DIRS.INFO The most relevant business & tech news

☆ Canadian dollar outlook seen less rosy as China's economy weakens
▼ + stars: | 2023-09-07 | by ( Fergal Smith | ) www.reuters.com time to read: +2 min

File photo: A Canadian dollar coin, commonly known as the "Loonie", is pictured in this illustration picture taken in Toronto, January 23, 2015. REUTERS/Mark Blinch/file photo Acquire Licensing RightsTORONTO, Sept 7 (Reuters) - Analysts have cut their bullish near-term forecasts for the Canadian dollar as China's economy weakens and the gap between U.S. and Canadian bond yields grows, but still expect the currency to be stronger in a year, a Reuters poll showed. "The loonie has lost a few feathers in recent weeks," said Stefane Marion, chief economist and strategist at National Bank of Canada. "Widening interest rate differentials with the U.S. and weaker commodity prices due to a slowing Chinese economy are keeping the CAD in check." Canada is a major producer of commodities, so the loonie tends to be sensitive to the global growth outlook.

Persons: Mark Blinch, Stefane Marion, Marion, Fergal Smith, Sujith Pai, Devayani, Pranoy, Jan Harvey Organizations: REUTERS, Rights, National Bank of Canada, U.S, Bank of Canada, Thomson Locations: Toronto, Canada, U.S

☆ Dollar to stay bright this year before fading in 2024, analysts say: Reuters poll
▼ + stars: | 2023-09-07 | by ( Sarupya Ganguly | ) www.reuters.com time to read: +3 min

Backed by a strong economy and rising U.S. Treasury yields, some of the highest among developed economies, the dollar despite bouts of weakness has stayed resilient against most major currencies. That strong performance has brought the long-held view of a weaker dollar in the short to medium term under review. A solid 81% majority of analysts, 43 of 53, who answered an additional question said the risk to their dollar outlook was to the upside, the Sept. 1-6 Reuters poll showed. Elsewhere, other Asian currencies stand to face significant friction in recouping losses for the year, according to the poll. Almost all were forecast to at best stay within a range or trade modestly higher against the dollar in coming months.

Persons: Jane Foley, Lee Hardman, pare, Sterling, Sarupya Ganguly, Sujith Pai, Devayani, Pranoy, Hari Kishan, Andrea Ricci Organizations: Treasury, . Federal, Rabobank, Argentine, Thomson Locations: BENGALURU, China, America, Brazilian

That has put pressure on risky EM currencies, echoing the dynamics observed last year when the Fed began raising rates. In the Sept. 1-6 poll, almost all beaten-down emerging market currencies were forecast to move little, or trade modestly higher against the dollar in a year, with some making small gains in three months. The underperformance of China has probably been the biggest story holding back EM currencies." Earlier this year, many analysts expected China's reopening to boost the yuan and other EM currencies, especially those exporting commodities to the world's second-largest economy, but this scenario did not unfold as anticipated. Through the end of this year, we believe most EM Asia currencies can weaken," said Nick Bennenbroek, international economist at Wells Fargo.

Persons: Chris Turner, Nick Bennenbroek, Hugo Pienaar, Devayani Sathyan, Veronica Khongwir, Jonathan Cable, Sharon Singleton Organizations: Treasury, greenback, Fed, ING, Reserve Bank of India, Korean, Bureau for Economic Research, Thomson Locations: BENGALURU, JOHANNESBURG, China, Asia, Wells Fargo, Russian, South Africa, Bengaluru

☆ South Korea should maintain current monetary, fiscal policies, IMF says
▼ + stars: | 2023-09-06 | by ( ) www.reuters.com time to read: +2 min

The International Monetary Fund (IMF) logo is seen outside the headquarters building in Washington, U.S., September 4, 2018. REUTERS/Yuri Gripas/File Photo Acquire Licensing RightsSEOUL, Sept 6 (Reuters) - South Korea should maintain current, restrictive monetary and fiscal policies as it needs to take steps to return to sustainable finances and address inflation, the International Monetary Fund (IMF) said on Wednesday. Instead of undermining economic growth, the prudent fiscal policy is judged to be instrumental in keeping South Korea's economic fundamentals strong in the medium term, Finger said at a press conference. Finger told reporters the IMF decided not to evaluate South Korea's foreign exchange reserve adequacy based on its Assessing Reserve Adequacy (ARA) metrics from July. The measure is mostly for emerging economies, and given its economic characteristics, it is more appropriate to assess South Korea's on a scenario basis, Finger said.

Persons: Yuri Gripas, Harald Finger, Finger, China's, Cynthia Kim, Jihoon Lee, Jacqueline Wong, Christopher Cushing Organizations: Monetary Fund, REUTERS, Rights, International Monetary Fund, South Korean, Bank of Korea, IMF, Thomson Locations: Washington , U.S, Rights SEOUL, South Korea, Korea

Bola Tinubu, President of Nigeria, arrives for the closing session of the New Global Financial Pact Summit, Friday, June 23, 2023 in Paris, France. Lewis Joly/Pool via REUTERS/File Photo Acquire Licensing RightsNEW DELHI, Sept 6 (Reuters) - Nigeria has secured nearly $14 billion of pledges from Indian investors and seeks an economic cooperation pact with the South Asian nation, a presidential spokesperson said on Wednesday. Skipperseil Ltd's founding Chairman Jitender Sachdeva and India's Bharti Enterprises each pledged $1.6 billion over four years to build power generation plants and $700 million in Nigeria, respectively, Ngelale said. Tinubu is attending at the invitation of India, which currently holds the rotating presidency of the bloc. "We are ready to give you the best returns for investment possible, there's nowhere else like our country," Tinubu said in the statement.

Persons: Bola Tinubu, Lewis Joly, India's Jindal, Ajuri Ngelale, Skipperseil, Jitender Sachdeva, Ngelale, Tinubu, Nidhi Verma, Felix Onuah, Elisha Bala, Shivam Patel, Christina Fincher, Richard Chang Organizations: New Global Financial, South, India's Jindal Steel, Indorama Corp, India's Bharti Enterprises, Defence Industries Corporation, Thomson Locations: Nigeria, Paris, France, DELHI, West, New Delhi, India, Africa's, South Africa, Abuja

☆ Russia will increase foreign currency sales 830% as deadline for Eurobond repayment nears
▼ + stars: | 2023-09-06 | by ( Filip De Mott | ) www.businessinsider.com time to read: +3 min

Russia's central bank said it will increase its foreign currency sales by 830% later this month. The sales will help Russia repay a $3 billion Eurobond that is due on September 16. The offloaded foreign currency will also help calm ruble volatility, the central bank said. Between September 14 and 22, the Bank of Russia will sell 21.4 billion rubles worth of foreign currency a day into the domestic market, up 830% from a planned 2.3 billion. This will total 150 billion rubles worth of foreign currency, or $1.5 billion.

Persons: Wagner, Elvira Nabiullina, Anton Siluanov Organizations: Service, Bank of Russia, Bolshevik, Kremlin, Moscow Times, Reuters Locations: Russia, Wall, Silicon, Russia's, Moscow, Ukraine

☆ Pakistan's interim PM says Saudi Arabia to invest $25 bln over next five years
▼ + stars: | 2023-09-04 | by ( Gibran Naiyyar Peshimam | ) www.reuters.com time to read: +3 min

There was no immediate response to a Reuters request to the Saudi Arabian government for comment on Kakar's remarks. If confirmed, a series of investments worth $25 billion would be the biggest ever by the kingdom in Pakistan. Pakistan's state owned enterprises have long been an area of concern with bleeding financials adding to financial stress. Recently Pakistan added struggling state-run Pakistan International Airlines to the privatisation list again. Reporting by Gibran Peshimam; Additional reporting by Aziz El Yaakoubi in Riyadh; Editing by William MacleanOur Standards: The Thomson Reuters Trust Principles.

Persons: Akhtar Soomro, Anwaar, Haq Kakar, Kakar, Gibran Peshimam, Aziz El Yaakoubi, William Maclean Organizations: REUTERS, Rights, International Monetary Fund, Barrick Gold Corp, Pakistan's, Barrick, Pakistan International Airlines, Thomson Locations: Karachi, Pakistan, Rights ISLAMABAD, Saudi Arabia, Saudi, Saudi Arabian, Riyadh, Balochistan

☆ Explainer: Why is China's economy slowing down and could it get worse?
▼ + stars: | 2023-09-01 | by ( ) www.reuters.com time to read: +6 min

REUTERS/Thomas Peter/File Photo Acquire Licensing RightsHONG KONG, Sept 1 (Reuters) - China's economic growth is slowing down as policymakers try to fix a property market downturn, with troubles at major developer Country Garden in focus. Concerns are mounting over whether the world's second-largest economy is coming closer to a crunch point:WHAT IS CAUSING CHINA’S ECONOMIC SLOWDOWN? THERE HAVE BEEN MAJOR CONCERNS OVER CHINA'S ECONOMY BEFORE. China's household spending as a proportion of GDP lags that of most other countries. WILL CHINA’S ECONOMIC SLOWDOWN GET WORSE?

Persons: Thomas Peter, Marius Zaharia, Robert Birsel, Neil Fullick Organizations: REUTERS, Communist Party, Thomson Locations: Beijing, China, HONG KONG, West, United States, Japan, outflows

Coins and banknotes of China's yuan are seen in this illustration picture taken February 24, 2022. Country Garden, China's largest private developer by sales, did not immediately respond to Reuters request for comment. Lower deposit rates will partially offset various pressures on banks' narrowing net interest margins - a key gauge of profitability, said Nicholas Zhu, a banking analyst at Moody's. "The impact of the deposit rate cut is material, given that close to three-quarters of Chinese banks' liabilities are deposits," Zhu said. China's mortgage loans totalled 38.6 trillion yuan ($5.29 trillion) at the end of June, representing 17% of banks' total loan books.

Persons: Florence Lo, Nicholas Zhu, Zhu, Ziyi Tang, Ryan Woo, Wang Jing, Davide Barbuscia, Anne Marie Roantree Organizations: REUTERS, HK, Industrial, Commercial Bank of China, China Construction Bank Corp, Agricultural Bank of China, Reuters, Industrial Bank Co Ltd, China Bohai Bank Co Ltd, Thomson Locations: BEIJING, Beijing, China, Washington, Guangzhou, Shenzhen, New York, Lincoln

☆ Nigeria's Tinubu to attend G20 summit in India to promote investment
▼ + stars: | 2023-09-01 | by ( Felix Onuah | ) www.reuters.com time to read: +2 min

Bola Tinubu, President of Nigeria, arrives for the closing session of the New Global Financial Pact Summit, Friday, June 23, 2023 in Paris, France. Lewis Joly/Pool via REUTERS/File Photo Acquire Licensing RightsABUJA, Sept 1 (Reuters) - Nigeria's President Bola Tinubu plans to attend the G20 summit in India this month to try to promote foreign investment in Africa's largest economy and mobilize global capital to develop infrastructure, his spokesman said on Friday. The summit in India will hold on Sept 9 and 10. Ngelale said Tinubu will meet leaders from Brazil, India, South Korea and Germany on the sidelines of the G20. Tinubu also plans to meet Indian executives, including Jindal Steel and Power Company, among others, Ngelale said.

Persons: Bola Tinubu, Lewis Joly, Tinubu, Ajuri Ngelale, Ngelale, India's Bharti, Joe Biden, Felix Onuah, Chijioke Ohuocha, Cynthia Osterman Organizations: New Global Financial, Rights, Jindal Steel, Power Company, India's, India's Bharti Airtel, U.S, United Nations General Assembly, Thomson Locations: Nigeria, Paris, France, Rights ABUJA, India, West African, Brazil, South Korea, Germany, Africa, New York

☆ Asia stocks edge higher as China acts on housing, yuan weakness
▼ + stars: | 2023-09-01 | by ( Selena Li | ) www.reuters.com time to read: +2 min

MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) rose 0.15%, while Japan's Nikkei (.N225) was up 0.45%. All eyes are on Beijing's efforts to revive the crisis-hit property sector and weak consumption, which are weighing heavily on the ailing economy. read moreChina's onshore yuan firmed to 7.2360 per dollar in early trade after the cuts. Hong Kong's cash stock market was closed for the day as super typhoon Saola approaches southern China, but Hang Seng index futures (.HIS), rose 0.23%. U.S. crude rose 0.24% to $83.83 per barrel and Brent was at $87.03, up 0.23% on the day.

Persons: Redmond Wong, Australia's, Brent, Selena Li, Kim Coghill Organizations: Federal Reserve, Japan's Nikkei, ., Saxo Markets, Thomson Locations: HONG KONG, China, Asia, Pacific, Japan, Greater China, Hong Kong

HAVANA, Sept 1 (Reuters) - Representatives of 14 western creditor nations, grouped in the Paris Club, were in Cuba this week to salvage a debt agreement with the import dependent country which is expected to default on payments for a fourth consecutive year. William Roos, co-chairman of the Paris Club, had said on Wednesday that he proposed a plan which apparently was rejected. The 2015 Paris Club agreement forgave $8.5 billion of the $11.1 billion in sovereign debt Cuba defaulted on in 1986. Cuba, which last reported foreign debt of $19.7 billion for 2020, has restructured debt with Russia, China and some other creditors since then. The Cuba group of the 22-member Paris Club, which manages old sovereign debt, comprises Australia, Austria, Belgium, Canada, Denmark, Finland, France, Britain, Italy, Japan, the Netherlands, Spain, Sweden and Switzerland.

Persons: ”, William Roos, Ricardo Cabrisas, Cabrisas, Marc Frank, Kirsten Donovan Organizations: Paris Club, Investment, Cooperation, Communist, Gross, Reuters, International Monetary Fund, World Bank, Thomson Locations: HAVANA, Cuba, Paris, Russia, China, Caribbean, Australia, Austria, Belgium, Canada, Denmark, Finland, France, Britain, Italy, Japan, Netherlands, Spain, Sweden, Switzerland

☆ Why is China's economy slowing down and could it get worse?
▼ + stars: | 2023-09-01 | by ( ) www.reuters.com time to read: +6 min

☆ Dollar set for weekly loss as crucial US jobs data looms
▼ + stars: | 2023-09-01 | by ( ) www.cnbc.com time to read: +3 min

The dollar was on course to snap a six-week winning streak against major peers on Friday, as it headed into a pivotal monthly U.S. jobs report that is likely to inform the path for Federal Reserve policy over coming months. Elsewhere, the Chinese yuan strengthened after the nation's central bank cut forex reserve requirements for the first time in a year. It slipped 0.08% to 145.405 yen on Friday, putting its loss for the week at 0.7%. The single currency was little changed at $1.08455 following a 0.74% tumble on Thursday that pared its weekly advance to 0.49%. "Pill's comments appear consistent with another quarter-point turn of the screw on 21 September, but not necessarily thereafter," Attrill said.

Persons: pare, Ray Attrill, Huw Pill, Attrill, bitcoin, Bitcoin Organizations: Federal Reserve, U.S, National Australia Bank, ECB, Bank of England, People's Bank of, Securities and Exchange Commission, SEC Locations: Asia, People's Bank of China

☆ China to cut banks' FX reserve ratio to rein in yuan weakness
▼ + stars: | 2023-09-01 | by ( ) www.reuters.com time to read: +3 min

The headquarters of the People's Bank of China, the central bank, is pictured in Beijing, China, February 3, 2020. The People's Bank of China (PBOC) said it would cut the foreign exchange reserve requirement ratio (RRR) by 200 basis points (bps) to 4% from 6% beginning Sept. 15, according to an online statement. That would effectively free up $16.4 billion worth of foreign exchange with China's FX deposits standing at $821.8 billion at end-July. The PBOC said its move was to "improve financial institutions' ability to use foreign exchange funds". Cheung added that Friday's announcement reinforced the central bank's stance to defend a weakening yuan but was "unlikely to reverse the bearish picture of the yuan."

Persons: Jason Lee, Ken Cheung, Cheung, Winni Zhou, Tom Westbrook, Christian Schmollinger, Sam Holmes Organizations: People's Bank of China, REUTERS, Rights, Mizuho Bank, Thomson Locations: Beijing, China, Rights SHANGHAI, SINGAPORE, United States

☆ Oil set to snap two-week losing streak on tightening supplies
▼ + stars: | 2023-09-01 | by ( ) www.cnbc.com time to read: +2 min

Oil prices were set to snap a two-week losing streak as they rose for a fourth consecutive session on Friday due to tightening supplies and expectations of the OPEC+ group of oil producers extending output cuts to the end of the year. U.S. crude inventories fell by a more-than-expected 10.6 million barrels last week, government data on Wednesday showed. Commercial crude oil inventories have plunged by 34 million barrels since the middle of July. A weaker U.S. dollar, which looks set to end a six week winning streak, also helped prices. A stronger dollar pressures oil demand by making the commodity more expensive for buyers holding other currencies.

Persons: Brent Organizations: U.S . West Texas, bbl, Organization Petroleum Exporting, National Australia Bank, ANZ, Federal Reserve Locations: OPEC, Saudi Arabia, U.S

With average house prices having surged 25% during the COVID-19 pandemic, higher interest rates and higher living costs in a struggling economy have driven many to rent while they anticipate house prices will fall. All but one predicted prices would fall this year. House prices were forecast to stagnate next year, an upgrade compared to the 2.0% fall predicted three months ago. That comes after many years of close to zero and negative policy interest rates following the global financial crisis and during the pandemic. Eleven of 14 respondents said rental affordability would worsen over the coming year.

Persons: Thomas Peter, Carsten Brzeski, Brzeski, Sebastian Schnejdar, Indradip Ghosh, Anitta Sunil, Maneesh Kumar, Ross Finley, Barbara Lewis Organizations: REUTERS, Reuters, Housing, ING, European Central Bank, Analysts, Thomson Locations: Berlin, Germany, Europe's

☆ Exclusive: Chinese exporters using currency swaps to retain dollars as yuan sags
▼ + stars: | 2023-08-31 | by ( ) www.reuters.com time to read: +5 min

The swaps allow exporters to place their dollars with banks and get yuan instead, but through a contract that will eventually reverse the flows and give them back their dollars. However, while they remove a much-needed source of dollar supplies into spot yuan markets, analysts reckon Chinese monetary authorities can't really force exporters to convert dollars. When exporters swap higher-yielding dollars for the cheaper yuan for even 3 months, they get local currency for business needs and also earn a pick-up of an annualised 3.5% on the swap deal. "By trading FX swaps, exporters can postpone their settlements while meeting their yuan demand," said Becky Liu, head of China macro strategy at Standard Chartered Bank. Exporters' swaps, meanwhile, give state banks a pile of dollars to use in their yuan operations, in which they can undertake swaps to acquire the dollars from the onshore forwards market and sell them in the spot market to stem fast yuan declines.

Persons: Dado Ruvic, Ding, Gary Ng, Becky Liu, Jindong Zhang, Winni Zhou, Tom Westbrook, Vidya Ranganathan, Kim Coghill Organizations: REUTERS, Rights, U.S, Federal Reserve, Asia Pacific, Traders, Administration of Foreign Exchange, Standard Chartered Bank, China Merchants Bank, Thomson Locations: Rights SHANGHAI, SINGAPORE, U.S, Shanghai, China, Natixis, Singapore

☆ China publishes rules to boost data security in money brokering
▼ + stars: | 2023-08-30 | by ( ) www.reuters.com time to read: +2 min

SHANGHAI, Aug 30 (Reuters) - China published rules on Wednesday aimed at boosting data security in the money brokering industry, five months after a disruption in data services caused two days of chaos in the country's $21 trillion bond market. Five financial watchdogs, including the central bank as well as forex and securities regulators, urged interdealer brokers to improve data and risk management, and safeguard data security. Interdealer brokers, when offering data services, "must not endanger national security, financial safety and public interest," the regulators said in a joint statement. Chinese regulators in March suspended the data feed business of money brokers, citing data security concerns, triggering a slump in bond trading turnover as many traders lost immediate access to real-time data. China has in recent years grown more concerned over data security and rolled out new laws and compliance requirements for companies.

Persons: LSEG, Tullett, Jacqueline Wong, Muralikumar Anantharaman, Mark Potter Organizations: China Foreign Exchange Trade System, Shanghai Stock Exchange, Information Co, Refinitiv Information Services, Co, Bloomberg L.P, Thomson Reuters, London Stock Exchange, Reuters, NEX International, Partners, Central, Financiere, National Administration of Financial, Cyberspace Administration, Shanghai, Thomson Locations: SHANGHAI, China, LSEG ., Central Tanshi

A record 38 QDII funds had been launched this year until August 17, outpacing the 31 funds launched in 2022, Morningstar data shows. Tianhong, which is planning new QDII products, obtained a $120 million fresh QDII quota in July, less than it had hoped for. Rather than foreign capital selling China equities, this time it's Chinese investors’ outbound investment,” Liu said. HUGE DEMANDThe QDII program, launched in 2006, remains a key outbound investment channel for mainland Chinese investors, alongside the Qualified Domestic Limited Partnership (QDLP) programme. Tracy Liu, an individual investor working in the information technology industry, invested in an India-focused QDII fund in March.

Persons: Aly, Ivan Shi, Liu Dong, Becky Liu, Liu, ” Liu, Desiree Wang, Tracy Liu, Summer Zhen, Samuel Shen, Jason Xue, Vidya Ranganathan Organizations: REUTERS, Morningstar, Domestic Institutional, Nasdaq, Ben Advisors, Connect, Bond, U.S, Dow Jones, State Administration of Foreign Exchange, Tianhong, Management, Ant Financial, Standard Chartered Bank, Reuters, Qualified Domestic Limited, Asset Management Association of China, Guangfa NASDAQ, Technology, Morgan Asset Management, Morgan Asset Management China, Thomson Locations: Shanghai, Shenzhen, China, U.S, HONG KONG, SHANGHAI, Hong Kong, Vietnam, India, outflows, Japan, Russia

☆ South Korea focuses on fiscal discipline with smallest budget increase in two decades
▼ + stars: | 2023-08-29 | by ( Jihoon Lee | ) www.reuters.com time to read: +3 min

A South Korea won note is seen in this illustration photo May 31, 2017. In its annual spending plan released on Tuesday, the finance ministry set total government expenditure for 2024 at 656.9 trillion won ($496.70 billion), up 2.8% from 2023. Big spending increases include social welfare, up by 7.5% to 242.9 trillion won, defence up 4.5% to 59.6 trillion won and corporate support by 4.9% to 27.3 trillion won. The government will issue 158.8 trillion won of treasury bonds in 2024, down from a total of 167.8 trillion won planned for this year. The net increase in treasury bonds is projected at 50.3 trillion won.

Persons: Thomas White, Yoon Suk, Choo Kyung, 1,322.5400, Jihoon Lee, Shri Navaratnam Organizations: South, REUTERS, Rights, Thomson Locations: South Korea, Rights SEOUL

☆ Strategist explains what's behind the U.S. dollar's strength
▼ + stars: | 2023-08-29 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailStrategist explains what's behind the U.S. dollar's strengthHeng Koon How, head of markets strategy at UOB, says foreign exchange market moves in the past month have been mostly driven by interest rate differentials.

Persons: what's, Heng Koon

☆ Exodus of capital from China signals 'seismic' change in global flows as investors grow wary of autocratic regimes
▼ + stars: | 2023-08-29 | by ( Filip De Mott | ) www.businessinsider.com time to read: +3 min

China's capital exodus is among the worst seen by emerging markets, said Robin Brooks, chief economist at IIF. That's as global investors have grown wary of autocratic regimes, he tweeted on Sunday. "The change in global capital flows is seismic. "But China has now seen consistent and large outflows for the past 18 months, as investors grow wary of autocracies." Global markets look at China in a new light," Brooks said in a separate X post.

Persons: Robin Brooks, Brooks, Ukraine that's, Adam Posen Organizations: IIF, Service, Institute of International Finance, hemorrhaging, CSI, Administration of Foreign Exchange, EPFR, Peterson Institute for International Economics, Foreign Affairs Locations: China, Wall, Silicon, Ukraine, outflows

That’s almost three times what Russia spent on defense in 2021, before its full-scale invasion of Ukraine in February 2022. Those figures are likely to underestimate the total spent on Russia’s war effort. He said that before the war Russia would typically splash around 3-4% of its annual gross domestic product on defense but now it could be anywhere between 8% and 10%. Russia’s exports are still greater than the value of its imports, despite a boost to the latter from the hefty military spending. Rising military spending is, on the other hand, boosting Russia’s industrial output and, with it, GDP.

Persons: London CNN —, Vladimir Putin, Putin, That’s, Richard Connolly, Janis Kluge, Irina Okladnikova, Liam Peach, it’s, Peach, Kluge, “, ”, —, Maksim Konstantinov, Alexandra Suslina, Suslina, Alexandra Prokopenko, Prokopenko, — Anna Cooban, Tim Lister, Olesya Dmitracova Organizations: London CNN, Reuters, Stockholm International Peace Research Institute, Royal United Services Institute for Defence, Security Studies, German Institute for International and Security Affairs, Capital Economics, CNN, “, ZUMA, International Monetary Fund, Carnegie Russia Eurasia Center, International Energy Agency, West Locations: “, Ukraine, Russia, Stockholm, Moscow, “ Russia, Russian, Saint Petersburg, Soviet, Berlin

☆ Chinese stocks get brief uplift from first share dealing tax cut since 2008
▼ + stars: | 2023-08-28 | by ( Laura He | ) edition.cnn.com time to read: +3 min

Hong Kong CNN —China has made a series of moves to restore investor confidence in the world’s second largest economy, including cutting a tax on stock trading for the first time since 2008. Foreign investors dumped billions of dollars worth of Chinese stocks over the past few weeks as the prospects for the economy dimmed. The announcements boosted Chinese stocks on Monday. Separately on Sunday, the China Securities Regulatory Commission (CSRC) the country’s top securities watchdog, also unveiled several measures to “boost investor confidence” in the sagging stock market. Chinese stock markets have declined sharply in recent weeks, as investors fretted about a worsening slowdown in the world’s second largest economy and its real estate crisis.

Persons: ”, Chris Liu, ” Liu, Ken Cheung, Seng Organizations: Hong Kong CNN, Ministry of Finance, State Administration of Taxation, China Securities Regulatory Commission, Hong Kong’s Stock Connect, China’s, Mizuho Bank, Shanghai Locations: Hong Kong, China, Beijing, Shanghai, Shenzhen, China’s Shanghai

Search resuls for: "Foreign Exchange"

25 mentions found