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☆ China's state banks seen mopping up offshore yuan liquidity - sources
▼ + stars: | 2023-08-21 | by ( ) www.reuters.com time to read: +1 min

Coins and banknotes of China's yuan are seen in this illustration picture taken February 24, 2022. REUTERS/Florence Lo/Illustration/File Photo Acquire Licensing RightsSHANGHAI, Aug 21 (Reuters) - China's major state-owned banks were seen actively mopping up offshore yuan liquidity on Monday, three people with knowledge of the matter said, a move that raised the cost of shorting the Chinese currency. Tightening up offshore yuan liquidity could also act to stabilise the yuan, said one of the sources. The cost of shorting the yuan jumped, the sources said, as seen from sudden rises in offshore yuan tomorrow-next forward points . China's major state-owned banks were seen busy selling U.S. dollars to buy yuan in both onshore and offshore spot foreign exchange markets last week, sources told Reuters, in an attempt to arrest the yuan's rapid losses.

Persons: Florence Lo, Ed Osmond, Angus MacSwan Organizations: REUTERS, Rights, Reuters, Shanghai, Thomson

☆ China investigates citizen accused of spying for CIA, security ministry says
▼ + stars: | 2023-08-20 | by ( ) www.reuters.com time to read: +2 min

Security cameras are seen at the U.S. embassy in Beijing, China July 26, 2018. REUTERS/Damir Sagolj/File Photo Acquire Licensing RightsBEIJING, Aug 21 (Reuters) - China is investigating a Chinese national accused of spying for the U.S. Central Intelligence Agency (CIA), the country's state security ministry said on Monday. The 39-year-old Chinese national, surnamed Hao, was a cadre at a ministry and had gone to Japan for studies, which was where the spying recruitment occurred, the ministry said. The statement came less than two weeks after the ministry said it uncovered another national also suspected of spying for the CIA after being recruited in Italy. Relations between the United States and China have soured in recent years over a range of issues, including national security.

Persons: Damir Sagolj, Hao, Ted, Li Jun, Li, Liz Lee, Elaine Lies, Gerry Doyle Organizations: U.S, REUTERS, Rights, U.S . Central Intelligence Agency, CIA, Thomson Locations: Beijing, China, Rights BEIJING, Japan, Italy, The U.S, Tokyo, United States, Washington, Shanghai

☆ China's state banks seen selling dollars for yuan in London and New York hours
▼ + stars: | 2023-08-17 | by ( ) www.reuters.com time to read: +3 min

"State bank dollar selling has become a new normal to slow the pace of yuan depreciation," said one Shanghai-based trader. Offshore branches of the state banks were also seen selling dollars during London and New York trading hours this week, two sources with direct knowledge of the matter said on Thursday. Such dollar selling could limit falls in the offshore yuan and prevent it from diverging too far from its onshore counterpart . The onshore yuan traded at 7.3145 per dollar as of 0442 GMT, while the offshore yuan last fetched 7.3400. During recent weeks, market watchers say the Chinese authorities have sought to slow the yuan's decline, with the PBOC persistently setting a stronger-than-expected fixing, and state banks repeatedly selling dollars.

Persons: Yuan, Dado Ruvic, Hong, Jacqueline Wong, Simon Cameron, Moore Organizations: REUTERS, Rights, U.S, People's Bank of China, Shanghai, Thomson Locations: State, Shanghai, London, New York, China, U.S, Hong Kong

Anxious retail investors are bombarding listed companies with questions about their exposure to Zhongrong, a subsidiary of Zhongzhi, after missed payments by the trust company triggered fears of wider contagion. Zhongzhi's financial trouble is the latest challenge for Chinese authorities as they battle to contain a worsening property sector crisis and revive a faltering recovery in the world's second-largest economy. The Wednesday's meeting was held after Zhongrong International Trust Co, a leading trust company controlled by Zhongzhi, missed payments on dozens of investment products since the end of July, Reuters reported on Wednesday, citing sources. PROPERTY CRISISThe liquidity stress facing Zhongzhi highlights the ripple effect of an unprecedented debt crisis in China's property sector, which accounts for roughly a quarter of the economy that has rapidly lost momentum in recent months. Evergrande said late on Wednesday it would delay the voting date and scheme meetings with creditors for its offshore debt restructuring plan to Aug 23 and Aug 28, respectively, to give creditors more time to consider the terms.

Persons: Lehman, Morgan Stanley, Zhongzhi, Aly, Evergrande, Jason Xue, Clare Jim, Sumeet Chatterjee, Jacqueline Wong, Jamie Freed Organizations: Zhongzhi Enterprise Group, Reuters, Citigroup, Big, Workers, REUTERS, International Trust Co, Zhongrong International Trust, China Evergrande, HK, Energy Vehicle Group, Evergrande, Shanghai, Thomson Locations: SHANGHAI, HONG KONG, Beijing, China's, Zhongzhi, China, Wednesday's, Shanghai, Hong Kong

SHANGHAI/HONG KONG, Aug 17 (Reuters) - Faced with a liquidity crisis, Zhongzhi Enterprise Group will conduct a debt restructuring, the Chinese asset manager has told investors, as a deepening property sector downturn raises fears about spillover risks to the broader financial sector. Beijing-based Zhongzhi, which has sizable exposure to real estate, has stopped payment to investors in all investment products, its management told investors in a meeting on Wednesday, a video seen by Reuters showed. Zhongzhi's financial trouble is the latest challenge for Chinese authorities as they battle to contain a worsening property sector crisis and revive a faltering recovery in the world's second-largest economy. Zhongzhi has hired one of the Big Four accounting firms to conduct a comprehensive audit of the company, and is seeking strategic investors, its management told investors in Wednesday's meeting. Anxious retail investors are bombarding listed companies with questions about their exposure to Zhongrong after missed payments by the trust company triggered fears of contagion across the country's financial system.

Persons: Morgan Stanley, Zhongzhi, Lehman, Evergrande, Jason Xue, Clare Jim, Sumeet Chatterjee, Jacqueline Wong, Jamie Freed Organizations: Zhongzhi Enterprise, Reuters, Big, International Trust Co, Citigroup, Zhongrong International Trust, China Evergrande, HK, Energy Vehicle Group, Evergrande, Shanghai, Thomson Locations: SHANGHAI, HONG KONG, Beijing, Wednesday's, China, China's, Shanghai, Hong Kong

☆ Exclusive: China's major state banks sell dollars for yuan in London, NY hours - sources
▼ + stars: | 2023-08-17 | by ( ) www.reuters.com time to read: +1 min

State banks usually act on behalf of China's central bank in the country's foreign exchange market, but they could also trade on their own behalf or execute their clients' orders. Offshore branches of the state banks were seen selling dollars during London and New York trading hours this week, two sources with direct knowledge of the matter said on Thursday. Such dollar selling could limit falls in the offshore yuan and prevent it from diverging too far from its onshore counterpart . Meanwhile, two separate sources also said state banks offered dollars in onshore foreign exchange markets. The onshore yuan traded at 7.3096 per dollar as of 0205 GMT, while the offshore yuan last fetched 7.3356.

Persons: Yuan, Dado Ruvic, Jacqueline Wong Organizations: REUTERS, Rights, Shanghai, Thomson Locations: China's, London, New York

Analysts see this more than 7 percent increase in the number of drivers as a manifestation of the subdued job market. At least four others have issued warnings of overcapacity, with some saying drivers get fewer than 10 orders a day as a result. Cai said he earns 200-300 yuan a day, driving for Didi Global - China's answer to Uber - from 8.00 am until close to midnight. Up until recently, he made 400 yuan a day plus bonuses, going home before 8.00 pm. Shanghai driver Li Weimin's rationale for working underscores the shrinking job market.

Persons: Zhu Zhimin, Zhu, Wang Ke, James Cai, Cai, Didi, Wang, Nanxun Li, It's, Li, Casey Hall, Xihao Jiang, Marius Zaharia Organizations: Transport, Thomson Locations: SHANGHAI, Shanghai, China, Cities, Sanya, Changsha, Haikou, Hainan, Analysys, Beijing

☆ Tesla cuts prices in China for select Model Y versions
▼ + stars: | 2023-08-14 | by ( ) www.reuters.com time to read: +2 min

Companies Tesla Inc FollowBEIJING, Aug 14 (Reuters) - Tesla (TSLA.O) on Monday said it has cut prices in China for its Model Y long-range and performance versions starting on Aug. 14, sending its shares lower on concern of further pressure on its profit margins. The electric-car company reduced the starting prices of both models by 14,000 yuan ($1,934.58). The Model Y Long Range's starting price drops 4.5% to 299,900 yuan and the starting price of the Model Y Performance is now 349,900 yuan, down 3.8%. Visitors wearing face masks check a China-made Tesla Model Y sport utility vehicle (SUV) at the electric vehicle maker's showroom in Beijing, China January 5, 2021. Last month, Tesla CEO Elon Musk said further price cuts were a possibility, even if it squeezed the automaker's margins.

Persons: Tesla, Chris McNally, Tingshu Wang, Elon Musk, Liz Lee, Samrhitha Arunasalam, Akash Sriram, Christian Schmollinger, Tom Hogue, Sharon Singleton Organizations: Tesla Inc, BEIJING, REUTERS, Deutsche Bank, Tesla's, China Passenger Car Association, Shanghai, Thomson Locations: China, U.S, Europe, Beijing, United States, Tesla's China, Bengaluru

☆ Shanghai Exchange urges bankers to closely vet Chinese medical firms IPOs - sources
▼ + stars: | 2023-08-14 | by ( ) www.reuters.com time to read: +1 min

A men wearing a mask walk at the Shanghai Stock Exchange building at the Pudong financial district in Shanghai, China, as the country is hit by an outbreak of a new coronavirus, February 3, 2020. REUTERS/Aly Song/File PhotoSHANGHAI, Aug 14 (Reuters) - The Shanghai Stock Exchange has urged bankers to pay close attention to the marketing practices of Chinese drug and medical equipment makers seeking initial public offerings (IPOs) amid an escalating anti-corruption drive in the sector, sources said. The Shanghai exchange declined to comment. Bankers should carefully examine if the company, controlling shareholders or actual controllers conduct bribery in marketing activities, the exchange said in the publication. The bourse also asked bankers to check the authenticity of the marketing expenses and urged companies to fully disclose information in their prospectus.

Persons: Aly, Christian Schmollinger Organizations: Shanghai Stock Exchange, REUTERS, bourse, Reuters, Bankers, Shanghai, Thomson Locations: Pudong, Shanghai, China

☆ Tesla cuts prices in China for some Model Y versions
▼ + stars: | 2023-08-14 | by ( ) www.reuters.com time to read: +1 min

The logo of car manufacturer Tesla is seen at a branch office in Bern, Switzerland October 28, 2020. REUTERS/Arnd Wiegmann/File PhotoCompanies Tesla Inc FollowBEIJING, Aug 14 (Reuters) - Tesla Inc (TSLA.O) has cut prices in China for its Model Y long-range and performance versions starting on Aug. 14, the company said in a notice on Monday. The car company dropped the starting prices of both models by 14,000 yuan ($1,934.58). The Model Y Long Range's starting price drops 4.5% to 299,900 yuan and the starting price of the Model Y Performance is now 349,900 yuan, down 3.8%. Last month Tesla CEO Elon Musk said further price cuts were a possibility, even if it squeezed the automaker's margins.

Persons: Arnd, Tesla, Elon Musk, Liz Lee, Christian Schmollinger, Tom Hogue Organizations: REUTERS, Inc, BEIJING, Tesla Inc, Tesla's, China Passenger Car Association, Shanghai, Thomson Locations: Bern, Switzerland, China, United States, Tesla's China

☆ Bank of China starts nationwide move to reduce salary gap among employees, manager levels -sources
▼ + stars: | 2023-08-14 | by ( ) www.reuters.com time to read: +2 min

A man rides his bicycle across the street under the Guomao bridge at the Central Business District in Beijing, China, October 19, 2015. Bank of China didn't immediately reply to a Reuters' request for comment. The move follows pay cuts being made at investment banks such as China International Capital Corp (CICC) (3908.HK). Two of the sources said the bank had finished implementing the plan at its headquarters in the first half of the year. A third source said the bank's Shanghai branch staff last week received notice that the bank would be reducing pay gaps there.

Persons: Jason Lee, Xi Jinping, Bank of China didn't, Ziyi Tang, Rong Ma, Ryan Woo, Hugh Lawson Organizations: Central Business District, REUTERS, Bank of China Ltd, Communist Party, Bank of, China International Capital Corp, HK, of, Central Commission, Inspection, Shanghai, Thomson Locations: Beijing, China, BEIJING, Bank of China, of China, Shanghai

☆ China uncovers alleged Chinese spy for CIA - state broadcaster
▼ + stars: | 2023-08-11 | by ( ) www.reuters.com time to read: +2 min

The Chinese national surnamed Zeng, who had worked for a military industrial group, was recruited by a CIA agent based in Italy, China Central Television (CCTV) said in a report. Zeng was sent to Italy by the military industrial group for further studies and became acquainted with the CIA agent. After succeeding in "shaking" Zeng's political stance, the CIA agent sought sensitive information about the Chinese military from Zeng, according to the CCTV report. Zeng was found to have signed an espionage agreement with the U.S. and had received training before returning to China, CCTV reported. After returning to China, Zeng had provided on numerous occasions "core" intelligence, and had pocketed funds for the efforts, it said.

Persons: Zeng, Seth, Liz Lee, Ryan Woo, Jamie Freed, Michael Perry, Raju Gopalakrishnan Organizations: U.S . Central Intelligence Agency, CIA, China Central Television, U.S, Shanghai, Thomson Locations: BEIJING, China, Italy, U.S, Beijing, Washington, United States

☆ China warns of crop, animal disease outbreaks in flood-hit areas
▼ + stars: | 2023-08-09 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Josh Arslan/File PhotoBEIJING, Aug 9 (Reuters) - Northern China warned of crop and animal diseases breaking out as flood waters retreated from rural areas, while some cities struggled to restore drinking water supplies after the worst flooding in six decades. Local authorities must step up measures to prevent and control major disease outbreaks caused by dead animals, pests and insects, Agriculture Minister Tang Renjian said after an inspection of affected areas on Tuesday. In Zhuozhou, the worst-hit city in Hebei, workers in hazmat suits sprayed disinfectant in built-up areas to prevent the spread of disease, state-run Xinhua news agency reported. The Water Resources ministry has declared an emergency response to quickly restore drinking water supplies, including setting up supply points and dispatching water trucks. Even in Beijing, where at least 33 people have died in the floods, a team of nearly 600 people were "racing against time" to restore water supplies in a rural district.

Persons: Doksuri, Josh Arslan, Tang Renjian, Tang, Liz Lee, Ryan Woo, Miral Organizations: REUTERS, Agriculture, Xinhua, Water Resources, Thomson Locations: Zhuozhou, Hebei province, China, BEIJING, Northern China, Hebei, Beijing, Farms, Shijiazhuang, Shanghai

☆ China raises emergency response level for floods in northeast
▼ + stars: | 2023-08-06 | by ( ) www.reuters.com time to read: +1 min

SHANGHAI, Aug 6 (Reuters) - Authorities in northeastern China raised their emergency response level on Sunday as tributaries of the Songhua, a major river, rose to dangerous levels after days of heavy rain caused by Typhoon Doksuri. China's Ministry of Water Resources said it raised the response for flooding to Level III at 10 a.m. (0200 GMT) in Inner Mongolia, Jilin and Heilongjiang. China uses a four-tier emergency response system, with Level I the most urgent. China on Sunday allocated an additional 350 million yuan ($48.8 million) to support rescues and house repairs in the flood-hit regions including Beijing, Tianjin, Hebei, Heilongjiang and Jilin, according to a government statement. The government had previously allocated 170 million yuan for rescue and recovery work.

Persons: Doksuri, William Mallard, Tom Hogue Organizations: China's Ministry of Water Resources, Shanghai, Thomson Locations: SHANGHAI, China, China's, Inner Mongolia, Jilin, Heilongjiang, Beijing, Tianjin, Hebei

☆ Twenty-one injured in east China magnitude 5.5 earthquake - state media
▼ + stars: | 2023-08-05 | by ( ) www.reuters.com time to read: 1 min

Aug 5 (Reuters) - Twenty-one people were injured and 126 buildings collapsed after an earthquake of magnitude 5.5 struck the eastern Chinese province of Shandong on Sunday, state broadcaster CCTV reported. The earthquake, 10 km (6 miles) deep, jolted Pingyuan County of Dezhou City at 02:33 a.m. (1833 GMT on Saturday), according to the China Earthquake Networks Center. China Railway Group suspended some train operations on routes including the Beijing-Shanghai Railway and Beijing-Kowloon Railway in response to the earthquake, CCTV reported. Reporting by Shanghai Newsroom, Jyoti Narayan in Bengaluru; Editing by Toby Chopra and William MallardOur Standards: The Thomson Reuters Trust Principles.

Persons: Jyoti Narayan, Toby Chopra, William Mallard Organizations: CCTV, Dezhou City, China Earthquake Networks, China Railway Group, Shanghai Railway, Kowloon Railway, Shanghai Newsroom, Thomson Locations: Shandong, Pingyuan, Dezhou, Beijing, Bengaluru

In the waterlogged provincial capital Harbin, two vehicles plunged into a sinkhole that appeared on an expressway near a swollen river, local media reported. Paddy fields have also been inundated, and villagers in low-lying areas told to evacuate, local media reported. The storms and floods also triggered power cuts in nearby Shangzhi city, where supermarkets were running low on provisions, according to media reports. "I only managed to get a few bottles of mineral water and two boxes of instant noodles," a Shangzhi resident told local media after rushing to the supermarket after the storm alerts. "Some production and power equipments were damaged, and production had been suspended," the company said in an exchange filing on Friday.

Persons: Typhoon Doksuri, Tingshu Wang, Doksuri, Jinrui, Liz Lee, Ella Cao, Samuel Shen, Ryan Woo, Gerry Doyle, Miral Organizations: REUTERS, Aerospace, Holdings Group, Mineral Development, Thomson Locations: Mentougou district, Beijing, China, Tingshu Wang BEIJING, Northeastern Heilongjiang, Heilongjiang, Daqing, Harbin, Shangzhi, Jilin, Shulan, Zhuozhou, Hebei province, Hebei, Qinghai, Chongqing, Shanghai

☆ Floods test China's disaster-response systems as emergency level raised
▼ + stars: | 2023-08-03 | by ( ) www.reuters.com time to read: +2 min

[1/2] A bridge is damaged after remnants of Typhoon Doksuri brought rains and floods in Beijing, China August 2, 2023. REUTERS/Tingshu WangBEIJING, Aug 3 (Reuters) - China's disaster-response systems are being put to the test as floodwaters from record rainfall could take weeks to recede with thousands of people still unable to return to their homes, state media reported on Thursday. Authorities in northern Hebei province raised the natural disaster emergency response level to II from III, while Beijing kept a warning in place for landslides on its outskirts, the state broadcaster and city government said. Floodwaters could take up to a month to recede in Hebei province, where Zhuozhou is the hardest hit city, a water resources department official told state media. About 100,000 people in the city southwest of Beijing were forced to leave their homes by the rising waters.

Persons: Typhoon Doksuri, Tingshu Wang, III, Doksuri, Khanun, Tim Cook, Liz Lee, Ryan Woo, Ethan Wang, Muralikumar Anantharaman, Stephen Coates Organizations: REUTERS, Authorities, CCTV, Apple Inc, Weibo, Thomson Locations: Beijing, China, Tingshu Wang BEIJING, Hebei, Hebei province, East China, Japan, Zhejiang, Fujian, Shanghai

People sort items outside a supermarket, after the rains and floods brought by remnants of Typhoon Doksuri, in Beijing, China August 2, 2023. Zhuozhou borders Beijing, which was inundated with the most rainfall in 140 years between Saturday and early Wednesday, official data showed. Residents forced to leave their homes were temporarily resettled in high-rise buildings, but lacked access to electricity and water, local media reported. Many Zhuozhou residents took to social media to complain about how long rescue and recovery efforts were taking. Nearly 100 employees were trapped without food and water, and a toxic gas leaking from a neighbouring tape factory complicated rescue efforts, local media reported.

Persons: Doksuri, Tingshu Wang, Liz Lee, Ryan Woo, Ella Cao, Miral Organizations: REUTERS, Weibo, Global Times, Thomson Locations: Beijing, China, Tingshu Wang BEIJING, Zhuozhou, Paris, Hebei province, Hebei, Weibo, Yongding River, Shanghai

☆ Rain pelts Beijing for fourth day, northern cities on disaster alert
▼ + stars: | 2023-08-01 | by ( ) www.reuters.com time to read: +3 min

[1/5] A man carries a child through the mud after floods, in a neighbourhood affected by days of heavy rain from remnants of Typhoon Doksuri, in Beijing, China, August 1, 2023. REUTERS/Thomas PeterBEIJING, Aug 1 (Reuters) - Relentless rain stretched into a fourth day in Beijing and nearby cities on Tuesday after a typhoon brought northern China non-stop precipitation and widespread flooding. Rivers have swollen to dangerous levels, prompting Beijing to use a flood storage reservoir for the first time since it was built 25 years ago. Beijing's Mentougou district in the west saw dramatic damage a day before, after torrential rains turned roads into rivers, sweeping cars away. In July 2012, Beijing was hit by the strongest storm since the founding of modern China, with the city receiving 190.3mm of rain in one day, affecting more than 1.6 million people.

Persons: Doksuri, Thomas Peter BEIJING, Liz Lee, Ryan Woo, Tom Hogue Organizations: REUTERS, CCTV, Shanghai, Thomson Locations: Beijing, China, Tianjin, Hebei province, Beijing's Mentougou, 738.3mm, South, Hebei, Britain, Fujian

☆ Typhoon Doksuri: Thousands flee their homes as heavy rain lashes Beijing
▼ + stars: | 2023-07-31 | by ( ) www.reuters.com time to read: +1 min

[1/5] People wear raincoats in a tourist area during heavy rain in Beijing, China, July 30, 2023. REUTERS/Thomas PeterBEIJING, July 31 (Reuters) - Beijing recorded its heaviest rainfall this year as the remnants of Typhoon Doksuri passed through China's capital on Monday, forcing over 31,000 people to evacuate their homes in the city, according to state broadcaster CCTV. Heavy rain continued to fall in the capital as well as Hebei, Tianjin and eastern Shanxi as Doksuri dissipated over northern China, the China Meteorological Administration said. Average rainfall in Beijing overnight reached 140.7 mm (5.5 inches), with the maximum recorded rainfall in Fangshan area hitting 500.4 mm (19.7 inches), according to the city's observatory. Authorities said Khanun could inflict further damage to corn and other crops that have already been hit by Doksuri.

Persons: Thomas Peter BEIJING, Typhoon Doksuri, Doksuri, Khanun, Liz Lee, Stephen Coates Organizations: REUTERS, China Meteorological Administration, Authorities, Doksuri, Thomson Locations: Beijing, China, Hebei, Tianjin, Shanxi, Fujian, Shanghai

BEIJING/TAIPEI, July 28 (Reuters) - Typhoon Doksuri swept into southern China on Friday, unleashing heavy rain and violent gusts of wind that whipped power lines and sparked fires, uprooted trees, and ripped off part of a stadium roof. REUTERS/Eloisa LopezSocial media video showed power lines sparking and bursting into flames as winds thrashed Jinjiang, a city of 2 million, while in Quanzhou trees were uprooted and left in the middle of roads. FERRY OVERTURNSTyphoon Doksuri has already left a wake of death and destruction as it moved from the Philippines across southern Taiwan. In southern Taiwan, the storm toppled trees and cut power to hundreds of thousands of homes. The storm had cut power to more than 278,000 homes across Taiwan and downed hundreds of trees in Kaohsiung.

Persons: Doksuri, Meranti, Zhuang, Aya, Eloisa Lopez, Bernard Orr, Ryan Woo, Yimou Lee, Dominique Patton, Yuhan Lin, Kevin Huang, Ethan Wang, Michael Perry, Neil Fullick Organizations: Sunday, Philippine Coast Guard, REUTERS, Eloisa Lopez Social, Residents, Reuters, Thomson Locations: BEIJING, TAIPEI, China, Fujian, Quanzhou, Anhui, Beijing, Xiamen, Binangonan, Rizal province, Philippines, Jinjiang, Taiwan, Manila, Kaohsiung, Taipei, Shanghai

At least one person drowned in the province of Rizal in the wake of the typhoon, the national disaster agency said. But authorities issued land warnings for several counties and cities in southern Taiwan including the major port city of Kaohsiung. Railway services between eastern and southern Taiwan will be suspended from Wednesday evening. More than 300 people have been evacuated in southern and eastern Taiwan as a precaution as Doksuri was expected to bring up to 1 metre (3.3 feet) of rainfall there. A Level II emergency response implies an oncoming typhoon could severely affect the country, according to the state council's national emergency plan for flood control and drought relief.

Persons: Doksuri, Talim, Karen Lema, Bernard Orr, Yimou Lee, Raju Gopalakrishnan Organizations: Reuters, Weather Bureau, Railway, Meteorological Centre, South China Sea, Meteorological Administration, Guangzhou Daily, Central Meteorological Administration, Thomson Locations: MANILA, BEIJING, TAIPEI, Philippines, Taiwan, China, Cagayan province, Rizal, Philippine, Kaohsiung, South, Fujian, Guangdong, Manila, Beijing, Tapei, Shanghai

☆ Exclusive: China's state banks seen selling dollars offshore to slow yuan declines - sources
▼ + stars: | 2023-07-20 | by ( ) www.reuters.com time to read: +1 min

SHANGHAI, July 20 (Reuters) - China's major state-owned banks were seen selling dollars to buy yuan in the offshore spot market in early Asian trades on Thursday, two people with direct knowledge of the matter said. Such state bank dollar selling was meant to slow the pace of yuan declines, one of the sources said. China's offshore yuan strengthened more than 0.7% to a high of 7.1812 per dollar before last trading at 7.1890 as of 0249 GMT. In the onshore market , the yuan followed a similar upward bounce, but it is still down about 4% against the dollar year-to-date, making it one of the worst performing Asian currencies for 2023. Reporting by Shanghai Newsroom Editing by Shri NavaratnamOur Standards: The Thomson Reuters Trust Principles.

Persons: Shri Navaratnam Organizations: Shanghai, Thomson Locations: SHANGHAI

☆ China bank shares slump in Hong Kong after Goldman downgrades
▼ + stars: | 2023-07-05 | by ( ) www.reuters.com time to read: +1 min

SHANGHAI, July 5 (Reuters) - Chinese banking shares listed in Hong Kong tumbled on Wednesday after Goldman Sachs downgraded top lenders including Agricultural Bank of China (AgBank) in a report that raised questions over the sector's financial health. Meanwhile, Industrial and Commercial Bank of China (ICBC) and Industrial Bank (601166.SS) were both downgraded from "Buy" to "Sell". Agbank shares fell roughly 3% in Hong Kong, on track for their biggest one-day loss in nearly two months. In its report, Goldman said it expects Chinese banks' dividend yields would come in at 4-6% this year, two percentage points lower than before the adjustment. The bank also revised down pre-provision operating profit estimates for large Chinese banks by 5-6% this year and next.

Persons: Goldman Sachs, Goldman, Agbank, Himani Sarkar, Kim Coghill Organizations: Agricultural Bank of China, Mainland Banks Index, Industrial, Commercial Bank of China, Industrial Bank, Shanghai, Thomson Locations: SHANGHAI, Hong Kong, Mainland, ICBC's Hong Kong, China

SHANGHAI, June 29 (Reuters) - Geopolitics and the national security concerns of some countries are threatening the globalisation of the world’s chip industry and its future growth, the chairman and acting CEO of memory chipmaker Yangtze Memory Technologies (YMTC) said on Thursday. "Our industry itself is cyclical, and each practitioner has his own way of dealing with the cycle. The move barred YMTC's suppliers from shipping U.S. goods to it without a difficult-to-obtain licence. Chen hinted at YMTC's own troubles during his speech, with a direct appeal to equipment suppliers in attendance. "For YMTC that I manage, we can no longer procure parts and components for equipment we had legally bought.

Persons: Chen Nanxiang, Taiwan's TSMC, Morris Chang, Chen, Casey Hall, Muralikumar Anantharaman, Christina Fincher Organizations: Technologies, Huawei Technologies Co, Shanghai Newsroom, Thomson Locations: SHANGHAI, China, Shanghai, United States, Washington

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