ernestinesiu | ) www.cnbc.com time to read: +1 min

China is expected to see a record-level of passenger air travel in 2024, according to the Civil Aviation Administration of China. China is expecting air passenger travel to hit a record in 2024, bouncing past pre-pandemic levels. In the first half of this year, total passenger trips rose nine percent from the same period in 2019, the State Council added, signaling that China's air travel sector has rebounded from the pandemic. The country's projection for 2024 comes in higher than the 619.6 million air passenger trips seen in 2023, according to data released in June by Chinese officials. Meanwhile, the broader Asia-Pacific region's travel sector has seen growth this year thanks to Chinese tourists.

Persons: Zhiyong Organizations: Civil Aviation Administration of, Civil Aviation Administration, Asia Pacific Summit for Aviation Safety, State, Council, Paris Olympic Games Locations: China, Civil Aviation Administration of China, Japan, South Korea, Singapore, Europe, Asia, Pacific

☆ China securities regulator promotes law enforcement chief to vice chair
▼ + stars: | 2024-07-31 | by ( ) www.cnbc.com time to read: +1 min

A China Securities Regulatory Commission sign is seen at the regulator's headquarters on November 16, 2020 in Beijing. China's securities regulator on Tuesday promoted its head of law enforcement to the role of vice chairman, underscoring Beijing's determination to tighten oversight of its $5.1 trillion stock market. Li Ming, chief of the enforcement bureau of the China Securities Regulatory Commission, will replace vice chairman Fang Xinghai, the CSRC said in a statement, citing a decision by China's State Council, or cabinet. The CSRC has pledged to regulate the market with "teeth and thorns" under chairman Wu Qing. Prior to the promotion, Li headed the enforcement bureau, which is responsible for probing illegal securities activities, handing criminal cases to the relevant authorities and facilitating cross-border investigations.

Persons: underscoring, Li Ming, Fang Xinghai, Fang, Xi Jinping, CSRC, Wu Qing, Li Organizations: China Securities Regulatory, China Securities Regulatory Commission, China's State Council, Reuters Locations: China, Beijing, Europe, United States

☆ China's manufacturing activity seen extending decline in July
▼ + stars: | 2024-07-30 | by ( ) www.cnbc.com time to read: +1 min

The world's second-largest economy grew much slower than expected in the second quarter, with the consumer sector a particular cause for concern. Retail sales growth sank to an 18-month low as deflationary pressures forced businesses to slash prices on everything from cars to food to clothes. While half of the 300 billion yuan ($41.40 billion) in ultra-long treasury bonds China's state planner announced on Thursday will be allocated to support a program of consumer trade-ins, that amount is seen as too little to meaningfully boost economic recovery, as it is equivalent to just 0.12% of economic output and 0.3% of 2023's retail sales. Solid Chinese exports have provided some support to factory managers in recent months and propped up progress towards the government's growth target of around 5%, but as a growing number of trade partners mull import tariffs, the jury is out on whether that boost can be sustained.

Locations: mull

☆ NORAD says it tracked Chinese and Russian long-range bombers off Alaska
▼ + stars: | 2024-07-25 | by ( ) www.cnbc.com time to read: +3 min

Two Chinese and two Russian long-range bombers were tracked flying over international waters near Alaska and U.S. and Canadian fighter jets were sent up in response, their joint aerospace command said. The Chinese and Russian military activity Wednesday was not seen as a threat, the North American Aerospace Defense Command, known as NORAD, said. China and Russia confirmed Thursday that they had conducted a joint air patrol over the Bering Sea, which divides Russia and Alaska. Russian fighter jets and strategic bombers were joined by Chinese strategic bombers in the exercises, which lasted more than five hours, the ministry said. A photo released by the Russian Defense Ministry showed a Russian Su-30 fighter jet escorting a Chinese bomber.

Persons: Vladimir Putin, Xi Jinping, Zhang Xiaogang, Zhang Organizations: Sputnik, of, North American Aerospace Defense Command, NORAD, Russian Defense Ministry, China's Defense Ministry, North American U.S . Air Defense, Japan's Defense Ministry, Coast Guard Locations: Russian, Tiananmen, Beijing, Alaska, U.S, Canadian, China, Russia, Bering, North America, Pacific, Chukchi, Bering Strait, Japan, Korea

☆ China-made military drones similar to the MQ-9 Reaper were disguised as wind turbines in shipments to Libya: Italian officials
▼ + stars: | 2024-07-05 | by ( Matthew Loh | ) www.businessinsider.com time to read: +4 min

Read previewItaly has seized parts for two combat drones disguised as wind turbines in containers en route from China to Libya, customs and maritime authorities said on Tuesday. AdvertisementFootage of Italian authorities intercepting components of two Chinese Wing Loong II UAVs disguised as wind turbines that were heading to Libya. AdvertisementItalian officials stand next to drone parts disguised as wind turbines. Guardia di FinanzaAs a long-endurance and remotely controlled weapons platform, the Wing Loong-2 is often compared to the US-made MQ-9 Reaper, though its maximum speed and altitude are inferior to the latter. AdvertisementThe UN report and a BBC investigation found that Wing Loong-2 drones were likely supplied by the United Arab Emirates, which has long been accused of backing Haftar.

Persons: —, Gioia Tauro, Loong, ALY7IBwRaA, WeKoW0i7Rs, Khalifa Haftar, Haftar's, Muammar, he's Organizations: Service, Financial Police, Business, Investigators, MSC Arina, MSC Apolline, Libyan, Financial Guard, Guardia, Times, Guard, United Nations, Libyan National Army, UN, United Arab Emirates Locations: Italy, China, Libya, London, Benghazi, Beijing, Muammar Gaddafi's, Russia, Moscow, Tripoli, Canada

☆ 'Biden stumbles, Trump lies': How the global media reacted to the presidential debate
▼ + stars: | 2024-06-28 | by ( Sophie Kiderlin | In | ) www.cnbc.com time to read: +3 min

Members of the media work during the first presidential debate with US President Joe Biden and former US President Donald Trump in Atlanta, Georgia, US, on Thursday, June 27, 2024. U.K.: 'Biden struggles ... Trump lies'In the U.K., the Guardian pointed to issues with both Biden and Trump at the debate, headlining its story: "Biden struggles to land lines as Trump lies in first presidential debate." Meanwhile, the BBC suggested Biden struggled with Trump's attacks, titling its live blog of the debate: "Biden stumbles in first presidential debate as Trump avoids key questions." Biden struggled repeatedly and Trump repeated falsehoods, it said, adding that the debate was "marked by personal attacks." In another story, the newspaper summarized the debate: "Biden disgraces himself, Trump wastes his chance, but the true losers of the first TV debate in the U.S. election campaigns are the Americans."

Persons: Joe Biden, Donald Trump, Eva Marie Uzcategui, China's CGTN, Biden, hesitantly, Trump, Joe Biden's, stammered, Trump's, Biden's, Biden disgraces Organizations: Bloomberg, Getty, China Global Television Network, China Morning Post, Global Times, Biden, BBC, ZDF, CNBC, Trump Locations: Atlanta , Georgia, China, India, Trump, London, Germany, U.S, France

☆ China's yuan is tumbling amid US sanctions and as central banks boost dollar holdings
▼ + stars: | 2024-06-20 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +2 min

China's yuan is falling as holders eye the risk of western sanctions. AdvertisementChina's yuan is in the midst of a steep decline as holders of the currency eye the risk of US sanctions. Central banks, meanwhile, are looking to dump the yuan while raising their holdings of the US dollar. Nearly 20% of central bank reserve managers said they planned on raising dollar holdings over the next one to two years, while 12% said they planned on reducing yuan holdings, according to a survey from the Official Monetary and Financial Institutions Forum. Lawmakers are reportedly already drafting sanctions to impose against Chinese banks, sources told The Wall Street Journal in April.

Persons: —, Yuan, They've Organizations: US Treasury, Service, Russia's, Monetary, Financial, Treasury, Lawmakers, Wall Street Journal, Bloomberg Locations: China, Russia, Ukraine, Moscow

☆ Russia's biggest private lender is expanding to China after being hit by US sanctions
▼ + stars: | 2024-06-18 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +2 min

Russia's largest private bank is expanding in China, Bloomberg reported. The move comes amid Russia's and China's increasingly intertwined "no limits" trade partnership. AdvertisementRussia's largest private lender, Alfa Bank PJSC, is planning to expand its business in China. China, though, has made some moves to distance itself from Russia, as it also risks being sanctioned by the West. China's state-run banks said they would restrict lending to Russian clients in late 2023, around the time the US said it would impose secondary restrictions on lenders that help Russia's trade in sanctioned goods.

Persons: —, Mikhail Fridman, Russia's Organizations: Bloomberg, Alfa Bank, Service, Treasury, West Locations: China, Beijing, Shanghai, Russian, Russia, Ukraine, Moscow, China's

☆ China says 2 military employees sold 60 pounds of secret documents to a recycling plant, allowing a shopper to bag 4 volumes for under $1
▼ + stars: | 2024-06-14 | by ( Matthew Loh | ) www.businessinsider.com time to read: +4 min

Read previewChina's State Security Ministry said on Thursday that a retiree had somehow secured four volumes of confidential military documents at a recycling store for just 85 cents. According to the post, Zhang is a former employee of a state-owned enterprise and collects military newspapers and magazines as a hobby. Related storiesThe State Security Ministry said agents rushed to Zhang's home and seized the documents. AdvertisementUpon investigating the scrap store, the state security ministry discovered that Zhang's purchase had been part of eight volumes of 200 secret documents marked for disposal, the post reads. China's State Security Ministry has, in recent months, regularly urged the public to assist in reporting foreign espionage.

Persons: —, Grandpa Zhang, Zhang, Guo, Li, William Burns rankled, We've, Burns Organizations: Service, Security Ministry, Business, State Security Ministry, China's State Security Ministry, CIA, Street Journal . Locations: Beijing, China, William Burns rankled Beijing, Colorado, Street Journal . China

☆ China, Xi Jinping's Plan for AI Will Wreak Havoc on the World Economy
▼ + stars: | 2024-06-02 | by ( Linette Lopez | ) www.businessinsider.com time to read: +18 min

According to the CCP's plan, by 2020, China was supposed to have "achieved iconic advances in AI models and methods, core devices, high-end equipment, and foundational software." Censorship requirements may slow China's AI development and limit the commercialization of domestic models, but they will not stop Beijing from benefiting from AI where it sees fit. We're not seeing a huge gap between the models Chinese companies have been able to roll out. The current price war is a race to the bottom, similar to what we've seen in the Chinese technology space before. A race to the bottom may simply beggar China's AI ecosystem.

Persons: Xi Jinping, China doesn't, there's, Beijing's, Reva Goujon, We're, It's, ChatGPT, Xie Huanchi, couldn't, you'll, —, Kenneth DeWoskin, it's, Matt Sheehan, they're, chatbot, Sheehan, Ernie Bot, There's, Alibaba, ByteDance's, Paul Triolo, Albright, we've, haven't, DeWoskin, Sam Altman, Elon Musk Organizations: Chinese Communist Party, CCP, Intelligence, Cyberspace Administration, Getty, Freedom, University of Michigan, Deloitte, CAC, Carnegie Endowment, International Peace, Baidu, Bloomberg, Companies, Brookings Institution, Beijing, The Commerce Department Locations: China, Beijing, China's, Hong Kong, Xinhua, , Washington, Brussels, Berlin, Taiwan, US, Xinjiang

☆ China's war drills around Taiwan enter Day 2. Here's what it means for cross-strait relations
▼ + stars: | 2024-05-24 | by ( Sumathi Bala | ) www.cnbc.com time to read: +5 min

Members of Taiwan's military conduct routine exercises at Liaoluo Port in Kinmen on May 24, 2024. (Photo by I-HWA CHENG/AFP via Getty Images) I-hwa Cheng | Afp | Getty ImagesChina's latest military exercises around Taiwan risk escalating cross-strait tensions — but war remains unlikely, political observers say. Beijing warned that the two-day drills, which continued on Friday, were aimed at punishing the island's new President Lai Ching-te for his "hostility and provocations." The drills are "legitimate, timely and entirely necessary," as acts of "Taiwan independence" in any form "cannot be tolerated," it added. "This pretext for conducting military exercises not only does not contribute to peace and stability across the Taiwan Strait, but also highlights its hegemonic nature," the ministry said.

Persons: HWA CHENG, Cheng, Lai Ching, Lai, Xi Jinping, China's, Lai —, Wang Yi, Nancy Pelosi's, Xi, Joe Biden, Gabriel Wildau Organizations: HWA, Getty, Afp, Xinhua, Atlantic, China's Ministry of National Defense, Liberation Army, PLA, Eastern, Command, U.S ., Fujian, Guard, U.S, APEC, Teneo Intelligence, Republicans Locations: Liaoluo, Kinmen, China, Taiwan, AFP, Beijing, Eurasia, Republic of China, People's Republic of China, United States, U.S

☆ Putin is putting his bromance with Xi on full display — but China has reason to be wary
▼ + stars: | 2024-05-16 | by ( Tom Porter | ) www.businessinsider.com time to read: +5 min

Read previewChina's leader, Xi Jinping, rolled out the red carpet for his "old friend" Vladimir Putin on Thursday. For his part, Putin lavished praise on China, whose support has been vital during Russia's invasion of Ukraine. But underneath the pageantry and rhetoric, Xi is under mounting pressure over his alliance with Putin — and he has good reason to be wary of their "no limits" partnership. President Vladimir Putin and China's President Xi Jinping attend a concert marking the 75th anniversary of the establishment of diplomatic relations between Russia and China in Beijing. "Meeting with Putin now is Xi's way of showing that China will not bend to Western pressure," said Torigian.

Persons: —, Xi, Vladimir Putin, Putin, Putin —, Xi Jinping, ALEXANDER RYUMIN, Zhao Tong, Graeme Thompson, Thompson, Joseph Torigian, Ali Wyne Organizations: Service, Business, Getty, BBC, Carnegie Endowment, Eurasia Group, Putin, Financial Times, School of International Service, American University, Xi, International Crisis Locations: Russian, Soviet, China, Ukraine, Russia, Beijing, Europe, Moscow, United States, Washington ,, America, Russia's, West

☆ China's hype video for its lunar base showed what looked like a NASA Space Shuttle lifting off, which it then realized and tried to fix
▼ + stars: | 2024-05-06 | by ( Matthew Loh | ) www.businessinsider.com time to read: +4 min

China's new teaser for its lunar base appeared to show a NASA Space Shuttle taking off. The Space Shuttle was later blurred out in a state media version of the CGI video. AdvertisementA new concept video showcasing China's planned lunar base appeared to feature a NASA Space Shuttle lifting off from the facility — a detail that was then omitted in a later broadcast of the clip. Related storiesIt's unclear if showing a Space Shuttle was intended by China's space administration, but the spacecraft using a Chinese base in 2045 would be nearly impossible. Beijing says it plans for its international lunar base to be built jointly by other countries as a collaborative effort.

Persons: —, CNSA, It's, Artemis Organizations: NASA Space Shuttle, Shuttle, Service, China National Space Administration, Research, American, NASA, Space, Orbiter, Getty, Orion Spacecraft, Elon, SpaceX, International Space, Space Shuttle, Business Insider Locations: China, Beijing

☆ China may have to brace for a new wave of bond defaults, S&P says
▼ + stars: | 2024-04-24 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +1 min

BEIJING — China's state-directed economy may be creating the conditions for a new wave of bond defaults that could come as soon as next year, according to an S&P Global Ratings report released Tuesday. It comes against a backdrop of extremely few defaults in China amid concerns about overall growth in the world's second-largest economy. China's corporate bond default rate fell to 0.2% in 2023, the lowest in at least 8 years and far below the global rate of about 2.6%, S&P data showed. "We've seen directives or guidance from the government in the past year to discourage defaults in the bond market." "The question is: When the guidance to avoid the defaults in the bond market [ends], what happens to the bond market?"

Persons: Charles Chang, that's, Chang, We've Organizations: Country Garden Holdings Co Locations: Phoenix, Heyuan, Guangdong province, China, BEIJING

☆ Dollar dips, yen draws support from Tokyo's jawboning
▼ + stars: | 2024-03-26 | by ( ) www.cnbc.com time to read: +3 min

The dollar was on the back foot on Tuesday, owing to profit taking and pressured in part by a slightly stronger yen as Japanese government officials continued with their jawboning to defend the currency. The dollar was on the back foot on Tuesday, owing to profit taking and pressured in part by a slightly stronger yen as Japanese government officials continued with their jawboning to defend the currency. "But it's even tougher for the (dollar) to weaken when other central banks were sounding more dovish than a dovish Fed." The dollar index was last 0.02% lower at 104.20, while the euro rose 0.03% to $1.0840. "While they say that the fundamentals don't justify the price, the market's telling them something else," said IG's Sycamore.

Persons: he's, Tony Sycamore, Thierry Wizman, Shunichi Suzuki Organizations: New Zealand, Federal, IG, FX, Macquarie, Fed, Japanese Finance, Bank of Japan's Locations: U.S, Japan, United States, Sycamore

☆ StanChart CEO Winters meets China FX regulator, launches investment banking unit
▼ + stars: | 2024-03-26 | by ( ) www.cnbc.com time to read: +2 min

Standard Chartered CEO Bill Winters met with the head of China's foreign exchange regulator on Monday, a month after the bank suspended new investments by its clients in the country into offshore products via a quota-based channel. "We have confidence in China's continued financial sector opening and economic transition," Winters said. "The inauguration of SCSCL will enhance Standard Chartered's ability to serve clients domestically and internationally, deepening and diversifying our capabilities in China". StanChart started hiring staff in China since 2023 as it geared up to launch the investment banking unit targeting niche bond deals, chairman of the unit said last year. Blackstone's Schwarzman held a meeting on Monday with the chief secretary of Communist Party of China, Cai Qi, a statement from China's Ministry of Foreign Affairs shows.

Persons: Bill Winters, Winters, Zhu Hexin, StanChart, Zhu, China's, StanChart's Winters, Noel Quinn, Blackstone's Schwarzman, Cai Qi, Cai Organizations: China's, Administration of Foreign Exchange, SAFE, Standard Chartered Securities China, China Development, Communist Party of China, China's Ministry of Foreign Affairs Locations: London, China, U.S, Los Angeles

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