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☆ China's state banks seen selling dollars offshore to slow yuan drop - sources
▼ + stars: | 2023-06-27 | by ( ) www.reuters.com time to read: +2 min

SHANGHAI/BEIJING, June 27 (Reuters) - China's major state-owned banks were seen selling dollars in the offshore spot foreign exchange market on Tuesday, four sources with knowledge of the matter said, suggesting authorities wanted to slow the pace of the yuan's recent slide. Such state bank dollar selling appeared as the offshore yuan weakened towards the psychologically important 7.25 per dollar level, two of the sources said. "The 7.25 (yuan per dollar) level remains a key threshold," said one of them, adding a breach of the level could quickly send the yuan to lows last seen in 2022. The yuan's value onshore hit a trough of 7.3280 per dollar in November, levels last seen during the 2008 global financial crisis, while the offshore yuan dropped to a record low of 7.3746. [CNY/]Several currency traders also said they saw state banks selling dollars on Monday just ahead of the onshore domestic close (0830 GMT) to shore up the yuan's closing price, as the rate could determine the next day's official guidance rate.

Persons: China's, Kim Coghill, Vidya Ranganathan Organizations: People's Bank of China, UBS, Federal Reserve, Thomson Locations: SHANGHAI, BEIJING, United States, Shanghai, Beijing

☆ Russian diplomat flies to Beijing as Putin faces heat at home
▼ + stars: | 2023-06-25 | by ( ) www.reuters.com time to read: +2 min

The rebellion has been closely followed by Chinese media which has refrained from comment ahead of any official remarks, whereas many Chinese citizens have spoken up in support of Putin on social media. many Chinese citizens wrote in social media posts. China's Embassy in Russia told Chinese media outlet Southern Metropolis Daily on Saturday that the region around Moscow was calm. "Prigozhin realises that it is difficult to achieve the desired results through this rebellion," Song said. Reporting by Ryan Woo and Beijing newsroom; Editing by Tom Hogue and Christopher CushingOur Standards: The Thomson Reuters Trust Principles.

Persons: Andrei Rudenko, Vladimir Putin's, Qin Gang, Rudenko, Putin, Joe Biden, Song Zhongping, Yevgeny Prigozhin, Prigozhin's, Wagner, Prigozhin, Ryan Woo, Tom Hogue, Christopher Cushing Organizations: China's Foreign, Qin, U.S, Reuters, China's, Southern, Daily, Global Times, Thomson Locations: BEIJING, Beijing, China, Russia, Moscow, Ukraine, Russian

☆ Beijing temperature: Hottest June day recorded in Chinese capital
▼ + stars: | 2023-06-23 | by ( Chris Lau | ) edition.cnn.com time to read: +2 min

Hong Kong CNN —Beijing’s temperature soared above 41 degrees Celsius (105.8 degrees Fahrenheit) Thursday, setting a new record for the capital’s hottest day in June, as millions across heavily populated northeast China endure heat wave conditions forecast to stretch into the weekend. Thursday’s high of 41.1 degrees Celsius (106 degrees Fahrenheit) broke the previous record of 40.6 degrees Celsius (105 degrees Fahrenheit), set on June 10, 1961, when China began keeping detailed records, according to state media The Beijing News. This year, extreme weather has come even earlier – since March, temperatures in dozens of Chinese cities have hit record seasonal highs. June typically sees highs of 31 degrees Celsius (88 degrees Fahrenheit). Beijing may top 40 degrees Celsius (104 degrees Fahrenheit) on Friday and Saturday before dropping to high 30 degree Celsius levels (upper 90s to low 100s degrees Fahrenheit) for much of next week.

Persons: Andy Wong, Tesla Organizations: Hong Kong CNN, Beijing, Beijing Meteorological Observatory, CNN Locations: Hong Kong, China, Beijing, Hebei, Shandong, Tianjin, Shanghai, Chinese, Sichuan

☆ Shanghai regulators summon Starbucks, Shake Shack citing excessive personal data collection
▼ + stars: | 2023-06-21 | by ( ) www.reuters.com time to read: +1 min

[1/2] The Chinese flag flies near the Starbucks logo outside a cafe of the coffee chain in Beijing, China, August 3, 2022. REUTERS/Thomas Peter/FILE PHOTOBEIJING, June 21 (Reuters) - Chinese regulators in financial hub Shanghai summoned three firms including Starbucks (SBUX.O) and Shake Shack (SHAK.N) earlier this week for collecting excessive personal information, the city's cyberspace regulator said on Wednesday. The regulators urged these firms to comprehensively rectify, protect personal information and safeguard the legitimate rights and interests of consumers, Shanghai's cyberspace regulator said in a statement. Currently, two firms including Shake Shack have made initial improvements to the issues, and Starbucks is actively making adjustments, the regulator saidReporting by Beijing newsroom; Editing by Muralikumar AnantharamanOur Standards: The Thomson Reuters Trust Principles.

Persons: Thomas Peter, Muralikumar Organizations: REUTERS, Starbucks, Shake, Beijing, Thomson Locations: Beijing, China, BEIJING, Shanghai

☆ U.S. urges China military dialogue despite rebuff to Blinken
▼ + stars: | 2023-06-20 | by ( Humeyra Pamuk | Thomson Reuters | Humeyra Pamuk Is A Senior Foreign Policy Correspondent Based In Washington Dc. She Covers The U.S. State Department | ) www.reuters.com time to read: +3 min

"We remain willing and able at all levels to meet and call on China to respond appropriately to that." Blinken told a press conference in London that he had made those concerns clear to his Chinese counterparts. China cited U.S. sanctions as an obstacle to military dialogue which Blinken said he had repeatedly raised with his hosts and would continue to push for. China's defence minister Li earlier this month declined an invitation to meet U.S. Defense Secretary Lloyd Austin at an international security summit. Reporting by Humeyra Pamuk and Beijing Newsroom; Editing by Andrew Cawthorne and Alistair BellOur Standards: The Thomson Reuters Trust Principles.

Persons: Blinken, Antony Blinken's, Sarah Beran, Beran, we've, Li Shangfu, East Asia Daniel Kritenbrink, Kritenbrink, Joe Biden, Janet Yellen, Gina Raimondo, China's, Li, Lloyd Austin, Humeyra Pamuk, Andrew Cawthorne, Alistair Bell Organizations: White, National Security Council, Taiwan Affairs, Wall Street Journal, Chinese Defence, Washington, U.S, U.S . State Department's, East Asia, U.S ., Ukraine, Defense, Thomson Locations: Beijing, U.S, China, BEIJING, United States, Cuba, Taiwan, London, U.S .

☆ U.S. Secretary of State Blinken to meet with Chinese President Xi Jinping
▼ + stars: | 2023-06-19 | by ( ) www.reuters.com time to read: 1 min

BEIJING, June 19 (Reuters) - U.S. Secretary of State Antony Blinken will meet with Chinese President Xi Jinping on Monday in Beijing, a State Department official said. Blinken, who is in China for his second day of meetings, met with China's top diplomat earlier on Monday and with Foreign Minister Qin Gang on Sunday. This is the first visit to China by a U.S. secretary of state in five years. Reporting by Humeyra Pamuk and the Beijing newsroom Editing by Gareth JonesOur Standards: The Thomson Reuters Trust Principles.

Persons: Antony Blinken, Xi Jinping, Blinken, Qin Gang, Humeyra Pamuk, Gareth Jones Organizations: State Department, Foreign, Thomson Locations: BEIJING, Beijing, China

New rules imposed in February force infant formula makers to invest heavily to re-make, test, certify and re-register their products for China, before potentially conducting new marketing campaigns. “The new standard requires higher product quality as well as stronger manufacturing techniques which are expected to eliminate many small-to-medium-size players,” said Quinn Mai, analyst at Euromonitor International, which estimates China’s infant formula market will fall 12.5% to $21 billion by 2025 due to shrinking demand. China's National Health Commission (NHC) cited infant safety when announcing the latest rules. Celia Ning, director at the nutrition research institute of formula maker Junlebao, said the registration process could "easily" take a year. Another, Fonterra (FCG.NZ), said it was progressing through the re-registration process but that infant formula made up a relatively small part of its China business, with declining birth rates and regulation driving industry consolidation.

Persons: ”, Quinn Mai, Jane Li, Li, Celia Ning, Junlebao, Ning, SAMR, Nestle, Marius Zaharia Organizations: Euromonitor, Health Commission, NHC, State Administration, Market, “, Unicef, Companies, Abbott Laboratories, Reuters, New Zealand's Ministry, Primary Industries, Milk, Global, Nestle, Danone, HK, “ Companies, Thomson Locations: HONG KONG, China, Auckland, “ Beijing, India, U.S, Hong Kong, Beijing, Lincoln

☆ Exclusive: Xi Jinping tells Bill Gates he welcomes U.S. AI tech in China
▼ + stars: | 2023-06-16 | by ( ) www.reuters.com time to read: +3 min

[1/2] Microsoft Corp co-founder Bill Gates delivers his speech at the National Assembly in Seoul, South Korea, August 16, 2022. Xi also discussed Microsoft's (MSFT.O) business development in China during their meeting in Beijing, one of the sources said. When asked for comment, the Bill & Melinda Gates Foundation directed Reuters to the post. His meeting with Gates comes as U.S.-China relations are at their lowest point in decades, with AI a key flashpoint. Microsoft is a backer of OpenAI, whose chatbot ChatGPT ignited a global AI buzz last year that has spread to China.

Persons: Bill Gates, Kim Hong, Xi Jinping, Xi, Gates, Melinda Gates, Jason Neely, Jan Harvey Organizations: Microsoft Corp, National Assembly, REUTERS, U.S, Microsoft, Melinda Gates Foundation, Reuters, Information Office, chipmaker Micron, LinkedIn China, Thomson Locations: Seoul, South Korea, HONG KONG, China, Beijing, China's, U.S, Hong Kong

☆ China's Xi tells Bill Gates he hopes US-China friendship will continue
▼ + stars: | 2023-06-16 | by ( ) www.reuters.com time to read: +4 min

I place my hopes on the American people," a video published by state broadcaster CCTV showed Xi as saying." The last reported meeting between Xi and Gates was in 2015, when they met on the sidelines of the Boao forum in Hainan province. In early 2020, Xi wrote a letter to Gates thanking him and the Bill & Melinda Gates Foundation for pledging assistance to China, including $5 million for the country's fight against COVID-19. Apart from meeting Xi, Gates has given a speech at the Global Health Drug Discovery Institute about the need to use technology to solve global health challenges during his visit. The Bill & Melinda Gates Foundation and Beijing municipal government, which founded the institute with Tsinghua University, also pledged to each provide $50 million to bolster the institute's drug discovery capacity.

Persons: Xi's, Gates, Xi Jinping, Bill Gates, Xi, We've, couldn't, Melinda Gates, Antony Blinken, Blinken, Qin Gang, Qin, Christopher Cushing, Edwina Gibbs, Philippa Fletcher Organizations: Microsoft, Reuters, Melinda Gates Foundation, COVID, U.S, Daily, Global Health Drug Discovery Institute, Tsinghua University, Beijing, Thomson Locations: China, BEIJING, United States, American, Beijing, Hainan province, U.S

☆ China's President Xi to meet with Bill Gates in Beijing - state media
▼ + stars: | 2023-06-16 | by ( ) www.reuters.com time to read: +1 min

BEIJING, June 16 (Reuters) - China's President Xi Jinping will meet with Bill Gates in Beijing on Friday, Chinese state media CCTV reported. The Microsoft (MSFT.O) co-founder tweeted on Wednesday that he had landed in Beijing for the first time since 2019 and that he would meet with partners who had been working on global health and development challenges with the Bill & Melinda Gates Foundation. The last reported meeting between Xi and Gates was in 2015, when they met on the sidelines of the Boao forum in Hainan province. In early 2020, Xi wrote a letter to Gates thanking him, and the Bill & Melinda Gates Foundation, for pledging assistance to China including $5 million for the country's fight against COVID-19. Reporting by Beijing Newsroom; Editing by Christopher Cushing and Edwina GibbsOur Standards: The Thomson Reuters Trust Principles.

Persons: Xi Jinping, Bill Gates, Melinda Gates, Gates, Xi, Christopher Cushing, Edwina Gibbs Organizations: Reuters, Microsoft, Melinda Gates Foundation, COVID, Beijing, Thomson Locations: BEIJING, Beijing, China, Hainan province

☆ Micron says committed to China, invests $602 mln in existing plant
▼ + stars: | 2023-06-16 | by ( ) www.reuters.com time to read: +1 min

Micron made no mention of the review's decision in its Friday statement, posted on WeChat. "This investment projects demonstrates Micron's unwavering commitment to its China business and team," it quoted CEO Sanjay Mehrotra as saying. Micron and Powertech did not immediately respond to requests for comment. This would bring Micron's workforce in China to more than 4,500 people, the company added. ($1 = 7.1337 yuan)Reporiting by Beijing newsroom; Editing by Muralikumar Anantharaman and Gerry DoyleOur Standards: The Thomson Reuters Trust Principles.

Persons: Sanjay Mehrotra, Muralikumar Anantharaman, Gerry Doyle Organizations: Micron, Technology Inc, Powertech, Thomson Locations: BEIJING, China, Xian, United States, Powertech's, Beijing

☆ China firmly opposes Huawei ban by some EU countries
▼ + stars: | 2023-06-16 | by ( ) www.reuters.com time to read: +1 min

BEIJING/STOCKHOLM, June 16 (Reuters) - China firmly opposes some EU countries' ban on Huawei and said the European Commission has no legal basis nor factual evidence to prohibit the Chinese telecom giant, a Chinese foreign ministry spokesperson said on Friday. EU industry chief Thierry Breton on Thursday urged more EU countries to join the 10 that have restricted or banned China's Huawei (HWT.UL) and ZTE (000063.SZ) from their 5G telecoms networks, citing risks to the bloc's collective security. Huawei has criticised the move saying this was not based on a verified, transparent, objective and technical assessment of 5G networks. Publicly singling out an individual entity as HRV without legal basis is against principles of free trade, a Huawei spokesperson said. "As an economic operator in the EU, Huawei holds procedural and substantial rights and should be protected under the EU and Member States’ laws as well as their international commitments," the person said.

Persons: Thierry Breton, Supantha Mukherjee, Foo Yun Chee, Andrew Cawthorne, Toby Chopra Organizations: Huawei, European Commission, EU, Telecom, Member, Beijing, Thomson Locations: BEIJING, STOCKHOLM, China, Germany, Europe, Member States, Stockholm, Brussels

HONG KONG, June 16 (Reuters) - China's Ministry of Foreign Affairs in Hong Kong said resolutions passed by the European Parliament on Thursday related to the Chinese controlled territory were a "despicable act" and "trampled" on the principles of international law. The European Parliament's resolution titled "The deterioration of fundamental freedoms in Hong Kong, notably the case of Jimmy Lai" urged Hong Kong's government to release and drop charges against the pro-democracy tycoon and other activists. It also called for the European Council to introduce "targeted sanctions" against city leader John Lee and other officials "responsible for the ongoing crackdown on human rights in Hong Kong". Government officials in Beijing and Hong Kong say that the law only targets a small number of "troublemakers" who threaten national security and that the rights and freedoms of ordinary Hong Kong people are protected. Lai, who is in prison, is facing four charges under the security law and a colonial era sedition law.

Persons: Jimmy Lai, Hong, John Lee, Lee, Lai, Lai's, Sebastien, Farah Master, Jessie Pang, Anne Marie Roantree, Gerry Doyle Organizations: China's Ministry of Foreign Affairs, European Council, United, Government, National Security Law, Thomson Locations: HONG KONG, Hong Kong, United States, Beijing, China

☆ China pushes platform firms to protect consumer, vendor rights
▼ + stars: | 2023-06-15 | by ( ) www.reuters.com time to read: 1 min

BEIJING, June 15 (Reuters) - China's market regulator on Thursday announced a five-month campaign that will ensure platform companies optimise their protocols, to protect the rights of consumers and vendors. The State Administration for Market Regulation said it will supervise and guide platform firms to conduct self-examination, and improve their protocols to overcome a lack of key provisions. Reporting by Brenda Goh and Beijing Newsroom; Editing by Edmund KlamannOur Standards: The Thomson Reuters Trust Principles.

Persons: Brenda Goh, Edmund Klamann Organizations: Administration, Market, Thomson Locations: BEIJING, Beijing

☆ Chinese miners try livestream sales to shift coal glut
▼ + stars: | 2023-06-15 | by ( Andrew Hayley | ) www.reuters.com time to read: +2 min

BEIJING, June 15 (Reuters) - On China's frenetic and hugely popular retail livestreams, glamorous hosts sell goods ranging from shoes and lipsticks to baby products and, increasingly, truckloads of sulphurous coal. By comparison, domestic thermal 5,500 kcal coal was traded at about 800 yuan ($111.64) per ton as of last week, according to trading sources. Though wholesaling of hard commodities is not entirely new to China's streaming platforms, it appears to be on the rise. Three of the most active coal channels on Douyin identified by Reuters - Huaze Coal, Guohai Daily Coal Price, and Jixing Coal - have together held 164 such online events so far this quarter, up from 120 events last quarter and 107 events in the fourth quarter of 2022. ($1=7.17 yuan)Reporting by Andrew Hayley and Beijing newsroom: Editing by Tony Munroe, Alexandra HudsonOur Standards: The Thomson Reuters Trust Principles.

Persons: Andrew Hayley, Tony Munroe, Alexandra Hudson Organizations: Huaze Coal Industry, Reuters, Huaze, Daily Coal, Jixing, Alexandra Hudson Our, Thomson Locations: BEIJING, Shanxi, Beijing

☆ China's Premier Li to visit Germany, France June 18-23
▼ + stars: | 2023-06-15 | by ( ) www.reuters.com time to read: 1 min

BEIJING, June 15 (Reuters) - China's Premier Li Qiang will visit Germany and France from June 18 to 23, the foreign ministry said on Thursday. Li will hold the seventh round of China-Germany inter-governmental consultation, and attend the Summit for a New Global Financing Pact in France, ministry spokesperson Wang Wenbin said at a regular news conference. Reporting by Beijing Newsroom; editing by Jason NeelyOur Standards: The Thomson Reuters Trust Principles.

Persons: Li Qiang, Li, Wang Wenbin, Jason Neely Organizations: Global, Beijing, Thomson Locations: BEIJING, Germany, France, China

It has supported mine development by taking stakes in mining companies to help battery materials makers that do not have mines overseas like those owned by China's top lithium producers Ganfeng Lithium (002460.SZ), (002460.SZ) and Tianqi Lithium (002466.SZ). Separating lithium from lepidolite can cost as much as 100,000 yuan per metric ton, compared to 40,000-50,000 yuan for brine and 50,000-60,000 yuan for spodumene, analysts said. 'NATURAL RESOURCES CHAOS'Further dimming the outlook for lepidolite, environmental damage is a growing concern. As it gets stricter now, lithium resources in Yichun will lose their competitiveness with the higher costs for environmental protection," Ma said. UBS analysts see China's supply of lithium from lepidolite tripling to 280,000 metric tons, or 13% of global supply, between 2022 and 2025, well short of Yichun's target.

Persons: YICHUN, Yang Yaohua, Yang, Wu Wei, Eric Norris, Norris, Yongxing, Yichun, Ma Jun, Ma, Vicky Zhao, Li Qi, Siyi Liu, Dominique Patton, Ernest Scheyder, Tony Munroe, Sonali Paul Organizations: Australia, Guosen, Macquarie, Gotion High Tech, CRU, Xiamen University, Energy, Corp, Reuters, Materials Technology, Institute of Public & Environmental Affairs, UBS, Benchmark Mineral Intelligence, Beijing Newsroom, Thomson Locations: China, Yichun, lepidolite, Beijing, Sichuan, Qinghai, Tibet, Shanghai, Jin, U.S, Jiangxi, Houston

☆ China industry minister, Siemens CEO discuss digital manufacturing, development
▼ + stars: | 2023-06-14 | by ( ) www.reuters.com time to read: 1 min

BEIJING, June 14 (Reuters) - China's industry minister met Siemens' (SIEGn.DE) chief executive on Wednesday and discussed intelligent manufacturing, digital economy development and the digital transformation of small and medium-sized enterprises, the ministry said. The minister, Jin Zhuanglong, said the Chinese government attaches great importance to promoting the deep integration of the digital economy, according to a statement from the ministry of Industry and Information Technology. Chief Executive Roland Busch said the company wants to further expand Siemens' investment in China, and further strengthen cooperation with China, according to the statement. Reporting by Beijing newsroomOur Standards: The Thomson Reuters Trust Principles.

Persons: Jin Zhuanglong, Roland Busch Organizations: Siemens, Industry, Information Technology, Beijing, Thomson Locations: BEIJING, China

☆ China rebukes US in phone call ahead of Blinken's Beijing trip
▼ + stars: | 2023-06-14 | by ( ) www.reuters.com time to read: +3 min

[1/2] U.S. Secretary of State Antony Blinken speaks to members of the media in the Treaty Room of the State Department in Washington, U.S., June 12, 2023. Qin told Blinken to respect China's core concerns, such as the Taiwan issue, in an effort to arrest declining relations between the superpowers, according to China's foreign ministry. Chinese state media said he was due to visit China on June 18-19. Blinken cancelled a planned trip to Beijing in February over a suspected Chinese spy balloon that flew over the United States. The Chinese foreign ministry has not yet revealed any other information on Blinken's upcoming trip.

Persons: Antony Blinken, Mandel Ngan, Qin Gang, Antony Blinken's, Qin, Blinken, Joe Biden's, Bernard Orr, John Geddie, Muralikumar Anantharaman, Lincoln, Alex Richardson Organizations: State Department, REUTERS, U.S, Thomson Locations: Washington , U.S, United States, Beijing, Taiwan, U.S, China, Britain, Washington's

☆ Bill Gates in China: Microsoft co-founder to meet Xi Jinping
▼ + stars: | 2023-06-14 | by ( Julie Zhu | ) www.reuters.com time to read: +3 min

HONG KONG, June 14 (Reuters) - Bill Gates, Microsoft Corp's (MSFT.O) co-founder, is set to meet Chinese President Xi Jinping on Friday during his visit to China, two people with knowledge of the matter said. The meeting will mark Xi's first meeting with a foreign private entrepreneur in recent years. The last reported meeting between Xi and Gates was in 2015, when they met on the sidelines of the Boao forum in Hainan province. In early 2020, Xi wrote a letter to Gates thanking him, and the Bill & Melinda Gates Foundation, for pledging assistance to China including $5 million for the country's fight against COVID-19. Several foreign CEOs have visited China since it reopened early this year but most have mainly met with government ministers.

Persons: Bill Gates, Xi Jinping, Gates, Melinda Gates, Xi, Premier Li Qiang, Tim Cook, Elon Musk, Ding Xuexiang, Antony Blinken, Blinken, Qin Gang, Qin, Julie Zhu, Greg Roumeliotis, Brenda Goh, Alex Richardson, Sumeet Chatterjee, Nick Macfie, William Maclean Organizations: Microsoft, Melinda Gates Foundation, Information Office, COVID, Premier, Reuters, U.S, Thomson Locations: HONG KONG, China, Beijing, Hainan province, U.S, United States, Hong Kong, New York

☆ China rebukes US in phone call ahead of Blinken's planned Beijing trip
▼ + stars: | 2023-06-14 | by ( ) www.reuters.com time to read: +2 min

[1/2] U.S. Secretary of State Antony Blinken speaks to members of the media in the Treaty Room of the State Department in Washington, U.S., June 12, 2023. Qin told Blinken to respect China's core concerns, such as the Taiwan issue, in an effort to arrest declining relations between the superpowers, according to China's foreign ministry. The Chinese foreign ministry has yet to reveal information on Blinken's trip, but a U.S. official last Friday said Blinken would be in Beijing on June 18, giving no other details. Blinken cancelled a planned trip to Beijing in February over a suspected Chinese spy balloon that flew over the United States. The United States should "stop interfering in China's internal affairs, and stop harming China's sovereignty, security and development interests in the name of competition," Qin added.

Persons: Antony Blinken, Mandel Ngan, Qin Gang, Antony Blinken's, Qin, Blinken, Joe Biden's, Bernard Orr, John Geddie, Muralikumar Anantharaman Organizations: State Department, REUTERS, U.S, Thomson Locations: Washington , U.S, United States, Beijing, Taiwan, U.S, China, Washington's, Lincoln

☆ China issues draft guidelines to tackle online bullying
▼ + stars: | 2023-06-09 | by ( ) www.reuters.com time to read: +1 min

BEIJING, June 9 (Reuters) - China is canvassing public opinion on draft guidelines to punish cyber violence, authorities said on Friday, as concern grows over online bullying and attacks targeting women and children in the world's largest internet community. Cyber violence, unlike traditional crimes, often aims at strangers so that victims face "extremely high" costs to protect their rights, the guidelines showed, leading to consequences such as social death, insanity and suicides. June 25 is the deadline set for comment on the guidelines drafted jointly by the public security ministry, the supreme people's procuratorate (SPP) and the supreme people's court. The measures target behaviours such as the spread of online rumours, insults and personal information, and perpetrators could face criminal punishment. Reporting by Beijing Newsroom and Brenda Goh; Editing by Tom Hogue and Clarence FernandezOur Standards: The Thomson Reuters Trust Principles.

Persons: procuratorate, Brenda Goh, Tom Hogue, Clarence Fernandez Organizations: Beijing, Thomson Locations: BEIJING, China, Wuhan

☆ China's BYD announces new Fang Cheng Bao brand of energy vehicles
▼ + stars: | 2023-06-09 | by ( ) www.reuters.com time to read: +1 min

BEIJING, June 9 (Reuters) - BYD announced on Friday a new brand of electric vehicles (EV) ranging from off-road to sports cars as the company looks to meet more diversified consumer demand. The new brand is called Fang Cheng Bao, which translates from Chinese literally as "Formula" and "Leopard". The Chinese EV giant is expected to launch the first model this year - an SUV identified for now internally as SF, BYD said in a statement. It sold 996,476 cars in the first five months, nearly double the number of a year earlier. ($1=7.12 yuan)Reporting by Zhang Yan, Brenda Goh and Beijing newsroom; Editing by Tom HogueOur Standards: The Thomson Reuters Trust Principles.

Persons: BYD, Fang Cheng Bao, Zhang Yan, Brenda Goh, Tom Hogue Organizations: Volkswagen, Tesla, Thomson Locations: BEIJING, China, Beijing

☆ China's biggest state banks cut deposit rates
▼ + stars: | 2023-06-08 | by ( ) www.reuters.com time to read: +2 min

BEIJING, June 8 (Reuters) - China's biggest banks on Thursday said they have lowered interest rates on yuan deposits, in actions that could ease pressure on profit margins and reduce lending costs, providing some relief for the financial sector and wider economy. Industrial and Commercial Bank of China Ltd (601398.SS), Agricultural Bank of China Ltd (601288.SS), Bank of China Ltd (601988.SS) and China Construction Bank Corp (601939.SS) all cut their rates from Thursday, websites from each bank showed. The state-backed banks cut rates on demand deposits by 5 basis points and three-year and five-year time deposits by 15 basis points. China cut the RRR in March but has kept its benchmark lending rate unchanged this year, as widening yield differentials with the United States limited the scope for substantial monetary easing. Major state banks' net interest margins have shrunk following pressure to lower borrowing cost for individuals and businesses to stimulate the economy, and as credit demand remains subdued.

Persons: Gary Ng, Ng, Christopher Cushing, Sam Holmes Organizations: Industrial, Commercial Bank of China Ltd, Agricultural Bank of China Ltd, Bank of China Ltd, China Construction Bank Corp, Asia Pacific, United, People's Bank of China, CSI Banks, Beijing, Thomson Locations: BEIJING, China, Asia, United States

☆ China's Dalian Wanda appeals court decision to freeze shares
▼ + stars: | 2023-06-08 | by ( ) www.reuters.com time to read: +1 min

BEIJING, June 8 (Reuters) - China's largest commercial property developer Dalian Wanda Group on Thursday said it is appealing a court decision to freeze 1.9 billion yuan ($266.23 million) worth of shares it owns in a subsidiary. Two Shanghai court notices dated Monday showed the group cannot trade or otherwise use its shares in property manager Dalian Wanda Commercial Management Group until June 4, 2026. It also said the value of shares frozen far exceeded the amount in that dispute. It is also pursuing an initial public offering in Hong Kong of subsidiary Zhuhai Wanda which has stalled while awaiting regulatory approval. ($1 = 7.1368 Chinese yuan renminbi)Reporting by Beijing newsroom and Clare Jim in Hong Kong; Editing by Himani Sarkar and Christopher CushingOur Standards: The Thomson Reuters Trust Principles.

Persons: Clare Jim, Himani Sarkar, Christopher Cushing Organizations: Dalian Wanda Group, Dalian Wanda Commercial Management Group, Zhuhai, Beijing, Clare, Thomson Locations: BEIJING, Shanghai, China, Hong Kong

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