City Beijing Financial News

By Valerie Volcovici

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 David Lawder and Aftab Ahmed

This story has been published from a wire agency feed without modifications to the text. Only the headline has been changed.

BEIJING (Reuters) — A flurry of economic data from China on Monday is expected to show its post-pandemic bounce is quickly fizzling out, raising expectations that Beijing needs to unveil more stimulus measures soon to shore up activity and shaky consumer confidence.

TOKYO—American and Japanese military officials have been working on a plan for a conflict over Taiwan for more than a year, but the talks have yet to resolve a central question: Would Japan join the fight? Washington has nudged Tokyo to consider roles for the Japanese military such as hunting for Chinese submarines around Taiwan, said people familiar with the discussions, without getting any commitment. The planning is one of the most important aspects of the U.S. response to Beijing’s threats to capture Taiwan by force.

Bank of China (PBOC) hinted at more policy support for the economy, while also urging patience for the recovery to take hold. Top central bank officials said they have enough room to ease monetary policy if needed and hinted at possible adjustments to the reserve requirement ratio for banks and further targeted easing of property controls.

Reventure Consulting and Reventure App CEO Nicholas Gerli says the housing market is in a «purgatorial» state on «Making Money.»

China's size and ambition has enabled it to successfully penetrate every sector of the UK's economy, an influential parliamentary panel has said, warning that Beijing's national imperative continues to become a technological and economic superpower on which other countries are reliant, which represents the «greatest risk» to the UK. The House of Commons Intelligence and Security Committee (ISC) said in a wide-ranging report released on Thursday that the intelligence threat posed by China is compounded by a «whole-of-state» approach with the use of state and non-state players for spying.

The Russian and Chinese Central Bank must cooperate on CBDC regulation, the Russian Prosecutor-General has claimed.

Raimondo and State Department officials in the weeks before State Secretary Antony Blinken visited Beijing in June, New York Times reported citing US officials. The investigation is underway but the US officials, on Wednesday, downplayed the idea that the Chinese hackers, who are likely to be part of the military or spy services, have stolen the sensitive information, insisting that no classified email or cloud systems were penetrated. The State Department's cybersecurity team first discovered the intrusion.

China is facing pressure on trade as foreign shipments drop off and domestic demand remains weak, with a darkening global growth outlook and geopolitical tensions making a reprieve unlikely anytime soon. The country’s exports fell 12.4% in dollar terms in June from a year earlier, the customs administration said Thursday. That was the second straight month of declines and the biggest drop since the pandemic hit in early 2020.

Treasury Secretary Janet Yellen is visiting two of China’s neighbors where she has pushed firms to move their operations—just a week after she reassured officials in Beijing that the U.S. wasn’t out to sever trade and investment ties. The trip to India and Vietnam underlines a central tension in the U.S.-China economic relationship: Yellen and the Biden administration must figure out how to promote alternatives to China without further upsetting relations with Beijing.

China has joined the global rush to generative artificial intelligence, boasting close to 80 AI models from firms like Baidu and Alibaba and startups attracting almost $14 billion of funding over the last six months. But unlike in the West, where OpenAI's ChatGPT has attracted more than 100 million monthly users whose inputs help it to learn from to constantly refine and improve its product, no Chinese AI chatbots have been made available to the general public.

For decades, selling to China has been a key ingredient in Germany’s recipe for economic success. Now, Berlin wonders if its partner has gotten too close for comfort. On Thursday, Germany released its first-ever “China strategy," an attempt to balance the relationship’s huge economic benefits with the need to manage risks posed by Beijing’s increasing authoritarianism at home and assertiveness abroad.

The German government has presented a long-awaited strategy for relations with China that points to a “systemic rivalry” with the Asian power and a need to reduce risks of economic dependency, but highlights Berlin’s desire to work with Beijing on chal...

China has reported its exports tumbled 12.4% in June from a year earlier as demand weakened after central banks raised interest rates to curb inflation

Investing.com -- Investors await the publication of fresh inflation data out of the U.S. after stocks were boosted in the previous session by weaker-than-expected consumer price growth in June. Elsewhere, China's trade data for June disappoints estimates and Beijing announces new rules governing the use of generative artificial intelligence.

Gold prices held steady on Thursday after advancing more than 1% in the previous session, as U.S. inflation data raised hopes that the Federal Reserve would soon stop tightening its monetary policy. * Spot gold was almost unchanged at $1,957.48 per ounce by 0039 GMT.

Antony Blinken will meet top Chinese diplomat Wang Yi on Thursday as officials gather in Indonesia for ASEAN meetings, the State Department said in announcing the latest in series of interactions between the rival superpowers. Wang is representing China at the Jakarta meetings involving the Association of Southeast Asian Nations (ASEAN) and partner countries after Beijing said Foreign Minister Qin Gang would not attend due to health reasons. Blinken met Qin and Wang in Beijing last month, marking the first visit to China by a U.S. secretary of state in five years. It was aimed at bringing stability to intense rivalry between the superpowers, which are also the world's two largest economies U.S. Treasury Secretary Janet Yellen visited China earlier this month and climate envoy John Kerry is to visit next week. Wang, who is the foreign policy chief for the Chinese Communist Party, ranks above Qin, who as the foreign minister is the government's foreign policy chief.

Elon Musk said on Wednesday he thinks China is interested in a cooperative international framework on artificial intelligence, from conversations he had when he visited China a few weeks ago.Musk made the remarks in a Twitter Space event with two U.S. congressmen, Democrat Ro Khanna and Republican Mike Gallagher.