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☆ China says more harsh weather in store after tornado kills five
▼ + stars: | 2023-09-20 | by ( ) www.reuters.com time to read: +1 min

The latest incident in weeks of destructive and deadly weather spurred authorities to call for vigilance against strong winds in coastal areas near the Yellow Sea off Jiangsu. Tuesday's tornado was brief but fierce, with social media images showing overturned cars, downed power lines and flying debris, much of which littered the streets of Suqian, a city in the north of the province. [1/2]A view shows a tornado in Suqian, Jiangsu Province, China, released on September 19, 2023, in this screen grab obtained from social media video. Weather warnings also went out on Wednesday for the southwestern region of Chongqing, several areas in southwestern Guizhou, southern Hunan, eastern Anhui and central Hubei. Reporting by Bernard Orr and Shanghai newsroom; Editing by Clarence FernandezOur Standards: The Thomson Reuters Trust Principles.

Persons: Haikui, Bernard Orr, Clarence Fernandez Organizations: Reuters, REUTERS Acquire, Weibo, Thomson Locations: BEIJING, Jiangsu, Tuesday's, Suqian, Jiangsu Province, China, Chongqing, Guizhou, Hunan, Anhui, Hubei, Shanghai

☆ China Says More Harsh Weather in Store After Tornado Kills One
▼ + stars: | 2023-09-19 | by ( Sept. | At P.M. | ) www.usnews.com time to read: +1 min

BEIJING (Reuters) - Chinese weather officials stepped up warnings against heavy rain and strong winds in several regions, state media said on Wednesday, a day after a violent tornado wreaked havoc in the eastern province of Jiangsu, killing one person. The latest incident in weeks of destructive and deadly weather spurred authorities to call for vigilance against strong winds in coastal areas near the Yellow Sea off Jiangsu. Tuesday's tornado was brief but fierce, with social media images showing overturned cars, downed power lines and flying debris, much of which littered the streets of Suqian, a city in the north of the province. "I was at the door and witnessed the wind, solar energy devices, and trees flying in the air," wrote one user of popular social media platform Weibo. Warnings also went out for the southwestern region of Chongqing, several areas in southwestern Guizhou, southern Hunan, eastern Anhui and central Hubei.

Persons: Haikui, Bernard Orr, Clarence Fernandez Organizations: Weibo Locations: BEIJING, Jiangsu, Tuesday's, Suqian, Chongqing, Guizhou, Hunan, Anhui, Hubei, Shanghai

☆ Chinese state firms' help to troubled shadow bank does little to address investor concerns
▼ + stars: | 2023-09-18 | by ( ) www.reuters.com time to read: +4 min

BEIJING, Sept 18 (Reuters) - The involvement of two Chinese state-owned financial firms in Zhongrong International Trust Co's operations and management may diffuse risk at the troubled shadow bank but does little to ease concerns about missed payments, analysts and investors said. It was not immediately clear whether the support by the two firms was engineered by the Chinese authorities, but Beijing has previously bailed out troubled financial firms by roping in state entities to contain broader contagion risk. The agreement allows the two financial firms to "provide professional services for operations and management" of Zhongrong, it said, adding the move would not impact its debt ownership and legal relationship in trust products. That would further dampen investors' confidence in trust products." "It's good news and at least provides some clarity," said Zhang, who is an investor in a Zhongrong trust product and gave only his surname due to sensitivity of the matter.

Persons: Zhongrong, They'll, Zhang, Xu, I've, Ziyi Tang, Ryan Woo, Sumeet Chatterjee Organizations: Trust, Citic Trust, CCB, Citic Group, China Construction Bank, National Financial Regulatory Administration, People's Bank of China, Citic, Shanghai, Thomson Locations: BEIJING, Beijing

☆ China asks big banks to stagger and adjust dollar purchases - sources
▼ + stars: | 2023-09-14 | by ( ) www.reuters.com time to read: +4 min

Most banks are allowed to run a net short or long foreign currency position in spot dollar-yuan markets, within defined limits. The directive came from a meeting the People's Bank of China (PBOC) held with a few commercial banks earlier this week, the sources said. The sources, who received the directive, said banks were also told to encourage their clients to hold off on dollar purchases. Earlier this month, it announced it would increase the supply of dollars by lowering the amount of foreign exchange that banks must set aside. Sources told Reuters last month that China's currency regulators asked some banks to reduce or postpone their purchases of U.S. dollars in order to slow the yuan's depreciation.

Persons: Dado Ruvic, Banks, Sid Mathur, Mathur, Shri Navaratnam Organizations: REUTERS, Rights, People's Bank of China, Reuters, BNP Paribas, Shanghai, Thomson Locations: China's, United States, China, Asia, Pacific, . China

☆ China's central bank set to boost liquidity but keep policy rate steady
▼ + stars: | 2023-09-14 | by ( ) www.reuters.com time to read: +2 min

SHANGHAI, Sept 14 (Reuters) - China's central bank is expected to boost liquidity while keeping the borrowing cost steady when rolling over its medium-term policy loans on Friday, a Reuters survey showed, after a string of data showed some signs of economic stabilisation. China has already lowered the medium-term policy rate twice since June to stimulate credit demand and support a faltering economic recovery. New bank lending in China beat expectations by nearly quadrupling in August from July's level, as the central bank sought to shore up economic growth amid soft demand at home and abroad. To revive broad credit demand and rescue the troubled property sector, China unexpectedly cut the MLF rate last month. For this reason alone, it seems unlikely that the PBOC will embrace large-scale rate cuts."

Persons: Frances Cheung, Julian Evans, Pritchard, Shri Navaratnam Organizations: People's Bank of China, OCBC Bank, U.S, Capital Economics, Shanghai, Thomson Locations: SHANGHAI, China, United States, OCBC Bank .

☆ Unrelenting rain causes more than 100 landslides, traps residents in floodwaters in southern China
▼ + stars: | 2023-09-12 | by ( ) www.reuters.com time to read: +2 min

Typhoon Haikui hit southern China eight days ago and has since been downgraded to a tropical storm, but unrelenting rain continues to deluge southwestern Guangxi. Rescuers were seen treading thigh-deep in waterlogged areas evacuating residents in boats. China Meteorological Administration forecast heavy rains in the south and southeast parts of Guangxi on Tuesday and Wednesday, with storms in the southwest. The national forecaster also warned relevant departments and people in Guangdong and Guangxi to be alert to any delayed effects of disasters from frequent rainfall in recent days. Reporting by Liz Lee and Shanghai newsroom; Editing by Michael PerryOur Standards: The Thomson Reuters Trust Principles.

Persons: Haikui, Liz Lee, Michael Perry Organizations: cnsphoto, REUTERS Acquire, Rights, China Meteorological Administration, Thomson Locations: Shankou, Hepu county, Beihai, Guangxi Zhuang Autonomous Region, China, Rights BEIJING, China's, Guangxi, Yulin, Fujian, Shenzhen, Hong Kong, Guangdong, Shanghai

☆ Exclusive: China's central bank to scrutinise bulk dollar purchases - sources
▼ + stars: | 2023-09-11 | by ( ) www.reuters.com time to read: +2 min

U.S. Dollar and Chinese Yuan banknotes are seen in this illustration taken January 30, 2023. REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing RightsBEIJING/SHANGHAI, Sept 11 (Reuters) - China's central bank is tightening its scrutiny of bulk dollar purchases by domestic firms, three sources with direct knowledge of the matter said on Monday, at a time when the Chinese currency faces mounting depreciation pressure. The central bank has warned some lenders of their huge dollar purchases on behalf of their corporate clients, according one of the other sources. The PBOC had no immediate comment on plans to increase its scrutiny of dollar purchases when contacted by Reuters. Earlier this month, it announced it would increase the supply of dollars by lowering the amount of foreign exchange that banks must set aside.

Persons: Dado Ruvic, Christian Schmollinger, Christina Fincher Organizations: REUTERS, Rights, People's Bank of China, U.S, Reuters, Shanghai, Thomson Locations: Rights BEIJING, SHANGHAI, China, Beijing

[1/2] Venezuela's President Nicolas Maduro gestures during a meeting with Chile's Ambassador to Venezuela Jaime Gazmuri, at Miraflores Palace, in Caracas, Venezuela August 16, 2023. REUTERS/Leonardo Fernandez Viloria/File Photo Acquire Licensing RightsBEIJING, Sept 8 (Reuters) - Venezuela's President Nicolas Maduro will visit China over Sept. 8-14, China's foreign ministry said on Friday, marking renewed engagement between the two countries amid deepening tensions between Beijing and Western capitals. The visit coincides with the G20 summit in New Delhi this weekend, which China's president Xi Jinping will not attend. China is the world's largest importers of crude oil, while Venezuela has the largest proven reserves. The company stopped carrying Venezuelan oil in August 2019 after the Trump administration tightened sanctions against the South American exporter.

Persons: Nicolas Maduro, Venezuela Jaime Gazmuri, Leonardo Fernandez Viloria, Wang Yi, Delcy Rodriguez, Xi Jinping, Maduro, Xi, Trump, Hugo Chavez, Andrew Hayley, Liz Lee, Christopher Cushing Organizations: REUTERS, Rights, Venezuelan, UN, Energy, South, Thomson Locations: Venezuela, Miraflores, Caracas, Rights BEIJING, China, Beijing, Shanghai, New Delhi, Kpler, Malaysia, South American

[1/2] Venezuela's President Nicolas Maduro gestures during a meeting with Chile's Ambassador to Venezuela Jaime Gazmuri, at Miraflores Palace, in Caracas, Venezuela August 16, 2023. Energy trade, debt repayment and new financing likely are the main focus of the Sept. 8-14 visit, officials and sources said. Beijing's decision to host Maduro coincides with a G20 summit in New Delhi this weekend, which Chinese President Xi Jinping will not attend. In 2020, the Maduro administration and Chinese banks again agreed to a grace period on some $19 billion of Chinese debt, according to Reuters reporting. Despite sanctions on Venezuela, China imported around 390,000 barrels per day of crude from the country between January and August this year, totalling roughly 12.9 million metric tons, data from commodities consultancy Vortexa showed.

Persons: Nicolas Maduro, Venezuela Jaime Gazmuri, Leonardo Fernandez Viloria, Han Zheng, Wang Yi, hegemonism, Han, Pedro Tellechea, Tellechea, Xi Jinping, Maduro, Hugo Chavez's, Joe Biden's, PDVSA, CNPC, Donald Trump, Andrew Hayley, Liz Lee, Joe Cash, Vivian Seuqera, Mayela, Marianna Parraga, Christopher Cushing, Frances Kerry, Marguerita Choy Organizations: REUTERS, Rights, West, Energy, China National Petroleum Corp, Venezuelan, Venezuelan Oil, Shanghai International Energy Exchange, Shanghai Petroleum, Natural Gas Exchange, South, Shanghai, Mayela Armas, Thomson Locations: Venezuela, Miraflores, Caracas, Rights BEIJING, CARACAS, China, OPEC, Beijing, Shanghai, Asia, New Delhi, Malaysia, South American, Houston

☆ Schools, subways disrupted as storm batters China's south
▼ + stars: | 2023-09-08 | by ( ) www.reuters.com time to read: +2 min

Residents holding onto safety lines waded cautiously through knee-deep floodwaters late on Thursday in Shenzhen, a metropolis of 17.7 million people, videos from state-backed Xinhua showed. Daily rainfall in the city located in the Pearl River Delta linking Hong Kong to China's mainland was expected to exceed 500 mm, Shenzhen media said. Still, Shenzhen's observatory has issued emergency warnings advising residents to stay indoors, warning downpours were abrupt and intense. Some Shenzhen districts closed offices while all schools were suspended. Authorities suspended services at Liantang Port and Wenjindu Port connecting Shenzhen and Hong Kong due to flood damage.

Persons: Haikui, Liz Lee, Neil Fullick Organizations: cnsphoto, REUTERS Acquire, Rights, China Meteorological Administration, Xinhua, Authorities, Thomson Locations: Minhou county, Fuzhou, Fujian province, China, Rights BEIJING, Shenzhen, Guangdong, Hong Kong, Fujian, Waters, Futian, Liantang, Wenjindu Port, Guangzhou, Zhuhai, Shanghai

Some analysts feel the Huawei moves could be a first step in comeback efforts by China's "national champion" to rival Apple. By contrast with the hit for Apple suppliers, Huawei's extended recent gains. Reuters GraphicsSCOPE OF CURBS UNCLEARIt was not immediately clear how wide China's iPhone curbs are, but one employee at an affected state-owned enterprise (SOEs) in the capital said they extended to visitors. However, Canalys analyst Nicole Peng said Huawei could present a greater threat to domestic peers, such as Honor, which had benefited from Huawei's woes. The U.S. Commerce Department is seeking more information on the "character and composition" of the new Huawei chip that may violate trade curbs, it said on Thursday.

Persons: Ann Wang, chipmaker TSMC, China's, Ivan Lam, Ming, Chi Kuo, Nicole Peng, TechInsights, Jeanny Kao, David Kirton, Jason Xue, Yelin Mo, Ellen Zhang, Sam Nussey, Miyoung Kim, Clarence Fernandez Organizations: Taiwan Semiconductor Manufacturing, REUTERS, Rights, Huawei, Apple, Largan, Industry, Semiconductor Manufacturing International Corp, Reuters, Bank of America, TF International Securities, Street, Washington, U.S . Commerce Department, Shanghai Newsroom, Thomson Locations: Hsinchu, Taiwan, Rights SHANGHAI, TAIPEI, U.S, Beijing, Taipei, TW, iPhones, China, Shenzhen, Shanghai, Tokyo

☆ South China soaks as rains from Haikui continue to pound region
▼ + stars: | 2023-09-07 | by ( ) www.reuters.com time to read: +2 min

[1/2] An aerial view shows flooded villages in Minhou county after heavy rains brought by typhoon Haikui, in Fuzhou, Fujian province, China September 5, 2023. cnsphoto via REUTERS ATTENTION EDITORS - THIS IMAGE WAS PROVIDED BY A THIRD PARTY. Acquire Licensing RightsBEIJING, Sept 7 (Reuters) - The remnants of Typhoon Haikui drenched China for a third day since making landfall, as moisture-laden clouds dumped rain onto the country's south despite weakening cyclonic winds. Later this week, the storms are expected to continue in Guangxi bringing the southwestern region extreme rainfall on Friday and Saturday before potentially dissipating on Sunday. Haikui's storms flooded parts of southeastern Fujian province where it landed early on Tuesday, forcing 294,100 people to evacuate, inundated 9,949.7 hectares (24,586.24 acres) of crops and damaged nearly 2,540 homes. Intense rains in the city of Fuzhou shattered 12-year-old rainfall records, surpassing the amount brought by Typhoon Doksuri late July.

Persons: Typhoon Doksuri, Liz Lee, Christian Schmollinger Organizations: cnsphoto, Rights, China Meteorological Administration, Authorities, Thomson Locations: Minhou county, Fuzhou, Fujian province, China, CHINA, Rights BEIJING, downpours, Guangdong, Tangxi, Jiangxi, Hunan province, Guangxi, Hainan, Guilin, Laibin, Fujian, Xiamen, Shanghai

Surveillance cameras are seen near an iPhone advertisement at an Apple store in Beijing, China September 7, 2023. One of the sources said they had not yet been given a deadline to cease their iPhone use. Apple and China's State Council Information Office, which handles media queries on behalf of the government, did not immediately respond to requests for comment. Bloomberg on Thursday reported that China planned to broaden the ban to state firms and agencies, citing sources. China has increasingly emphasized using locally made tech products, as technology has become a major national security issue for Beijing and Washington.

Persons: Florence Lo, China's, Tesla, Tim Cook, D.A, Davidson, Tom Forte, Yuvraj Malik, Jaspreet Singh, Brenda Goh, Alexander Smith, Shounak Organizations: Apple, REUTERS, U.S ., Staff, China's, Information Office, Huawei Technologies, Observer, Wall Street Journal, Bloomberg, Citi, Canalys, Government, HK, Huawei, Thomson Locations: Beijing, China, HONG KONG, BEIJING, Washington, U.S, Hong Kong, Shanghai, Bengaluru

☆ Remnants of Typhoon Haikui cause floods in southeastern China
▼ + stars: | 2023-09-06 | by ( Liz Lee | ) www.reuters.com time to read: +1 min

[1/3] An aerial view shows flooded streets on the outskirts of Fuzhou, after heavy rains brought by typhoon Haikui in Fujian province, China September 5, 2023. cnsphoto via REUTERS Acquire Licensing RightsBEIJING, Sept 6 (Reuters) - Intense rain from the remnants of Typhoon Haikui lashed southeastern China early on Wednesday, causing flooding and forcing cities in Fujian province to halt subways, shut schools and evacuate residents. The precipitation was heavier than the impact of Typhoon Doksuri, which ripped through Fujian in late July causing floods and $2 billion in direct economic losses, state media reported. Fuzhou closed subway lines and suspended trains while schools were shut for a second day. Elsewhere in Fujian, six other cities including Putian and Quanzhou were flagged at risk of flash floods and landslides. Typhoon Haikui lost strength after making landfall in Fujian early on Tuesday and was downgraded to a tropical storm.

Persons: Haikui, Doksuri, Typhoon Haikui, Liz Lee, Stephen Coates Organizations: cnsphoto, REUTERS Acquire, Rights, Thomson Locations: Fuzhou, Fujian province, China, Rights BEIJING, Fujian, Putian, Quanzhou, Shanghai

☆ China's auto workers bear the brunt of price war as fallout widens
▼ + stars: | 2023-09-05 | by ( ) www.reuters.com time to read: +9 min

Millions of auto workers and suppliers in China are feeling the heat as an electric vehicle price war forces carmakers to shave costs anywhere they can. State-run China Automotive News estimates there are over 100,000 auto suppliers in the country. Suppliers typically negotiate prices once a year, but many have been pressed to lower prices on a quarterly basis in 2023, two senior executives at auto suppliers said. And in June, a group of small suppliers wrote to state-owned Changan Automobile to push back against 10% price reductions. Three months later, he told Reuters that price cuts had been more aggressive in 2023 than in previous years.

Persons: Aly, Mike Chen, Chen, carmakers, Tesla, George Magnus, Elon Musk, Mike Chen's, Li Auto, Liu, Changan Automobile's, Chen Yudong, They've, Zhang Yan, Brenda Goh, Kripa Jayaram, Marius Zaharia, David Clarke Organizations: SAIC Volkswagen, REUTERS, Rights, Shanghai, SAIC, Volkswagen, VW, Oxford University's China, China Passenger Car Association, Tesla, GM, HK, Changan Automobile, Mitsubishi Motors, Toyota, Hyundai, China Automotive, Automobile, EV, Reuters, Thomson Locations: Shanghai, China, China's, Beijing, Shenzhen, Hefei, Chongqing, Chery's, Qingdao

☆ China issues highest typhoon warning as Saola moves towards Hong Kong
▼ + stars: | 2023-08-31 | by ( ) www.reuters.com time to read: +2 min

BEIJING, Aug 31 (Reuters) - China issued the highest typhoon warning on Thursday as Typhoon Saola crawled closer to the southeastern coastline, threatening Hong Kong and other major manufacturing hubs in neighbouring Guangdong province. Chinese forecasters issued a typhoon red warning at 6 a.m. (2200 GMT). Saola will make landfall along the coast somewhere from Huilai County in Guangdong to Hong Kong on the afternoon to the night of Sept. 1, the center said. As Saola edges closer to Guangdong, winds over the region will strengthen gradually, the Hong Kong Observatory said, noting that it will raise its strong wind Signal to No. Saola will also bring storm surges to coastal low-lying areas, the Hong Kong Observatory noted, estimating Saola is currently about 440km (270 miles) from the metropolis.

Persons: Saola, Bernard Orr, Ethan Wang, Lincoln Organizations: National Meteorological Center, China Railway, Hong Kong Observatory, Thomson Locations: BEIJING, China, Hong Kong, Guangdong, Guangdong province, Huilai County, Shanghai, Fujian, Shishi

On Sunday, Evergrande reported losses of 33 billion yuan ($4.53 billion) for the first half of the year, versus a 66.4 billion yuan loss in the same period a year earlier. The Chinese property sector’s worsening debt crisis poses a significant challenge for President Xi Jinping and his policy makers, with the country’s economy already reeling from weaker domestic and overseas demand. China’s State Council Information Office, which handles media queries on behalf of the government, declined to comment on the property market and Evergrande’s fate. He sold the first complex the following year for 80 million yuan, according to Evergrande’s website. The committee investigated the matter after banks seized 13.4 billion yuan ($1.84 billion)of deposits held by the property-services unit in 2021.

Persons: Aly, Hui Ka Yan, Hui, Evergrande, Suppliers haven’t, ”, Anne Stevenson, Yang, Evergrande’s, Xi Jinping, Reuters wasn’t, Kelly Richmond Pope, ” Hui, “ Evergrande, Stevenson, Engen Tham, Julie Zhu, Clare Jim, Cassell Bryan Organizations: China Evergrande Group, REUTERS, Rights, China Evergrande, HK, Reuters, Suppliers, J Capital Research, Information Office, Political, Conference, Guangzhou Evergrande, soccer’s, Hong, Forbes, HengTen Networks, Management, Chicago’s DePaul University, Evergrande, Financial, Communist Party, “, China, Shanghai, Cassell, Low, Thomson Locations: China, Shenzhen, Guangdong province, Rights SHANGHAI, HONG KONG, United States, U.S, China’s, Henan province, Beijing, Hong Kong, Guangzhou, Evergrande, HengTen, Evergrande’s Hong Kong, Shanghai

☆ Super typhoon heads towards Hong Kong, China issues highest warning
▼ + stars: | 2023-08-31 | by ( ) www.reuters.com time to read: +3 min

BEIJING/ HONG KONG Aug 31 (Reuters) - China issued its highest typhoon warning on Thursday as Super Typhoon Saola, packing winds of more than 200 kph (125 mph), headed towards the southeastern coastline, threatening Hong Kong and other major manufacturing hubs in nearby Guangdong province. Chinese forecasters issued a typhoon red warning at 6 a.m. (2200 GMT). As Saola approached, Guangdong's Shenzhen city said it would upgrade the typhoon warning level to yellow - the second lowest - at 6 p.m. on Thursday, and suspend classes at nurseries, kindergartens, primary and secondary schools. China Railway has suspended several major train lines and Shanghai halted trains heading to Guangdong, according to local media. Reporting by Bernard Orr, Ethan Wang，David Kirton and Shanghai newsroom, Farah Master and Twinnie Siu in Hong Kong; Editing by Lincoln FeastOur Standards: The Thomson Reuters Trust Principles.

Persons: Saola, Hong Kong's, Shenzhen's Baoan, Downpours, Bernard Orr, Ethan Wang ， David Kirton, Farah, Twinnie Siu, Lincoln Organizations: Meteorological Centre, Supermarkets, Kong's, China Southern Power Grid, China Railway, Thomson Locations: BEIJING, HONG KONG, China, Hong Kong, Guangdong, Guangdong province, Huilai County, Wan Chai district, Shenzhen, Shenzhen's, Shanghai, Fujian

☆ 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

☆ China approves 37 retail funds to help revive market
▼ + stars: | 2023-08-28 | by ( ) www.reuters.com time to read: +2 min

A Chinese national flag flutters outside the China Securities Regulatory Commission (CSRC) building on the Financial Street in Beijing, China July 9, 2021. REUTERS/Tingshu Wang/File Photo Acquire Licensing RightsSHANGHAI, Aug 28 (Reuters) - China's securities regulator approved the launch of 37 retail funds over the weekend, part of government efforts to revive a stock market struggling for lift-off in an ailing economy. In an editorial on Monday, the official China Securities Journal said that recent support measures underline authorities' determination to stabilise the capital market, whose sound operation is essential to China's economic recovery. "A vibrant capital market is key to stabilizing people's expectations and increasing confidence," the editorial said. "Policymakers' resolve to revive the market and boost confidence must not be underestimated."

Persons: Tingshu Wang, Shri Navaratnam Organizations: China Securities Regulatory Commission, REUTERS, Rights, China Securities Journal, Shanghai, Thomson Locations: China, Beijing

☆ Exclusive: China plans to cut stamp duty on stocks by up to 50% to revive confidence-sources
▼ + stars: | 2023-08-25 | by ( ) www.reuters.com time to read: +5 min

The proposal to reduce the current 0.1% stamp duty on securities trading suggested a cut of either 20% or 50%, which would be the first such reduction since 2008, the two people said. China's securities regulator also met with representatives from top Western asset managers on Friday to reassure them about the country's economic prospects, Reuters reported citing sources. China's fiscal revenue totalled 20.37 trillion yuan ($3.02 trillion) last year, with 276 billion yuan or 1.35% contributed by stamp duty on securities transactions, official data showed. Earlier this month, Bloomberg first reported Chinese authorities were considering cutting the stamp duty on stock trades. "Cutting stamp duty doesn't solve the problems that hamper China's economic growth."

Persons: Aly, Xie Chen, Huang Yan, Huang, Sumeet Chatterjee, Lincoln, Kim Coghill Organizations: REUTERS, Regulators, Ministry of Finance, State Council, Information Office, of Finance, China Securities Regulatory Commission, Shanghai Jianwen Investment Management Co, Bond, Reuters, Bloomberg, Shanghai QiuYang, Shanghai, Thomson Locations: Shanghai, China, HONG KONG, BEIJING, Beijing, Hong Kong

☆ Exclusive: China plans to cut stamp duty on stock trading by up to 50% to revive sentiment-sources
▼ + stars: | 2023-08-25 | by ( ) www.reuters.com time to read: +4 min

The proposal to reduce the current 0.1% stamp duty on securities trading suggested a cut of either 20% or 50%, which would be the first such cut since 2008, the two people said. The CSRC also said stablising the stock market was a priority. "A cut in stamp duty (on stock trading) can help decrease investment cost and boost trading activity," analysts at broker Topsperity Securities said in a note. "Compared with previous policy measures, a cut in stamp duty may have a stronger effect in repairing investor confidence. Earlier this month, Bloomberg first reported Chinese authorities were considering cutting the stamp duty on stock trades.

Persons: Sumeet Chatterjee Organizations: Ministry of Finance, State Council, Information Office, of Finance, China Securities Regulatory Commission, Bond, Reuters, Topsperity Securities, Bloomberg, Shanghai, Thomson Locations: HONG KONG, BEIJING, headwinds, Beijing, Hong Kong, Lincoln

☆ Exclusive: China asks banks to limit some Connect bond outflows
▼ + stars: | 2023-08-25 | by ( ) www.reuters.com time to read: +3 min

[1/2] Coins and banknotes of China's yuan are seen in this illustration picture taken February 24, 2022. "And it could also drive offshore yuan yields higher to support the renminbi." The southbound leg of the two-year-old Bond Connect scheme allows mainland institutional investors to purchase bonds traded in Hong Kong. Several measures have been aimed at raising the cost of shorting the yuan offshore. China's state-owned banks have taken steps to squeeze yuan this week by mopping up cash from the market, other sources told Reuters earlier this week.

Persons: Florence Lo, Ken Cheung, Vidya Ranganathan, Shri Navaratnam Organizations: REUTERS, Bond, People's Bank of China, Mizuho Bank, Reuters, Shanghai, Thomson Locations: SHANGHAI, BEIJING, Hong Kong, China, outflows, Beijing

☆ China state banks seen mopping up offshore yuan to stem currency weakness
▼ + stars: | 2023-08-21 | by ( ) www.reuters.com time to read: +3 min

Coins and banknotes of China's yuan are seen in this illustration picture taken February 24, 2022. Tightening up offshore yuan liquidity could also act to stabilise the yuan, one of the sources said. Following the state bank move, the offshore yuan rallied and was last trading at around 7.2834 per dollar, up around 0.3% on the day. The cost of shorting the yuan jumped, the state bank sources told Reuters, as seen from sudden rises in offshore yuan tomorrow-next forward points . During London trade, offshore yuan forwards jumped across the board amid signs of yuan liquidity tightness, with several banking sources attributing the liquidity squeeze to the activity by banks.

Persons: Florence Lo, Masayuki Kichikawa, Alvin Tan, Kevin Buckland, Ed Osmond, Angus MacSwan Organizations: REUTERS, Rights, greenback, Sumitomo Mitsui DS Asset Management, Reuters, People's Bank of China, Asia FX, RBC Capital Markets, UBS, Shanghai Newsroom, Thomson Locations: China, London, Asia, Tokyo

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