2020-09-21@16:42:39 GMT
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Chinese yuan:

    VIDEO2:1302:13Chinese government bonds are an attractive proposition: JPMorgan Private BankSquawk Box Asia SINGAPORE — The Chinese yuan strengthened sharply against the U.S. dollar this week, following gains seen in recent months as the country's economy recovers and the greenback weakens. The offshore yuan has jumped more than 1% since last Friday, from levels above 6.83 to as much as 6.74 on Friday. The currency hit its strongest level against the dollar since May 2019. The onshore yuan also gained more than 1% over the same period. Overall, both the onshore and the offshore yuan have spiked more than 5% against the greenback since May. Analysts say recent strength in the yuan is due to a weakening dollar, which has slumped significantly this year,...
    A Chinese clerk counts renminbi yuan banknotes at a bank in China on December 2015.Jie Zhao | Corbis News | Getty Images SINGAPORE — Goldman Sachs expects the onshore Chinese yuan to strengthen to 6.5 per dollar over the next 12 months, according to Timothy Moe, co-head of Asia macro research and chief Asia-Pacific equity strategist at Goldman Sachs. "We've recently firmed up … in particular, our Chinese renminbi forecast from 6.7 to 6.5 on a 12 month view," Moe told CNBC's "Squawk Box Asia" on Thursday, adding that it was one of the firm's "strongest views" for Asian currencies. In comparison, the onshore Chinese yuan changed hands at 6.7767 per dollar in the afternoon of Asian trading hours on...
    Sign up for the next China, Weekly email on where the nation stands now and where it goes next. Chinese regulators have promised to speed up the opening of its capital markets and deepen reforms to attract foreign investors. The regulator will expand the scope of investments allowed in the Stock Exchange project link with Hong Kong, and will allow foreign investors to trade more products futures, Fang Jinghai, vice chairman of the China Securities and Exchange Commission, told the China International Monetary Forum 2020 on Sunday. Beijing. Officials plan to announce revised rules soon on qualified foreign institutional investors to increase “willingness and confidence” to invest in China, he said. Foreigners currently hold only 4.7% Chinese shares in markets...
    A Chinese bank employee counts 100-yuan notes and U.S. dollar bills at a bank counter in Nantong in China's eastern Jiangsu province on August 6, 2019.STR | AFP | Getty Images Increased foreign investment into Chinese markets could boost the usage of the yuan, pushing it to become the third largest reserve currency in the world — behind only the U.S. dollar and the euro, Morgan Stanley analysts predicted in a report distributed Friday.  The forecast comes as the Chinese government has been trying for years to promote the international use of the yuan, also known as the renminbi (RMB).  Right now, the yuan accounts for about 2% of global foreign exchange reserve assets, the report pointed out. But it could...
    Iron ore miners’ and steel producers’ increasing use of the Chinese yuan will increase its internationalisation, reduce China’s vulnerability to any possible US financial sanctions, and help the domestic economy in line with the new “dual circulation” strategy. By using the yuan rather than the US dollar to price iron ore, this will increase the internationalisation of the Chinese currency and so reduce China’s vulnerability to any possible US financial sanctions. Using the yuan for domestic sales will also reduce volatility in iron ore prices and improve the resilience of the domestic economy, in line with the government’s new “dual circulation” strategy, analysts added. “This will enable Chinese steel mills to have a bigger say in iron ore pricing. Chinese...
    Taiwan is planning on issuing new passports highlighting the country's independence from China. On Wednesday, the Taiwanese foreign ministry released images of the new identification document that features "Taiwan" in large lettering on its cover and minimizes the English wording "Republic of China." Taiwanese Foreign Minister Joseph Wu said that the shift was aimed to prevent confusion between travelers from Taiwan and those from China -- citing complaints of travel issues during the COVID-19 pandemic. “Since the beginning of the Wuhan pneumonia outbreak this year our people have kept hoping that we can give more prominence to Taiwan’s visibility, avoiding people mistakenly thinking they are from China,” he said. CHINA CONDEMNS US DECISION TO SEND SENIOR OFFICIAL TO TAIWAN The Republic of China is the island's...
    A bank employee counts U.S. currency and Chinese currency notes at a bank on August 6, 2019 in China.Xu Jinbai | Visual China Group | Getty Images The yuan isn't going to unseat the U.S. dollar anytime soon — but the Chinese currency's rising prominence has been seen in global reserves as well as international trade. Much has been said about the U.S. dollar losing its dominance as the world's reserve currency, as it weakened sharply in recent weeks.  Still, analysts rejected the idea, saying there are no viable alternatives to the greenback at the moment. Its two closest competitors — the euro and the Chinese yuan — have their shortcomings, they said. However, the Chinese yuan is set to gain more prominence, and...
    Inner Mongolia wants to cut subsidies for minors Miners in Inner Mongolia could profit until then of state subsidies, which lowered the price of electricity. As a result, many mining farms and industry professionals – including the giant Bitmain – had established themselves in the region. In total, this corresponded at a 30% reduction on electricity tariffs. It is this reduction that is at stake, as reported by Chinese journalist Colin Wu. If the local government confirmed this decision, the price of electricity would drop from 2-3 yuan per kilowatt-hour (kWh). at 3.8 yuan per kWh. Compared to the rest of the world, the new tariff remains very low, but it is much higher than in Chinese regions which...
    China expands digital yuan test zone In a press release published on July 14, 2020, the Ministry of Commerce of the People’s Republic of China announced plans to expand the digital yuan testing program to several cities and provinces across the country. Indeed, the Chinese digital currency pilot program will cover Beijing, Tianjin, Hebei, the Yangtze River Delta, Guangdong, Hong Kong and Macao. According to the Ministry, the cities most favorable to the first experiments are the richest ones in the country. However, less prosperous cities that meet certain conditions can also serve as testing labs. The trials will be carried out by the People’s Bank of China (PBOC), which corresponds to the country’s Central Bank. Initially, the PBOC...
    10,000 business creations The blockchain industry in China is not experiencing the crisis. This one saw the creation of 10,000 additional companies in the country between January and July 2020. The data also shows that 2020 could be a record year of dynamism and could surpass the total of 2018 with its 18,500 start-ups. Number of blockchain-related business creations in China – Source: LongHash There is a total of 84,410 companies related to a blockchain activity and approximately 30,000 active companies. Guangdong and Yunnan provinces in southeast China have the most companies. However, the majority of these companies do not have a significant start-up capital. The average share capital is 5,000 yuan, or around 600 euros for 46% of...
    SHANGHAI (Reuters) - Some cinemas in Chinese cities from Shanghai to Chengdu reopened on Monday after a six-month closure, raising hope that the world's second largest movie market can start to recover from painful losses during the coronavirus pandemic. Chinese authorities last week said they would allow movie theatres in low-risk areas to resume operations in a restricted fashion, a long-awaited piece of news for a leisure industry that has seen many other venues revive recently. Since March, COVID-19 infections have declined sharply and most of the country is now categorised as low-risk. In the past few days, however, parts of Urumqi, the capital of China's far western region of Xinjiang, have been classified as medium to high risk due...
    China's President Xi Jinping and U.S. President Donald Trump attend a welcome ceremony at the Great Hall of the People in Beijing on Nov. 9, 2017.Nicolas Asfouri | AFP | Getty Images China is unlikely to use its currency aggressively as a tool against the U.S., even if tensions continue to ramp up between the two economic giants, Morgan Stanley's chief economist told CNBC. "I think there's another trend that's emerging ... China doesn't want its currency to be that volatile, or be seen to be a currency which is not seen to be stable enough to be a long time venue for being a reserve currency," Morgan Stanley's Chetan Ahya told CNBC on Thursday. The U.S. dollar is currently...
    UFC on ESPN 13 discussion thread Lady Gaga’s Entire Makeup Line Is 30% Off Right Now — Including Her Top-Rated Eyeliner Chinese Divorce Creates Canada’s Third-Richest Woman (Bloomberg) -- One of Asia’s costliest breakups has created Canada’s third-richest woman. Load Error A few weeks ago, Yuan Liping received 24% of publicly traded Shenzhen Kangtai Biological Products Co. after divorcing Du Weimin, the company’s chairman. With shares of the Chinese vaccine maker surging 39% over the past month, the stake is now worth $4.7 billion, propelling Yuan into the ranks of the world’s 500 richest people, according to the Bloomberg Billionaires Index. Also read: World’s Latest Billionaire Emerges From Costly Asia Divorce China’s stock market has been on a...
    Bird, Taurasi say playing in 2020 was only option for them This $20 Amazon Kit Transforms Empty Wine Bottles Into a Windowsill Garden Chinese mutual fund industry sees jump in new funds and inflows SHANGHAI (Reuters) - China's mutual fund industry saw another massive jump in new products and subscriptions in June, suggesting the swift rally in mainland stocks has room to run further. © Reuters/Aly Song FILE PHOTO: People are seen on a pedestrian overpass with an electronic board showing the Dow Jones and S&P 500 indexes, following an outbreak of the novel coronavirus in the country, at Lujiazui financial district in Shanghai Some 73 new open-ended equity and balanced funds were launched in June, taking the total...
    VIDEO2:5802:58Chinese yuan to hit 6.70 per U.S. dollar in 12-month forecast: Goldman SachsSquawk Box Asia The Chinese yuan is set to see a sizable appreciation against the greenback in the next 12 months, according to Zach Pandl, co-head of global foreign exchange, rates and emerging market strategy at Goldman Sachs. Pandl forecasts the Chinese currency could hit 6.70 per dollar in the next 12 months, "primarily through the health of the Chinese economy." That compares against current levels of 6.9973 per dollar for the onshore yuan, as of Wednesday morning Singapore time. Meanwhile, its offshore counterpart changed hands at 6.9971 against the greenback. "I think the domestic picture in China actually looks pretty solid," the strategist told CNBC's "Squawk Box...
    Zhang Peng | LightRocket | Getty Images Despite the economic shock of the coronavirus, analysts say China's demand for luxury goods hasn't waned much – and it's drawing top brands from Hong Kong to the mainland. Consulting firm Bain estimated Chinese consumers accounted for about 35% of 281 billion euros ($317 billion) last year in global luxury spending, most of which has typically occurred overseas or in Hong Kong. Now that the coronavirus is keeping most Chinese from traveling, several analysts expect them to buy more luxury products at home. "All luxury brands are moving in this direction," Federica Levato, Milan-based partner at Bain, said in a phone interview. "This is accelerated by Covid-19, but it was already happening." In five years, the...
    VIDEO2:1702:17Citi sees 'downside room' for the dollar-yuanStreet Signs Asia Don't expect the Chinese yuan to become a "safe-haven" alternative to the dollar or U.S. Treasurys anytime soon, says Ebrahim Rahbari, global head of foreign exchange analysis at Citi. "I'm very skeptical," Rahbari told CNBC's "Street Signs Asia" on Thursday, when asked if the Chinese currency could develop a safe-haven status of its own. Rahbari explained so-called safe-haven assets typically have certain attributes. Firstly, the analyst said, they tend to offer a long-term store of value function. In the shorter-term, he added, they also provide "refuge" during "periods of crisis." "Clearly, the yuan doesn't qualify," Rahbari said. "You can't get in and out, both in terms of how easy it is...
    China must brace for a full-blown escalation of the struggle with the United States and prepare to gradually decouple the Chinese yuan from the US dollar, a former senior Chinese diplomat warned amid the continued downward spiral in relations between the world’s two largest economies. Zhou Li, a former deputy director of the Communist Party’s International Liaison Department ” which manages relations with foreign political parties, organisations and elites ” is the latest in a series of voices in China calling for the country to be ready for a currency split with the US amid growing signs of financial war in recent weeks. “By taking advantage of the dollar’s global monopoly position in the financial sector, the US will pose...
    Kweichow Moutai, the Chinese business recognized for making the well-liked nationwide spirit, baijiu, is now the largest public firm in mainland China by industry cap following its shares obtained 23% so much this 12 months, in accordance to facts from Refinitiv.It is now valued at much more than 1.8 trillion yuan ($259 billion), surpassing a person of the country’s major banks, the Industrial and Industrial Financial institution of China (IDCBF), which is truly worth just under 1.8 trillion yuan ($253 billion). For comparison, Chinese tech giants Tencent (TCEHY) and Alibaba (BABA) are worthy of about $605 billion and $614 billion respectively. The previous is listed in Hong Kong, even though the latter trades in New York and Hong Kong.In 2017,...
    Hong Kong (CNN Business)The world's most valuable liquor company has just claimed another first. Kweichow Moutai, the Chinese company known for making the popular national spirit, baijiu, is now the biggest public company in mainland China by market cap after its shares gained 23% so far this year, according to data from Refinitiv.It's currently valued at more than 1.8 trillion yuan ($259 billion), surpassing one of the country's top banks, the Industrial and Commercial Bank of China (IDCBF), which is worth just under 1.8 trillion yuan ($253 billion). For comparison, Chinese tech giants Tencent (TCEHY) and Alibaba (BABA) are worth about $605 billion and $614 billion respectively. The former is listed in Hong Kong, while the latter trades in New...
    Alena Vikhareva | iStock | Getty Images The currency markets are currently facing "multiple cross-currents" amid fears over a potential second wave of coronavirus cases in the world, said Deutsche Bank's Sameer Goel, who is chief Asia macro strategist. A "big question" for investors right now over the U.S. dollar is whether it should be trading at a safe-haven risk premium as concerns rise over a potential second wave of virus infections, Goel told CNBC's "Street Signs" on Monday. He said that in a potential resurgence of cases, the U.S. dollar could weaken against most of its peers in developed markets, and to an extent, possibly China too. His comments came after the U.S. reported a spike in the number of cases...