Global 

Singapore exports suffer biggest fall in three years as exposure to Chinese economy, US trade war bites

Concerns over Singapore’s exposure to the Chinese economy mounted on Monday after new data showed that its non-oil exports fell by 15.9 per cent in May, the largest decline for more than three years.Exports to China and Hong Kong slumped by 23.3 per cent and 24.8 per cent from a year earlier respectively, showing Singapore’s vulnerability to fluctuations in regional trade as an important trade and shipment hub for Asia-Pacific.Many of the goods bound for China from other nations pass through… Source link

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Samsung’s last China smartphone factory closing, raising questions about China’s role in global value chains

In its heyday, Samsung’s complex in Huizhou in the northern part of the Pearl River Delta was the South Korean company’s largest Chinese factory, producing one in five smartphones sold in China in 2011. Now, the small shops and suppliers that surround the vast complex, the focal point for the community for 27 years, have fallen silent and a notice posted on the gate dated February 28 tells passers-by that recruitment has been suspended.“Actually, since February after the Chinese Lunar New Year,… Source link

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Chinese buyers look to delay soybean cargoes from American suppliers

Chinese soybean buyers are asking sellers in the United States to delay cargoes due to be shipped in July until August, two sources familiar with the matter said, raising fears of cancellations like ones that roiled the market last year.The contract renegotiations come as the world’s top two economies remain locked in a protracted trade war that prompted China to sharply cut purchases of the oilseed from its second-largest supplier starting from the middle of last year.Soybean imports from the… Source link

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Trade war with US could spark global financial ‘chaos’, warns former China central bank governor

China’s former central bank governor has warned that the ongoing trade war could cause financial “chaos” to the global financial order should emerging markets who rely on exports try to claim a share of the new openings in the United States and China by opting for a series of currency devaluations.Zhou Xiaochuan believes that countries caught up in the trade war may have no choice but to devalue their currencies to gain trade advantages, or “competitive devaluations”.In late May, Zhou dismissed… Source link

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Oil’s gains after Middle East tanker attacks tempered as trade war threatens global demand

Oil’s rebound from a five-month low after tanker attacks in the Middle East was tempered by concerns over weak global demand and rising US inventories.Futures in New York ended up 2.2 per cent, paring gains of as much as 4.5 per cent during the session. The US blamed Iran for attacks on two tankers near the Strait of Hormuz chokepoint – through which about a fifth of the world’s oil output travels – raising the prospect of a military confrontation and supply disruptions in the Middle East… Source link

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Donald Trump’s G20 meeting with Xi Jinping in Osaka could again be a formal dinner, source says

A widely anticipated meeting between Chinese President Xi Jinping and US President Donald Trump at the end of June in Japan could be a formal face-to-face negotiation over dinner instead of a quick handshake and chat, a source who was briefed on the arrangement told the South China Morning Post.“It would be largely a replay of the summit in Argentina last December,” the source said.Neither Beijing or Washington have formally confirmed any plans or provided any details of the high-stakes meeting… Source link

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China’s exports rise in May due to front-loading ahead of US tariff increase, but upturn won’t last, analysts warn

Chinese exports rebounded slightly in May as companies front-loaded their shipments to beat last month’s US tariff increase, but analysts warned that the damage from the move by US President Donald Trump could soon pose a severe challenge to the world’s second largest economy.Goods sold overseas rose 1.1 per cent in May from a year earlier, confounding market expectations of 3.9 per cent drop and improving from the 2.7 per cent fall a month earlier.Imports, however, fell 8.5 per cent following… Source link

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With Mexico deal done, US urges China to resume trade talks

One down, still others to go. US President Donald Trump claimed a victory after Washington and Mexico agreed on measures to stem the flow of Central American migrants into the United States.Trump called off plans to impose a 5 per cent tax on Mexican exports, and US Treasury Secretary Steven Mnuchin, speaking to reporters in Fukuoka on Saturday on the sidelines of a meeting of financial leaders of the Group of 20 major economies, urged China to follow suit and return to stalled negotiations… Source link

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Mahathir is not bowing to China on Huawei. He’s standing up to US bully: Malaysian minister

Malaysia’s leader Mahathir Mohamad might be in his 90s but he does not pull his punches – even when global superpowers are in the ring.That much was clear at the 25th International Conference on the Future of Asia hosted by Nikkei, when the prime minister criticised the trade dispute between the US and China, and warned it could lead to “greater destruction”.The nonagenarian openly supported Huawei and called out the United States on its playground-style tactics in controlling the tech industry… Source link

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China has ‘tremendous’ policy room if US trade war worsens, central bank governor says

China has “tremendous” room to adjust monetary policy if the trade war with the United States deepens, People’s Bank of China Governor Yi Gang said.“We have plenty of room in interest rates, we have plenty of room in required reserve ratio rate, and also for the fiscal, monetary policy toolkit, I think the room for adjustment is tremendous,” said Yi in Beijing.Asked if his scheduled bilateral meeting with US Treasury Secretary Steven Mnuchin on the sidelines of the Group of 20 gathering of… Source link

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