China Financial News

Nvidia's most advanced AI chip it developed for the China market has got off to a weak start, with abundant supply forcing it to be priced below a rival chip from Chinese tech giant Huawei, according to sources familiar with the matter. The flattening prices underscore the challenges Nvidia's China business faces amid U.S. sanctions on AI chip exports and heightened competition, casting a cloud over its future in a market that contributed 17% to its revenue for fiscal 2024.

TikTok on Thursday said it was putting restrictions on state-backed media to counter acts of foreign influence on the platform during an important election year in multiple countries. The move comes after the United States handed TikTok an ultimatum to divest from its Chinese owners or face a potential ban in the US market, based on concerns the app could be used to influence Americans.

TikTok said Thursday its putting in place new rules to limit the reach of state-affiliated media accounts

Myanmar’s military government appears to be considering reviving a massive China-backed hydroelectric dam project

China’s latest artificial intelligence chatbot is trained on President Xi Jinping’s doctrine in a stark reminder of the ideological parameters that Chinese AI models should abide by

The U.S. is seeking to build support for squeezing more money for Ukraine out of frozen Russian assets as finance ministers from the Group of Seven rich democracies open a two-day meeting Another key topic pushed by U.S. Treasury Secretary Janet Yellen...

ChatGPT chatbot named DAN. The woman, Lisa, shared her unique journey on Xiaohongshu, a social media platform similar to Instagram in China. Her story quickly went viral, amassing over 880,000 followers.

The world’s three dominant economies are entering a combative phase that threatens to deepen fractures and challenges decades of free-market orthodoxy as the US uses trade weapons borrowed from China’s playbook, leaving Europe with big decisions to make.

India's growing weight will ensure that the overall balance in the world order remains in favour of freedom, openness, transparency and a rules-based order, External Affairs Minister S Jaishankar said on Friday. In a virtual address at the Nikkei Asia Future of Asia Forum, he said the challenge of supply chain and the use of economic coercion by states have put a premium on resilience, in comments that came amid China's attempt to become an economic hegemon. Jaishankar said the world is undergoing a flux, driven by geopolitical, geo-economic and geo-technological developments and that the global order today is visibly under stress, with Asia and the Indo-Pacific very much part of this transformation. «But it is not just change we are seeing; there is also much greater risk-taking. It is visible in the conflict in Ukraine, in violence in the Middle East and the disregard for international law and agreements in Asia and the Indo-Pacific,» he said.

₹29,999. While Poco only launched the F6 smartphone in India, the Xiaomi sub-brand also launched the Poco F6 Pro and Poco tablet in the global market. However, during the India launch of Poco F6, the company while not naming the latest device, did tease that it will soon launch Poco tablet along with the Poco TWS earphones in the country.

Indian government bonds eligible for inclusion in the JPMorgan Chase & Co. index look poised to deliver their best monthly returns in nearly a year, helped by fresh foreign inflows and a record central bank payout. The so-called Fully Accessible Route notes, which have no restrictions for foreigners, returned 1.3% in May so far, according to a Bloomberg index. If that result holds, it would be the best monthly performance since April 2023.

Maldives matters: India’s moving to foil Chinese designsMinister of Economic Development and Trade Mohamed Saeed said, "Addressing the dollar issue and reinforcing the MVR is a top priority for the current administration".In August 2022, the then President of Maldives Ibrahim Mohamed Solih said, “The two leaders welcomed the ongoing work to operationalize the usage of Rupay Cards in Maldives and agreed to consider further measures to boost bilateral travel and tourism and economic inter-linkages".Maldives says its pilots cannot fly aircraft donated by IndiaOn Wednesday, Maldives said that both India and China have agreed to cooperate in efforts to pay for imports in their respective countries’ currency instead of the US dollar. Saeed said he met with the Indian High Commissioner Munu Mahawar two weeks ago, who in turn, said that New Delhi would support and cooperate in arranging for the settlement of import payments in Indian Rupee.'True gesture of goodwill': Maldives thanks India for extending budget supportSaeed said the move is likely to help Male save almost 50% of the annual $1.5 million import bill from the two countries.In July 2023, the Government of India declared that Maldives was among the 22 countries that were permitted by the Reserve Bank of India to open Special Rupee Vostro Accounts (SRVAs) as part of efforts to promote bilateral trade in local currencies.Over the last few years, multiple banks and payment companies from across various countries have partnered with NPCI International Payments Ltd (NIPL), the international arm of NPCI, to accept UPI and RuPay in one form or the other.

Mint tracker, continuing its trend from the previous year. With a composite score of 84, out of a maximum possible score of 100, India topped the EM league table in April with a persistently strong purchasing managers’ index (PMI) in the manufacturing sector, where it has had the best reading in the rankings for 12 months in a row—and in all but three months since November 2021. All currencies in the list saw a decline against the US dollar in April.

₹4671 crores. The massive short-covering caused by this sudden change in FII trade contributed to the sharp rally," said V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services.Vijayakumar pointed out that the change in FII stance has been caused by the underperformance of the Hang Seng index, which has been down 4.1 per cent during the last five days."The outperformance of the Hang Seng had led to the 'sell India, buy China' trade during the last month.

China business faces amid U.S. sanctions on AI chip exports and heightened competition, casting a cloud over its future in a market that contributed 17% to its revenue for fiscal 2024.The growing competitive pressure in China also adds a cautionary note to investors in the U.S.

Then-President Donald Trump fired the first shots with tariffs on China seven years ago, and then Joe Biden ushered America into the new industrial policy age. Stage three, punctuated by Biden’s latest round of duties on Chinese imports, builds on the first two: using tariffs to defend US interests, with subsidies now at the core of policy and without fear of retaliation. The $31 trillion arena of international commerce has withstood a series of shocks in recent years, including the US-China trade war. This time, the linchpin is the European Union — caught between preserving its self-styled role as defender of multilateral rules and fearing the loss of millions of jobs and tens of billions in investment while the US and China wield market-distorting subsidies and tariffs.

bananas to a food market from a few hundred kilometers away. With no refrigeration in his storeroom, a single-day delay in selling the bananas can reduce the value of his stockpile by at least 10%. When they arrive, he will sort through bushels and inspect the skins for signs of decay. “There’s a huge loss during summer months if the sales lag,” he said.

Asian stocks fell on Friday, while the dollar advanced as strong U.S. economic data bolstered the prospect of interest rates staying higher for longer and the Federal Reserve taking its time in cutting rates, keeping investors away from risky assets. MSCI's broadest index of Asia-Pacific shares outside Japan fell 0.5% and was on course for a 1% weekly decline, snapping its four-week winning streak. Japan's Nikkei fell 1.45%.

China conducts war games near Taiwan to test ability to seize power | 10 updatesGan’s remarks come as China started its most expansive military drills in a year around Taiwan, ramping up pressure on Lai Ching-te just days after he took over as the island’s new president.Taiwan-China standoff and 'punishment' military drills: All you need to know“The US-China relationship is the most consequential in the world but is unfortunately marked by deep suspicion and distrust," Gan said.

Hewlett Packard Enterprise’s (HPE) Communications Technology Group (CTG) for $225 million, approximately ₹1,874 crore, in an all-cash transaction, as per an exchange filing.According to a joint statement from the companies, around 1,500 employees and 700 contractors experienced in telecom engineering services across various countries—such as Spain, Italy, India, Japan, China, the Americas, and the APAC region—will transition to HCLTech as part of the agreement.HCLTech stated in a regulatory filing that the deal involves the “purchase of certain assets (CSS) of Communications Technology Group, a business division of Hewlett Packard Enterprise Company". CSS delivers engineering services to leading global Communications Service Providers (CSPs) leveraging its intellectual properties in a global delivery model" with a total purchase price of $225 million.This acquisition will bolster HCL Technologies' position in the telecom sector by enhancing its engineering services and utilizing CSS' intellectual property, solutions, and talent at prominent CSPs across Europe, Japan, the Americas, and the APAC region, including 20 of the top 30 CSPs worldwide.HCLTech CEO and Managing Director C Vijayakumar said, "With this transaction and our planned strategic partnership with HPE, we are strengthening our telecom practice to address the rapidly expanding and transforming global telecom market.

Beijing on Friday said ongoing drills encircling Taiwan were testing the military's ability to seize power over the self-ruled island, days after its new president was sworn in. China's military kicked off the war games Thursday morning, surrounding Taiwan with naval vessels and military aircraft, while vowing the blood of "independence forces" on the island would flow. The exercises — codenamed «Joint Sword-2024A» — come after Lai Ching-te took office as Taiwan's new president this week and made an inauguration speech that China denounced as a «confession of independence».