Global 

China’s yuan exchange rate drop could roil already strained Hong Kong-protest hit economy

Hong Kong’s economy, already straining under the weight of anti-government protests as well as the US-China trade war, is now set to feel the pressure of a weaker Chinese yuan.Retailers, restaurants, hotels and real property agents will be the first to feel the impact after the Chinese currency fell below the key level of 7 to the US dollar last week for the first time in 11 years. It is set to depreciate further, and with the Hong Kong dollar pegged to the US dollar, it makes visiting the city……

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Hysan Development, the biggest landlord in Causeway Bay, feels the brunt of protests, expects July sales drop in ‘early teens’

Hysan Development, the biggest landlord in Hong Kong’s shopping district Causeway Bay, said that overall sales at its shopping centres is likely to have fallen by at least 10 per cent in July, as the regular extradition bill protests in the area kept shoppers away.“For July … I believe a drop can be seen. The initial estimate will be in early teens, a drop of at least 10 per cent,” Roger Hao, Hysan’s chief financial officer, said after the firm reported an 8.9 per cent rise in an underlying… Source…

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Shanghai stocks post biggest weekly drop in three months as ZTE and telecom makers tumble

China and Hong Kong stocks ended the week on a softer note on Friday, with the mainland’s benchmark capping the worst five straight days of trade in three months, as ZTE and other telecom equipment makers retreated on renewed concern the ongoing trade war will disrupt business operations.The Shanghai Composite Index fell 0.7 per cent to 2,774.75. The gauge lost 3.3 per cent for the week, its biggest decline for the five-day period since May 10. Hong Kong’s Hang Seng Index dropped 0.7 per cent… Source link

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US formally declares China a currency manipulator after it allows yuan to drop

The United States Treasury officially designated China a currency manipulator late Monday afternoon, after Beijing let the yuan sink to its lowest level in 11 years in apparent retaliation to threats of more tariffs by US President Donald Trump.The Treasury, which had previously held off such a determination despite repeated accusations by Trump that Beijing was manipulating its currency, made the announcement at the end of a day that saw US stocks plummet after the yuan’s weakening and an… Source link

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China 

China exchange rate drop could continue into 2020 as it tries to offset US tariff impact, analysts say

The decline of China’s yuan on Monday to its lowest level in 11 years against the US dollar could continue into 2020 amid the apparent shift in its policy stance by the Chinese authorities, who are showing increasing reluctance to provide concessions to resolve its trade war with the United States.The Chinese currency’s drop has also rattled the currency market, sending 11 regional currencies lower.The yuan slid 1.3 per cent to 7.0298 against the dollar on Monday in response to President Donald… Source link

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China 

China plans to drop all duties at Shanghai Free-Trade Zone, sources say

China is planning a pilot project to drop all duties and ease procedures at Shanghai Free-Trade Zone, three sources said, as Beijing looks to position itself as a leader in free trade amid its trade war with the United States.The plan – which may be announced as early as this year – was discussed during Premier Li Keqiang’s visit to Shanghai last month, and leaders planned to discuss it further at their annual gathering in the seaside resort town of Beidaihe in northern Hebei province this… Source link

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Property 

Hong Kong property transactions drop by 48 per cent to yearly low, deposits worth HK$3.5 million forfeited as protests weigh on sentiment

Hong Kong homebuyers are having second thoughts about the biggest purchase of their lives, as nearly two months of unprecedented public unrest cast a pall over the city’s real-estate market.Weekly transactions involving used homes fell to their lowest level this year on Sunday, according to one of the city’s largest real-estate agencies, while a dozen buyers last week decided against completing contracts for new homes worth more than HK$70 million (US$8.9 million), forfeiting more than HK$3.5… Source link

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China 

China should drop nationalistic approach to manage tech war risk with US, Chinese scholars say

China should drop its nationalistic approach of focusing on “national industry” and “indigenous innovation” to manage the risk of a trade and technology decoupling with the United States, according to a group of academic policy advisers, offering insight into the debate on how the country should respond to an increasingly hostile Washington.The trade war with the US has rumbled on for over a year with its series of tariffs imposed by both sides, while the tensions have extended into advanced… Source link

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China stocks drop amid low volatility as caution over subdued earnings, growth mounts

China stocks fell for the first time in four days on Tuesday as traders assessed the outlook for corporate earnings and economic growth. Volatility on the benchmark Shanghai Composite Index also fell to about a four-month low.The index declined 0.2 per cent, or 4.57 points, to 2,937.62 at the close. The daily swing in the benchmark has not exceeded 1 per cent over the past week on a closing basis, leaving the gauge’s 60-day volatility close to its lowest level since March.In Hong Kong, the Hang… Source link

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China’s stock benchmark extends biggest drop in nine weeks as interest rate outlook and IPO glut weigh on sentiment

China’s stocks extended their steepest decline in nine weeks on Tuesday, as concerns about global monetary policies and increased stock supply continued to weigh on sentiment.The Shanghai Composite Index fell 0.2 per cent to 2,928.19. The benchmark had tumbled 2.6 per cent in the previous session on fears the Federal Reserve would not cut interest rates soon amid improved US jobs data and a slew of IPOs would drain liquidity.Hong Kong’s Hang Seng Index slid for a fifth session. It fell 0.8 per… Source link

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