China Financial News

tornado in eastern China killed 10 people and seriously injured several others, state media said Wednesday, the latest in a string of extreme weather events to strike the country. «Yesterday afternoon, a strong tornado occurred in Suqian, Jiangsu Province… causing casualties and property loss in certain areas,» state broadcaster CCTV said. The tornado affected more than 5,500 people, with 137 houses collapsing, according to «preliminary statistics» cited in the report. More than 400 people have been temporarily relocated because of the twister, state media said. Video footage shared on social media by the state-run People's Daily showed high winds whipping debris around above residential buildings, as well as a street strewn with fallen signs and other objects. China saw record-breaking downpours and weeks of historic heat this summer, with scientists saying such extreme weather events are being exacerbated by climate change. Whole villages in Jiangsu were levelled and at least 98 people were killed in 2016 after the region was hit by a storm with hurricane-force winds and the worst tornado in half a century.

BEIJING/SHANGHAI (Reuters) — A Huawei Technologies unit is shipping new Chinese-made chips for surveillance cameras in a fresh sign the Chinese tech giant is finding ways around four years of U.S. export controls, two sources briefed on the unit's efforts said.

Hopes were always high for Christopher Nolan’s “Oppenheimer.”

Asian shares are mostly lower as markets await a decision by the Federal Reserve on interest rates

Nearly 490,000 vendors in China’s Changsha now accept digital yuan payments, the city’s government has claimed as the nation’s CBDC pilot continues.

Japan has reported that its exports fell 0.8% in August from a year earlier, with steep declines in shipments to China and the rest of Asia

(This Sept. 18 story has been corrected to say inflation has stayed within the target range, not below, in paragraph 2 and BI was expected to keep rates up over 1.0%, not down 1.3%, in paragraph 3)

Asus has announced plans to relocate key component suppliers from its primary manufacturing hub in China to India. The company is collaborating with contract manufacturer Flex to establish a new factory in Chennai, capitalizing on the government's revamped Rs 17,000-crore production-linked incentive (PLI) scheme for IT hardware. With a market valuation of $15 billion, Asus aims to aggressively expand its production operations in India, relying on the government's PLI scheme.

Economic Times. As per the report, this comes as a result of various factors including rising aspirations for a foreign education and career, an increase in applicants from Tier 2 and Tier 3 cities.

Wangdaizhijia, a Chinese website tracking the industry, reported that 300 P2P platforms went out of business in the first half of 2018 itself. Fast forward to today, the industry is almost extinct in China. Why is this story worth retelling five years later in the Indian context? The answer is that almost like déjà vu, history often repeats itself in different parts of the world.

BEIJING (Reuters) — China's exports of germanium and gallium products in August plunged to zero，customs data showed on Wednesday, due to new export controls on the two chipmaking metals.

A look at the day ahead in European and global markets from Tom Westbrook

Investing.com-- Most Asian currencies moved little on Wednesday, while the dollar steadied near six-month highs as markets hunkered down before an interest rate decision from the Federal Reserve due later in the day.

Investing.com-- Gold prices fell slightly on Wednesday as traders kept clear of big bets before an interest rate decision from the Federal Reserve later in the day, with a recent rise in inflation brewing concerns over a potentially hawkish outcome.

With interest rates nearing a peak in the hike cycle, and bond prices at attractive valuations, accrual and duration strategy-based funds are likely to see incremental inflows, according to 360 ONE Asset. “Accrual and duration strategy-based funds both are likely to have better incremental inflows due to historically high yields, leading to attractive entry points across tenures due to a flatter yield curve,” says Milan Mody, fund manager — fixed income, 360 ONE Asset. Edited excerpts from an interview with ETMarkets:After the latest CPI inflation print in the US, there are growing expectations that the Fed will remain on pause mode. Do you also think so?Our perspective is that the Fed’s rate hike cycle has concluded and is likely to remain on hold with a range of 5.25-5.50%. Currently, the Fed futures are indicating a pause until May’24 and rate cuts post that.

Investing.com-- The People’s Bank of China held its benchmark loan prime rates at record lows on Wednesday, as it moved to strike a balance between supporting an economic recovery and stemming further weakness in the yuan. 

Investing.com-- Most Asian stocks fell on Wednesday with markets remaining broadly risk-off before a closely-watched interest rate decision from the Federal Reserve later in the day, while weak economic readings from Japan also weighed.

By Enrico Dela Cruz

By David Shepardson

Tesla Tuesday to detail its relationship with Chinese battery manufacturer CATL amid concerns electric vehicle subsidies are flowing to foreign entities raising security concerns. The chair of the House Ways and Means Committee, Representative Jason Smith, asked Tesla CEO Elon Musk in a letter if the EV maker has contracts with CATL or is considering contracts. Smith said the committee is concerned CATL «may be trying to negotiate other agreements like the agreement with Ford.»

benchmark lending rates unchanged at a monthly fixing on Wednesday, matching market expectations, as fresh signs of economic stabilisation and a weakening yuan constrained further monetary easing efforts. The one-year loan prime rate (LPR) was kept at 3.45%, while the five-year LPR was unchanged at 4.20%. In a Reuters survey of 29 market analysts and traders, all participants predicted no change to the one-year LPR, while a vast majority of them also expected the five-year rate to remain steady. Most new and outstanding loans in China are based on the one-year LPR, while the five-year rate influences the pricing of mortgages. China cut the one-year benchmark lending rate in August but surprised markets by keeping the five-year rate unchanged.