The yuan isn’t going to unseat the U.S. dollar anytime soon — but the Chinese currency’s rising prominence has been seen in global reserves as well as international trade. Much has been said about the U.S. dollar losing its dominance as the world’s reserve currency, as it weakened sharply in recent weeks. Still, analysts rejected the idea, […] Read more
Over $50 billion of cryptocurrency moved from China-based digital wallets to other parts of the world in the last year, pointing to possibilities that Chinese investors are transferring more money than allowed out of the country, a new report claims. Chinese citizens are only allowed to buy up to $50,000 of foreign currency a year […] Read more
Walmart’s online shopping strategy is paying off in China, arguably one of the most developed e-commerce markets in the world. The giant discount retailer reported Tuesday that net e-commerce sales in China grew 104% from a year ago in the three months ended July 31. That’s a faster pace than the 97% growth posted for net e-commerce […] Read more
The world’s two largest economies appear set to dial up their exchange of sharp language ahead of the U.S. presidential election in November, according to the former chairman of Goldman Sachs Asset Management. It has amplified concerns about whether simmering diplomatic tensions between the U.S. and China could soon spill over. China’s Foreign Ministry announced on Friday […] Read more
China reported that the country’s GDP grew by 3.2% in the second quarter of this year, compared to a year ago — beating analysts’ expectations and rebounding from the first quarter’s contraction. It comes as lockdowns to contain the coronavirus outbreak in China eased, and as Beijing rolled out stimulus measures to prop up its economy. Economists […] Read more
The Chinese yuan is set to see a sizable appreciation against the greenback in the next 12 months, according to Zach Pandl, co-head of global foreign exchange, rates and emerging market strategy at Goldman Sachs. Pandl forecasts the Chinese currency could hit 6.70 per dollar in the next 12 months, “primarily through the health of the Chinese […] Read more
Morgan Stanley is bullish on Singapore stocks and expects as much as 14% returns for the MSCI Singapore index over the next 12 months. In fact, investors could increasingly be looking to Singapore as a safe place to invest in as uncertainty roils the region, the investment bank said. “We could see inflows supported by […] Read more
The UK government’s planned post-Brexit trade deal with the US has been threatened by a revolt among Tory peers and MPs in Conservative-voting country shires where there are mounting anxieties about a collapse in food and farming standards. The much-vaunted agreement would be the biggest prize in a raft of trade deals the UK hopes to […] Read more
President Donald Trump says he did not sanction Chinese officials further over the detention of Muslims in Xinjiang as he was in the “middle of a trade deal”. Mr Trump told the Axios news site that achieving a “great” deal meant he could not impose “additional sanctions”. China has held about a million Uighurs and […] Read more
China’s bond market is the exception, UBS Asset Management’s Hayden Briscoe said, as investors struggle in their hunt for yield. Major central banks around the world have taken drastic steps, like slashing or maintaining record low interest rates, to shore up financial markets reeling from the coronavirus pandemic. The yield on the 10-year China government […] Read more
