Search

The article reports on the online social media hostility in China that amplifies uncensored xenophobia and festering offscreen. It discusses the influence of rising nationalism that has been promoted in China under the leadership of Chinese Prime Minister Xi Jinping on xebophobic online content, hate speech and disinformation, as well as the online popularity of Chinese short dramas targeting Japanese people, and popularity of Anti-America sentiment.

The loan prime rate (LPR), the reference rate for bank lending set by the PBoC based on the recommendation of 18 panel banks, is expected to be lowered next as it is based on the MLF rate. In mid-July China's central bank cut all main policy rates by 10 basis points. The interest margin of banks are a record low even before the policy rate cuts, as central bank has instructed banks to lower their corporate lending rates to support the businesses. [Extracted from the article]

European mining and luxury stocks experienced a decline as the demand for Chinese-exposed shares outside of mainland China decreased. The STOXX Miners Index fell by 4.5%, marking the largest daily decline since March 2023. European luxury brands also fell by 2.5% due to China's announcement of anti-dumping measures on brandy imports from the European Union. The chairman of China's Economic Planner failed to provide specific details about new measures to stimulate the economy, leading to doubts about Beijing's commitment to economic recovery. Hong Kong's Hang Seng Index fell over 8%, while Antofagasta, Anglo American, and Glencore in Europe experienced declines. Similarly, Burberry, Kering, and LVMH saw their shares fall between 4% and 6%. [Extracted from the article]

The yuan has become China's most used cross-border payment currency, surpassing the US dollar. Its share in cross-border payments has increased to 53%, while the US dollar's share has fallen to 43%. The yuan's use in foreign trade is also growing, with 28% of China's goods trade conducted in yuan. However, its use outside of China remains limited, and central banks around the world have reduced their yuan reserves. The yuan has also seen increased use in Russia-China trade and in payments via the SWIFT messaging network. Foreign investment flows to and from China have increased, particularly in the stock and bond markets. Foreign investors hold a small percentage of China's financial markets, and the issuance of foreign entities' yuan-denominated bonds has increased. However, central banks have reduced their yuan allocations in foreign exchange reserves. [Extracted from the article]

Russian President Vladimir Putin visited China for a state visit hosted by Chinese President Xi Jinping. The visit aimed to strengthen China-Russia relations, particularly in areas such as advanced technologies, space, and renewable energy. However, there was no mention of the Power of Siberia 2 pipeline project in the press releases. Trade between the two countries has declined, with China's exports to Russia decreasing by 3% and imports increasing by 11% in the first four months of the year. Most of China's increased imports from Russia were in crude oil, making Russia China's most important oil supplier. Western sanctions on Russia have affected bilateral trade, with Chinese banks becoming more cautious about handling Russian payments that may be connected to sanctions. Some Russian firms have resorted to paying via third countries, and Chinese firms have been encouraged to use the yuan in their trade with Russia. Russia's aggression on Ukraine and Western sanctions have increased its dependence on China, with China now accounting for about 40% of Russia's goods imports. However, travel between the two countries has significantly decreased due to the pandemic. China's exports to Russia have also declined this year. [Extracted from the article]

Some major emerging economies, including Russia and Iran, are increasing their oil sales in currencies other than the US dollar, such as the Chinese yuan and Indian rupee, in an effort to reduce their reliance on the US currency. This shift is driven by US sanctions and restrictions, as well as the desire to lower transaction costs. While the dollar still dominates global trade and finance, the proportion of oil bought and sold in other currencies has risen to about 20%. However, the dollar's central role in oil markets may be difficult to shake, and there are liquidity issues with using alternative currencies. [Extracted from the article]

China's onshore bond market has experienced significant growth, reaching 133 trillion yuan (18.3 trillion dollars) as of mid-2023, equivalent to 107% of China's GDP. The market grew by 8% year-on-year, although at a slower rate than in previous years. The public sector, including the central government, local governments, and policy banks, is the largest issuer of bonds in China, while corporate bonds make up the remaining third. Foreign investor interest in China's bond market remains weak due to capital account restrictions, with foreign investors holding only around 2% of bonds. However, the inclusion of Chinese sovereign bonds in major international bond indices is expected to increase foreign investor participation in the future. Despite concerns such as a potential credit-rating downgrade and the real estate sector crisis, Chinese investors continue to show demand for domestic bonds as a strategy to reduce risk exposure. [Extracted from the article]

The yuan's depreciation trend against the US dollar and euro seems to have come to an end. The yuan strengthened against the dollar last month, while the yuan-euro rate has stabilized with a slight downward trend. China's real effective exchange rate has weakened since the beginning of the year but remained relatively stable in the past month. The recent gain of the yuan against the dollar is attributed to the US Federal Reserve's monetary policy and market expectations. The internationalization of the yuan is a long-term goal for China, with progress being made in its use in foreign trade settlement but a decline in its use as an investment currency. [Extracted from the article]

While Russia currently has stopped releasing country-level data, about 70 % of Russia's imports from China in 2021 were paid for in Western currencies and about 25 % in "other currencies" (mostly yuan). As a result of sanctions and the decision by many Western firms to sever ties with Russia, most major Russian banks no longer can handle payment traffic in dollars and euros. The trading currency data release in conjunction with the CBR's latest financial market stability report suggest that Chinese yuan's portion of the "other currencies" in payments was overwhelming. [Extracted from the article]

The article reports that the Reliance Industries surpassed expectations with its net profit growth in the March quarter, driven by strong performance in its energy and retail divisions, including the highest-ever operating profit in the oil-to-chemical segment, despite global uncertainties.

The yuan's international use increased slightly last year.The yuan remained the fifth-most-used currency ininternational payments made via the SWIFT system,accounting 2.4 % of total international payment traffic inNovember (2.1 % in November 2021). The PBoC regulates theexchange rate by publishing a daily "fixing" rate, aroundwhich the yuan-dollar rate can diverge by up to 2 % ineither direction in Chinese markets. [Extracted from the article]

TheShanghai Composite Index was down by 15 % at year's end,while the Shenzhen Composite Index ended down by 22 % forthe year. The index of the largest tradedfirms on the Shanghai and Shenzhen stock exchanges (CSI300) declined by 22 %, while the average price of growthfirms included in the Shenzhen Stock Exchange's ChiNextIndex were off by 29 %. [Extracted from the article]

Although the numbers of confirmed covid-19 cases in China are still miniscule (150-250 cases a day), the country has resorted to strict local suppression measures to deal with new fast-spreading strains of the virus. The Sinovac and Sinopharm vaccines are the most-used Chinese vaccines outside China. In addition to its own vaccines, China manufactures vaccines or components for export under licence. [Extracted from the article]

The yuan plays a significantly smallerrole in derivatives trading, and in April its share wasonly 0.6 %, smaller than e.g. the New Zealand dollar or theCzech koruna (shares summed to 100 %). From a geographicstandpoint, the most forex trading is conducted in the UK,which is also the second largest yuan trading hub. BOFIT Viikkokatsaus / BOFIT Weekly 2022/46 Last month the Bank for International Settlements (BIS)released its Triennial Central Bank Survey of foreignexchange and over-the-counter (OTC) derivative markets. [Extracted from the article]

Dollar appreciation depressed the yuan-dollar exchange rate in the end of September to levels not seen since 2008, when the yuan-dollar exceeded the 7.2 mark. The People's Bank of China called on market participants to support the yuan, causing the yuan's exchange rate to appreciate slightly. [Extracted from the article]

The article offers information on home sales in Orange County, California. Topics discussed include sales of KB Investment Development Co. of Irvine; focus of buyers for new homes that require little to no work, with outdated or older homes sitting on the market; low mortgage rates due to COVID-19 pandemic.

SWIFT, the Society for Worldwide Interbank Financial Telecommunication, reports that in January the yuan became the fourth-most-used global payments currency, accounting for 3.2 % of all payments. Hong Kong is China's main offshore yuan trading hub, accounting for over 75 % of offshore yuan payments in January. [Extracted from the article]

Presents a chart on the performance of foreign currencies against the American dollar as of December 24, 2004. Australian dollar; Brazilian real; Chinese yuan; Singapore dollar; Swiss franc; British pound.

Lists the conversion rates of various foreign currencies to the U.S. dollar, as of December 10, 2004 and compared a week and a year ago. Canadian dollar; Mexican peso; Euro; Chinese yuan.

Presents an overview of the foreign exchange compiled as of July 2004. Australian dollar; Brazilian real; Chinese yuan; Euro; Indian rupee; Mexican peso; South African rand.

The problems of developer Evergrande have affected the access to financing of smaller construction companies. Foreign investors are worried by the fact that Chinese firms may prioritise their domestic bond payments and other debt commitments over the servicing of their offshore debts. [Extracted from the article]

The Bond Connect programme that allows foreign institutional investors to invest via Hong Kong in mainland China interbank market has been in place since summer 2017 (BOFIT Weekly 27/2017). Quite expectedly, the programme is subject to strict quotas that limit total annual investment flows to 150 billion yuan in either direction and one million yuan per investor (not to mention other demands such as demonstrating sufficiently long investment experience and adequate resources). The elimination of quotas for the qualified and renminbi qualified foreign institutional investor programmes in mainland China and the combining of the programmes was announced in 2019 and entered into force last year (BOFIT Weekly 39/3019). [Extracted from the article]

The article reports that the dollar has been driven to a six-year low and share market into a correction due to the fallout from China's decision to further weaken its currency. It is stated that as part of a delayed entry into the global currency wars driven by countries trying to increase exports, Chinese yuan been devalued by 3.5% over the past two days as of August 13, 2015.

In the first day of trading (July 16) of China's new national carbon emission trading scheme, some 4.1 million tons worth of carbon credits changed hands, with an average price settling at around $8 per metric ton. The sanction costs of exceeding the carbon ceiling, the market price of the carbon credits and expectations of tightening the carbon trade parameters create incentive for companies to improve their carbon efficiency. [Extracted from the article]

As of end-June, the composition of the highly liquid part of the NWF broke down as follows: 39 % in euro assets, 30 % in yuan assets, 18 % in gold, 5 % in British pound assets, 5 % in Japanese yen assets and 3 % in US dollar assets. As of end-June, Russia's National Welfare Fund, which holds surplus oil & gas revenues, was worth about 187.6 billion USD or 11.7 % of GDP. As of end-2020, the share of dollar assets in Russia's foreign currency reserves was just 21 %, while the euro's share rose to 29 %. [Extracted from the article]

The yuan has appreciated against the US dollar and also against nominal trade-weighted exchange rates NEER and CFETS-index PHOTO (COLOR): Sources: Macrobond, BIS, CFETS and BOFIT. Deputy governor Liu Guoqiang commented that the PBoC does not seek to guide the yuan's exchange rate and is not planning an overhaul of its exchange rate regime. [Extracted from the article]

The article discusses the escalating trade war between the U.S. and China in 2019. The Chinese government has devalued the renminbi and companies have decided to stop making new purchases of farm goods from the U.S. after President Donald Trump imposed more tariffs on Chinese goods. In response, the U.S. Department of the Treasury labeled China a currency manipulator.

The article deals with the important role played by a strong U.S. dollar in enhancing the power of President Donald Trump. Topics covered include the recovery of the stature of the dollar as the preferred repository for global savings and its role in enhancing the power of U.S. trade sanctions against Iran and Venezuela. An assessment of the supremacy of the U.S. dollar over the Chinese renminbi and the euro is also presented.

The article discusses the impact of the currency depreciation in the Yuan and the Rupee on industries such as steel, automobiles and telecommunications which could face competition from Chinese imports.

The article offers information about the economic condition in China. It highlights the country improving outlook which is reflected in its currency. Reports reveal that renminbi has surged in value, helped by growing confidence in the country’s economic prospects as well as by a political push for stability.

The article focuses on the U.S. treasury department explores the exchange rate of trading partners like China. It also discusses how countries can cheapen their currency though manipulation and earn market stocks, China's production surplus, and how China had controlled its Renminbi for exports also voiced by the U.S. president Donald Trump.

The article discusses Chinese currency as compared with the American dollar and also mentions the Guangdong Chigo Air Conditioning Company. Topics discussed include views of Li Xinghao, the company's founder and chairman, on renminbi, views of U.S. Secretary of the Treasury Steven Mnuchin, on China's currency policy, and manufacturing jobs in China.

GLO:FDQM/16jun20:image-credit-113842.jpg PHOTO (COLOR): Image Credit: bobo1980/AdobeStock gl Top Chinese state refiner Sinopec Corp said on Tuesday it had started up a $6 billion new refinery and petrochemical plant in south China, making it the country's third integrated complex to start operations in the past 18 months or so. The new plant operates a 300,000 tonnage crude oil terminal and also berths that can dock vessels with capacity to carry 100,000 tonnes of refined products, Sinopec said. [Extracted from the article]