China Financial News

India will attempt to push for substantive outcomes at the G20 on a global framework for crypto assets, multilateral development bank reforms, debt resolution, and digital public infrastructure. A synthesis paper with a summary of the International Monetary Fund report on macro-economic stability and the Financial Stability Board's report on regulation for crypto assets along with New Delhi's input note would be presented to the leaders for deliberation at their summit in September, people privy to the matter said.

China Pakistan Economic Corridor (CPEC) in the Non-Aligned Movement (NAM) document at a recent ministerial meet of the grouping in Baku (capital of Azerbaijan). India was also successful in nixing efforts by Pakistan (at China's behest) to include reference to South China Sea disputes in the NAM document, ET has reliably learnt. SE Asian states, who are members of NAM and party to the South China Sea dispute, worked closely with India to defeat plans by Pakistan, hinted persons familiar with the development.

United Arab Emirates (UAE) to trade in local currencies is the second big step towards internationalising the rupee. Russia last year agreed to sell crude oil to India in rupees after the West imposed sanctions on settlement in dollars. India is beginning at the top with the UAE, its third-largest trading partner after the US and China.

Investing.com — Muted inflation data and yet a still-vibrant U.S. economy: Could oil bulls ask for more? Yes: A dynamic Chinese recovery as well.

Investing.com — Second-quarter earnings season kicks into gear, the U.S. and China release economic data and inflation figures out of the U.K. will likely determine the size of the Bank of England’s next rate hike. Meanwhile, oil prices look poised for another weekly gain.

Climate change and its effects are no surprise to humankind, these extreme conditions might spell doom for civilisation.  In the latest turn of events, a rapidly developing El Nino threatens Earth's climate activity.  In northern India, relentless monsoon rains have reportedly killed at least 90 people, following burning heat. Major flooding and landslides are common during India's monsoons, but experts say climate change is increasing their frequency and severity. A man died as torrential rains lashed northern Japan on Sunday, a week after seven people were killed in similar weather in the country's southwest.

India-China border, nine km ahead of Malari village here has come under threat due to the rapid flow of the river as the monsoon fury continued over the northwestern Himalayan region. Malari is a small village near the Indo-China border near Joshimath in Chamoli district.

China and Vietnam in India's 4.84 LMT steel import basket during June 2023 has increased on a year-on-year (y-o-y) basis, according to official data. At 4.84 lakh metric tonne (LMT), India's overall steel import registered a 5.9 per cent increase on a month-on-month (m-o-m) basis and 7.6 per cent over June 2022, the Ministry of Steel said. «Share of China, Japan, Vietnam, Saudi Arabia, Russia, Nepal and the USA increased in total steel imports of India in June '23 as compared to June 22,» it said. In June 2022, the import from China was 26.1 per cent and Vietnam was 1 per cent. However, in June 2023, the import from China contributed 37.1 per cent and Vietnam's share was 4.8 per cent in India's steel import basket. The development assumes significance as India has set an ambitious target to increase its steel making capacity to 300 million tonnes and Indian players eyeing for a significant share in the global steel markets.

China is one of the biggest consumers of metals. Be it copper, aluminum or steel.

NEW DELHI : Indians were over the Moon with the launch of Chandrayaan-3 by the Indian Space Research Organisation (ISRO) on Friday. Since Chandrayaan-2 failed about four years ago, scientists are hopeful that this third lunar mission's lander Vikram and rover Pragyaan will descend softly and safely on the Moon on 23 August.

Leo Lithium, an ASX-listed lithium explorer backed by China’s biggest producer of the commodity, has signed a $US348 million ($520 million) contract for the construction of its major development in Mali.

In 1991, when India kicked off its economic liberalisation in the aftermath of a crisis, the government requested a committee headed by former governor of the Reserve Bank of India, M Narasimham, to submit a report on banking reforms. The committee’s report outlined the future trajectory of banking in India while making a strong case for limiting the number of large banks to four.

GANDHINAGAR : The US and its allies are building on actions to crack down on efforts by Russia to evade sanctions, US treasury secretary Janet Yellen said on Sunday. "One of our core goals this year is to combat Russia’s efforts to evade our sanctions. Our coalition is building on the actions we have taken in recent months to crack down on these efforts," Yellen said during a press conference at the sidelines of the third G20 Finance and Central Bank Deputies (FCBD) meeting.

Nirmala Sitharaman and the Indian delegation for hosting the G20 ministerial. “I would like to thank Finance Minister Sitharaman and the Indian delegation for hosting the G20 ministerial," she said.

Bloomberg, the G-7 nations are convening before the Group of 20 meetings in Gandhinagar, Gujarat, with a focus on providing assistance to Ukraine, reforming multilateral development banks, and reevaluating global supply chains. On Sunday, Treasury Secretary Janet Yellen expressed her commitment to collaborating with China on shared areas of interest.

cooking classes she took after getting married were fun. They were taught by a jolly lady named Mumtaz Currim and, after she demonstrated the recipes, they ate the results. But she also recalls fights because some participants felt that their fees entitled them to take food home for their families.

By Valerie Volcovici

Ace Indian shuttler Lakshya Sen fought hard before going down in three games against reigning All England champion Li Shi Feng of China in the men's singles semifinals of the US Open badminton tournament. A Commonwealth Games gold medallist, Lakshya, seeded third here, lost 17-21, 24-22, 17-21 against second-seed Feng in a gruelling last-four match that lasted one hour and 16 minutes in the BWF Super 300 event on Saturday night.

inflation rate slipped to a more than two-year low, spelling relief for American consumers and moving the Federal Reserve a step closer toward ending an historic cycle of interest-rate hikes. China’s economy continues to struggle, with recent trade figures showing the largest drop in exports since early 2020. Industrial output in Europe remains weak, while strong wage growth in the UK threatens to add to inflationary pressures. Here are some of the charts that appeared on Bloomberg this week on the latest developments in the global economy:

Janet Yellen said on Sunday she was «eager» to work with China on areas of mutual interest, including debt restructurings for poorer countries, and that multilateral development banks needed reforms before capital increases could be considered. In remarks prepared for a press conference before a meeting of Group of 20 finance ministers and central bankers in India, Yellen said her visit to Beijing last week helped put the U.S.-China relationship on «surer footing» and that the world's two biggest economies had an obligation to the world «to cooperate on areas of mutual concern».

By Lucy Craymer