China Financial News

The Indian rupee's path against the US dollar is one of long-term appreciation as India builds increasingly strong services and goods export buffers to offset the country's traditional current account deficit, said Patrick Law, head of Asia-Pacific fixed income, currencies, and commodities trading, at Bank of America. While a weaker Chinese yuan and the risk of US rates staying higher for longer pose risks for emerging market currencies, the rupee is «a very special case» because of India's bullish outlook, Law tells Bhaskar Dutta. Edited excerpts: Amid sharp swings in the US dollar and Asian currencies, the rupee continues to be stable. Have the fundamental drivers changed for the Indian currency? I am very bullish on India. It's not just about global bond index inclusion. It's about the long-term prospects of the country and the economy, foreign inflows, and investment. India is definitely benefiting from the China-plus-one narrative.

Biden administration on Friday revised rules aimed at making it harder for China to access U.S. artificial intelligence (AI) chips and chipmaking tools, part of an effort to hobble Beijing's chipmaking industry over national security concerns. The rules, released in October, seek to halt shipments to China of more advanced AI chips designed by Nvidia and others as Washington cracks down on Beijing over concerns its advancing tech sector could help boost China's military.

China whenever Japan, engages in military and security-related activities. On March 26, as Japan removed restrictions on transfer of defence technology in order to allow the worldwide export of advanced fighter jets that it is jointly developing with Italy and the UK, China expressed its concern on the development. “China noted relevant reports and expresses grave concern over the decision. Given Japan’s not-too-distant history of militarist aggression, Japan’s military and security moves are closely watched by its Asian neighbours and the international community,” China’s Foreign Ministry Spokesperson Lin Jian said. The Japanese government-led by Prime Minister Fumio Kishida approved revised export rules on transfer of defence equipment and technology after the ruling outfit, the Liberal Democratic Party and its coalition partner, the Komeito Party agreed on these rules, according to a report in The Japan Times.

OpenAI offered a tool that allowed people to create digital images simply by describing what they wanted to see. Then, it built similar technology that generated full-motion video like something from a Hollywood movie. Now, it has unveiled technology that can re-create someone's voice.

Netflix’s 3 Body Problem has sparked fascination and controversy.Based on the 2008 novel by Liu Cixin and brought to the small screen by Game of Thrones creators D.B. Weiss and David Benioff, the series tells the story of an impending alien invasion of Earth.The show portrays some science that left some viewers with questions and some historical events that have upset some people in China.Global News spoke to experts to separate fact from fiction and history from hysteria.A three-body problem refers to three astronomical bodies, like planets or suns, and how each object’s gravity impacts the other’s orbits.But it’s easiest to understand if we start with a two-body problem.“The closer objects are, the stronger is the gravitational pull,” York University professor emeritus of physics and astronomy Paul Delaney said.The sun is about a million times larger than the Earth, according to NASA, and so its gravity holds our planet in orbit around it.The orbit is stable, making it predictable, Delaney said.This is a two-body problem, just like the moon and the Earth, and it’s a problem that’s been solved since Sir Isaac Newton’s work on gravity.“We can theoretically figure out where (the two objects) will be as a function of time,” Delaney told Global News.“There are complications with angular momentum and tidal forces and friction,” he said, speaking from Tuscon, Ariz., “but to all practical intents and purposes, the moon will stay in a stable orbit.”There are other planets in the solar system and the moon orbits Earth.

The crypto exchange HKVAEX, linked to the world’s largest crypto exchange, Binance, has withdrawn its virtual asset trading platform license application from the Hong Kong Securities and Futures Commission (SFC) post-deadline.

Apple's WWDC event on June 10, where the company is expected to showcase its latest developments, including the highly anticipated iOS 18 update. Speculation is rife that this update could mark a watershed moment for iPhones, with Bloomberg's Mark Gurman suggesting it could be one of the most significant updates in the device's history, thanks in part to the rumored AI features. Among the rumored AI enhancements is a smarter iteration of Siri, powered by generative AI, poised to revolutionize user interactions.

With the launch of a much-hyped and against-the-odds electric car, Lei Jun, Xiaomi's co-founder and CEO, is taking on Elon Musk with a strategy that takes a page from Tesla's playbook. Lei, 54, took the stage in Beijing on Thursday to unveil Xiaomi's SU7 car, a project three years in the making that has attracted a lot of attention but which, Lei has warned investors, will lose money.

₹59,400 per 10 grams at the beginning of the year to around ₹67,000 per 10 grams at the end. The fiscal year saw a slew of global conflicts including the Israel - Hamas war and the ongoing Russia - Ukraine war. Also Read: What's next for gold? Look to China for clues FY24 also witnessed global central banks shoring up their gold reserves with physical demand also remaining elevated.

BEIJING — Chinese telecommunications company Huawei said Friday its net profit for 2023 more than doubled thanks to better product offerings.

US stocks ended on a positive note amid expectations that the world’s biggest economy will be able to achieve a soft landing. Japanese, South Korean and mainland Chinese stocks also rose, with much of the region, including Australia, Hong Kong and Singapore closed for a public holiday.

Mainland China stocks rose after the open on Friday, adding to the healthy gains recorded a day earlier. In early trade, the Shanghai Composite Index gained 0.27 percent, or 8.26 points, to 3,018.92, while the Shenzhen Composite Index on China's second exchange climbed 0.4 percent, or 6.90 points, to 1,739.50.

United States is drawing up a list of advanced Chinese chipmaking factories barred from receiving key tools, three people familiar with matter said on Thursday, to make it easier for companies to stem technology flows into China. The list could be released in the next couple of months, one of the people said.

South Korea slammed Russia's «irresponsible» veto blocking the renewal of a panel of UN experts monitoring international sanctions on North Korea, with the vote following accusations Pyongyang is aiding Moscow in its war in Ukraine. South Korea «clearly points out that the Russian Federation, despite its status as a permanent member of the UN Security Council, has made an irresponsible decision», Seoul's foreign ministry said in a statement.

Federal Reserve's commentary and the course of the dollar may dominate global market discussions, but a set of India-focused investors are moving their rupee trading calls to the Chinese yuan from the greenback, with Mint Road seen smoothening swings in exchange rates involving New Delhi's second-largest trade partner. «I have also noticed that since the beginning of the year, there has been a lot of interest in buying Indian rupees, not against the US dollar but against some of the other Asian currencies, especially the RMB (Chinese currency),» said Patrick Law, Head of Asia Pacific Fixed Income, Currencies, and Commodities Trading, Bank of America.

Sam Bankman-Fried co-founded the FTX crypto exchange in 2019 and quickly built it into the world’s second most popular place to trade digital currency

China says it will lift tariffs placed on Australian wine over three years ago, in a sign of improving ties between the two countries

A top Communist Party official says China is committed to introducing reforms that will upgrade the technological level of its largely manufacturing-based economy

Two asset managers in Hong Kong have jointly filed for a spot Bitcoin exchange-traded fund (ETF) with the Securities and Futures Commission (SFC). The move comes at a time when the regulator is gearing-up to approve ‘in-kind’ BTC spot ETFs in Q2 2024.

NEW YORK — Crypto entrepreneur Sam Bankman-Fried was sentenced Thursday to 25 years in prison for a massive fraud that unravelled with the collapse of FTX, once one of the world’s most popular platforms for exchanging digital currency.

Nanakmatta Sahib Gurdwara was shot twice, first from the front and then from the back, while he was sitting on a chair early morning on Thursday, revealed the CCTV footage of his brutal murder. Baba Tarsem Singh was killed within the premises of the shrine by two men on a motorcycle. Also Read: SC berates Uttarakhand's former minister Harak Singh Rawat over mass deforestation, illegal construction at Corbett The CCTV footage shared by news agency PTI on social media showed that the two bikers also aimed their rifle at the person who came to rescue Baba Tarsem Singh.