China’s major state-owned banks were seen busy selling U.S. dollars to buy yuan in both onshore and offshore spot foreign exchange markets this week, people with direct knowledge of the matter said, in an attempt to slow the yuan’s depreciation.
China’s central bank said on Thursday it would keep liquidity reasonably ample and keep its policy “precise and forceful” to support the country’s economic recovery, amid rising headwinds.
Hedge fund EDL Capital is betting on further falls for China’s offshore currency and says the yuan’s slide could be the next “black swan event” to rattle world markets, according to an investor presentation this month seen by Reuters.
Government targets to increase wind power installations globally by five-fold annually by 2030 are unrealistic and would require $27 billion in investment in the supply chain by 2026, Wood Mackenzie said in a report.
Chinese commercial banks need to maintain a proper level of profit and net interest margins to ensure sustainability in supporting the real economy, China’s central bank said in a monetary policy implementation report on Thursday.
A Nigerian court in the capital Abuja adjourned a hearing on Thursday for suspended central bank governor Godwin Emefiele, who is facing a 20-count fraud charge, due to the absence of a second defendant on the case, a government lawyer said.
Walmart Inc raised its full-year forecasts and beat estimates for second-quarter sales on Thursday, underscoring its strength in offering lower prices on everything from daily perishables and clothes to inflation-squeezed Americans.
Tapestry , which agreed to buy Capri last week, forecast fiscal 2024 profit below estimates and reported lower-than-expected quarterly sales on Thursday, as demand for its luxury handbags and accessories slows down in the United States.
Electric-vehicle batteries and other car parts are the latest products under scrutiny as part of Washington’s effort to stamp out U.S. links to forced labor in Chinese supply chains.
With China at risk of tipping into prolonged stagnation and a spiralling property crisis threatening financial stability, there is growing unease over why its leaders are not rushing to revive the world’s second-largest economy.
