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    In this article US10YJason Lee | ReutersBEIJING — The rapid rise in the U.S. 10-year Treasury yield to three-year highs has erased its gap with its Chinese counterpart, something that hasn't happened for more than a decade. As the yields cross paths – the U.S. one rising above China's – that theoretically reverses an investment strategy that bought Chinese bonds for the greater return they offered relative to U.S. Treasurys. It's not immediately clear whether the move is sustained and big enough to have large-scale implications, but the development is a market signal that investors are watching. The U.S. 10-year Treasury yield traded near 2.857% as of Wednesday night, slightly below the Chinese 10-year government bond yield of 2.873%, according to Refinitiv Eikon data. The U.S. yield climbed above its Chinese counterpart early last week for the first time since 2010, and has tried to hold onto a small premium in the last few days. The market development reflects diverging monetary policy between the two countries, analysts said. The People's Bank of China is loosening monetary policy and cutting rates,...
    The Kingdom of Saudi Arabia considering abandoning the United States dollar for a significant chunk of its crude oil exports and replacing it with the Chinese yuan, according to an exclusive report in Tuesday's Wall Street Journal. "The talks with China over yuan-priced oil contracts have been off and on for six years but have accelerated this year as the Saudis have grown increasingly unhappy with decades-old U.S. security commitments to defend the kingdom," the WSJ explained. "The Saudis are angry over the U.S.’s lack of support for their intervention in the Yemen civil war, and over the Biden administration’s attempt to strike a deal with Iran over its nuclear program. Saudi officials have said they were shocked by the precipitous U.S. withdrawal from Afghanistan last year." Saudia Arabia is the world's leading exporter of oil and the dollar has been the reserve currency for international commerce since the mid-20th century. The bedrock of this paradigm is oil. "China buys more than 25% of the oil that Saudi Arabia exports. If priced in yuan, those sales would boost the...
    Hong Kong (CNN Business)China was hoping the Winter Olympics would be a watershed moment for the digital yuan, providing a global stage on which to parade its prowess in financial innovation.Instead, geopolitical tensions, the pandemic and China's insistence on stamping out every trace of Covid are spoiling the party, dealing a blow to one of the most ambitious digital currency projects on the planet.China is already on the verge of becoming a cashless society, but the vast majority of those electronic transactions happen on privately owned apps, outside of the immediate purview of the state. An official yuan would change that, giving Beijing an unprecedented amount of information about what people are spending their money on and where. The world's second largest economy has been trialing the digital yuan in Chinese cities for the last two years, as it prepares for a national rollout that could put China ahead of Europe and the United States in the global race to develop a state-backed digital currency.The timeline for that nationwide launch has yet to be decided, but Beijing almost certainly intended...
    US President Biden has invited about 110 countries and territories to attend a video conference next month on the 9th and 10th of this month. Public opinion believes. State Council Taiwan Affairs Office: International anti-Chinese forces “use Taiwan to control China” must set themselves on fire. In Beijing, the State Council’s Taiwan Affairs Office expressed its strong opposition to any official transaction between the United States and Taiwan, and warned any Chinese opposition in the world that “using Taiwan to control China” was too dangerous. It is described as playing with fire. Spokesman Zhu Fenglian said: “First of all, we must point out that the headlines about Taiwan listed on the US website are incorrect. We strongly oppose any official transaction between the United States, Taiwan and China. This position is consistent and clear. -The US Joint Statement states that issues related to Taiwan must be handled properly. “ In addition, the Taiwan Affairs Office of the State Council continued to fire on Taiwanese independent elements and their supporters at today’s press conference. Spokesman Xu Fenglian confirmed today (24) that...
    In this article 9618-HKVIDEO2:2402:24China's JD.com on overseas investments and international expansionStreet Signs AsiaGUANGZHOU, China — JD.com is accepting China's digital yuan for payment on its e-commerce platform during Singles Day for the first time. While China's digital currency, the e-CNY, has not officially rolled out nationwide, JD's move to accept it during the biggest shopping event in the world highlights the Chinese central bank's push to trial it in a large-scale environment. JD said that as of Nov. 11, more than 100,000 people had used e-CNY on the company's app during the Singles Day promotion period, which started on the evening of Oct. 31 and ends on Thursday. If users type "e-CNY" on JD's app, they will get instructions on how to download China's digital currency app. Those users will receive 15 yuan ($2.34) to spend. JD is collaborating with China Construction Bank on this.What is the digital yuan?China's digital yuan is not a cryptocurrency. Instead, it is a digital form of the country's currency, designed to replace coins and cash in circulation. When formally rolled out, it will be...
    In this article MFA driver packs delivery orders into the back of an electric motorcycle outside a Missfresh warehouse.Gilles Sabrie | Bloomberg | Getty ImagesGUANGZHOU, China — Two Chinese grocery delivery start-ups — Missfresh and Dingdong — have had uninspiring starts following their initial public offerings in the U.S. Investors are concerned about the cut-throat competition in the Chinese market around grocery deliveries and whether these companies will ever become profitable. Missfresh, which is backed by Chinese technology giant Tencent, went public on Friday on the Nasdaq, pricing its American depositary shares (ADS) at $13 each and raising around $273 million. Since then, shares have fallen by a third and closed at $8.65 on Tuesday. Meanwhile, rival Dingdong, which started trading on the New York Stock Exchange on Tuesday, closed roughly flat on its debut after pricing shares at $23.50 per ADS. After Missfresh's tough start, Dingdong actually reduced the size of its IPO from $357 million to $110 million, assuming the underwriters fully exercise their option to purchase additional shares.Read more about China from CNBC ProJPMorgan picks its favorite Chinese stocks...
    (CNN)Imagine getting through this pandemic without Zoom. Or not having any days off work, toiling seven days a week with no overtime pay. Asian Americans have improved the lives of fellow Americans in countless ways. But some of the biggest contributions don't end up in history books. Here's how five Asian Americans of different ethnicities helped shape America:Larry Itliong bolstered farm workers' rights and working conditionsLarry Itliong, right, and Cesar Chavez met in Delano, California, in 1967.After losing three fingers working at an Alaska cannery, Larry Itliong spent decades fighting for better pay and treatment for agricultural workers.Read MoreHis work as a pioneering union leader helped generations of farm workers to come. Yet many Americans don't know his name."Itliong became the great Filipino American historical omission," reads a blog post for the Asian American Legal Defense Education Fund."While (Cesar) Chavez is remembered as the farmworker icon, his name emblazoned on schools, parks, and roads, Itliong has been generally forgotten, treated by society as it seems Filipinos have always been treated. As nothing. But labor movement writers know that without Itliong,...
    Hong Kong (CNN)The Academy Awards this year could have been a major moment of pride for China.Chloe Zhao, a Beijing-born filmmaker, made history Sunday by winning the best director Oscar for her movie "Nomadland" -- becoming the first woman of color and only the second woman to ever win the award. Zhao's movie also won best picture.But China is not celebrating -- at least not officially.On the contrary, this year's Oscars was not aired anywhere in China -- including on two major streaming platforms where the annual ceremony had been shown live in previous years. In Hong Kong, a leading broadcaster opted not to air the Oscars for the first time in more than half a century.Even as Zhao's victory makes headlines around the world, Chinese state media has remained conspicuously quiet. Hours after the announcement, no reports of her win could be found on the websites of state news agency Xinhua or state broadcaster CCTV. Social media posts sharing the news of her victory have also been censored.Read MoreThe official silence is in contrast to March, when Zhao won...
    The Alibaba Group Holdings Ltd. headquarters stand illuminated at night ahead of the annual November 11 Singles' Day online shopping event in Hangzhou, China, on Sunday, Nov. 10, 2019.Qilai Shen | Bloomberg | Getty Images GUANGZHOU, China — Alibaba reported profitability for its cloud computing business for the first time in a continued push to diversify its business beyond e-commerce as it faces regulatory scrutiny in China. The Chinese tech giant reported adjusted EBITA (earnings before interest, taxes, and amortization) of 24 million yuan ($3 million) for its cloud business in the December quarter. Adjusted EBITA is one measure of profitability. That compares to a loss of 356 million yuan in the same period in 2019. Alibaba previously said that it expects its cloud division to become profitable within its current fiscal year which began in April and ends on March 31, 2021.  The milestone will be welcomed by investors who have put great importance on cloud computing to drive Alibaba's future growth. Current chairman and CEO Daniel Zhang told CNBC in a 2018 interview that cloud computing would be Alibaba's "main...
    VIDEO3:1203:12Stars are 'really lining up' for a stronger Chinese yuan: UBSStreet Signs Asia SINGAPORE — The Chinese yuan is set to see further gains in the short term, according to UBS Global Wealth Management's Dominic Schnider. "The stars are really lining up for a stronger (Chinese yuan)," Schnider, head of commodities and Asia-Pacific foreign exchange/macro at UBS told CNBC's "Street Signs Asia" on Wednesday. The Chinese currency has strengthened significantly so far this year, and data releases continue to show the country powering ahead of its global peers in its recovery from the coronavirus pandemic. As of Friday morning Singapore time, the onshore Chinese yuan sat at 6.6891 against the greenback, nearly 4% stronger since the start of the year. The Chinese currency's offshore counterpart — which trades more freely than the onshore yuan — traded at 6.689 per dollar. It has also gained almost 4% against the U.S. dollar since the beginning of the year. China's onshore yuan, also known as the renminbi, trades within a narrow band stipulated by the central bank, which steps in to buy or...
    Jason Lee | Reuters BEIJING — China's foreign exchange regulator told businesses Friday to prepare for more volatility in the yuan. The Chinese currency, also known as the renminbi, strengthened roughly 1% this week against the U.S. dollar to levels not seen since July 2018. Less than five months ago, the yuan was at its weakest against the greenback since early 2008. Although that is based on a midpoint set by the central bank, the People's Bank of China, Beijing has been allowing markets to play a greater role in the exchange rate. One-year implied volatility of the yuan has climbed to 5%, versus less than 2% for previous years, indicating a basis of "increased flexibility" in the exchange rate, State Administration of Foreign Exchange spokeswoman Wang Chunying told reporters on Friday. "In face of exchange rate fluctuations, businesses should strengthen their risk prevention awareness," Wang said, according to a CNBC translation of her Mandarin-language remarks. She said that rather than expect one-way strengthening or weakening of the yuan, businesses should prepare for two-way moves in the exchange rate, and hedge...
    Democratic presidential nominee Joe Biden arrives to speak at a drive-in campaign rally at Riverside High School on October 18, 2020 in Durham, North Carolina.Drew Angerer | Getty Images A win for Democratic presidential nominee Joe Biden in the U.S. election next month could prove to be bullish for the Chinese yuan, analysts said. A "balanced outlook" for the election "should reduce the risk premium" for the Chinese currency, analysts at Swiss bank Lombard Odier wrote in a report on Tuesday. "We assume a Biden win that reduces some trading uncertainty," they said. "Biden's presidency could lead to a more rational approach to bilateral trade — even if his team could prove as hawkish on China as Trump's on other matters." Under President Donald Trump's administration, the U.S. and China have levied billions of dollars worth of tariffs on each other's goods in a protracted trade dispute. Dropping those tariffs could lead to greater demand for Chinese goods and, correspondingly, the Chinese currency. Republicans have largely embraced Trump's "America First" agenda, abandoning traditional party goals such as unfettered trade. Biden has...
    China must brace for a full-blown escalation of the struggle with the United States and prepare to gradually decouple the Chinese yuan from the US dollar, a former senior Chinese diplomat warned amid the continued downward spiral in relations between the world’s two largest economies. Zhou Li, a former deputy director of the Communist Party’s International Liaison Department ” which manages relations with foreign political parties, organisations and elites ” is the latest in a series of voices in China calling for the country to be ready for a currency split with the US amid growing signs of financial war in recent weeks. “By taking advantage of the dollar’s global monopoly position in the financial sector, the US will pose an increasingly severe threat to China’s further development,” Zhou wrote in the full version of an article published on Saturday by the Beijing-based think tank Chongyang Institute for Financial Studies at Renmin University. China renews push of yuan in belt and road nations, but challenges remain China should now make preparations to insulate itself from “dollar hegemony and gradually achieve...
    Alena Vikhareva | iStock | Getty Images The currency markets are currently facing "multiple cross-currents" amid fears over a potential second wave of coronavirus cases in the world, said Deutsche Bank's Sameer Goel, who is chief Asia macro strategist. A "big question" for investors right now over the U.S. dollar is whether it should be trading at a safe-haven risk premium as concerns rise over a potential second wave of virus infections, Goel told CNBC's "Street Signs" on Monday. He said that in a potential resurgence of cases, the U.S. dollar could weaken against most of its peers in developed markets, and to an extent, possibly China too. His comments came after the U.S. reported a spike in the number of cases over the weekend. More than 30,000 new cases were reported on Friday and Saturday — the highest daily totals since May 1, according to data compiled by Johns Hopkins University. Meanwhile, the recent detection of a cluster of infections in the Chinese capital of Beijing also stoked concerns of a potential resurgence of the virus in the country, where Covid-19 was...
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