PEOPLES BANK OF CHINA
Who is Alice Huang, Chinese exec accused of spying on Nvidia CEO?
Alice Huang, a citizen of China, stands accused of espionage for Beijing through her romantic connection with Nvidia's Jensen Huang. Reports suggest she played a pivotal role at Megaspeed International, a data center firm, allegedly gathering intelligence on Jensen following the disclosure of their relationship. US authorities are scrutinizing Megaspeed for possibly violating chip export regulations. Both Alice and Megaspeed firmly reject these allegations as investigations continue.
Yuan holds firm against dollar as seasonal corporate selling offsets greenback strength
China's yuan remained stable against the US dollar as seasonal year-end dollar sales by exporters offset greenback strength following robust US jobs data. Beijing's efforts to manage currency appreciation, alongside foreign exchange reserve adjustments, supported stability. Meanwhile, inflation trends and subdued domestic demand continued influencing monetary policy and currency movements.
China's rising yuan squeezes exporters, raises concerns over jobs and growth
China's strengthening yuan is squeezing exporters' profit margins, raising concerns over job losses, weaker exports and slower economic growth. Beijing faces a policy dilemma as international pressure to let the currency appreciate clashes with domestic manufacturers' need for a competitive exchange rate.
China blocks SoftBank's $5.4 billion acquisition of ABB Robotics
China has blocked SoftBank’s $5.4 billion acquisition of ABB’s robotics business, disrupting the Japanese group’s AI-powered robotics expansion. The intervention highlights Beijing’s growing scrutiny of cross-border deals involving strategically important technologies.
Yuan set for first weekly loss in six weeks as equity rout dents sentiment
China’s yuan headed for its first weekly decline in six weeks as weaker PBOC guidance and a sharp equity selloff hurt sentiment. While the central bank appears wary of rapid appreciation, seasonal exporter conversions could support the currency toward year-end.
China blocks SoftBank's $5.4 billion takeover of ABB's robotics division: FT
Softbank had agreed to buy ABB's robotics business in October last year, as CEO Masayoshi Son sought to establish SoftBank as a core player in the development of artificial intelligence.
China blocks SoftBank's $5.4 billion takeover of ABB's robotics division: Report
China has informed Japanese investor SoftBank that it will block the $5.4 billion acquisition of ABB's robotics segment. This decision is driven by concerns about data transfer overseas for artificial intelligence training. SoftBank had hoped for approval after reaching an agreement last October. ABB's robotics business significantly relies on the Chinese market, contributing about 30% of its total operations.
Chinese chipmaker YMTC puts IPO on hold as weaker markets weigh, sources say
That process has been put on hold due to "various factors", according to an internal note YMTC sent to its staff and seen by Reuters. It did not elaborate on the factors. The delay, which two of the people said could last several months, has not been reported previously.
China Banks' applications for PBOC stock loan scheme exceed 200 billion yuan
China's central bank said applications for loans under its stock-purchase financing scheme have exceeded 200 billion yuan. The PBOC has also cut the relending rate to 1%, stepping up efforts to support share buybacks and stabilise equity markets.
China stocks struggle near one-year lows despite fresh government support measures
Chinese stocks struggled near one-year lows despite fresh government measures to support the market, as investors remained cautious ahead of the US midterm elections. Concerns over China's economic outlook and technology stocks continued to weigh on sentiment.
Chinese yuan hits over two-week low against dollar as PBOC signals caution on appreciation
China’s yuan weakened to a more than two-week low against the dollar after the central bank set a weaker daily fixing and raised foreign exchange reserve requirements. The moves signal Beijing’s efforts to moderate the currency’s rapid appreciation.
Dollar dips with US midterm results in focus
The dollar lost ground against key international currencies as investors anticipated Democratic victories in the upcoming US midterm elections. With Democratic Senator Jon Ossoff's reelection in Georgia as a noteworthy milestone, analysts suggest a potential Democratic majority in both the House and Senate could alter future government spending policies. Meanwhile, oil prices are stable amid ongoing geopolitical issues, particularly those concerning Iran and Ukraine.
China to expand global access to yuan assets, promote Hong Kong as offshore hub
China plans to expand global access to yuan-denominated assets and strengthen Hong Kong's role as an offshore yuan hub. Meanwhile, regulators flagged risks from surging AI investments, warning of rising leverage, higher borrowing costs and financial instability.
Chinese yuan set for biggest daily drop in six months after PBOC tightens FX reserves
China's yuan weakened against the US dollar after the PBOC raised the foreign exchange reserve requirement ratio to curb rapid currency appreciation. The move comes amid concerns over export competitiveness and follows strong gains in the yuan during October.
HSBC to open Hong Kong AI Institute following Singapore launch
The AI unit will work with Hong Kong University of Science and Technology as its anchor academic partner, Elhedery said, though he did not disclose headcount details.
China stocks edge higher as reports of market support lift sentiment
China’s stock market edged higher after reports that regulators would discuss measures to support capital markets. However, concerns over state-backed Zhuhai Huafa Group’s liquidity continued to weigh on related stocks and bond funds.
Yuan hovers near four-year high as investors eye US midterm elections
China’s yuan traded near a more than four-year high against the US dollar, supported by expectations of further appreciation. Investors tracked the central bank’s currency guidance, policy measures and potential market implications of the US midterm elections.
China lowers funding costs with shift to overnight policy rate
China's central bank has implemented a major alteration to its monetary policy by establishing an overnight lending rate, which injects substantial liquidity into the banking sector. This initiative seeks to alleviate costs for financial entities and stimulate economic growth in light of increased credit risks. Experts estimate this change could lower interest rates by 15 basis points, thereby maintaining profitability among financial institutions.
Global Market: China’s yuan hits four-year high against dollar after Fed holds rates
China’s yuan climbed to a four-year high against the US dollar, supported by the central bank’s firm guidance and the Federal Reserve’s decision to hold interest rates steady. The People’s Bank of China continued managing appreciation, while investors awaited the European Central Bank’s policy decision for further currency market direction.
Load More
