China Financial News

Chinese professor that the country's youth unemployment rate might have hit close to 50% in March has revived a debate about official statistics and focused attention on a weak labour market. The National Bureau of Statistics said that month's jobless rate for people between the ages of 16 and 24 was 19.7%, less than half of what Peking University professor Zhang Dandan estimated. If 16 million non-students «lying flat» at home or relying on their parents were included, the rate could have been as high as 46.5%, Zhang wrote in an online article in Caixin, a respected financial magazine.

Over 200 Hong Kong stores now accept digital yuan payments, banks have claimed, as China looks to take its CBDC into the cross-border space.

Nearly $250 billion worth of transactions have taken place using China’s digital yuan in the one-and-a-half years since the start of its pilot, the country’s central bank governor has claimed.

Investing.com — Most Asian stocks firmed slightly on Thursday, although local technology shares were sold off on weak cues from Wall Street, and as investors turned wary of the sector ahead of earnings from chipmaking giant TSMC.

Investing.com — Most Asian currencies rose on Thursday as a rebound in the dollar paused, while the Chinese yuan shot up amid reports of government intervention to support the battered currency.

Domestic travel is being hampered by delays and higher fares at the same time as more international competition is pushing tourist numbers higher, Sydney Airport says.

Chris Ellison’s Mineral Resources has pulled out of a billion-dollar deal that would have seen it acquire a stake in lithium hydroxide plants in China owned by its partner, battery chemicals giant Albemarle.

«Let us not call it liquidity reversal because the previous trend was only like odd in some sense although it happens every now and then but generally FIIs are buyers as in the last 20 odd years they would have been buyers in maybe 16 of those years,» says Samir Arora, Helios Capital.Let us talk about the big picture and the big picture is that flows have turned and flows are looking very strong. When you speak to some of your investors and your LP associates, are you getting a sense that the liquidity reversal which has happened from April onwards it is real and it is here to stay?100% and let us not call it liquidity reversal because the previous trend was only like odd in some sense although it happens every now and then but generally FIIs are buyers as in the last 20 odd years they would have been buyers in maybe 16 of those years.

Xi Jinping met with veteran U.S. diplomat Henry Kissinger in Beijing, state media reported on Thursday.

foreign portfolio investors (FPIs) made net purchases of Indian shares worth 306.60 billion rupees ($3.74 billion) in the first half of July.  As reported by Reuters, persistent FPI inflows have supported the rally in the blue-chip Nifty 50 and S&P BSE Sensex, driving the benchmarks to record highs. The Nifty 50 rose nearly 2% in the first half of July. Since March, foreign portfolio investors (FPIs) have invested in Indian shares worth 1,393.50 billion rupees, contributing to a 13% increase in the Nifty 50 index from March 1 to July 15.

Russian President Vladimir Putin will not attend next Russian President Vladimir Putin will not attend the BRICS summit in South Africa next month. Putin will be the only BRICS leader to attend the summit virtually while all other leaders will join the event in person in South Africa. “By mutual agreement, President Vladimir Putin of the Russian Federation will not attend the summit but the Russian Federation will be represented by Foreign Minister Mr.

In Asia, markets also had their focus on China's loan prime rate (LPR) decision, where it is expected to keep the lending benchmarks unchanged after the central bank stood pat on a key policy rate earlier this week. The British pound was last 0.02% lower at $1.2936, after tumbling more than 0.7% on Wednesday in the wake of data that showed Britain's high rate of inflation falling more than expected in June to its slowest in over a year at 7.9%. That pulled back market expectations of further aggressive rate hikes from the Bank of England (BoE), with the prospect of UK rates rising above 6% now likely off the table.

Oil prices slipped in early Asian trade on Thursday, extending the previous session's losses, as the dollar strengthened and on profit-taking after U.S. crude oil stocks fell less than expected. Brent futures dipped 14 cents, or 0.2%, to $79.32 a barrel by 0001 GMT, while U.S.

Mukesh Ambani’s telecom customers used up nearly six times as much data last quarter. As the billionaire businessman targets his 428 million subscribers with a new 5G service and seeks to lure another 300 million feature-phone users to smartphones, the challenge facing him has changed. When he was starting out six years ago, how to sell data in a developing country was the big issue.

Chinese business travelers will be able to buy air tickets using the digital yuan, as the nation’s central bank digital currency (CBDC) pilot takes flight.

Investing.com-- Oil prices steadied in Asian trade on Thursday, coming under pressure from concerns over sluggish U.S. summer demand and economic weakness in China, while a recovery in the dollar also weighed. 

Investing.com-- BHP Group (NYSE:BHP) (ASX:BHP), the world’s largest miner, said on Thursday that its fourth quarter iron ore production inched higher from a year ago, while weakness in major market China also saw sales of the steel-making product weaken.

Investing.com — Tesla reported Wednesday first-quarter results that beat on both the top and bottom line as the electric vehicle maker's margins were less bad than feared despite recent price cuts.

First Solar of the US will invest «billions of dollars» for solar panel production in India that will not source materials from China, US energy secretary Jennifer Granholm told ET. She also indicated that Tesla is in discussions for investing in India. «India brings in the notion of scale, and the US' contribution is laboratories and efforts we are making to incentivise production.

shares extend gains for the fifth straight session aided by sustained foreign fund inflows. Gains in Reliance Industries ahead of the demerger of the financial services arm, ITC, financial heavyweights, cement, and consumer durables helped the Sensex close above 67,000 for the first time. Gains were, however, limited as investors remained concerned about India's stock market valuations.

BHP has hosed down expectations for its iron ore division by providing weaker production guidance for the 2024 financial year than many analysts had expected.