A total of 39 billion yuan in deposits are thought to have been frozen by rural banks. Payments will start to be made in phases on Friday, regional regulators announced. Some Chinese social media users have criticised the announcement. Authorities in the Henan province of China have announced that they will begin releasing money to … Read more
The U.S. dollar has soared another 12% this year. Analysts say there is no good reason to expect the rally to stall yet. Only 11 respondents said less than three months for the dollar to weaken. The euro, Japanese yen, and British pound have all weakened by double-digit percentages this year. The POLL dollar will … Read more
The Chinese yuan is quickly depreciating as the world’s second-largest economy struggles under the weight of Covid regulations. Concerns over escalating lockdowns in key cities, as well as Beijing’s tight links with Moscow in the aftermath of Russia’s invasion of Ukraine, have driven investors out of China since the beginning of the year. The linkages … Read more
BEIJING: The Chinese yuan is likely to hold its strength as a safe haven for global investors seeking shelter against geopolitical conflicts, leaving more policy space for China’s central bank to support the economy, experts said on Thursday. The currency is expected to stay appealing even amid the looming interest rate hikes by the US … Read more
KUNMING: Foreign trade in southwest China’s Yunnan Province registered a 16.8-per cent year-on-year growth in 2021, reaching 314.4 billion yuan (about $49.4 billion), Kunming Customs said on Wednesday. The province’s exports rose 16.3 per cent year-on-year to 176.7 billion yuan in 2021, while imports gained 17.3 per cent to about 137.7 billion yuan. Trade between … Read more
LHASA: Southwest China’s Tibet Autonomous Region plans to invest 601.5 billion yuan (around $94.3 billion) during its 14th Five-Year Plan period (2021/25), according to local authorities. The number sees a growth rate of 58 per cent, compared with that of the 13th Five-Year Plan (2016/20), the fifth session of the 11th People’s Congress of Tibet … Read more
BEIJING: China’s central bank on Tuesday announced that it has decided to lower relending rates for the agriculture sector and small enterprises by 0.25 percentage points starting from December 7. After the reduction, the interest rates of three-month reloans supporting the development of agriculture and small firms stood at 1.7 per cent, six-month at 1.9 … Read more
BEIJING: China‘s digital fiat currency, or the e-CNY, has been used for the first time for transactions in the domestic futures market, the China Securities Journal reported on Monday. The e-CNY has been used by the Dalian Commodity Exchange (DCE) for the payment of storage fees to a delivery warehouse, assisted by the local … Read more
SHENZHEN: Chinese tech giant Huawei’s revenue reached 320.4 billion yuan ($49.6 billion) in the first half of 2021, with a net profit margin of 9.8 per cent, according to the company’s semiannual report released Friday. As for the company’s three main businesses, the carrier business revenue reached 136.9 billion yuan, the revenue from enterprise business … Read more
Tianfu International Airport, China‘s $11 billion new mega-airport has become operational, making it China’s second-largest airport. According to the details, the international airport of Chengdu city of China has finally officially started the work, and thus a new way has been opened to reach this area, which is famous for its cute animal panda. The … Read more
Many Pakistani students are all set to participate in Belt and Road International Students Football League being played in China. The students from other countries including Russia, Spain, Central Asian Republics, and Africa will also show their presence. The opening ceremony of the league which was sponsored by International Students in China was held in … Read more
The U.S. Treasury Department labeled China a currency manipulator. This came after Beijing pushed down the value of its yuan in a dramatic escalation of the trade conflict. The conflict mentioned to be in between the world’s two biggest economies. The decision, which came hours after President Donald Trump accused China of unfairly devaluing its … Read more
