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☆ China's trade with Russia is getting so difficult that payments can take half a year and most bank transfers are returned
▼ + stars: | 2024-07-30 | by ( Huileng Tan | ) www.businessinsider.com time to read: +4 min

Trade between Russia and China is getting ever more difficult, with some payments between partners taking up to half a year, the Kommersant business daily reported on Monday. AdvertisementThe troubles started in December when the US authorized secondary sanctions targeting financial institutions that help Russia skirt sanctions. This prompted global banks from China to the UAE, Turkey, and Austria to reduce transactions with Russia to avoid getting in the crosshairs. Related storiesTo force Russia to halt its war, West blocked some Russian banks from the widely used SWIFT messaging system for payments early in the conflict. The continued business activity between the two countries sent trade between Russia and China to a record $240 billion last year.

Persons: —, China's, Moscow's, Andrei Kostin, Russia's Organizations: Kommersant, Service, Business, Bloomberg, US Treasury, Russia, VTB Bank Locations: Russia, China, UAE, Turkey, Austria, Moscow, Ukraine, Beijing, Russian, Hong Kong

☆ Where are China's ultra-rich parking their wealth amid a slowing economy?
▼ + stars: | 2024-07-30 | by ( Lee Ying Shan | In Ying-Shan-Lee | ) www.cnbc.com time to read: +5 min

At a time when China's economy is facing headwinds, and growth has been slowing, where are the Chinese ultra-rich, whose numbers are expected to swell to 144,897 by 2028 from 98,551 in 2023, parking their wealth? However, the country's high-end property market remains a favored asset. Luxury real estate"There has been a noticeable increase in transactions within Shanghai's luxury real estate sector," said James Macdonald, head of China research at global real estate firm Savills, attributing it to a recent policy easing by the government. That said, China's luxury real estate market is still primarily concentrated in the core areas of first-tier cities, said Li. Other local investment classes, such as the wider property market and China-listed stocks are not as popular among the ultra rich, experts told CNBC.

Persons: Weiquan Lin, Frank, James Macdonald, Savills, Stephen Pau, Sam Xie, CBRE's, Xie, Arbour, Tian Di, Knight Frank Head of, Pacific Research Christine Li, Li, Nick Xiao, Xiao, Yongyuan Dai, Pau, defensiveness Organizations: CNBC, Pacific Research, Overseas, Domestic Institutional Investors, Domestic Limited, Hywin Locations: China, Shanghai, Lujiazui, Knight Frank Head of Asia, Pacific, Hong Kong, Yongyuan, Pau

☆ Sotheby’s expands Hong Kong footprint with cavernous new exhibition and retail space
▼ + stars: | 2024-07-29 | by ( Oscar Holland | ) edition.cnn.com time to read: +5 min

CNN —A fossilized mammoth skull, centuries-old ceramics and Banksy’s famous self-shredding painting are among hundreds of high-value collectibles on show at Sotheby’s ambitious new retail outpost in Hong Kong. With younger collectors seemingly in mind, items on the first floor range in price from 5,000 to 50 million Hong Kong dollars ($640 to $6.4 million). The venture is the latest signal that major auction houses still consider Hong Kong to be their long-term hub in Asia. In June, Hermès also unveiled its expanded retail space in the neighborhood. It has simultaneously sought to grow its footprint in Hong Kong — not only with its newly unveiled Maison, but also a nearby 36,000-square-foot regional headquarters, due to open later this year.

Persons: Maison, Hong Kong, Art Basel’s, Isaac Lawrence, Louis Vuitton, Hermès, Sotheby’s, Patrick Drahi, Hong Kong —, Christie’s, Zaha Hadid’s, Phillips, Bonhams, Nathan Drahi Organizations: CNN, Hong Kong, UBS, Art, Art Basel, Getty, PricewaterhouseCoopers, Louis, Sotheby’s Locations: Hong Kong, Central, Asia, China, Hong, Hong Kong's Central, AFP, London, Singapore, Shanghai, Sotheby’s, Sotheby’s Asia, Paris, New York

☆ De-dollarization is a fad that will backfire on countries trying to move away from the greenback, currency expert says
▼ + stars: | 2024-07-28 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +6 min

De-dollarization is nothing but a myth — and it could backfire on countries like Russia and China. That's according to Jeffrey Christian, a commodities expert who thinks dollar dominance isn't going away anytime soon. He says countries phasing out the greenback also could face consequences, like liquidity issues and slow growth. AdvertisementDe-dollarization is probably a fad — and countries trying to stage a global shift away from the dollar may soon find that the movement will backfire. Despite the ongoing movement, dollar dominance isn't probably going away, given how pervasive the greenback is in financial markets, he told Business Insider in an interview.

Persons: Jeffrey Christian, —, Christian, It's, it's Organizations: Service, CPM Group, Traders, Reuters, Bank of International, International Monetary Fund, UC, Berkeley Locations: Russia, China, India

☆ China just expanded its efforts to boost consumption. Here are some stocks to watch
▼ + stars: | 2024-07-28 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +4 min

China has, in its own way, signaled it wants to support specific kinds of consumer purchases. Authorities on Thursday announced the equivalent of 300 billion yuan ($41.5 billion) in special bonds would go towards trade-ins and equipment upgrades — a significant expansion of an existing program. The 300 billion yuan ultra-long bond issuance is not a new government allocation, but rather a more detailed designation of a 1 trillion yuan ultra-long bond program announced earlier this year. "300 billion yuan is the largest equipment upgrade subsidy from the central government historically," the analysts said. Even the 300 billion yuan figure is split roughly between consumer-related trade-ins with business-side equipment upgrades.

Persons: Ding, Morgan Stanley, Tao Wang, Darius Tang, Corporates, Fitch Bohua, Michael Bloom Organizations: China Asset Management Co, UBS Investment Bank Locations: China, Beijing, Asia

☆ China's industrial profits post faster gains in June despite faltering economy
▼ + stars: | 2024-07-27 | by ( ) www.cnbc.com time to read: +2 min

China's industrial profits grew at a faster clip in June, official data showed on Saturday, even as businesses were grappling with a downshift in consumers' sentiment amid a shaky economic recovery. A 3.6% year-on-year rise in profits last month followed a 0.7% gain in May, while first-half earnings were up 3.5%, accelerating from a 3.4% increase in the January-May period, National Bureau of Statistics (NBS) data showed. Roughly half of more than 10 mainland-listed alcoholic beverage firms that had released forecasts for H1 earnings expected a loss-making first half. State-owned firms reported profits up 0.3% in the first half, foreign firms recorded an 11% gain, while private-sector companies booked a 6.8% rise, according to a breakdown of the NBS data. Industrial profit numbers cover firms with annual revenues of at least 20 million yuan ($2.75 million) from their main operations.

Organizations: National Bureau of Statistics, Nvidia Locations: Lujiazui, Shanghai, China, Suzhou

Chuo Ward, Tokyo, Japan - February 23, 2018; Top luxury shopping streets with multi colored neon signs. For the first half of the year, luxury group LVMH this week reported " exceptional growth in Japan arising in particular from purchases made by Chinese travelers." SHANGHAI — Luxury brands are seeing a surge in sales in Japan, largely driven by purchases from Chinese travelers taking advantage of a weak yen, according to earnings results this month. The income segment covers families in mainland China earning at least 30,000 yuan a month ($4,140, or about $50,000 a year). besides Hong Kong, across most luxury brands."

Persons: Yves, Yves Saint Laurent, Trip.com, Xiao Hong Shu, netizen, Oliver Wyman, Louis Organizations: Yves Saint, Burberry, U.S, Federal Reserve, Bank of Japan, South, Japan National Tourism Organization, CNBC Locations: Chuo Ward, Tokyo, Japan, Ginza, China, Southeast Asia, SHANGHAI, South Korea, Weibo, Sapporo, Hong Kong, Malaysia, France, Asia

☆ China to use ultra-long bonds for consumer, trade-in policy support as worries about retail sales slump grow
▼ + stars: | 2024-07-25 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +3 min

CNBC | Evelyn ChengSHANGHAI — China on Thursday announced its most targeted measures yet for boosting consumption, which has remained lackluster since the Covid-19 pandemic. Authorities announced they would allocate 300 billion Chinese yuan ($41.5 billion) in ultra-long special government bonds to expand an existing trade-in and equipment upgrade policy. He noted how the new policy links Beijing's ultra-long bond program — announced in March — with consumption. The National Development and Reform Commission on Thursday then announced the expanded policy to support consumption. He noted that the 300 billion yuan designation also reflects "a new way of thinking" which can have impact at scale.

Persons: Evelyn Cheng, Zong Liang, —, Zong, Bruce Pang Organizations: CNBC, Thursday, Authorities, National Development, Reform, Ministry of Finance, Bank of, People's Bank of Locations: Evelyn Cheng SHANGHAI, China, People's Bank of China, JLL

☆ Chinese EV startups are spending more on research than Tesla is
▼ + stars: | 2024-07-25 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +6 min

CNBC | Evelyn ChengBEIJING – U.S.-listed Chinese electric car companies are spending more on research as a ratio to sales than Tesla , according to CNBC analysis of the four automakers' first-quarter earnings. Of the four U.S.-listed Chinese electric car companies, Nio ranked first, spending nearly 29% of revenue in the first three months of the year on research and development. He was referring to a popular term in China to describe fierce competition, especially in the electric car industry. She noted that can help Chinese electric car companies respond more quickly to customers and market needs than traditional automakers. Geely has also released an electric car architecture called SEA that it says allows for quicker production of different sized vehicles.

Persons: Evelyn Cheng, Paul Gong, Nio, Elon, Feng Shen, Shen, William Li, Li, Jing Yang, Zeekr's, Parent, Ren Xiangfei, Ren, Geely, Tesla, Taylor Ogan Organizations: CNBC, UBS, Elon Musk's, Ford Motor, China's Ministry of Industry, Information Technology, Fitch, China Passenger Car Association, Snow Bull, Tech Locations: Hefei, Evelyn Cheng BEIJING – U.S, U.S, China, Nio, Hefei city, Anhui, Shanghai, Asia, Pacific, Zhejiang province, Hong Kong, Shenzhen

☆ Dollar firms as commodities slide and carry unwinds
▼ + stars: | 2024-07-24 | by ( ) www.cnbc.com time to read: +3 min

Purchasing managers' index figures will be particularly watched in Europe later in the session to see whether they support bets on two European rate cuts by the end of January. The euro held at $1.0848 in Asia trade and sterling , which could rally if PMIs in Britain surprise to the upside and reduce bets on rate cuts, bought $1.2901. Moves in other pairs were even larger, with the euro dropping 1.3% on the yen overnight and hitting a five-week low of 168.79 yen in Asia. Mexico's high-yielding peso dropped 2% on the yen overnight and the Australian dollar is down almost 6% on the yen in two weeks. The Canadian dollar made a six-week low of C$1.3787 per dollar ahead of a central bank meeting later on Wednesday where markets have priced an 84% chance of a 25 basis point rate cut.

Persons: Jason Wong Organizations: Bank of Japan, U.S ., New Zealand Locations: Europe, Asia, Britain, Japan, Wellington, New Zealand, Australia

☆ Aussie, kiwi dollars struggle on China's rate cuts; dollar adrift
▼ + stars: | 2024-07-23 | by ( Rae Wee | ) www.reuters.com time to read: +3 min

Australian dollars are seen in an illustration photo February 8, 2018. The two Antipodean currencies, often used as liquid proxies for the Chinese yuan, were flat after slumping in the previous session in the wake of the news. The Australian dollar was trading at $0.6643 early on Tuesday and the New Zealand dollar dipped 0.01% to $0.5979. In the broader market, currency moves were subdued as traders looked to central bank meetings in the U.S. and Japan next week. In cryptocurrencies, bitcoin fell 0.7% to $67,665, retreating from an over one-month top hit in the previous session.

Persons: Daniel Munoz, China's, Rodrigo Catril, Joe Biden's, NAB's, bitcoin, Rae Wee, Stephen Coates Organizations: REUTERS, New, New Zealand, National Australia Bank, NAB, Trump, U.S, Treasury, Thomson Locations: SINGAPORE, New Zealand, China, U.S, Japan

☆ Trump's tough trade stance could undercut his plans for a weaker dollar
▼ + stars: | 2024-07-23 | by ( Filip De Mott | ) www.businessinsider.com time to read: +3 min

Donald Trump wants a weaker dollar in order to boost exports for US manufacturers. Other ways Trump could weaken the dollar would also risk raising US debt or inflation, Barclays said. AdvertisementDonald Trump's proposed policies run counter to one another, with his plan to increase trade tariffs complicating his intent to weaken the dollar, Ajay Rajadhyaksha of Barclays wrote in the Financial Times. Other options for weakening the dollar exist, but none come without consequences, the strategist noted. He cited alternative plans: raising US debt could help, at the cost of Treasury market volatility and more inflation pressure.

Persons: Donald Trump, Trump, —, Donald Trump's, Ajay Rajadhyaksha, Rajadhyaksha Organizations: Barclays, Service, Financial Times, Bloomberg, Republican, America, Trump, Federal Reserve, Treasury Locations: stagflation, Japan

☆ China surprises with cuts to key rates to support weak economy
▼ + stars: | 2024-07-22 | by ( ) www.cnbc.com time to read: +3 min

China surprised markets by lowering a key short-term policy rate and its benchmark lending rates on Monday, in efforts to boost growth in the world's second-largest economy. Minutes later, China cut benchmark lending rates by the same margin at the monthly fixing. Following the rate cuts, China's yuan dropped to a near two-week low of 7.2750 per dollar before paring some losses. He expects more rate reductions in China after the Fed enters its rate cut cycle. China's rate cuts are aimed at "strengthening counter-cyclical adjustments to better support the real economy," the PBOC said in a statement.

Persons: Larry Hu, Ju Wang, Zhang Zhiwei, Pan Gongsheng Organizations: People's Bank of, People's Bank of China, Macquarie, Greater China FX, BNP, Federal Reserve, Xinhua, Fed Locations: People's Bank of China, Beijing, China

☆ Dollar eases as Biden ends reelection bid; yuan steady after rate cut
▼ + stars: | 2024-07-22 | by ( ) www.cnbc.com time to read: +1 min

The dollar eased on Monday in the initial reaction to U.S. President Joe Biden's decision to end his reelection campaign, clearing the way for another Democrat to challenge Donald Trump. The dollar eased on Monday in the initial reaction to U.S. President Joe Biden's decision to end his reelection campaign, clearing the way for another Democrat to challenge Donald Trump. China's yuan was largely unfazed by the central bank's decision to cut a key interest rate. Biden announced he was exiting the race on Sunday, and endorsed Vice President Kamala Harris to replace him as the Democratic candidate in the November election. Former President Trump, the Republican nominee, sits well ahead in betting markets following Biden's disatrous debate performance last month and a surge in questions about his mental competence.

Persons: Joe Biden's, Donald Trump, Biden, Kamala Harris, Trump, Joseph Capurso, Capurso, Harris Organizations: Democratic, Republican, Commonwealth Bank of Australia, Trump, British, People's Bank of China Locations: U.S

☆ China is doubling down on homegrown tech. Goldman Sachs shares its chip plays
▼ + stars: | 2024-07-21 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +3 min

From an investment perspective, Goldman Sachs analysts on July 15 pointed out there are notable catalysts for certain semiconductor and artificial intelligence China stock plays from August to December. Officials told reporters about plans to speed up "emerging and future industries," and expand the development of tech talent in China. Ways to play the space The bank has buy ratings on at least two Chinese companies in the industry. The Goldman analysts are also optimistic about growth for Chinese fabless companies, the businesses which design chips but outsource the manufacturing process. Montage generates nearly all of its revenue from servers, while Will Semiconductor draws about half of its revenue from smartphones, and one-third from automobiles, according to the Goldman report.

Persons: Goldman Sachs, Biden, Goldman, 3Q24E Organizations: Officials, Microsoft, Nvidia, Taiwan Semiconductor, ACM Research, Goldman, Will Semiconductor Locations: Beijing, China, TSMC, U.S, Shanghai, Friday's

☆ China economy and employment: People who used to work for major tech giants are now doing manual labor
▼ + stars: | 2024-07-20 | by ( Chris Lau | Hassan Tayir | ) edition.cnn.com time to read: +8 min

Li, 27, is part of a growing base of Chinese workers swapping high-pressure office jobs for flexible blue-collar work. But these firms are slowly losing their appeal as China’s economy faces headwinds including a property crisis, declining foreign investment and slumping consumption. The trend to move from professional to manual jobs comes amid surging demand for blue-collar workers, according to Chinese recruitment platform Zhaopin. And blue-collar workers’ pay has also gone up, attracting more people to jobs they might have previously avoided. Pressure of another kindBut some wonder if blue-collar work is truly the stress-free refuge people like Li and Wang imagine it to be.

Persons: Hong Kong CNN — Leon Li, ”, Li, “, Alice Wang, Wang, –, Larry Hu, Zhang Yuxiao, David Goodman, commenter Organizations: Hong Kong CNN, CNN, National Bureau of Statistics, Workers, NBS, University of Sydney’s China Studies Centre Locations: China, Hong Kong, Hangzhou, Chengdu, –, Macquarie, Shanghai

☆ Xiaomi launches first flip phone at just over $800, with a $70 portable printer
▼ + stars: | 2024-07-19 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +3 min

Chinese smartphone company Xiaomi on Friday launched its first flip phone alongside an upgraded version of its foldable. BEIJING — Xiaomi on Friday launched its first flip phone with the ability to print pictures instantly using a separately sold portable printer. The Chinese company also released the latest version of its folding phone, the Mix Fold 4, at the same price as the prior version at 8,999 yuan. At the product launch, Xiaomi founder Lei Jun described how the Mix Fold 4 could handle simultaneous translation with one language on each side of the screen. Lei announced Friday that Xiaomi aimed in the next decade to have the fastest four-door electric car to drive the Nurburgring race track in Germany, with tests of a new SU7 race car version starting in October.

Persons: Preorders, Lei Jun, Lei, Xiaomi's, Xiaomi Organizations: Xiaomi, CNBC Locations: BEIJING, Beijing, Germany, Geely

☆ China's consumers aren't buying stuff, but it's not because they're broke
▼ + stars: | 2024-07-19 | by ( Huileng Tan | ) www.businessinsider.com time to read: +1 min

Chinese consumers are saving more, impacting luxury brand sales and economic growth. Household deposits reached around 147 trillion yuan by June, hitting a record high. Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementChina's once free-spending consumers are holding back, hitting luxury brands particularly hard.

Persons: —, China's Organizations: Service, People's Bank of China, Business Locations: Beijing, China

☆ The Chinese yuan has helped fund Russia's trade and war machine — but those days may be numbered
▼ + stars: | 2024-07-18 | by ( Huileng Tan | ) www.businessinsider.com time to read: +1 min

The Chinese yuan has become a key currency for Russia's trade settlement. But tightened US sanctions are freezing and delaying yuan payments, Bloomberg reports. AdvertisementWestern sanctions have shut Russia out of the dollar-dominant global financial order, but the country has managed to keep its wartime economy humming thanks to the Chinese yuan. But even this line of trade looks like it's starting to get shut down, Bloomberg reported on Wednesday. Several unnamed major Russian commodity exporters told Bloomberg that trade with China has become increasingly difficult as even direct payments made in the yuan are getting frozen or delayed.

Persons: — Organizations: Bloomberg, Service, Business Locations: Russia, China

☆ Yen spikes as spectre of intervention spooks investors
▼ + stars: | 2024-07-18 | by ( ) www.cnbc.com time to read: +2 min

Japan's yen scaled a six-week high on Thursday, spurring speculation of an official push, while the dollar nursed broad losses as markets prepared for U.S. rate cuts in a few months. Japan's yen scaled a six-week high on Thursday, spurring speculation of an official push, while the dollar nursed broad losses as markets prepared for U.S. rate cuts in a few months. "Many traders and Japanese investors, after intervention, were looking to reload on their trades," said National Australia Bank strategist Rodrigo Catril in Sydney. Interest rate markets are pricing more than 60 basis points of U.S. interest rate cuts this year and some 20 basis points of hikes in Japan, narrowing the wide rates gap that had encouraged investors taking on large short positions in the yen. So far this year the yen is the worst-performing G10 currency on the dollar, losing more than 9%, while the yuan is down about 2.2%.

Persons: Rodrigo Catril, Donald Trump — Organizations: . Bank of, National Australia Bank, Bloomberg Businessweek Locations: Asia, . Bank of Japan, Sydney, Japan, Beijing

The fleet of 500 vehicles operating in the city belongs to Apollo Go, a unit of Chinese tech giant Baidu (BIDU). There have also been complaints from residents in Wuhan about traffic jams, as driverless cars fail to respond to traffic lights. Uncertainty over the safety and reliability of driverless cars has cast a long shadow over the industry in the US. Last week, authorities in Shanghai’s Pudong New Area started handing out licenses to driverless car operators, including Apollo Go and Alibaba-backed AutoX, according to state media China Daily. California-based startup Pony.ai, backed by Toyota and Saudi Arabia, was also given the green light to test driverless vehicles in the financial hub.

Persons: You’ll, ” Tu Le, robotaxi, Apollo Go’s, Apollo, Waymo, Elon Musk, Go Organizations: Hong Kong CNN —, Weibo, Baidu, Global Times, Sino, CNN, National Bureau of Statistics, Apollo Go, United, GM, Department of Justice, McKinsey, Pudong New Area, Toyota, Beijing Municipal Bureau of, Information Technology, People’s Daily Locations: China, Hong Kong, Wuhan, Weibo, United States, United Arab Emirates, California, Beijing, Shenzhen, Pudong, . California, Saudi Arabia, Bao’an district, People’s

Chinese President Xi Jinping and former U.S. President Donald Trump in Beijing, China, in 2017. "So this is not going to be a sustainable driver of growth for China." China's exports to the U.S. rose by a modest 1.5% in the first half of the year. Citi forecasts 5.0% growth in real GDP growth for China this year. UBS forecasts 4.9% growth for China's economy this year.

Persons: Xi Jinping, Donald Trump, Artyom Ivanov, Goldman Sachs, Trump, JD Vance, Hui Shan, CNBC's, Janet Yellen, Vance, Biden, Mike Pence wouldn't, MAGA, Lin Jian, Goldman's Shan, Shan, Tao Wang Organizations: TASS, Getty, BEIJING, U.S, European, Citi, Fox News, Trump, Capitol, China's Ministry of Foreign Affairs, CNBC, UBS Investment Bank, UBS Locations: Beijing, China, U.S, European Union, Asia, Ukraine

☆ Bosses in China have been accused of making job applicants take pregnancy tests: report
▼ + stars: | 2024-07-17 | by ( Mikhaila Friel | ) www.businessinsider.com time to read: +4 min

download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Read previewSeveral Chinese companies have been accused of introducing a controversial and illegal new step to their recruitment process: Pregnancy tests. "We can speculate from this evidence that the pregnancy tests were required by these companies, and it had violated women's rights to equal work opportunities," the prosecutors said, according to SCMP. As CNN and SCMP reported, Chinese companies can be fined up to 50,000 yuan, or around $6,900, for gender discrimination. It said that after China scrapped its one-child policy several years ago, the majority of women surveyed by various Chinese companies and women's groups said they had been subjected to discrimination.

Persons: —, Prosecutors, SCMP, Chen, Huang Organizations: Service, Prosecutors, CNN, South China Morning, Business, Human Rights Watch Locations: Nantong, Jiangsu, China

☆ China probes companies for allegedly giving pregnancy tests to job seekers
▼ + stars: | 2024-07-17 | by ( Kathleen Magramo | Joyce Jiang | ) edition.cnn.com time to read: +3 min

Hong Kong CNN —More than a dozen Chinese companies face legal action for allegedly asking job applicants to take pregnancy tests, state media has reported. Chinese law bans employers from administering pregnancy tests or discriminating against pregnant workers. In Nantong, authorities were tipped off by an online public litigation group, which said some employers in the city had given pregnancy tests to job seekers. Demographic crisisChina’s population has shrunk for two years in a row and its birth rate in 2023 was the lowest since the founding of the People’s Republic in 1949. Alarmed by the falling birth rate in recent years, the government scrapped the “one child” policy that was in place for 35 years.

Organizations: Hong Kong CNN, Prosecutors, Employers, CNN, Population Research Locations: China, Hong Kong, Nantong, Jiangsu, People’s Republic, India

☆ Institutions snapping up Chinese treasury bonds are shorting the economy, state media says
▼ + stars: | 2024-07-14 | by ( ) www.cnbc.com time to read: +1 min

Financial institutions snapping up Chinese government bonds are basically shorting the Chinese economy, China's central bank-backed Financial News reported on Saturday, citing what it said were the views of industry sources and experts. It came after the paper said late on Friday that China's central bank is determined to maintain a normal upward-sloping yield curve and correct bond-market risks. The move shows the central bank's desire to stabilise exchange rate and economic expectations, Financial News reported, citing unnamed experts. "Financial institutions frantically snapping up government bonds equals to expecting that interest rates will get lower and lower in the future," the paper said. "They are basically shorting China's yuan and the Chinese economy, increasing the pressure for capital outflows."

Persons: PBOC Organizations: Financial, People's Bank of China Locations: outflows

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