September 4, 2023 at 6:00 PM EDT Updated on September 5, 2023 at 5:41 AM EDT China has taken a series of incremental steps to boost its economy after a run of disappointing data showed the government is increasingly at risk of missing its growth target of about 5% for this year. But Beijing isn’t … Read more
I’m Shawn Donnan, a senior writer for economics in Washington. Today I’m looking at the strategic implications of China’s slowdown. Send us feedback and tips to ecodaily@bloomberg.net or get in touch on X, the social media platform formerly known as Twitter, via @economics. And if you aren’t yet signed up to receive this newsletter, you … Read more
China moved to support the yuan by increasing the supply of foreign currency in its local market, part of a multi-pronged effort by Beijing to restore confidence amid sluggish growth. Financial institutions will need to hold just 4% of their foreign-exchange deposits in reserve starting Sept. 15, the People’s Bank of China said Friday, compared … Read more
China intensified efforts to stimulate the economy and support its currency, as investor concerns over the growth outlook persist. The central bank will trim the amount of foreign currency deposits banks are required to hold as reserves for the first time this year, the People’s Bank of China said Friday. The move came hours after … Read more
China Evergrande Group slumped as much as 87% in Hong Kong trading following a 17-month halt, becoming a penny stock as the country’s most-indebted developer unveiled more losses and delayed meetings with creditors. The decline to HK$0.35 as of the lunch break on Monday shrank its market value to just HK$4.6 billion ($586 million) from … Read more
China is escalating its defense of the yuan, pushing up funding costs in the offshore market to squeeze short positions and setting a new record with its stronger-than-expected reference rate for the currency. Analysts say the steps are designed to slow the pace of yuan depreciation rather than engineer a sustained rally. Forecasters at JPMorgan … Read more
Xi Jinping’s quest to rewrite the playbook that drove China’s economic miracle for a generation is facing its sternest test yet. The $18 trillion economy is decelerating, consumers are downbeat, exports are struggling, prices are falling and more than one in five young people are out of work. Country Garden Holdings Co., with 3,000 pending … Read more
China’s central bank unexpectedly lowered a key interest rate in a bid to invigorate an economy beset by a deepening property slump and lackluster consumer demand. Data this week showed home prices in China fell for a second month in July, while industrial production and retail sales disappointed. After cutting rates on Tuesday by the … Read more
Good morning. Global bonds are sinking, Arm’s jumbo IPO and Germany’s relations with Huawei. Here’s what people are talking about. Global government bond yields extended their climb — with the US 30-year reaching the highest point since 2011 and other benchmarks returning to 2008 levels — as resilient economic data challenges the view that central … Read more
Country Garden Holdings Co., once China’s biggest real estate developer, is edging toward a default. The distressed builder suspended trading in nearly a dozen onshore bonds Monday, paving the way for debt negotiations and a possible restructuring. Investment bank CICC International Capital Corp. has been engaged to explore optionsBloomberg Terminal for the company, including extending … Read more