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☆ Morgan Stanley says this is the stock to play China's EV industry consolidation
▼ + stars: | 2024-06-30 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +4 min

Morgan Stanley has resumed coverage of Hong Kong-listed Geely with an overweight rating on expectations the Chinese automaker can weather macro and industry uncertainties. "We see Geely as a beneficiary of market consolidation," Morgan Stanley Asia equity analyst Tim Hsiao and a team said in a June 25 report that resumed coverage of the stock. Hangzhou-based Geely entered China's auto industry in 1997 and is known for acquiring Volvo in 2010. But the company raised the share of its new energy vehicles to 32% so far this year, higher than peers such as Great Wall Motor, for which the share is 23%, the Morgan Stanley analysts pointed out on Tuesday. The Morgan Stanley analysts on Tuesday set a price target of HK$11.20 ($1.43), about 27% above where shares closed Friday.

Persons: Morgan Stanley, Tim Hsiao, Geely, PHEV, Morgan Stanley's, BYD, bode Organizations: U.S, European Union, Lynk, Volvo, HK Locations: Hong Kong, Morgan Stanley Asia, Hangzhou, New York, China, EVs

HANGZHOU, China — Apple 's mixed-reality headset began deliveries in China on Friday with a retail price roughly 18% higher than in the U.S. The device starts at 29,999 yuan ($4,128) in China, compared with a $3,500 retail price in the U.S. When asked by CNBC, a customer surnamed Chen in Beijing said his suggestion to Apple CEO Tim Cook was to make Vision Pro cheaper by about 10,000 yuan ($1,376). Greater China accounted for about 18% of Apple's revenue in the three months ended March 30, according to an Apple filing. Chen pre-ordered his Vision Pro and was at a major store in Beijing to pick it up and receive some training on how to use it.

Persons: Chen, Tim Cook, salespeople Organizations: U.S, CNBC, Vision, Apple, Huawei, Beijing — Locations: HANGZHOU, China, U.S, Beijing, Weibo, Greater China

☆ Steady dollar sends yen to the brink of 160
▼ + stars: | 2024-06-26 | by ( ) www.cnbc.com time to read: +2 min

The dollar was firm on Wednesday and trading on the precipice of the 160 yen barrier as investors turned cautious and counted down to the release of U.S. price data at the end of the week. The dollar was firm on Wednesday and trading on the precipice of the 160 yen barrier as investors turned cautious and counted down to the release of U.S. price data at the end of the week. The Australian dollar dipped 0.1% to $0.6640 and the New Zealand dollar similarly slipped to $0.6115, with small moves reflecting thin trade. Sterling was steady at $1.268, while bitcoin has recovered somewhat from a dip below $60,000 this week to trade at $61,668. "The yen moves more, and yuan moves are more controlled, but they seldom move in opposite directions," said Societe Generale strategist Kit Juckes.

Persons: Pat Bustamante, Lisa Cook, Michelle Bowman, Bowman, bitcoin, Kit Juckes Organizations: Canadian, Westpac, Federal, Fed, New Zealand, Citi, Sterling, Generale Locations: Asia, U.S, China

☆ The yuan's status as a global currency might be gaining ground. But top CEOs see more hurdles to clear
▼ + stars: | 2024-06-26 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +3 min

A bank employee count China’s renminbi (RMB) or yuan notes next to U.S. dollar notes at a Kasikornbank in Bangkok, Thailand, January 26, 2023. Beijing has long touted its ambitions for increasing global use of the Chinese yuan — also known as the "renminbi" or "RMB" — in an international financial market where the U.S. dollar is the dominant currency. watch nowLast year, the HKEX announced a "Dual-Counter" program that allows investors to trade Hong Kong-listed securities in Hong Kong dollars or Chinese yuan. The euro was slightly higher at 5.6%, while the U.S. dollar dominated with a nearly 85% share, the data showed. A maturing financial marketDeveloping more Chinese yuan-denominated investment products also requires a maturation of the local financial sector.

Persons: China’s renminbi, Athit Perawongmetha, Bonnie Chan, Chan, We're, SWIFT, Fred Hu, Hu, it's, Patience, Kenny Lam Organizations: Reuters, Hong Kong Exchanges, U.S ., International Monetary Fund, U.S, Primavera Capital, Sigma Asia Locations: U.S, Bangkok, Thailand, Reuters DALIAN, China, Beijing, Russia, Dalian, Hong Kong, Shanghai, Pacific

REUTERS/Bobby Yip/File Photo Purchase Licensing Rights New Tab , opens new tabJune 26 (Reuters) - A look at the day ahead in Asian markets. The first definition that appears in an online search for the meaning of "resilience" is "the capacity to withstand or to recover quickly from difficulties; toughness." In that light, the direction Asian markets are liable to take on Wednesday is hard to call. Broader concerns about the weakness of the yen and potential intervention from Japanese authorities, and the Chinese yuan's steady depreciation, still hang heavily over Asian markets. Here are key developments that could provide more direction to markets on Wednesday:- Australia inflation (May)- RBA assistant governor Kent speaks- Singapore manufacturing production (May)Sign up here.

Persons: Bobby Yip, Tuesday's, Christopher Kent, Kent, Jamie McGeever Organizations: Hong Kong Stock Exchange, REUTERS, Nvidia, Tuesday's U.S, Reserve Bank of Australia, Bank of Japan, U.S, Reuters, Thomson Locations: Hong Kong, China, U.S, Tuesday's, Singapore, Australia

☆ China growth worries have hit a big alcohol stock. Why some analysts see a buy opportunity
▼ + stars: | 2024-06-23 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +5 min

"Flying Fairy," a 53% alcohol from Shanghai-listed Kweichow Moutai , saw wholesale prices drop by more than 5% in a week. He agreed the drop in wholesale prices won't have a big impact on Moutai's immediate earnings. What's also different about Moutai's stock decline is that investors aren't rushing in to bottom fish as they have in the past, Ye said. "The recent wholesale price drop we think is mostly triggered by the arbitragers in the market," Morningstar's Song said. She expects wholesale prices to increase in coming months given major Chinese holidays in the fall.

Persons: stoking, That's, Jennifer Song, Song, Kweichou Moutai, Ye Yuhua, What's, Ye, Moutai, Huatai, Moutai's, Goldman Sachs Organizations: Nomura, Morningstar, Stock, Capital, Financial Holdings, JPMorgan, Macquarie Locations: Shanghai, Guangzhou, Hainan

☆ China's yuan will take over as Russia's main trade currency 'once and for all' as US sanctions get tighter, think tank says
▼ + stars: | 2024-06-21 | by ( Filip De Mott | ) www.businessinsider.com time to read: +4 min

The latest batch of US sanctions against Russia will promote further use of the yuan, a think tank said. It argued that as ruble volatility increases, the Chinese currency will offer stability. While sanctions also threaten Chinese entities, they won't be enough to disrupt yuan trading, it said. AdvertisementFresh sanctions on Russia are too late to be a game-changer, but they will help cement the role of China's yuan in place of Western currencies, a think tank said. "In May, its share in exchange trading once again hit a new record, reaching 53.6 percent.

Persons: —, Alexandra Prokopenko, Prokopenko Organizations: Russia, Service, Carnegie, Carnegie Russia Eurasia Center, Kremlin Locations: Russia, Carnegie Russia, Moscow, Beijing, Kazakhstan, UAE

☆ China has spent at least $230 billion to build its EV industry, new study finds
▼ + stars: | 2024-06-21 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +3 min

Future Publishing | Future Publishing | Getty ImagesBEIJING — China spent $230.8 billion over more than a decade to develop its electric car industry, according to analysis published Thursday by the U.S.-based Center for Strategic and International Studies. Last month, the U.S. announced it was raising duties on imports of Chinese electric vehicles to 100%. There are some exceptions, but in general Western automakers and governments have dilly dallied and not been aggressive enough. But he also noted that the U.S. has not created conditions that are as attractive as China's for developing its own electric car industry. "There are some exceptions, but in general Western automakers and governments have dilly dallied and not been aggressive enough," he said.

Persons: Scott Kennedy, Kennedy, Tesla Organizations: Workers, SAIC, GM, Future Publishing, Getty, Strategic, International Studies, CSIS, U.S, Ministry of Finance, Bank of America, Western, EV Locations: Qingdao, Shandong, BEIJING, China, U.S

☆ China talks up support for IPOs. Investors are watching the speed of approval
▼ + stars: | 2024-06-21 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +4 min

Mike Segar | ReutersBEIJING — Chinese authorities this week announced new policy for supporting venture capital, raising hopes for faster approvals of initial public offerings in the near future. The new policy included a section on expanding exit channels for venture capital, with an emphasis on supporting companies with technological breakthroughs. Investors, especially those who put U.S. dollars into China-based venture capital funds, have preferred IPOs in the U.S. as the largest and most liquid market. Separately, the U.S. has increased its scrutiny of U.S. capital going into China, especially military-related entities. The China Securities Regulatory Commission has increased fines for misleading investors and clarified requirements for overseas IPOs.

Persons: Mike Segar, Marcia Ellis, Morrison Foerster, Ellis, Winston Ma, Ming Liao, Didi, Morrison Foerster's Ellis, Fang Xinghai, Fang Organizations: New York Stock Exchange, Reuters, State Council, U.S, Venture, NYU School of Law, Investors, Prospect, CNBC, China Securities Regulatory Commission Locations: Manhattan, New York City , New York, U.S, Reuters BEIJING, China, Prospect Avenue, Hong Kong, London

☆ Chinese cities desperate for cash are chasing companies for taxes — some from the 1990s
▼ + stars: | 2024-06-21 | by ( Laura He | ) edition.cnn.com time to read: +7 min

Last year, the soy milk seller made a net profit of only 209 million yuan ($29 million). And it’s still unsure how much it owes in fines, which could be potentially higher than the actual $11.7 million tax bill. Including fines, the company needed to pay a total amount of 480 million yuan ($66 million). The amounts paid vary from 8 million yuan ($1.1 million) to 310 million yuan ($43 million). It said in January that the Shenzhen government had asked for payment of 19.8 million yuan ($2.7 million) in back taxes for 2017 and 20.2 million yuan ($2.8 million) in fines.

Persons: they’ve, ”, Craig Singleton, Frank Tian Xie, ” Singleton, it’s, ” Bohui, “ Organizations: Hong Kong CNN — Authorities, Food & Beverage, Foundation for Defense of Democracies, Administration of Taxation, “ Police, Taxation, Centers ”, University of South, University of South Carolina Aiken, Ningbo Bohui Chemical Technology, Healthcare, ChinaLin Securities, Yixintang Pharmaceutical Group Locations: China, Hong Kong, Zhijiang, Hubei, Yichun, Jiangxi, University of South Carolina, “, ” Beijing, Ningbo, Qinghai, Golmud, Chongqing, Shanghai, Shenzhen

☆ 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

☆ China’s 618 e-commerce festival sees a decline in sales for the first time in 8 years, data firm Syntun says
▼ + stars: | 2024-06-20 | by ( Dylan Butts | ) www.cnbc.com time to read: +1 min

China's annual 618 mid-year e-commerce festival saw sales drop for the first time in 8 years, according to retail data provider Syntun, signaling consumption recovery in the world's second-biggest economy was still quite slow. It was also the first time sales clocked a decline since Sytun began monitoring the event in 2016, the company told CNBC. It is China's second-biggest annual sales event after "Singles Day" in November — both are seen as a barometer for household consumption. Weak sales this year came despite some companies extending their 618 sales period, according to Sytun's analysis, which covered over 20 platforms. Tmall, for instance, started offering its 618 deals as early as May 20 this year, as opposed to its typical May 31 start date.

Organizations: CNBC, PDD Holdings, Apple

☆ Alfa Bank: US-sanctioned Russian banking giant expands in China
▼ + stars: | 2024-06-20 | by ( Laura He | Olesya Dmitracova | ) edition.cnn.com time to read: +3 min

Hong Kong/London CNN —Battered by Western sanctions, Russia’s largest privately owned bank is expanding its business in the world’s second-largest economy. That would make the lender the first private Russian bank to open full-service branches in the two major Chinese cities. The bank is part of Alfa Group, one of Russia’s largest financial and investment conglomerates, which was founded by Fridman. Alfa Bank made a loss of 117.1 billion rubles ($1.44 billion) in 2022, according to its annual report for that year. A year later, it seemed to bounce back, reporting profit of 120.9 billion rubles ($1.4 billion) for 2023.

Persons: Mikhail Fridman, hasn’t, Fridman Organizations: London CNN, Alfa Bank, CNN, Alfa Group, European, Moscow, Hong Kong Equity Investment Association Locations: China, Hong Kong, London, Russian, Beijing, Shanghai, Ukraine, United States, Russia, Italy, Western

☆ Russian arms manufacturers are 'scrambling to expand their production capabilities using whatever they can get,' expert says
▼ + stars: | 2024-06-19 | by ( Rachel Hosie | ) www.businessinsider.com time to read: +3 min

download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Read previewRussia is rushing to expand its arms production by buying secondhand machine tools from China through covert networks to get around Western sanctions. A report from Washington-based nonprofit think-tank The Center for Advanced Defense Studies, or C4ADS, said that Russia's arms manufacturers were "scrambling to expand their production capabilities using whatever they can get." And Russian defense industry analyst and lead researcher Allen Maggard told the Financial Times that the decades-old machine tools Russia is importing are still effective. AdvertisementGlenn Gray, the president of Gray Machinery, told the FT he'd never heard of the company.

Persons: —, Allen Maggard, Andrey Mironov, Glenn Gray, Tsugami, hasn't, C4ADS, UMIC —, ELE Organizations: Service, Advanced Defense, Business, Financial Times, Kremlin, AMG, ELE Technology, Gray Machinery Locations: Russia, China, Washington, Ukraine, UAE, Russian

☆ ‘Inadvertent geoengineering’: Researchers say low-sulfur shipping rules made climate change worse
▼ + stars: | 2024-06-19 | by ( Sam Meredith | In Samuelmeredith | ) www.cnbc.com time to read: +4 min

That's because the sulfur dioxide, a pollutant which forms when sulfur-containing fuel such as coal or petroleum oil is burned, reacts with water vapor to produce aerosols that reflect sunlight back into space. The aerosols have a direct cooling effect, though climate scientists note that their contribution to global cooling or warming when they are reduced remains a complex area of research. Extreme temperatures are fueled by the climate crisis, the chief driver of which is the burning of fossil fuels. All of the climate models will give you slightly different answers because of the way that they do their emissions of sulfur dioxide," Haywood said. "So, we are uncertain about how much impact the IMO regulations will have had on global mean temperatures."

Persons: Yuan, Laura Wilcox, everyone's, Jim Haywood, Haywood, You've, Jim Hansen Organizations: United Nations, International Maritime Organization, Ucg, Getty, Communications, University of Maryland, National Centre for Atmospheric Science, University of Reading, El Nino, University of Exeter, CNBC, El, NASA Locations: London, Europe, Tonga

☆ Dollar firm as euro wallows; yuan brushes aside China data
▼ + stars: | 2024-06-17 | by ( ) www.cnbc.com time to read: +4 min

The dollar was firm on Monday as the euro hovered near a more than one-month low amid continued concerns about the political outlook in Europe. The yuan held close to a multi-month low after China released a slew of economic data that pointed to an uneven recovery in the world's second-largest economy. A Reuters poll published last week showed 63 of 65 economists thought a first cut would not come until Aug. 1. Elsewhere, the yuan was mostly flat at 7.2550 per dollar after domestic data showed a mixed economic picture in China. China's central bank left a key policy rate unchanged as expected on Monday as the weak yuan continued to hamper policy easing.

Persons: Emmanuel Macron's, Matt Simpson, Neel Kashkari, Index's Simpson, Sterling, Kazuo Ueda, bitcoin Organizations: U.S, Gazprom, European Central Bank, Reuters, Index, . Minneapolis Federal, Bank of England, Bank of Japan Locations: Poland, Bulgaria, Europe, China, U.S

China's retail sales beat expectations in May, climbing 3.7% compared with a year ago, beating expectations of a 3% rise from a Reuters poll of economists. However, other economic metrics, such as industrial output and fixed asset investment, missed Reuters forecasts. Industrial output grew by 5.6% year-on-year, compared to the 6% increase expected, while fixed asset investment rose 4% compared to last May, just shy of the 4.2% forecast by the Reuters poll. On the other hand, the miss in fixed asset investment was dragged by a steeper drop in real estate investment. NBS said that excluding real estate, total fixed asset investment was 8.6% higher compared to last May.

Organizations: Reuters, National Bureau, Statistics, NBS Locations: Hangzhou, Zhejiang Province, China

☆ Japan did it first. Chinese stocks with some of the biggest global upside
▼ + stars: | 2024-06-16 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +5 min

If the international expansion of Japanese companies is any guide, Chinese companies still have significant potential left in the global market. The company did not break out overseas revenue for the first quarter, but said overall revenue grew by 14% from a year ago to 3.8 billion yuan. When compared to Japanese companies, the contribution of overseas revenue to the total for Chinese businesses is low across industries. "We believe Zhejiang Dingli will benefit from strong boom lift sales growth, especially in the US market," the HSBC report said. I think the conversation has moved now more toward being tough on global trade or free trade," David Chao, global market strategist, Asia Pacific (ex-Japan), at Invesco, said during a webinar Thursday.

Persons: Steven Sun, Christine Peng, Anker, Dingli, Snibe, David Chao, — CNBC's Michael Bloom Organizations: HSBC, CSI, Japan's Nikkei, HSBC Qianhai Securities, UBS Asia Pacific, Companies, Amazon, Apple, Google, U.S . Commerce Department, Shenzhen New Industries Biomedical Engineering, Asia Pacific, U.S, Association of Southeast Asian Nations, Union Locations: China, Japan's, Shanghai, Germany, Indonesia, East, South America, Shenzhen, Zhejiang, Snibe — Shenzhen, U.S, Asia, Japan, Invesco, Singapore, The U.S

☆ The ‘New Chinese style’ trend isn’t exactly new, but it’s proving lucrative
▼ + stars: | 2024-06-16 | by ( Christy Choi | ) edition.cnn.com time to read: +8 min

On Chinese social media platforms Weibo and Xiaohongshu, searches for “new Chinese style” and “new Chinese style outfits” hashtags exceeded 100 million in early April, according to state news agency Xinhua. “There is no set rule in the ‘new Chinese style’ (trend) that you must follow, so it is more inclusive. Riding the ‘new’ Chinese style waveFashion designers like Samuel Gui Yang, whose collections have long taken inspiration from Chinese heritage, are seeing more interest from mainland China turn to their brands due to the “new Chinese style” trend. Designer Huang Weizhe, who goes by Azhe online, often posts ideas about how to embrace the "new Chinese style" trend. But some of the “new Chinese style” products are “shoddily made” she said, though she thinks that their designs will improve with time.

Persons: CNN —, Liang Ben, ”, didn’t, Momo, Xiaohongshu, Huang Weizhe, Huang, Samuel Gui Yang, ’, Chang, Yang, Ang Lee’s, “, Hong, Bruce Lee, Eileen Chang, Ian Hylton's, Ian Hylton, Tang, ” Hylton, Min Liu, Min, Hylton, Min “, China’s TikTok, shoddily Organizations: CNN, China News Service, Xinhua, China National Textile and Apparel, Shanghai Fashion, CCTV Locations: China, Shanghai, Beijing, Chengdu, Cao, Shandong, Weibo, London, Hong Kong, American, State, Shandong province

☆ China new bank loans rise in May, but well below forecasts
▼ + stars: | 2024-06-14 | by ( ) www.cnbc.com time to read: +1 min

Chinese banks extended 950 billion yuan ($130.93 billion) in new yuan loans in May, rising from April but missing analysts' expectations. Analysts polled by Reuters had predicted loans would rise to 1.255 trillion yuan in May from 730 billion yuan in April, but would still be below the 1.36 trillion yuan issued in the same month a year earlier. The PBOC said new loans totalled 11.14 trillion yuan for the first five months of the year. M2 grew 7.2% in April from a year ago. Outstanding yuan loans rose 9.3% last month from a year earlier compared with 9.6% growth in April.

Organizations: Reuters, People's Bank of, Analysts Locations: People's Bank of China

☆ Hong Kong wants residents to smile more but experts warn prices and competition are bigger issues for tourism
▼ + stars: | 2024-06-14 | by ( Dylan Butts | ) www.cnbc.com time to read: +4 min

Guests posing for a group photo at the "Let's Go the Extra Mile" hospitality campaign launch ceremony at the Central Government Office in Hong Kong on June 3, 2024. In response, the Hong Kong government launched a campaign – titled "Let's Go the Extra Mile" – encouraging frontline staff and members of the public to demonstrate good hospitality and "reinforce Hong Kong's brand as the best tourism destination." Hong Kong's currency is pegged to the U.S. dollar, which has helped the city's status as an international financial center. "Both have become equal problems for Hong Kong," he said. While the city's borders were closed during the pandemic, nearby Shenzhen continued to develop into a top-tier Chinese city, Lee said.

Persons: Long, John Lee, Hong Kongers, Allan Zeman, Lan, Kwai, Zeman, mainlanders, Simon Lee Siu, Lee Organizations: Central Government Office, Nurphoto, Getty, Hong, Lan Kwai Fong Group, U.S ., U.S, Sports, Tourism Bureau, HK, Pacific Institute of Business, Chinese University of Hong, Shenzhen Locations: Hong Kong, Shenzhen, Hong, Japan, Asia, Chinese University of Hong Kong

☆ Russia adopts Chinese yuan-to-ruble as benchmark exchange rate after US sanctions force a further move away from the dollar
▼ + stars: | 2024-06-14 | by ( Huileng Tan | ) www.businessinsider.com time to read: +3 min

Read previewMoscow is adopting the Chinese yuan-to-ruble exchange rate as its benchmark currency pair after the US expanded sanctions against Russia on Wednesday, the country's central bank said on Thursday. The new US sanctions prompted the Moscow Exchange to end dollar and euro trading on Thursday, causing confusion — since the exchange rate is now opaque. Related storiesRussia's central bank appeared to seek to calm the market in a statement on Thursday. AdvertisementThe central bank added in its statement to Russia's RBC News that the yuan has become "the main currency" on the Moscow Exchange. It will "set the trajectory for other currency pairs" and be the guideline for market participants, the central bank said.

Persons: —, Vladimir Putin, Russia — Organizations: Service, Russia, Business, TASS, RBC, Moscow Exchange Locations: Moscow, Russia, Ukraine, Russia'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

☆ Russia shuts down dollar and euro trading after sweeping US sanctions take aim at Moscow's financial lifelines
▼ + stars: | 2024-06-13 | by ( Filip De Mott | ) www.businessinsider.com time to read: +3 min

Russia's Moscow Exchange halted dollar and euro trading on Thursday. AdvertisementRussia's central exchange has barred dollar and euro trading, spelling an end to a market that's been open since the Cold War. Trades were halted Thursday on the Moscow Exchange after it became one of many targets of an expansive new US sanctions package. The latest sanctions are part of a US effort to sever Russia from foreign financial support, taking aim at virtually any global lender that transacts with Moscow. Last month, the yuan made up over half of foreign currency trades in Russia, the FT reported.

Persons: That's, —, Moex Organizations: Russia's, Russia's Moscow Exchange, US, Service, Clearing Center, Settlement Depository, Financial Times, Bloomberg Locations: Russia's Moscow, Moscow, Russia, Ukraine, Russian, Beijing

☆ New US sanctions against Russia force end of dollar and euro trading on Moscow Exchange
▼ + stars: | 2024-06-13 | by ( ) edition.cnn.com time to read: +3 min

New US sanctions against Russia have caused an immediate suspension of trading in dollars and euros on the country’s leading financial marketplace, the Moscow Exchange. “Due to the introduction of restrictive measures by the United States against the Moscow Exchange Group, exchange trading and settlements of deliverable instruments in US dollars and euros are suspended,” the central bank said. The move means banks, companies and investors will no longer be able to trade either currency via a central exchange, which offers advantages such as better liquidity and oversight. The central bank said it would use data from those trades to set official exchange rates. The central bank reassured people these deposits were secure.

Persons: MOEX Organizations: Moscow Exchange, Moscow Exchange Group, “, Reuters, Moscow, Norvik Bank, Tsifra Bank, US Treasury, Investments, Forbes Russia, MOEX, Clearing Locations: Russia, Moscow, Russian, Washington, Ukraine, United States, Beijing, ”

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