6 h. ago China shop clerk breaks jade bangles worth US$140,000; owner seeks no compensation

A shop clerk in eastern China accidentally broke jade bangles valued at over one million yuan (US$140,000), yet the owner chose compassion over compensation, giving the young man a chance to learn from his mistake. The incident, which occurred in October at a jewellery shop in Suzhou, Jiangsu province, was captured on surveillance video. While moving a table, the clerk accidentally knocked over a box of jade bangles, resulting in a loud crash. He attempted to gather the pieces but squatted in...

Economics

7 h. ago Chipmaker CXMT eyes US$42 billion Shanghai listing, sources say

Chinese memory chipmaker ChangXin Memory Technologies (CXMT) plans an initial public offering (IPO) in Shanghai as soon as the first quarter of next year, eyeing a valuation of up to 300 billion yuan ($42.12 billion), according to two sources briefed on the matter. Founded in 2016 with government backing, CXMT leads China’s strategic push to build a foothold in a global DRAM market long dominated by companies from Japan, South Korea and the United States. China’s leading manufacturer of dynamic...

Economics

7 h. ago Apple’s iPhone and beauty products lead the charge in record

Alibaba Group Holding kicked off direct sales for its annual Singles’ Day shopping festival on Monday, with initial figures surpassing last year’s performance – a sign of strengthening domestic consumption during China’s biggest online retail event. Since direct sales began on Taobao and Tmall at 8pm on Monday, 80 brands had exceeded 100 million yuan (US$13.8 million) in sales within the first hour, while more than 30,000 brands doubled their takings from a year earlier, according to data...

Politics

11 h. ago At China’s Canton Fair, exporters sense a warming trend in yuan settlements

At the ongoing autumn edition of the Canton Fair in Guangzhou – China’s oldest and largest trade exhibition – Chinese exporters are noticing a quietly spreading shift: an increasing number of overseas clients, particularly from emerging markets such as Southeast Asia, Central Asia and Africa, are proactively proposing to settle trade orders in yuan. Wang Lilin, sales director at diesel generator manufacturer Keypower, said the company had seen a clear rise in yuan settlements over the past two...

Events

23 h. ago US to seek rival bids for Artemis 3 moon landing as SpaceX lags, Nasa chief says

Nasa’s top official on Monday said the US space agency was opening up the contract for its Artemis 3 astronaut moon landing to compete against billionaire Elon Musk’s SpaceX, the mission’s current contractor, which was running late. “I’m in the process of opening that contract up. I think we’ll see companies like Blue [Origin] get involved and maybe others,” Nasa administrator Sean Duffy, who also serves as US transport secretary, told Fox News’ Fox & Friends programme. Blue Origin is a SpaceX...

Technology

23 h. ago Nasa opens US moon landing contract to rival bidders as SpaceX lags

Nasa said on Monday it was opening the marquee US moon landing contract to other bidders because Elon Musk’s SpaceX has experienced mounting delays with its Starship lunar lander. The move paves the way for rivals such as Jeff Bezos’ Blue Origin to snatch a high-profile mission to land the first astronauts on the moon in half a century. “I’m in the process of opening that contract up. I think we’ll see companies like Blue get involved, and maybe others,” the US space agency’s acting chief Sean...

Technology

27 h. ago Ethiopia in Talks With China to Convert Dollar Loans Into Yuan

Ethiopia in Talks With China to Convert Dollar Loans Into Yuan  Bloomberg

Politics

50 h. ago Bob Yuan, Leo Ye clinch second GT World Challenge Asia crown

Bob Yuan, Leo Ye clinch second GT World Challenge Asia crown  Xinhua

Politics

54 h. ago China pupil suffers mental breakdown after watching horror film at school

A Chinese student who suffered a mental breakdown after watching a horror film during a self-study session has won a legal case against her school. A court has ordered the school’s insurance provider to pay 9,182 yuan (US$1,300) in compensation. The incident took place in October 2023 at a school in Hengzhou, Nanning, Guangxi Zhuang autonomous region, southern China. As the assigned teacher was on temporary leave, the class was held as a self-study session. During this period, some students...

Events

55 h. ago Origine’s Yuan & Ye Retain GT World Asia Championship In Beijing

Origine’s Yuan & Ye Retain GT World Asia Championship In Beijing  dailysportscar.com

Politics

55 h. ago Origine’s Yuan & Ye Retain GT World Challenge Asia Championship In Beijing

Origine’s Yuan & Ye Retain GT World Challenge Asia Championship In Beijing  dailysportscar.com

Politics

3 d. ago New lending and repo plans accelerate the yuan’s challenge to the US dollar

When Hong Kong businessman Sunny Yip Yuk-chik heard about a new scheme that would make it easier and cheaper to borrow Chinese yuan, he immediately called his staff on the Chinese mainland with the news. Earlier this month, the Hong Kong Monetary Authority (HKMA) launched a 100 billion yuan (US$14 billion) Renminbi Business Facility (RBF) that would enable business owners like Yip to borrow yuan from Hong Kong banks for up to 12 months at the onshore yuan interest rate, easing trade...

Politics

3 d. ago Chinese boy rolls across newlyweds’ bed while chanting on wedding day

At some Chinese weddings, a little boy is invited to roll across the wedding bed while chanting blessings, praying for the couple to have children and enjoy prosperity. Known as gun chuang or “rolling the bed”, this centuries-old tradition originated in northern China but has since spread nationwide. In ancient China, when populations were small and productivity low, families desperately hoped for a male heir to help with agricultural work. Legend tells of a woman from the Zhao family who,...

Politics

3 d. ago Why Chinese boy rolls across newlyweds’ bed while chanting on wedding day

At some Chinese weddings, a little boy is invited to roll across the wedding bed while chanting blessings, praying for the couple to have children and enjoy prosperity. Known as gun chuang or “rolling the bed”, this centuries-old tradition originated in northern China but has since spread nationwide. In ancient China, when populations were small and productivity low, families desperately hoped for a male heir to help with agricultural work. Legend tells of a woman from the Zhao family who,...

Politics

4 d. ago Iron ore the new pawn in global geopolitics as China pushes yuan payments

Iron ore the new pawn in global geopolitics as China pushes yuan payments  Fastmarkets

Politics

4 d. ago China’s PBOC Vows Steps to Promote Use of Yuan Around the World

China’s PBOC Vows Steps to Promote Use of Yuan Around the World  Bloomberg.com

Politics

4 d. ago Bitcoin struggles to find momentum after historic crypto wipeout

After a week-long rout that erased hundreds of billions in digital-asset value, bitcoin has again failed to live up to its billing as a safe-harbour asset. Once cast as a hedge against market turmoil – a “digital gold” for the blockchain age – the original cryptocurrency stabilised on Friday morning in Singapore after sliding alongside global equities and credit to hover near US$109,000, according to data compiled by Bloomberg. Bitcoin had struck an all-time high of US$126,251 as recently as...

Politics

4 d. ago China has a new 500 billion yuan ‘financial instrument’. How will it be used?

China’s top economic planner, the National Development and Reform Commission (NDRC), confirmed last month that Beijing was setting up a new “policy-based financial instrument” worth 500 billion yuan (US$70 billion). The special financing tool was first proposed in April – when trade tensions between China and the United States were rapidly escalating – to provide an extra injection of funding to accelerate domestic innovation and support the economy. It has the potential to drive trillions of...

Economics

5 d. ago China’s central bank sets yuan at highest rate against US dollar in a year

China’s central bank has set the yuan’s daily reference rate against the US dollar at the strongest level in a year, as expectations grow that the US Federal Reserve will cut rates again this month. On Thursday, the People’s Bank of China (PBOC) set the yuan’s midpoint rate – also known as the daily fixing rate – at 7.0968 per US dollar, its strongest since October last year. Two days earlier, US Federal Reserve Chairman Jerome Powell said that America’s labour market and inflation outlooks were...

Economics

5 d. ago Cook is in Beijing. The Android AiPhone is on sale at a price of 4,499 yuan right in your face.

Cook is in Beijing. The Android AiPhone is on sale at a price of 4,499 yuan right in your face.  36Kr

Economics