China Financial News

Vladimir Putin reassured Asian leaders of Russia's stability and unity on Tuesday in his first appearance at an international forum since the country was rocked by a brief armed mutiny last month. «The Russian people are consolidated as never before,» Putin told a virtual meeting of the Shanghai Cooperation Organisation (SCO), a group that also includes China and India. «Russian political circles and the whole of society clearly demonstrated their unity and elevated sense of responsibility for the fate of the Fatherland when they responded as a united front against an attempted armed mutiny.» Putin's emphasis on Russia's unity at a meeting with key allies appeared to show how keen he is to remove any doubts about his own authority on the world stage after the short-lived mutiny led by Wagner mercenary founder Yevgeny Prigozhin late last month. Wagner fighters took control of a southern city and advanced towards Moscow on June 24, confronting Putin with the gravest challenge to his hold on power since taking over as Russia's paramount leader on the last day of 1999.

By Dr (Prof) Nishakant Ojha

Jinan, the capital of eastern China’s Shandong Province, has begun encouraging the adoption of the country's central bank digital currency (CBDC) program by introducing the acceptance of digital yuan payments across all its bus routes. 

China set export restrictions on two minerals the U.S. says are critical to the production of semiconductors, missile systems and solar cells, a show of force ahead of economic talks between two rivals that increasingly set trade rules to achieve technological dominance. The minerals—gallium and germanium—and more than three dozen related metals and other materials will be subject to unspecified export controls starting Aug.

China's commerce ministry said on Monday it would control exports of eight gallium products and six germanium products from Aug. 1 to protect national security, a move analysts saw as a response to escalating efforts by the United States to curb China's technological advances. Companies caught out by the abrupt news acted to secure supplies, with one U.S.

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China plus one might have been off from headlines, but in the chemical sector, both in speciality and commodity chemicals, the underlying changes are taking place at a reasonably strong pace with the same focus. While they come under the broad umbrella word of “Chemical sector”, the fact is that each company is literally an industry itself with its own operating matrix of supply chain and demand.

Shanghai Cooperation Organization (SCO) summit, Prime Minister Narendra Modi said that countries need to respect territorial integrity. «We do not see the SCO as an extended neighbourhood, but rather as an extended family. Security, economic development, connectivity, unity, respect for sovereignty and territorial integrity, and environmental protection are the pillars of our vision for SCO,» PM Modi said.

Indian equities since March this year. An analysis by Bank of Baroda shows that India has registered FII inflow (equity) of $1,220 crore for the quarter ended 30 June.  Countries such as South Korea, Taiwan and Indonesia have received far less inflows compared with India, and notably, the US and Thailand have seen foreign portfolio investors moving out of their respective countries, said the report.

Chinese chip makers and suppliers, gathered in Shanghai for an industry event, were in a grim but defiant mood following a report that the U.S. plans to widen export controls targeting the industry. Among those already blacklisted, Yangtze Memory Technologies urged suppliers to show “integrity" and deliver machinery parts it had already purchased.

BEIJING — Less than a year since augmented reality glasses startup Xreal started sales, the Alibaba-backed company is claiming shipments will soon reach 200,000 units.

(Reuters) — China will control exports of some metals used in the semiconductor industry, ramping up a technology war with the United States and potentially causing more disruption to global supply chains.

Investing.com — Most Asian currencies rose slightly on Tuesday as markets awaited more cues on U.S. monetary policy this week, while the Australian dollar fell after the Reserve Bank held rates steady, ducking some expectations for a hike. 

Investing.com — European stock markets are expected to open largely unchanged Tuesday, with investors searching for cues given a light data calendar and a U.S. holiday.

China to impose export restrictions on metals essential to make semiconductors, electric vehicles, and high-tech sectors has escalated its trade war with the United States, threatening to derail already-fragile global supply chains. The controls, China said, were aimed at protecting national security and interests. Exporters will now need prior permission to ship some gallium and germanium products. Following the sudden announcement on Monday, companies are scrambling to soothe investor worries. A China-based germanium producer told Reuters enquiries from abroad and prices had surged overnight. China's commerce ministry stated that, starting from August 1, it would exercise control over the exports of eight gallium products and six germanium products, citing the need to safeguard national security and interests. Analysts interpret this move as a retaliatory response to Washington's increasing efforts to curb China's technological advancements. Peter Arkell, Chairman of the Global Mining Association of China, told Reuters, «China has hit the American trade restrictions where it hurts.» He emphasized the significance of gallium and germanium, among other minor metals, in a wide range of tech products, highlighting that China dominates their production. Replacing China as a major supplier in the short or even medium term is deemed unrealistic.

Mankind Pharma Ltd. since its listing in Mumbai in May could trigger more consumer-related initial public offerings in India in the second half, according to bankers. The company, which raised 43.3 billion rupee ($528 million) in India’s second-largest new share sale this year, has seen its shares jump 57% in almost two months, drawing a rush of buy calls from analysts.

Despite recent narratives suggesting differently, the United States won't be losing its allure as a crypto hub, according to the CEO of blockchain analytics firm Merkle Science.

SCO) on Tuesday will hold an online summit hosted by India seeking to expand the influence of the Eurasian group by including Iran and opening a path to membership for Belarus. China's President Xi Jinping and Russian leader Vladimir Putin will participate in the virtual summit, which will be Putin's first appearance at an international event since the short-lived mutiny by the Wagner mercenary group in late June.

Taiwan Strait on Tuesday morning, Taiwan's defence ministry said, as China ramps up military pressure on the democratic island. Taiwan, which China claims as its own territory despite the island's strong objections, has faced in recent years almost daily missions by Chinese military aircraft, often in the southwestern part of the island's air defence identification zone.

India has doubled its share of global commercial services exports to 4.4 per cent in 2022 from 2 per cent in 2005, according to a World Bank and World Trade Organisation (WTO) report. "China and India doubled their share of global commercial services exports from 2005 to 2022, from 3.0 per cent to 5.4 per cent, and from 2.0 per cent to 4.4 per cent, respectively," it said.

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