DIRS.INFO The most relevant business & tech news

☆ China announces $1.4 trillion over five years to tackle local governments’ hidden debt
▼ + stars: | 2024-11-08 | by ( Evelyn Cheng | Evelyn Cheng Is A Senior Correspondent With Cnbc. | ) www.nbcnews.com time to read: +3 min

BEIJING — China on Friday announced the central government would allocate an additional 6 trillion yuan ($840 billion) to local governments for tackling hidden debt issues. The policies will reduce hidden debt from 14.3 trillion yuan to 2.3 trillion yuan by 2028, Lan said. At the parliamentary meeting, officials had reviewed a plan to increase the limit on how much debt local governments can issue, according to state media. The additional quota would go toward swapping out local governments’ hidden debt. Nomura estimates that China has 50 trillion yuan to 60 trillion yuan ($7 trillion to $8.4 trillion) in such hidden debt, and said it expected that Beijing could allow local authorities to increase debt issuance by 10 trillion yuan over the next few years.

Persons: of Finance Lan Fo’an, Lan, Xi Jinping, Donald Trump —, —, Nomura Organizations: Friday, of Finance, People’s Bank of, People’s Congress, U.S, Nomura, International Monetary Fund Locations: BEIJING, China, Beijing, People’s Bank of China, Covid

“Taiwan's membership at the IMF would help boost financial resilience,” the Taipei Economic and Cultural Representative Office in Washington said during this week's IMF and World Bank annual meetings. Taiwan also is seeking to participate in the U.N. World Health Organization's annual World Health Assembly and join Interpol. But China, which sees Taiwan as a breakaway province and threatens to annex it by force, has blocked such efforts and insists it represent Taiwan in international forums. The island is now designated as “Taiwan Province of China” in IMF literature. The U.S. House has approved a bill that would direct the United States to advocate for Taiwan’s IMF membership.

Persons: “, Donald Trump, Bo Li, Patrick McHenry, ” McHenry, Young Kim, Fatima Hussein Organizations: WASHINGTON, —, International Monetary Fund, IMF, Cultural, World Bank, U.S, Health Assembly, Interpol, U.S . State Department, People’s Bank of China, Taiwan Academy of Banking, Finance, U.S . House, Democrats, North Carolina Republican, Financial Services, United Nations, Associated Press Locations: — Taiwan, Poland, Taipei, Washington, Taiwan, U.S, China, Taiwan Province, United States, Japan, Taiwan Strait, Beijing, Kosovo, Europe

☆ China economy: Government gives $28 billion to local governments as it vows to meet economic targets
▼ + stars: | 2024-10-08 | by ( Juliana Liu | ) edition.cnn.com time to read: +5 min

Hong Kong CNN —China has set aside 200 billion yuan ($28 billion) for investment projects by local governments this year, as it promised to meet its own ambitious economic growth targets. China announced a 5% target growth rate in March, but a series of economic data over the summer has been so weak that economists were worried the goal might be missed. To help local governments struggling with mountains of debt, Beijing will provide 100 billion yuan ($14 billion) from the central government’s budget and an extra 100 billion yuan for investment projects, Zheng said. Nevertheless, investors were disappointed at the lack of details on new fiscal measures,” Fred Neumann, chief Asia economist for HSBC, told CNN. Fiscal measures, on the other hand, can include the use of taxation or other measures to impact public spending more directly.

Persons: ” Zheng Shanjie, Zheng, Xi Jinping, Fred Neumann, What’s, Jia Kang, “, … Jia Kang, –, Xi, ” Organizations: Hong Kong CNN, National Development, Reform Commission, HSBC, CNN, “, Ministry of Finance, Citi, People’s Bank of China Locations: China, Hong Kong, Beijing, Asia, Shanghai, Shenzhen

☆ China’s economy is in bad shape. Can its ‘whatever-it-takes’ stimulus effort turn things around?
▼ + stars: | 2024-10-06 | by ( Juliana Liu | ) edition.cnn.com time to read: +8 min

The stimulus measures should have come far sooner, says Lun, but better late than never. Beijing has largely held back on unveiling fiscal measures, which can include the use of taxation or other measures to impact public spending. Another one trillion yuan may be set aside for recapitalizing banks or helping indebted local governments to issue bonds. Jia said China’s economy had expanded sufficiently since then to support the issuance of Treasury bond financing between four trillion to 10 trillion yuan. Any meaningful stimulus measures must tackle the problem of oversupply in the property market, experts said.

Persons: Francis Lun, he’s, Lun, ”, we’re, Juliana Liu, Ray Dalio, Pan Gongsheng, Li Yunze, Wu Qing, Pan, Jing Liu, it’s, Xi, Jia Kang, Jia, Chi Lo Organizations: Hong Kong CNN —, Index, CNN, Geo Securities, Nikko Asset Management, Bridgewater Associates, National Development Reform Commission, People’s Bank of China, Financial Regulatory, China Securities Regulatory, HSBC, Reuters, Ministry, Finance, Ministry of Finance, China Academy of New, Barclays, BNP, Management Locations: China, Hong Kong, Causeway, Beijing, Renhuai

☆ ‘No challenges can stop China’s progress,’ Xi Jinping says in 75th anniversary speech
▼ + stars: | 2024-10-01 | by ( Evelyn Cheng | Evelyn Cheng Is A Senior Correspondent With Cnbc. | ) www.nbcnews.com time to read: +3 min

BEIJING — Chinese President Xi Jinping said Monday that no challenges can stop the country from moving forward and reiterated Beijing’s reunification aims with Taiwan. “The path ahead will definitely see challenges,” Xi said, before calling on the country to overcome uncertainties and risks. “No challenges can stop China’s progress.”The comments were translated by CNBC from a Chinese state media broadcast. Xi did not mention specific countries or trade conflicts in his Monday speech, instead portraying China as upholding globalization. In a 2019 speech commemorating the PRC’s 70th anniversary, Xi had said that no force could sway China’s development, amid festivities involving a military parade and large-scale celebrations.

Persons: Xi Jinping, ” Xi, Xi, Beijing’s, “, ” Organizations: CNBC, Communist Party’s, Macao —, People’s Bank of, Ministry of Finance Locations: BEIJING, Taiwan, People’s Republic of China, Beijing, China, U.S, Europe, Greater China, Hong Kong, Macao, People’s Bank of China

☆ China stocks see best week since 2008 on stimulus impact as most Asia markets rise
▼ + stars: | 2024-09-27 | by ( Lim Hui Jie | ) www.nbcnews.com time to read: +4 min

Chinese markets clocked their best week in almost 16 years as the mainland’s CSI 300 rallied 15.7% this week, buoyed by several economic stimulus measures by the central bank. The last time the index saw a bigger weekly gain was the week ending Nov. 14, 2008. Hong Kong’s Hang Seng index recorded a weekly gain of 12.75%, making it the index’s best week since February 1998, according to FactSet data. Tokyo’s headline inflation rate eased to 2.2%, down from August’s 2.6%. A slate of fresh U.S. economic data also supported the market’s gains, with weekly jobless claims falling more than expected, pointing to a steady labor market.

Persons: Hong, PBOC, Shigeru Ishiba, Sanae Takaichi, Korea’s Kospi, Australia’s, ’ Organizations: CSI, People’s Bank of China, Google, Shanghai Stock Exchange, Reuters, Japan’s Nikkei, of Japan, U.S ., Micron Technology, Nasdaq, Dow Jones Industrial Locations: China, Shanghai, Asia, Pacific, Tokyo, August’s, U.S

☆ French tycoon gains $17 billion from China’s economic stimulus push
▼ + stars: | 2024-09-27 | by ( Juliana Liu | ) edition.cnn.com time to read: +4 min

But by the end of the day, his net worth jumped by $17 billion to $201 billion, the index reported, calling it his third-biggest daily increase ever. That market, which accounted for 31% of total revenue last year, is dominated by China. Hong Kong’s benchmark Hang Seng index has added just over 12% so far this week, while mainland China’s blue-chip CSI300 has gained more than 15%. However, experts urged investors to be cautious as officials must still come up with ways of stabilizing the property market, which once accounted for as much as 30% of economic activity. It began to cool in 2019 and fell into a deep trough about two years later, after a government-led clampdown on developers’ borrowing.

Persons: Bernard Arnault isn’t, Arnault, LVMH, “, Nomura, Xi Jinping, Pan Gongsheng, Pan Organizations: Hong Kong CNN, LVMH, Bloomberg, Markets, People’s Bank of China Locations: China, Hong Kong, LVMH, Paris, Asia, “ Beijing

☆ China central bank releases slate of support measures amid a deepening economic slump
▼ + stars: | 2024-09-24 | by ( Evelyn Cheng | Evelyn Cheng Is A Senior Correspondent With Cnbc. | ) www.nbcnews.com time to read: +6 min

Lynn Song, chief economist for greater China ING, called the repo rate cut announcement “the most important” move made during the news conference. “If we see a large fiscal policy push as well, momentum could recover heading into the fourth quarter.”The headquarters of the People’s Bank of China in Beijing. During his first news conference as central bank governor in January, Pan said the PBOC would cut the reserve requirement ratio. Unlike the Fed’s focus on a main interest rate, the PBOC uses a variety of rates to manage monetary policy. Pan has indicated he would like the 7-day rate to become the main policy rate.

Persons: Pan Gongsheng, Pan, Lynn Song, ”, “, Jiang Qiming, ” Edmund Goh, Goldman Sachs, Li Yunze, Li, Nomura Organizations: People’s Bank of China Gov, China ING, “, U.S . Federal Reserve, People’s Bank of China, China News Service, Getty, Pan, National Financial Regulatory Administration Locations: BEIJING, China, Beijing, abrdn

☆ U.S. Officials to Visit China for Economic Talks as Trade Tensions Rise
▼ + stars: | 2024-08-12 | by ( Alan Rappeport | More About Alan Rappeport | ) www.nytimes.com time to read: +1 min

A group of senior Biden administration officials is traveling to Shanghai this week for a round of high-level meetings intended to keep the economic relationship between the United States and China on stable footing amid mounting trade tensions between the two countries. Officials are expected to discuss ways to maintain economic and financial stability, capital markets and efforts to curb the flow of fentanyl into the United States. Although communication between the United States and China has improved over the past year, the economic relationship remains fraught because of disagreements over industrial policy and China’s dominance over green energy technology. The United States is also restricting American investments in Chinese sectors that policymakers believe could threaten national security. They are expected to meet with the People’s Bank of China’s deputy governor, Xuan Changneng, and other senior Chinese officials.

Persons: Biden, Brent Neiman, Xuan Changneng Organizations: Biden, U.S ., Treasury, Federal Reserve, Securities and Exchange Commission, People’s Bank Locations: Shanghai, United States, China

☆ China Unexpectedly Cuts Interest Rate as World Markets Sag
▼ + stars: | 2024-07-24 | by ( Keith Bradsher | More About Keith Bradsher | ) www.nytimes.com time to read: +1 min

China’s central bank on Thursday cut a key interest rate, in Beijing’s second move this week to try to offset a weakening economy and a housing market crisis. The unexpected action came as stock markets fell sharply across most of Asia in early trading, in an echo of Wall Street’s sharp drop the day before. Market indexes were down 1 to 3 percent in Australia, Japan, South Korea and Hong Kong. That could reflect a favorable response by investors to the central bank’s rate move, or a sign of intervention by the Chinese government, which plays an extensive role in the country’s stock markets. As markets opened in China on Thursday, the People’s Bank of China, the central bank, reduced its interest rate for one-year loans to commercial banks to 2.3 percent, from 2.5 percent.

Organizations: People’s Bank of China Locations: Asia, Australia, Japan, South Korea, Hong Kong, Shanghai, Shenzhen, China

☆ Investors look to upcoming earnings to keep stock rally going
▼ + stars: | 2024-07-05 | by ( Krystal Hur | ) edition.cnn.com time to read: +6 min

New York CNN —With interest rate cuts on the backburner, Wall Street is looking to corporate earnings to continue powering the 2024 stock market rally. Analysts polled by FactSet expect second-quarter earnings of S&P 500 companies to grow about 8.7% on average from the prior year. Strong corporate earnings have helped the S&P 500 gain a whopping 16% and notch repeated record high closes this year. Since the Fed isn’t likely to cut rates anytime soon, the onus is on strong corporate earnings to continue driving the market rally. Earnings season kicks off July 12 when big banks including JPMorgan Chase, Wells Fargo and Citigroup report results.

Persons: FactSet, Jerome Powell, ”, Jeffrey Buchbinder, Wells, Dow, Lisa Shalett, Jessie Yeung, Hanako Montgomery, Junko Ogura, “, Tadashi Matsubara, ” Read, Laura He, Pan Gongsheng, Read Organizations: CNN Business, Bell, New York CNN, Federal, LPL, JPMorgan Chase, Citigroup, Nvidia, Microsoft, Meta, Dow Jones, Morgan Stanley Wealth Management, Kanpou, “, Beijing Money, Silicon Valley Bank, People’s Bank of China, prudential Locations: New York, Sintra , Portugal, Wells Fargo, Banks, Japan, Nepal, China, Beijing, Silicon, United States, Shanghai

☆ Chinese government bonds are on fire. That’s ringing alarms bells in Beijing
▼ + stars: | 2024-07-03 | by ( Laura He | ) edition.cnn.com time to read: +7 min

“What worries policymakers is the interest rate risk, which will rise once the dominant narrative shifts from deflation to reflation,” Hu from Macquarie said. If that happens, bond yields will rise as investors switch back into riskier stocks. The country’s “4,000 or so small and medium-sized banks” will be particularly vulnerable to the interest rate risk, he added. “The bubble formed by the rush of funds into the bond market is accumulating interest rate risks,” the Securities Times said in an editorial. Economic risksThe rapid decline in Chinese bond yields also poses significant risks to the economy.

Persons: “, ”, Pan Gongsheng, SVB, Larry Hu, ” Hu, Macquarie, Hu, Zhang Jiqiang, Ken Cheung Organizations: Hong Kong CNN, Silicon Valley Bank, People’s Bank of China, prudential, “, Federal Reserve, Macquarie Group, Zheshang Securities, Securities Times, Japan’s Norinchukin Bank, Huatai Securities, Mizuho Securities Locations: Hong Kong, Silicon, United States, Shanghai, China, Beijing, SVB, outflows

☆ China is trying to end its ‘epic’ property crisis. The hard work is just beginning
▼ + stars: | 2024-05-21 | by ( Laura He | ) edition.cnn.com time to read: +7 min

“The policymakers recognize the urgency to prevent an outright property crisis,” said Zhaopeng Xing, senior China strategist at ANZ Research. According to Goldman Sachs, the total value of unsold homes, unfinished projects and unused land in China is about 30 trillion yuan ($4.1 trillion). On Friday, Tao Ling, deputy governor of the PBOC, said the relending program could eventually underpin 500 billion yuan ($69 billion) worth of bank loans to support the buying. The Housing Ministry said Friday that local governments can instruct local state-owned enterprises to help purchase some unsold homes from developers. Just the beginningAddressing the oversupply of unsold homes is only the first step, experts say.

Persons: ”, Zhaopeng Xing, Goldman Sachs, it’s, Tao Ling, Ting Lu, Nomura, Helen Qiao, It’s, Tao, ” Jing Liu, Taylor Wang, Xing, Goldman, Donald Trump, Michelle Lam, Wei Yao, Société Générale Organizations: Hong Kong CNN —, ANZ Research, Goldman, People’s Bank of China, Greater China, Bank of America, Housing Ministry, HSBC, European Union Locations: China, Hong Kong, Hong Kong CNN — Beijing, Beijing, Greater, Société, Japan

☆ Hong Kong stocks are back from the dead. Here’s why
▼ + stars: | 2024-04-30 | by ( Laura He | ) edition.cnn.com time to read: +6 min

Hong Kong CNN —Hong Kong’s benchmark Hang Seng Index surged more than 7% in April as the best-performing major index in the world. The valuation of Hong Kong stocks has also become more “compelling” relative to the rest of the Asian region after the pullback last year, said Zhikai Chen, head of Asian equities at BNP Paribas Asset Management. He added that there is a shift in investors’ sentiments as Chinese economic data turned more positive. Innes said global investors are currently “underweight” in Chinese markets, including Hong Kong, because of geopolitical tensions and concerns surrounding potential fallout from the upcoming US elections. Stock exchange data showed that southbound investors (meaning investment from mainland China into Hong Kong) have bought nearly $20 billion of Hong Kong-listed stocks in March and the first three weeks of April on a net basis.

Persons: ”, Kelly Chung, Zhikai Chen, Stephen Innes, David Chao, Nomura, Xiaomei Chen, Angelina Lai, Innes, Kong, BNP Paribus Organizations: Hong Kong CNN, Hong, Value Partners, BNP, Management, P Global, PMI, Kong's, Reuters, US, People’s Bank of, HK, “ Locations: China, Hong Kong, United States, Beijing, India, James’s, People’s Bank of China

☆ Banks say they’re meeting climate pledges. A new report says they’re ineffective
▼ + stars: | 2024-04-10 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +7 min

Why gold prices are at record highsFrom central banks to Costco customers, it seems everyone is buying gold these days, reports CNN’s John Towfighi. Central banks see gold as a long-term store of value and a safe haven during times of economic and international turmoil. When interest rates fall, gold prices tend to rise, as bullion becomes more appealing than income-paying assets like bonds. The People’s Bank of China bought gold for the 17th straight month in March, adding 160,000 ounces to bring reserves to 72.74 million troy ounces of gold, according to Reuters. The Honest Company posted a strong fourth quarter in March.

Persons: –, ” Mark Carney, ”, GFANZ, Jamie Dimon, ” Dimon, JPMorgan, CNN’s John Towfighi, China —, Read, Jessica Alba, Ramishah Maruf, Alba’s, Chuck Organizations: CNN Business, Bell, New York CNN, European Central Bank, Glasgow Financial Alliance, UN, Bank of England, ECB, MIT, Columbia Business School, Zero Banking Alliance, United Nations, decarbonization, CNN, JPMorgan Chase, State, JPMorgan, Investors, Federal Reserve, China, People’s Bank of China, Reuters, UBS, The Honest, The Honest Company, Honest, Nasdaq Locations: New York, Glasgow, China, India, Turkey

☆ Why gold prices are at record highs
▼ + stars: | 2024-04-09 | by ( John Towfighi | ) edition.cnn.com time to read: +6 min

Central banks see gold as a long-term store of value and a safe haven during times of economic and international turmoil. When interest rates fall, gold prices tend to rise, as bullion becomes more appealing than income-paying assets like bonds. Investors also regard gold as a hedge against inflation, betting bullion will retain its value when prices rise. The People’s Bank of China bought gold for the 17th straight month in March, adding 160,000 ounces to bring reserves to 72.74 million troy ounces of gold, according to Reuters. Higher oil prices are likely to stoke concerns over inflation, boosting gold prices, according to the UBS research note.

Persons: China —, Ulf Lindahl, Lindahl, Morgan, JP Morgan, Janet Yellen’s, Yellen, Mark Zandi, Jerome Powell, Wells, Richard Galanti, It’s Organizations: New, New York CNN, Investors, Federal Reserve, China, People’s Bank of China, Reuters, UBS, Research Associates, Moody’s, of Commerce, Costco Locations: New York, China, India, Turkey, Central, Wells Fargo

☆ Yellen returns to China to tackle economic challenges bedeviling ties with US
▼ + stars: | 2024-04-04 | by ( Laura He | ) edition.cnn.com time to read: +6 min

Hong Kong CNN —Janet Yellen has kicked off her second visit to China as US treasury secretary to continue efforts to further stabilize ties between the world’s two largest economies. “During prior meetings with her Chinese interlocutors, Yellen has largely avoided taking a strong stance on controversial issues,” he said. Trade tensionsBiden administration officials have suggested raising tariffs on Chinese imports to “level” the playing field for trade. Former President Donald Trump has threatened to slap 60% tariffs on imports from China if he is re-elected. The “forces” are often referred to as emerging industries such as EVs, new materials and artificial intelligence.

Persons: Hong Kong CNN — Janet Yellen, Yellen, “, ’ Yellen, Joe Biden, Xi Jinping, Li Qiang, Lifeng, Liu He, Pan Gongsheng, Lan Fo’an, Craig Singleton, ”, Biden, Xi’s, Donald Trump, Rick Waters, ’, Xi, Waters, don’t, ” Singleton Organizations: Hong Kong CNN, People’s Bank of China, Finance, Foundation for Defense of Democracies, Bali . Trade, Biden, Trump, Treasury Department Locations: China, Hong Kong, Georgia, United States, California, Guangzhou, Beijing, Washington, Bali ., Eurasia

☆ China’s consumer inflation rate rises for first time in six months. But the holiday boost is likely to fade
▼ + stars: | 2024-03-11 | by ( Laura He | ) edition.cnn.com time to read: +4 min

Hong Kong CNN —China’s consumer inflation turned positive for the first time in six months, largely supported by the Lunar New Year holiday, when a spending boom pushed up prices. The Consumer Price Index (CPI) increased by 0.7% in February from a year earlier, government data showed on Saturday, versus a rise of 0.3% forecast in a Reuters poll. This was the first increase in the inflation rate since August 2023. Last Tuesday, Premier Li Qiang said the government had set this year’s growth target at around 5% and inflation target at 3%. But the key to growth and rising prices will be how Beijing implements its policy to stimulate demand and boost confidence, analysts said.

Persons: “, ”, Zhiwei Zhang, ” Nomura, Price, Li Qiang, Gongsheng, Zheng Shanjie Organizations: Hong Kong CNN —, Index, “, People’s Bank of China, Getty, National, ” Citi Locations: China, Hong Kong, Nanjing, Jiangsu province, Beijing

☆ China growth target: Beijing wants to upgrade the economy. Why are investors so skeptical?
▼ + stars: | 2024-03-08 | by ( Laura He | ) edition.cnn.com time to read: +7 min

Hong Kong CNN —Chinese leaders have pledged to achieve an ambitious growth rate this year, while reshaping its economic model to focus on technology innovation. On Tuesday, Premier Li Qiang announced that economic growth target of around 5% for 2024, which he said “will not be easy” to hit, given that a Covid-battered 2022 had provided a lower base of growth for last year. “The level of support is likely too little to rocket the economy to its 5% growth target this year,” said Sarah Tan, an economist at Moody’s, referring to the measures announced by Li Tuesday. “China is walking a tightrope on the fiscal front between infrastructure stimulus and LGFV [local government financing vehicle] deleveraging,” said Goldman Sachs analysts on Wednesday. In order to achieve the ambitious 5% growth target, more specific stimulus is needed, such as increasing manufacturing investments, Liu said.

Persons: Li Qiang, “, ”, Sarah Tan, Li Tuesday, Goldman Sachs, Li, ” Nomura, Xi Jinping, Peiqian Liu, Liu, Pan Gongsheng Organizations: Hong Kong CNN, AFP, Getty, Goldman, Fidelity International, People’s Bank of China, Jefferies Locations: China, Hong Kong, Beijing, ‘, Asia, —

☆ LPR: China makes biggest-ever cut to key mortgage rate to support housing market
▼ + stars: | 2024-02-20 | by ( Laura He | ) edition.cnn.com time to read: +3 min

Hong Kong CNN —China’s central bank has cut its key mortgage reference rate by a record amount, as it ramps up efforts to stem a prolonged property crisis. The People’s Bank of China (PBOC) announced Tuesday that it would cut its five-year loan prime rate (LPR) from 4.2% to 3.95%, while keeping the one-year LPR unchanged at 3.45%. The 25 basis point cut to the five-year LPR is the biggest reduction the central bank has made since it revamped its LPR system in 2019. The latest cut was also the first reduction to the five-year LPR since June 2023. “Today’s 25 (basis point) cut to the five-year LPR is clearly aimed at supporting the housing market,” analysts from Capital Economics said in a note on Tuesday.

Persons: “, ” Organizations: Hong Kong CNN, People’s Bank of China, Capital Economics, Zhongrong Trust, State Administration of Foreign Exchange Locations: China, Hong Kong, Beijing, Shanghai, Shenzhen

☆ Evergrande liquidation: Here’s what may happen next
▼ + stars: | 2024-01-31 | by ( Laura He | ) edition.cnn.com time to read: +9 min

But there is still little clarity over how the liquidation of Evergrande will unfold. That’s because the legal systems of Hong Kong and China remain distinct, despite Beijing’s growing control over the former British colony in recent years. No Chinese company as huge as Evergrande — which was once China’s second largest developer— has been wound up by a Hong Kong court. Hui Ka Yan, chairman of property developer China Evergrande. Since then, Evergrande has been building and selling apartments in mainland China, even though it has been unable to repay its debts.

Persons: Alvarez, Marsal, —, ”, John Bringardner, Hong, Hui Ka Yan, Xu Jiayin, Hui, Xiao En, Bobby Yip, Xiao, Evergrande, Florence Lo, homebuyers, Will, Andy Wong, Diana Choyleva, Xiao Yuanqi, ” Bringardner, ” Choyleva, Choyleva, “ Evergrande Organizations: Hong Kong CNN, Shimao, Kaisa Holdings, Group, “, Real, Century Business Herald, China Index Academy, Enodo, Communist Party, China’s, Financial Regulatory Administration, Getty, People’s Bank of China, Finance Ministry, Evergrande, Marsal Locations: Hong Kong, United States, China, British, New York, China . Hong Kong, Shenzhen —, Asia, Florence, Beijing, Real, Hainan

☆ China stock market: CSRC limits short-selling in latest effort to stem a rout
▼ + stars: | 2024-01-29 | by ( Laura He | ) edition.cnn.com time to read: +3 min

Hong Kong CNN —China’s top securities regulator has limited short-selling, in its latest effort to stem a protracted $6 trillion-dollar stock market rout that began in 2021. The China Securities Regulatory Commission announced Sunday it would “fully” suspend the lending of restricted shares on bourses in mainland China. The Shenzhen stock exchange is the second-largest in mainland China after Shanghai. Bloomberg/Getty ImagesCalm returns but challenges remainChinese authorities have stepped up their measures to stem the stock market rout over the past week. A day later, in an unprecedented move, regulators said they were considering evaluating the performance of the heads of state-owned companies based on their stock market value.

Persons: Hong Kong CNN —, ”, Ken Cheung, Evergrande, ” Cheung, Hong, Li Yunze, Pan Gongsheng Organizations: Hong Kong CNN, China Securities Regulatory Commission, Mizuho Bank, Bloomberg, Shanghai Shenzhen, Administration of Financial, People’s Bank of China Locations: Hong Kong, bourses, China, Shanghai, Shenzhen

☆ China stock market: Calm returns after wild week but big challenges remain
▼ + stars: | 2024-01-26 | by ( Laura He | ) edition.cnn.com time to read: +6 min

Hong Kong CNN —It’s been a rollercoaster week for stocks trading in mainland China and Hong Kong. “For a sustained rally in China stocks, we think China will need to address the core of these concerns (predominantly property sector issues and US-China tensions),” the analysts added. In the 7 days to January 24, exchange-traded funds (ETFs) tracking Chinese stocks recorded large inflows of $12.6 billion, according to a Citi survey of global fund managers. Still, investors have been fleeing Chinese stocks over a much longer period because they are worried about the country’s economic prospects. The country is facing the prospect of a vicious cycle whereby lower demand leads to lower investment, lower production and lower income, thus causing even lower demand.

Persons: Hong Kong CNN — It’s, Hong, — haven’t, ” Nomura, “, Li Qiang, ”, Li Yunze, Pan Gongsheng, Florence Lo, HSI, Raymond Yeung, ” Yeung Organizations: Hong Kong CNN, Shanghai Shenzhen, ”, Shanghai Financial Exchange, Bloomberg, State, Supervision, Administration Commission, Administration of Financial, Reuters, People’s Bank of China, Citi, Enodo Economics, HSBC, Greater China, ANZ Research Locations: China, Hong Kong, Shanghai, United States, Beijing, Davos, Switzerland, Greater

☆ China tries to halt stock market rout by boosting lending and wooing foreign investors
▼ + stars: | 2024-01-24 | by ( Laura He | ) edition.cnn.com time to read: +6 min

Hong Kong CNN —China has vowed to pump more money into the economy and further open its $64 trillion financial industry to international investors, as Beijing scrambles to restore confidence following a massive stock market rout. The astonishing losses, reminiscent of the last Chinese stock market crash of 2015-2016, highlight a crisis of confidence among investors concerned about the country’s future. It will allow Hong Kong banks to expand their businesses in mainland China and reduce the barriers to investing in mainland insurers. Last month, China Reform Holdings, a state-owned investment fund, announced it had bought tech-focused index funds to support the market. The brutal sell-off in Chinese stock markets has even forced some hedge fund managers to apologize for making wrong bets.

Persons: Li Yunze, “, Pan Gongsheng, Goldman Sachs, Li, ”, Lam, Li Qiang, Wang Zhao, Premier Li Qiang, Stringer, Li Bei Organizations: Hong Kong CNN, Administration of Financial, People’s Bank of, Buildings, New Champions, Getty, Premier, Xinhua, Reuters, Securities Daily, Social Security Fund, China Reform Holdings, Central Huijin Investment, Shanghai Banxia Investment Management Locations: China, Hong Kong, Beijing, Shanghai, Shenzhen, People’s Bank of China, Victoria Harbour, British, Tianjin, AFP, Central, Fuyang, China's, Anhui

☆ Why Chinese stocks have lost $6 trillion in 3 years: everything you need to know
▼ + stars: | 2024-01-23 | by ( Laura He | ) edition.cnn.com time to read: +8 min

Hong Kong CNN —Chinese shares haven’t just had a bad start to 2024. The astonishing losses, reminiscent of the last Chinese stock market crash of 2015-2016, highlight a crisis of confidence among investors concerned about the country’s future. But on the same day, major state-owned banks moved to support the Chinese yuan, in order to prevent the currency from falling too fast as Chinese shares plunged, according to a Reuters report, citing unnamed sources. Topics related to the “market plunge” and “China’s stock market rescue” were trending on Weibo on Tuesday. “I’m sad about today’s stock market performance,” Hu Xijin, former editor-in-chief for state newspaper Global Times, posted on Weibo on Monday.

Persons: It’s, “, Goldman Sachs, Wall, Li Qiang, ”, Nomura, bedeviling, Beijing’s, Li, Ken Cheung, ” Hu Xijin, “ Hu Organizations: Hong Kong CNN, Reuters, Bloomberg, Monday, People’s Bank of China, ”, Big Tech, Xinhua, Hong, Mizuho Bank, Global Times Locations: China, Hong Kong, Shanghai, Shenzhen, Japan, Asia, Beijing, US, Weibo

Search resuls for: "People’s Bank of China"

25 mentions found