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Exporters, utilities and miners to benefit with yuan likely to weaken beyond seven to US dollar for first time in decade

The yuan is widely expected to test the psychologically important rate of seven to a US dollar for the third time in three years, amid an escalating trade war between China and the United States, the world’s two biggest economies.But unlike 2016 and 2018, when Beijing intervened to support the Chinese currency, its central bank governor, Yi Gang, has indicated there are no “redlines” for the exchange rate this time.“Chinese growth is likely to be further derailed by the ongoing trade war … [it]… Source link

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Vietnam 

Việt Nam to shape growth strategy for next decade – Economy – Vietnam News | Politics, Business, Economy, Society, Life, Sports

  Việt Nam is confronting a rapidly ageing population, tepid productivity and sluggish investment growth which weigh on the country’s medium-term growth potential. — Photo petrotimes.vn HÀ NỘI – Việt Nam would have to push ahead with bold reforms in institutions, human resources, infrastructure and innovation for better quality growth in the next ten years, experts have said. The Government is shaping a socio-economic development strategy for 2021-30 and a development plan for 2021-25. The next ten-year plan will focus on quality growth, targeting fast but green and inclusive development, and building a modern…

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Hong Kong’s luxury home prices creep up 0.3 per cent as global average sinks to slowest growth in a decade, says Knight Frank

Luxury home prices in Hong Kong edged up just 0.3 per cent in the first quarter as prices globally rose at their slowest pace in a decade, according to figures from Knight Frank.The average cost of a high-end residential property in 45 cities across the world crept up by 1.3 per cent in the first three months of 2019 from the same period a year ago, as the US-China trade war and stuttering economies in Europe dampened growth.Vancouver’s luxury home prices registered the poorest performance with… Source link

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Hong Kong’s banks back on the hiring spree after a decade of lay-offs as they prepare for virtual banking, Greater Bay expansion

Hong Kong’s recruiters are busy hiring again for the city’s banking industry after a decade of shrinking headcounts, as they prepare for expansion in the Greater Bay Area and a boom in virtual banking.Large banks such as Standard Chartered, HSBC and DBS are hiring multilingual bankers with solid backgrounds in credit, information technology and compliance as they ready themselves to expand their services in the 11 cities that make up the bay area scheme, said Jerry Chang, managing director of… Source link

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Hong Kong retail giant AS Watson to spend HK$1 billion on digital transformation in the next decade

AS Watson Group, the flagship retail unit of Hong Kong conglomerate CK Hutchison, may fork out HK$1 billion (US$128 million) on digital innovation in the next decade, according to Dominic Lai, group managing director.The group’s iconic Watsons health and beauty chain of stores is one of Hong Kong’s most instantly recognisable retail brands, with a proud history going back about 175 years. But in the era of e-commerce and digitalisation the company has worked hard to stay ahead, investing in… Source link

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Embattled pay TV operator i-Cable makes another attempt to turn around a decade of losses with Guangdong network tie-up

I-Cable Communications, Hong Kong’s biggest pay TV operator, on Tuesday formalised a partnership with Guangdong Radio and Television (GRT) that will allow it to air programmes to the Chinese TV group’s customers.But analysts are circumspect about the benefits of the tie-up on i-Cable’s bottom line, saying it is unlikely to yield any long-term “material” benefit.Irene Leung Shuk-yee, chief operating officer of i-Cable, said that the deal with GRT also involves joint production of TV shows,… Source link

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China 

US-China trade war could slash US$1 trillion from US economy in a decade warns Chamber of Commerce

The year is 2029, the US-China trade war is still being waged, and it has cost the American economy US$1 trillion.That is the warning contained in a new report commissioned by the US Chamber of Commerce, which calculates the cumulative hit to US growth over the next decade should trade tensions with China continue to escalate.The study, conducted by the Rhodium Group, unpacks the economic impact of three rounds of tit-for-tat tariffs to date and also estimates the effect of a tariff increase to… Source link

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China 

China economy slows further as industrial output growth slumps to lowest in a decade

China’s economy slowed further in the first two months of 2019 as the growth of industrial production fell to its lowest rate in a decade.Industrial production growth slowed to 5.3 per cent in January and February compared to the same period last year, down from 5.7 per cent growth in December, according to data released on Thursday by the National Bureau of Statistics (NBS). The result was below the 5.6 per cent expected by analysts in a Bloomberg survey.The January and February output growth… Source link

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China 

China must take lessons from Japan’s lost decade amid slowdown, says former central bank governor

The law, which is due to come into effect on January 1, 2020, will make it illegal for officials to misuse critical information or to provide it to local Chinese firms, on pain of administrative or even criminal punishment. Beijing is also promising a level playing field for investors with the new law, in an effort to reassure the global investment community as China’s attractiveness as an investment destination wanes amid rising costs at home and growing hostilities abroad. The foreign investment law stipulates clearly that China will give equal…

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China 

China growth to slow to 2 per cent over next decade as structural issues take hold, research firm says

China’s economic growth will slow to 2 per cent in the coming decade, well below the level forecast by major global institutions, according to research from Capital Economics, as the country becomes “another normal emerging economy.”“Growth has halved over this past 10 years, and our projection is if they continue with this policy set-up [and structural issues], growth will halve again over the next 10 years,” Mark Williams, chief Asia economist for the research firm, said at a conference in… Source link

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