China will cut the amount of cash that banks must hold as reserves for the first time this year to help keep liquidity ample and support the economic recovery after the pandemic.
The onshore Chinese yuan jumped by 648 basis points against the greenback to the highest in over one week on Monday as the US dollar fell amid heightened expectations that the US Federal Reserve will be less aggressive with monetary policy after the collapse of the Silicon Valley Bank.
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China’s three largest telecoms operators continued to rally on Monday, with China Mobile surging more than 9% hit 97.87 yuan at one
The Hong Kong Exchanges and Clearing Limited (HKEX) said its net profit attributable to shareholders for the fiscal year ending on December 31, 2022, reached HK$10.078 billion, sliding 20% from a record high in 2021.
Hong Kong stocks rallied as the impact of the Silicon Valley Bank’s collapse is easing, Premier Li Qiang’s speech lifted market confidence and the Chinese yuan strengthened sharply against the US dollar amid expectation of slower rate hikes by the US Federal Reserve.
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BYD started building its first overseas electric vehicle assembly line, located in Thailand’s eastern Rayong province, on March 10, the company said in a press release.
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East China’s Jiangxi province, a major rare-earths production base, will step up crackdown on illegal mining of strategic minerals such as lithium and rare earths in a special action that will run through the end of Oct 2023.
Shares of Kaisai Group tumbled 25% in Hong Kong, Ronshine China sliding more than 11%, Powerlong down more than 4%, CIFI Holdings down nearly 4%, Times China down nearly 3%.
The net balance measuring whether Chinese companies project an increase in headcount over the next 12 months was 11% in February, the highest level in eight years, according to a survey by S&P Global Market Intelligence, compared to only 2% in the previous survey conducted in October last year.
Chinese President Xi Jinping said that China needs security to develop and must modernise its military to make it a “Great Wall
China’s economic growth target for this year has been set at “around 5%” after taking into account various factors, said Chinese Premier
China reported unexpectedly strong credit growth for February, with money supply growing at the fastest pace in nearly 7 years, as the authority looks to support the economic recovery.
Chinese automakers are sliding in Hong Kong, with Geely Auto sliding 5.4% as of 9:43 am local time, BYD Company down 5%, Nio, Great Wall Motor and Li Auto down more than 4% and Xpeng Motors down 3.3%.
Macquarie said it’s positive about China Unicom’s strong performance in industry internet, which grew 29% in 2022 from the previous year and accounting for 20% of its total revenue.
JPMorgan raised the forecast of Sinopec, PetroChina, and CNOOC’s dividend payout ratios to 80%, 60%, and 50%, respectively, from previous estimates of 75%, 45%, and 40%.
Since China downgraded the control measures COVID-19 on January 8, the country has logged 39.72 million cross-border passenger trips and 2.49 million cross-border transportation vehicles (ships, aircraft, and trains), surging 112.4% and 59.3%, respectively, from a year earlier.
China Unicom, one of the country’s largest telecoms operators, said its revenue reached 354.9 billion yuan in 2022, rising by 8.3% from the previous year, the fastest growth in nine years.
China is “open” to a visit by US Secretary of Commerce Gina Raimondo as it remains “very important” for the two sides to maintain communication over trade, China’s Ministry of Commerce said on Wednesday.
Hotels near top tourist attractions in major cities have been fully booked for May 1, the first day of the Labour Day holiday, according to online travel agency Trip.com.
Authorities in central China’s Hubei province offers as much as 90,000 yuan discounts on cars purchased from Dongfeng Honda Automobile, according to promotional leaflets at car dealerships.
China’s proposed National Financial Regulatory Commission will better tackle lingering issues that threaten to destabilise the economy, ranging from a housing bubble to the unbridled expansion of financial conglomerates, said Goldman Sachs in a research note.
The number of travelers has increased by 82% in the past two weeks (Feb 19 – Mar 4), compared to the previous two weeks (Feb 5 – 18), according to data from online travel agency Tuniu.
Goldman Sachs cut target price of HKEX by 1% to HK$437 from HK$441, but kept it on Conviction Buy list.
BofA Securities downgraded Chow Tai Fook, one of the world’s largest jewellery retailers, from Neutral to Underperform, and cut its target price from HK$17.6 to HK$13.2.
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Hong Kong broadcaster TVB’s parent company, Television Broadcasts Limited, continues surging on Wednesday, jumping as much as over 97% to hit HK$14.36
Defaulted property developer Sunac China said in its overseas debt restructuring plan that it may issue new US dollar bonds to replace existing ones, and creditors can also apply for debt-to-equity swaps.