City Shanghai Financial News

TikTok and fast-fashion giant Shein are also building large businesses in the U.S., though they face political pressure that could constrain their growth. While U.S.

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Vanguard Group Inc. is taking its last steps to exit China and shut down its office in the 29 trillion yuan ($4 trillion) mutual fund market.

SINGAPORE—During his final months as China’s premier, Li Keqiang evoked two grand waterways seen as nurturing Chinese civilization as he tried to reassure citizens about their country’s future. “The Yangtze and Yellow rivers won’t flow backwards," Li said last year, arguing that China would never reverse course on a four-decade policy of opening up its economy. Those words went viral on Chinese social media after Li’s unexpected death of heart failure last week, shared by mourners to subtly rebuke top leader Xi Jinping for seemingly breaching Li’s promise.

The Tongliang Court in China handed down sentences to 21 individuals, including key figures in a $300 million USDT money laundering case.

Banking giant the Hong Kong and Shanghai Banking Corporation (HSBC) has tested the use of tokenized deposits — from issuance to transfer to redemption — with major Chinese financial services provider Ant Group, founded by Jack Ma, in a sandbox arranged by the Hong Kong Monetary Authority.

Asian shares are mostly higher after Wall Street advanced to claim back some of the ground it gave up in another losing month

Bank of Japan's policy decision when it is likely to lift its inflation forecasts and ponder tweaks to its bond yield control. The yen weakened 0.19% to 149.38 per dollar but was not far from the two-week peak of 148.81 it touched on Monday after the Nikkei newspaper reported the BOJ would consider making adjustments to its yield curve control (YCC). The BOJ sets a target of around 0% for the 10-year yield under YCC. Under criticism that its heavy defence of the cap is causing market distortions and an unwelcome yen fall, it raised its de-facto ceiling for the yield to 1.0% from 0.5% in July. On Tuesday, the 10-year JGB yield jumped 6.5 basis points to 0.955%, its highest since May.

Former Premier Li Keqiang, China’s top economic official for a decade, has died of a heart attack at 68

By Sophie Yu and Brenda Goh

BEIJING — Chinese tech giant Huawei reported revenue figures Friday that showed only a 1% increase in the third quarter from a year ago, according to CNBC calculations.

Li was China’s No. 2 leader from 2013-23 and an advocate for private business but was left with little authority after President Xi Jinping made himself the most powerful Chinese leader and tightened control over the economy and society. The English-speaking, elite Peking University-educated economist was considered a contender to succeed then-Communist Party leader Hu Jintao in 2013 but was passed over in favor of Xi.

Li Keqiang has died of a sudden heart attack aged 68, state media said on Friday. «Comrade Li Keqiang, while resting in Shanghai in recent days, experienced a sudden heart attack on Oct. 26 and after all-out efforts to revive him failed, died in Shanghai at ten minutes past midnight on Oct.

U.S. Oil and Gas Association president Tim Stewart breaks down the Biden admin's energy policies on 'The Bottom Line.'

Shares have skidded in Europe and Asia after Wall Street tumbled as bond yields tightened their chokehold

BEIJING — Chinese electric car company Xpeng said this week it plans to roll out driver-assist technology in Europe by the end of next year, and remains on track with plans to expand the tech to 50 cities in China by year-end.

(Corrects paragraphs 1 and 2 after the Nuevo Leon Economy Ministry said an Oct. 18 statement had incorrectly named Hesai Technology (O:HSAI) as the second company instead of Shenzhen. Removes references to Hesai Technology in paragraphs 6 and 7.)

World shares are mixed after China pledged more spending to counter its economic slowdown

Jaishankar on Wednesday embarked on a two-day visit to Kyrgystan to attend the 22nd meeting of the Shanghai Cooperation Organisation (SCO) Council of Heads of Government (CHG), to be held under the chairmanship of Kyrgyzstan, the Ministry of External Affairs said. The October 25-October 26 meeting in the Kyrgyz capital city of Bishkek will be attended by the heads of governments of China, Kazakhstan, Kyrgyzstan, Russia, Tajikistan and Uzbekistan, the Vice-President of Iran, and the foreign ministers of India and Pakistan. «In Bishkek, the external affairs minister will also meet with his counterparts from other SCO member states and call on the country's top leadership,» the MEA statement read. SCO observer States including Belarus and Mongolia as well as guest state Turkmenistan will also attend the meeting. The CHG is the second-highest forum in SCO.

Investing.com-- Most Asian stocks rose on Wednesday, tracking a positive overnight session on Wall Street, while Chinese stocks extended a recovery rally after the government announced plans for a massive bond issuance. 

Asian shares are mixed after Wall Street wobbled to a mixed close as yields on U.S. Treasury bonds fell back after jumping above 5%