China Financial News

NASA, and other organizations. This dual launch underscores Japan's commitment to advancing space research and exploration.

The move comes on top of a slew of measures to shore up the market, including a stamp duty cut, slower pace of IPOs and lower margin financing requirements. The newly-approved funds, which will guide fresh capital into the market, include 10 exchange-traded funds (ETFs) that track the small-cap CSI 2000 Index and seven tech-focused ETFs, according to the China Securities Regulatory Commission (CSRC) website. The remaining 20 products are innovative mutual funds that for the first time charge investors floating fees, to be pegged to fund size, performance, or holding period. The CSRC has vowed to fast-track ETF approvals, and guide asset managers to lower management and trading fees, along with several other market-friendly measures. China's bluechip CSI300 Index surged more than 5% at the open on Monday, but is still down roughly 6% from an April peak. China's leaders vowed late last month to boost investor confidence and reinvigorate the stock market — the world's second largest — which has been reeling as the post-pandemic recovery flags and a debt crisis in the property market deepens. In an editorial on Monday, the official China Securities Journal said that recent support measures underline authorities' determination to stabilise the capital market, whose sound operation is essential to China's economic recovery. «A vibrant capital market is key to stabilizing people's expectations and increasing confidence,» the editorial said. «Policymakers' resolve to revive the market and boost confidence must not be underestimated.»

trading in Hong Kong on Monday after the company was suspended for 17 months for not publishing its financial results. Trading «resumed at 9:00 am (0100 GMT) today», according to a notice posted on the Hong Kong stock exchange. The move comes after the company said in a filing on Friday that it had «fulfilled the resumption guidance» set out by the bourse, including belatedly publishing its financial results and complying with other listing rules. Its shares plunged 86.67 percent at the opening. Once China's largest real estate firm, Evergrande defaulted in 2021 and is saddled with more than $300 billion in liabilities, becoming a symbol of the nationwide property crisis that many fear could spill over globally. The company on Sunday reported fresh losses for the first half of the year amounting to 33 billion yuan ($4.53 billion), as well as dwindling liquidity, with just $556 million in cash assets. Evergrande's creditors will vote Monday on a proposal from the developer regarding its offshore debt that is shaping up to be one of China's biggest restructurings ever. The plan offers creditors a choice to swap their debt into new notes issued by the company and equities in two subsidiaries, Evergrande Property Services Group and Evergrande New Energy Vehicle Group. Earlier this month, the company filed for bankruptcy protection in the United States, a measure to protect its US assets during its restructuring.

investor confidence, including halving the stamp duty on stock trading. China's blue-chip CSI 300 Index jumped roughly 3% in early morning trade, on course for its best day since November, while the Hang Seng benchmark advanced more than 2%. The finance ministry, in a brief statement on Sunday, said it was reducing the 0.1% duty on stock trades «in order to invigorate the capital market and boost investor confidence». Separately, the securities regulator, China Securities Regulatory Commission (CSRC), said that it will slow the pace of initial public offerings (IPOs) and further regulate major shareholders' share reductions. «The policy package sent a clear signal to boost investor confidence as the market hit the bottom,» said analysts at China Asset Management Co. Shares rose across the board, led by securities brokers rallying about 7%. Other sectors, including real estate, insurance, new energy and construction engineering, jumped between 3.5% and 5%. «A reduction in stamp duty would benefit securities brokers directly,» said analysts at BOC International (China) Co, as trading activity could increase after the cut. The move comes as China's stock benchmark dropped to nine-month lows earlier this month, erasing all gains made following the reopening from COVID curbs, as the economic recovery lost steam. Beijing has taken a series of measures, including a smaller-than-expected cut in a key lending benchmark last week.

(Reuters) — Singapore's second-biggest lender Oversea-Chinese Banking Corp (OCBC) said on Monday it is facing technical problems with its systems impacting various banking channels.

North Korea says it will allow its citizens staying abroad to return home in line with easing pandemic situations worldwide

Commerce Secretary Gina Raimondo is the latest member of President Joe Biden’s Cabinet to visit China as his administration tries to mend the deteriorating ties between the world’s two largest economies

The sound of treated radioactive water flowing to an underground pool could be heard as media toured Japan's Fukushima Daiichi nuclear power plant

Rising trade barriers

Fish auction prices at a port south of the Fukushima Daiichi nuclear power plant are mixed amid uncertainty about how consumers may respond a day after treated and diluted radioactive wastewater began to be released into the sea

A second container ship has left port through a temporary Black Sea corridor established by Ukraine’s government after Russia halted a wartime agreement aimed at ensuring safe grain exports

Oil prices ticked higher on Monday, along with equity markets, after China took steps to support its flagging economy, though investors remained worried about the pace of growth as well as further U.S. interest rate hikes that could dampen fuel demand. Brent crude rose 22 cents, or 0.3%, to $84.70 a barrel by 0049 GMT while U.S.

Gold prices were flat on Monday as Federal Reserve Chair Jerome Powell's hawkish commentary doused expectations that the U.S. rate-hiking cycle was nearing an end, with investors awaiting economic data this week for confirmation on rate trajectory. FUNDAMENTALS * Spot gold was little changed at $1,915.79 per ounce by 0105 GMT, U.S.

Beijing on Sunday announced it would halve the stamp duty on stock trading in the latest attempt to boost the struggling market and revive investor confidence. The help was needed given profits at China's industrial firms fell 6.7% in July from a year earlier, extending this year's slump to a seventh month. Chinese blue chips shed 2% last week to hit its lows for the year so far, and all eyes will be on the official PMI for August out on Thursday. MSCI's broadest index of Asia-Pacific shares outside Japan firmed 0.2%, having eked out minor gains last week to break a three-week losing streak. Japan's Nikkei rose 0.9%, underpinned in part by the persistent weakness of the yen. S&P 500 futures edged up 0.1% and Nasdaq futures 0.2%, extending last week's modest rise. The market did manage to weather a slightly hawkish outlook from Federal Reserve Jerome Powell, who reiterated they might have to raise rates again but promised to move «carefully». «We take this to mean that the FOMC does not intend to hike at the September meeting,» wrote analysts at Goldman Sachs. «We continue to expect that the FOMC will ultimately decide that further policy tightening is unnecessary, making the hike at the July FOMC meeting the last of the cycle.» Futures imply around an 80% chance of a steady outcome at the Sept. 20 meeting, and a 54% probability of a hike by year end. DOWNSIDE RISK ON JOBS Much will depend on the flow of U.S.

By David Shepardson

By Wayne Cole

By Clare Jim

HONG KONG (Reuters) — Chinese electric car company Xpeng (NYSE:XPEV) said it will acquire ride-hailing giant Didi's smart electric vehicle unit and the two companies will form a strategic partnership.

(Reuters) -Electric vehicle maker BYD Co (SZ:002594) Ltd said on Monday its unit struck a deal with U.S.-based manufacturing firm Jabil Inc's Singaporean division to buy its mobility business in China for 15.8 billion yuan ($2.17 billion).

Investing.com-- Chinese stocks rose sharply at the open on Monday after Beijing announced a slew of new measures aimed at restoring faith and attracting investors back to its battered equity markets. 

Investing.com-- Oil prices rose slightly in early Asian trade on Monday as focus turned to economic readings from the world’s largest oil importer due this week, with U.S. oil futures within sight of the key $80 a barrel level.