14 h. ago Kenya’s plan to switch debt payments from US dollars to yuan is a ‘win

Kenya’s plan to convert its US dollar-denominated Chinese debt to yuan is a “win-win”, as it is expected to reduce interest payments for the African nation while advancing China’s goal of increasing the global use of its currency, according to analysts. The deal would be precedent-setting and could establish a new rule book for future debt restructuring and possibly cut reliance on the US dollar. In late August, Kenya’s Treasury announced that talks with the Export-Import Bank of China were at...

Economics

17 h. ago Citi Exits UnionPay Network in China After Retail Bank Closure

Citi Exits UnionPay Network in China After Retail Bank Closure  Bloomberg.com

Economics

21 h. ago Chinese province floats new use for digital yuan: paying long

China is mulling the application of its digital yuan – the central bank-backed currency also known as the e-CNY – to tackle persistent payment defaults, a move that would broaden the asset’s scope beyond the set of use cases explored by Beijing since the currency’s launch in 2019. Authorities in the central province of Hunan touched upon the subject when detailing plans to expand the digital currency’s application scenarios and scale, according to a document published last month. Hunan will...

Politics

37 h. ago China’s power bank scandal leads to supplier’s lawsuit against Romoss

The ramifications of China’s power bank scandal, which prompted an emergency ban of substandard models on domestic flights, have extended to a mainland court, where troubled manufacturer Romoss Technology was slapped with a lawsuit for unpaid funds. Shenzhen-based electronics contract manufacturer Zowee Technology filed the lawsuit at the People’s Court of Pengjiang district in Jiangmen, a city in southern Guangdong province, where it sought 136.26 million yuan (US$19 million) in damages against...

Economics

48 h. ago How an SCO development bank could shift the global financial order

At the 25th Shanghai Cooperation Organisation summit in Tianjin this week, Chinese President Xi Jinping urged member states to accelerate the creation of an SCO development bank, a proposal that could mark a turning point in Asia’s financial landscape. While headlines focused on the high-profile presence of Russian President Vladimir Putin and Indian Prime Minister Narendra Modi, Xi’s proposal points to the SCO’s evolution from a security bloc into a financial actor. Xi also pledged US$1.4...

Economics

68 h. ago Goldman’s Top Asia Banker Says China Stock Rally Has Room to Run

Goldman’s Top Asia Banker Says China Stock Rally Has Room to Run  Bloomberg

Politics

4 d. ago China pushes development bank to help 10 Eurasian countries curb US dollar risks

A strong push on Monday to create a development bank serving 10 Eurasian countries, including China, would help insulate the group from increasingly risky US dollar-dominated trade while accelerating key infrastructure work, according to analysts. Such a concessional lender – part of an idea that has long been put on hold – would serve China, Russia, India and seven other nations that have worked together since 2001 as the Shanghai Cooperation Organisation (SCO). President Xi Jinping said at a...

Events

4 d. ago At summit, China’s Xi announces talent scheme, calls for SCO development bank

This live blog has been made freely available as a public service to our readers. Please consider supporting SCMP’s journalism by subscribing. New users who download our updated app get a seven-day free trial. China is hosting the annual Shanghai Cooperation Organisation (SCO) summit in the northern port city of Tianjin, to be attended by dozens of world leaders and chiefs of international organisations. On Monday, President Xi Jinping kicked off the official meeting with leaders of SCO member...

Politics

4 d. ago China’s Xi pushes SCO bank as Putin deflects Ukraine blame – as it happened

This live blog has been made freely available as a public service to our readers. Please consider supporting SCMP’s journalism by subscribing. New users who download our updated app get a seven-day free trial. China is hosting the annual Shanghai Cooperation Organisation (SCO) summit in the northern port city of Tianjin, to be attended by dozens of world leaders and chiefs of international organisations. On Monday, President Xi Jinping kicked off the official meeting with leaders of SCO member...

Politics

7 d. ago Bitcoin heads toward $100K as US trade deficit, China bank woes raise alarm

Bitcoin heads toward $100K as US trade deficit, China bank woes raise alarm  Cointelegraph

Events

7 d. ago China's big banks warn of more margin pressure in the second half

China's big banks warn of more margin pressure in the second half  Reuters

Events

7 d. ago Profitability pressure grows for China’s state banks amid low rates

China’s top banks face continued pressure, as a slowing economy, lower interest rates and weak loan demand weighed on first-half earnings. Net profit at Industrial and Commercial Bank of China (ICBC), the world’s largest bank by assets, fell 1.4 per cent in the first half from a year earlier to 168.1 billion yuan (US$23.5 billion), according to its interim results announced on Friday after the market closed. Its net interest margin (NIM), a key indicator of a bank’s profitability, fell to 1.3...

Economics

8 d. ago Trump implores banks to step up monitoring of China money laundering linked to fentanyl

The administration of US President Donald Trump called on American banks and other financial institutions Thursday to step up monitoring of suspected Chinese money-laundering networks it says fuel fentanyl addiction in the United States. The advisory highlighted how informal Chinese money-laundering operations work in a symbiotic relationship with the Jalisco New Generation, Sinaloa, Gulf and other Mexican drug cartels to effectively bypass financial safeguards. “Money-laundering networks linked...

Politics

8 d. ago XtalPi’s 615% jump in drug revenue highlights China’s biotech boom

Shenzhen-based XtalPi posted a 615 per cent surge in first-half revenue from its drug-discovery business following a blockbuster deal that highlighted China’s growing importance as a source of biotechnology innovation for the global pharmaceutical industry. Revenue from drug discovery soared to 435 million yuan (US$61 million) in the first half after the company collected the first US$51 million from an August agreement with US-based DoveTree, according to its earnings announcement on Wednesday....

Events

8 d. ago China’s retail stock traders bank on US$1 trillion bull run extending

China’s individual investors are jumping on the bandwagon of a surprising stock-market rally, eyeing more gains that they believe will be buttressed by state support and potential foreign inflows. The nation’s 240 million retail stock traders – twice the population of Japan – are cheering the breakout of the benchmark Shanghai Composite Index, which hit its highest level in a decade this month, leaving behind the trauma of two short-lived run-ups in recent years. China’s markets are now...

Economics

8 d. ago Former China central bank chief challenges need for stablecoin adoption

Former China central bank chief challenges need for stablecoin adoption  The Block

Politics

8 d. ago Why have stablecoins triggered caution from former China central bank governor?

Former Chinese central bank governor Zhou Xiaochuan has urged a more measured tone amid a global surge of interest in stablecoins, calling for a “multidimensional assessment” of their genuine utility and the systemic risks they may pose. The United States and Hong Kong are rolling out regulatory frameworks for the asset, and speculation has been growing about the likelihood of Beijing following suit by introducing yuan-backed stablecoins in a bid to further internationalise its currency. “We...

Politics

8 d. ago China Banks Warn on Using Credit Cards to Fund Stock Trading

China Banks Warn on Using Credit Cards to Fund Stock Trading  Bloomberg.com

Events

9 d. ago The Peak home sold for US$140 million in Hong Kong’s top deal this year

Hong Kong recorded a billion-dollar home sale this week, another sign that ultra-wealthy customers are continuing to find choice assets even amid the city’s property slump. A mansion at 1 Gough Hill Road on The Peak on Hong Kong Island, refurbished from an old guest house used in the 1990s by the Bank of China, sold for HK$1.088 billion (US$139.87 million) on Tuesday, according to the transactions register. The buyer’s identity could not be ascertained. That made it the city’s most expensive...

Economics

9 d. ago China Aug EV sales preview: Deutsche Bank expects Nio at 32,000 units, Tesla 53,000, Xiaomi 34,000

China Aug EV sales preview: Deutsche Bank expects Nio at 32,000 units, Tesla 53,000, Xiaomi 34,000  CnEVPost

Economics