City Beijing Financial News

rupee closed at its weakest level against the US dollar in almost 10 months as a rise in the greenback globally exerted pressure on Asian currencies, although likely interventions by the Reserve Bank of India reined in the pace of depreciation in the local unit. The rupee closed at 82.95 per US dollar on Monday as against 82.84 per dollar at previous close. Monday's closing marks the weakest level for the rupee versus the US dollar since October 19, 2022, Bloomberg data showed.

BEIJING — China reported July data that broadly missed expectations. The National Bureau of Statistics report also did not include the unemployment figure for young people, which has soared to record highs in recent months.

By Clare Jim and Shuyan Wang

Investing.com — Fears over China's debt-laden property sector mount after key player Country Garden halts trading on some of its mainland bonds. Elsewhere, economists at Goldman Sachs predict when the Federal Reserve will begin cutting interest rates after an aggressive policy tightening campaign, while investors look ahead to results from large big-box brands and retail sales figures for July.

BEIJING (Reuters) — Tesla (NASDAQ:TSLA) Inc has cut prices in China for its Model Y long-range and performance versions starting on Aug. 14, the company said in a notice on Monday.

Defence Minister Li Shangfu will visit Russia and Belarus this week, his ministry said on Monday, as relations between Beijing and Moscow flourish with high-level visits and phone calls. Ties have remained warm in recent years, with China refusing to speak out against Russia's widely condemned invasion of neighbouring Ukraine.

BEIJING – China's economy is running into more challenges.

A look at the day ahead in European and global markets from Wayne Cole.

By Wayne Cole

China's economy is showing little sign of a rebound, with fresh stress in the property market and deflation threatening the growth outlook. Official data on Tuesday will likely show modest gains in industrial output, retail sales and fixed-assets investment in July from a year ago, although growth rates are still well below pre-pandemic levels. Real estate investment probably shrank further, with confidence shaken by a possible default by a major developer and housing sales continuing to fall as well.

jobless recovery in America, and China appeared to be returning to its old robust self. Inflation was off the floor, seen as a good thing. Japan and the eurozone looked good.

COVID pandemic has slow down due to weak export demand from key trade partners and ongoing turmoil in its property market.

Taiwan Vice President William Lai arrived in New York on Saturday at the start of a sensitive U.S. stopover, which China has condemned and Taiwanese officials fear could prompt more Chinese military activity around the democratically governed island. Lai, the front-runner to become Taiwan's president in elections in January, is officially making only transit stops in the United States on his way to and from Paraguay for the swearing in of its president next week.

Severe floods in China’s northern province of Hebei brought by the remnants of Typhoon Doksuri this month killed at least 29 people and caused tens of billions in economic losses

Taiwan Vice President William Lai left on Saturday for a sensitive trip to the United States, which China has condemned and Taiwanese officials fear could prompt more Chinese military activity around the democratically governed island. Lai, the front-runner to become Taiwan's president in elections in January, is officially making only transit stops in the United States on his way to and from Paraguay for the swearing in of its president. Taipei and Washington say such stopovers are routine and no cause for China to take «provocative» actions, but Beijing has reacted with anger at what it sees as a further sign of U.S. support for Taiwan, which it claims as sovereign Chinese territory. China is likely to launch military drills next week near Taiwan, using Lai's stopovers in the United States as a pretext to intimidate voters ahead of a next year's election and make them «fear war», Taiwanese officials say. Lai, speaking to reporters at Taiwan's main international airport at Taoyuan, made only fleeting mention of the U.S. part of his trip, simply noting he was going to New York first.

Pakistan prime minister Imran Khan was not completely off the mark when he publicly accused the United States of ensuring his removal as prime minister through a no-confidence motion with the help of the army in April last year. He had waved a paper at every public rally claiming the same to be a diplomatic cable from Asad Majeed Khan, Pakistan's Ambassador to the US, dated March 7, 2022, in which the US had used threatening language against him.

state media on Saturday rejected a Western claim that developed nations were shunning the country's Belt and Road Forum, while saying most of the leaders invited this year were from developing nations. Critics see the ambitious Belt and Road initiative — billed as recreating the ancient Silk Road to boost global trade infrastructure — as a tool for President Xi Jinping's China to spread its geopolitical and economic influence.

Panelists John Carney and David Bahnsen provide insight on global growth on 'Kudlow.'

ByteDance is relying on its music streaming app Resso and 'all-in-one' productivity app Lark to forge ahead in the Indian market, three years after its flagship short-video app TikTok and others like Helo and CapCut were banned by the government. Resso, which also operates in Brazil and Indonesia, counts India as its largest market. According to AppMagic, it has been downloaded over 125 million times in the country.

By Andrea Shalal and Michael Martina

BEIJING (Reuters) -Changan Ford Motor (NYSE:F) plans to set up a new-energy passenger car joint venture with state-owned Chongqing Changan Automobile, a document published by China's market regulator on Friday showed.