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China changes the way bank loan rates are set, with HSBC left out of rate-setting club

China has changed its system for deciding bank lending rates so that the central bank can effectively influence and control interest rates, a significant move in the world’s second-biggest economy.The change – part of China’s long-standing pursuit of a market-based central banking structure – comes as the country’s economic growth is losing steam amid a protracted trade war with the United States and as Beijing seeks to cut financing costs for struggling small firms.Under the new system, a club… Source link

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Hong Kong’s exchange operator posts record first-half earnings as global funds follow MSCI’s weightings into China’s stocks

Hong Kong Exchanges & Clearing Limited (HKEX) reported its best interim profit on record as more global funds used the city’s cross-border investment channel to invest in Chinese stocks, after MSCI quadrupled the representation of China’s A shares in its benchmarks.Revenue rose 5 per cent to HK$8.58 billion (US$1.1 billion) in the first half, while net profit increased 3 per cent to HK$5.2 billion, the highest since the bourse was established in 2000. Second-quarter profit advanced 5 per cent… Source link

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China urges Kyrgyzstan to punish villagers who attacked gold mine over environmental concerns

China’s embassy in Kyrgyzstan on Tuesday called on the Central Asian country to punish villagers it said attacked a Chinese-owned mine, leaving more than 20 workers injured.The rare diplomatic rebuke from Beijing followed a skirmish between mine employees and villagers living close to the Solton Sary gold deposit which is licensed to China’s Zhong Ji Mining.The embassy said it had informed Kyrgyzstan of its “serious concern” over the incident.China’s belt and road extends to Kyrgyzstan, but are… Source link

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So the US Treasury just labelled China a currency manipulator, roiling global financial markets. What are the implications?

The surprise announcement by the US Treasury labelling China a “currency manipulator” raises a lot of questions. The answers to two of them in particular shed light on how trade tensions are likely to play out between the two largest economies in the world.Is the label justified?China does not currently fit the often-stated criteria for being a currency manipulator. While it still runs a trade surplus, its overall current position has not been in a persistent surplus. Its international reserves… Source link

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What happened to India’s disappearing Chinese migrants?

More than a few eyebrows were raised when the Indian government released its latest census data in the last week of July – and not just because it was nearly eight years late.One of the biggest surprises was that the survey showed a massive drop in the number of Chinese immigrants in the country.Between 2001 and 2011, the overall number of Chinese immigrants fell from 23,712 to 14,951, with the trend even more noticeable in certain segments of the population. The number of Chinese who had been… Source link

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China’s exporters will be forced to downsize, cut jobs, relocate if Trump follows through with tariff threat

Traditional export manufacturers in China’s Pearl and Yangtze River Delta regions already struggling under the weight of existing tariffs levied by the Trump administration expect the new tariffs on US$300 billion of Chinese imports to cause their businesses to shrink, force them to lay off workers, and for some, speed up relocation plans.Fears run deep that the trade war between China and the United States will last for several years, with tariffs truces like the one agreed between President… Source link

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Chinese tycoon Li Jianhua fights daughter over Canada real estate fortune in lawsuits depicting knife violence, fraud and corporate turmoil

Tycoon Li Jianhua once planned to live next door to his daughter in Vancouver after he retired from a career that has brought him political prestige and great wealth in China.Two multimillion-dollar mansions were built on a steep and wooded hillside overlooking Vancouver and the Salish Sea, side by side in the exclusive British Properties neighbourhood.It was a fitting location for the former deputy in the National People’s Congress, China’s parliament – in a corporate profile he called himself… Source link

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Japanese companies join manufacturers’ mass exodus from China’s factories as US tariffs on made-in-China products bite

Top Japanese companies including Sony, Ricoh and Asics are orchestrating shifts in production away from China, joining manufacturers from other countries seeking to sidestep US tariffs.Sony said last week that trade-war levies may cause it to raise prices or move production of PlayStation consoles, cameras and projectors outside China, steps that could affect profit for the year ending March by about 10 billion yen (US$94 million).Ricoh, which got about 28 per cent of revenue from the Americas… Source link

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China’s yuan weakens below 7 to the US dollar as Donald Trump’s tariff threat weighs heavy

China’s yuan exchange rate weakened below the psychologically important level of 7 to the US dollar in both onshore and offshore markets on Monday, with the country’s central bank saying the drop was caused by “expectations of more tariffs on China”.It is the first time that the yuan has dropped below the level since offshore trading started in Hong Kong in 2010, and the lowest in the onshore market since April 2008, signalling the possibility of a currency war with the United States.The drop… Source link

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China’s new Star Market turns dozens of founders into overnight billionaires, while some small investors nurse heavy losses

Some small investors may be nursing losses after taking a punt on China’s new board for technology companies, but many of the senior executives of the listed start-ups are celebrating a windfall.The frenzied buying that has fired up the stock prices by an average of 200 per cent since trading began on the Star Market two weeks ago has created at least 30 yuan-denominated billionaires among those who already owned pre-IPO stakes in the companies. Someone with a fortune of 1 billion yuan is worth… Source link

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