China Financial News

minerals security finance network, which aims to «strengthen cooperation and promote information exchange and co-financing» among participating institutions from the Indo-Pacific region and Europe, according to the US State Department. The network will also «advance diverse, secure and sustainable supply chains for critical minerals», the department said in the announcement made on Monday. The development comes amid China's efforts to control supplies of critical minerals worldwide.

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Pan Gongsheng unleashed one of the country’s most daring policy campaigns in decades. In what amounts to a massive adrenaline shot for an economy on the cusp of a deflationary spiral, the governor of the People’s Bank of China and other top financial officials unveiled a series of easing measures that market watchers had wanted for weeks at a rare, high-level press conference on Tuesday in Beijing. They include interest rate cuts, more cash for banks, bigger incentives to buy homes and plans to consider a stock stabilization fund. Markets on the mainland and in Hong Kong soared, with the CSI 300 Index — a benchmark of onshore Chinese stocks — posting its biggest gain since July 2020. US equity futures advanced and European stocks climbed on the back of sectors with heavy exposure to China, including manufacturers of automobiles and luxury goods.

Last month, echoing a U.S. announcement three months earlier, the federal Liberals announced a 100 per cent tariff on the import of Chinese electric vehicles (EVs). China wasted no time striking back where it would hurt most, launching an anti-dumping investigation into Canadian canola exports. While there’s no evidence of dumping, there’s a very high likelihood the move is a procedural pretext to halting canola imports. China has long been the biggest canola buyer and was expected to purchase 70 per cent of this year’s bumper crop.

The unidentified official reportedly held a position at the Disaster Prevention and Mitigation Department in Ang Thong province in central Thailand, reported The South China Morning Post. According to the newspaper The Thaiger, the official did not attend his government job for about 10 years because he had been focused on his singing gig at a nightclub.

Subscribe to enjoy similar stories. US President Joe Biden convened the leaders of Australia, India and Japan for a Quad summit in his hometown of Wilmington, Delaware.

The SSE Composite index — which represents the overall performance of companies listed on the Shanghai Stock Exchange – was up almost 4% at the time of publication, recording a significant jump in the minutes following the People's Bank of China's (PBOC) press conference, according to MarketWatch. FundCalibre's Juliet Schooling Latter: The question of emerging markets' revival The PBOC said it will cut the amount of cash that banks must hold as reserves – known as reserve requirement ratios (RRR) – by 50 basis points. It will also cut a key policy rate by 0.2 percentage points to 1...

Subscribe to enjoy similar stories. German sportswear-maker Puma is tapping generative AI for its branding and online sales efforts, part of an expanded partnership with Google Cloud, the company said Tuesday. Puma said it has already deployed Google Cloud’s Imagen 2 model to help it craft personalized website images corresponding to the locations of some online shoppers.

China has rolled out a raft of measures aimed at countering a prolonged downturn in its property market that is dragging on the world's second largest economy

China's Commerce Ministry says it will investigate the fashion company PVH, which owns brands like Tommy Hilfiger and Calvin Klein, for suspected violations of trade rules

A former top executive in Sam Bankman-Fried’s fallen FTX cryptocurrency empire faces the possibility of years in prison when she is sentenced Tuesday for fraud

BEIJING — China's Ministry of Commerce said Tuesday it was launching a probe into Calvin Klein-parent PVH Group over alleged business disruptions around its Xinjiang supply chain.

Subscribe to enjoy similar stories. China’s central bank took more steps to boost its flagging economy, after a slew of downbeat indicators recently sparked concerns that Beijing’s official annual growth target of around 5% might be out of reach. China will cut its reserve requirement ratio, or the amount of cash banks must hold as reserve, by 50 basis points, Pan Gongsheng, governor of the People’s Bank of China, said in a press briefing on Tuesday.

A Hong Kong-based airline has banned two passengers from ever flying with them again, after a fight broke out over a reclined seat and descended into xenophobic insults and harassment.

The U.S. government is proposing a ban on key Chinese software and hardware in connected vehicles on American roads due to national security concerns, the White House announced Monday.

China has made several moves in recent months to advance its ambitious aim to become the trade and transportation hub of Asia. To its west, China has agreed to build a rail line across Central Asia. Beijing also said it would help Vietnam plan three rail lines leading to the countries' shared border. And China is trying to persuade Russia and North Korea to let it reopen a long-closed port on the Sea of Japan. If successful, the plans would give China closer ties to the economies of Northeast and Southeast Asia, the Mideast and even the Arctic, the latest steps in its 11-year-old Belt and Road Initiative to create a more China-centered global order.

Subscribe to enjoy similar stories. The latest summit of the four-nation Quad, which brought together the leaders of Australia, India, Japan and the US, ended over the weekend with agreements to extend cooperation in areas varying from fighting cervical cancer and ensuring cybersecurity to joint development of port infrastructure in the Indo-Pacific, the creation of an air-logistics network and a group effort to keep chip supplies secure. This reflects a broad agenda, with the well-being of the region’s people at its heart.

property sector. People's Bank of China Gov. Pan Gongsheng said the reserve requirement for banks would be cut by 0.5 percentage points and that the central bank would follow up with further cuts. That would free up more money for lending.

BEIJING — People's Bank of China Gov. Pan Gongsheng is set to speak to reporters Tuesday alongside two other financial regulator heads.

The U.S. Commerce Department is seeking a ban on the sale of connected and autonomous vehicles in the U.S. that are equipped with Chinese and Russian software and hardware with the stated goal of protecting national security and U.S. drivers