BEIJING (Reuters) – China’s new yuan loans are expected to have rebounded in May after a sharp drop in April, a Reuters poll showed, as the central bank keeps policy accommodative to support a fragile economic recovery. Chinese banks are estimated to have issued 1.60 trillion yuan ($225 billion) in net new yuan loans last…
(Reuters) – All of Australia’s “Big Four” banks on Friday passed on the Reserve Bank of Australia’s (RBA) latest rate hike to their customers in full, raising their respective standard variable home loan rates by a quarter-point. Earlier this week, the RBA stunned markets by raising its cash rate by 25 basis points to 4.1%…
By Summer Zhen and Samuel Shen HONG KONG (Reuters) – Money managers in China are struggling to lure retail investors, with fundraising by mutual funds in the first five months of the year hitting the lowest in four years and few betting on a near-term rebound, amid diminishing returns and economic challenges. More than 200…
BEIJING/SHANGHAI (Reuters) – China should standardise requirements for electric vehicle (EV) batteries in order to keep its edge over other markets such as the U.S. and Europe in the rapidly growing industry, the country’s former industry minister said on Friday. “Europe and the United States are ramping up efforts to develop local battery makers, while…
By Foo Yun Chee BRUSSELS (Reuters) – Meta Platforms’ Instagram, Alphabet’s YouTube, TikTok and Twitter could face regulatory action after European consumer group BEUC complained to the European Commission and consumer authorities that the online platforms allegedly facilitate the misleading promotion of crypto assets. U.S. regulators suing crypto platforms Coinbase and Binance, along with last…
By Joe Cash BEIJING (Reuters) – China’s factory gate prices fell at the fastest pace in seven years in May and quicker than forecasts, as faltering demand weighed on a slowing manufacturing sector and cast a cloud over the fragile economic recovery. As rising interests rates and inflation squeeze demand in the United States and…
By Julie Zhu and Aziz El Yaakoubi HONG KONG/RIYADH (Reuters) – Chinese entrepreneurs and investors are flocking to Riyadh this week to attend a business conference, which will bring together business and government leaders aiming to explore expansion and fundraising opportunities, amid warming diplomatic relations. Saudi Arabia will be hosting the 10th Arab-China Business Conference,…
By Patricia Zengerle WASHINGTON (Reuters) – Legislation to strip China of its status as a “developing nation” at some international organizations was passed by a U.S. Senate committee on Thursday, as members of the U.S. focus on competing with the Asian power. The Senate Foreign Relations Committee approved the “Ending China’s Developing Nation Status Act”…
By Stella Qiu SYDNEY (Reuters) – The risk of Australia’s economy slipping into recession has risen sharply, after the central bank surprised markets this week by raising rates and warned it could tighten again to tamp down on high inflation even at the cost of preserving jobs. For a year, Reserve Bank of Australia Governor…
BEIJING (Reuters) -BYD announced on Friday a new brand of electric vehicles (EV) ranging from off-road to sports cars as the company looks to meet more diversified consumer demand. The new brand is called Fang Cheng Bao, which translates from Chinese literally as “Formula” and “Leopard”. The Chinese EV giant is expected to launch the…
