SHANGHAI (Reuters) – China’s yuan closed up against the dollar on Wednesday on expectations the currency will continue to appreciate for the rest of 2011, sealing its biggest monthly rise so far this year.
Beijing has engineered a spurt of yuan appreciation this month by setting a series of strong mid-points, as it looks to employ more tools to fight persistent inflation and work towards its long-term aim of reducing the economy’s reliance on exports.
SHANGHAI, Aug 23 (Reuters) – China Life Insurance Co
, the world’s largest life insurer by
market value, posted a bigger-than-expected drop in first-half
net profit, hit by sluggish investment returns from domestic
By contrast, main rival Ping An last
week reported a 33 percent jump in first-half profit on the back
of strong growth in its banking and property insurance units,
highlighting its successful business diversification strategy.
SHANGHAI, July 27 (Reuters) – A top Chinese credit ratings
agency has put two local government financing vehicles in the
southwestern province of Yunnan on credit watch, the first such
move since concerns mounted over potential defaults on local
China Chengxin International, which is 49 percent owned by
Moody’s, said it was taking the step because certain assets of
the related entities — Yunnan Investment Holdings Group (YIHG)
and Yunnan Electric Power Investment (YEPI) — were expected to
be transferred or restructured.
SHANGHAI (Reuters) – A fake Apple store in China, made famous by a blog that said even the staff working there didn’t realize it was a bogus outlet, is probably the most audacious example to date of the risks Western companies face in the booming Chinese market.
Few products have captured the imagination of Chinese consumers quite like Apple’s iPhones and iPads. Demand is surging across the country of 1.3 billion people, even hundreds of miles away from the tech giant’s official stores in Beijing and Shanghai.
SHANGHAI, July 22 (Reuters) – A fake Apple store in China,
made famous by a blog that said even the staff working there
didn’t realise it was a bogus outlet, is probably the most
audacious example to date of the risks Western companies face in
the booming Chinese market.
Few products have captured the imagination of Chinese
consumers quite like Apple’s iPhones and iPads. Demand
is surging across the country of 1.3 billion people, even
hundreds of miles away from the tech giant’s official stores in
Beijing and Shanghai.
SHANGHAI, July 22 (Reuters) – An American blogger who
stumbled upon a near flawless fake Apple Store in China has
become an Internet sensation after her post went viral and
triggered a feisty debate about piracy in the world’s second
The 27-year-old, who goes by the name “BirdAbroad”, said her
blog had attracted nearly 1 million hits over the past three
days after it caught the imagination of the world’s media.
SHANGHAI (Reuters) – Concern that local Chinese governments could default on some of their debt may persuade Beijing to push back important reforms to the country’s bond market, risking a further flare-up in local debt problems down the road.
Beijing has said it is interested in allowing provincial, city and other local governments to issue bonds directly to bring greater transparency to their finances and discipline to their investments in infrastructure.
SHANGHAI, July 20 (Reuters) – The double whammy of high
input costs and weak demand is expected to have squeezed margins
of Asian steelmakers in the June quarter, but the fall in
profits could bottom out in the third quarter as seasonal demand
Analysts expect Asian steelmakers to post lower profits for
April-June and the hardest hit will be Japanese companies as the
devastating earthquake and ensuing power shortages hit demand
for key consumers such as carmakers and shipbuilders.
WASHINGTON/SHANGHAI (Reuters) – China urged the United States to cancel a scheduled meeting between President Barack Obama and exiled Tibetan spiritual leader the Dalai Lama at the White House on Saturday, saying such a meeting would harm U.S.-China relations.
The White House announced on Friday that Obama would speak with the Dalai Lama about Tibet in their first meeting in more than a year. The announcement upset China, which was already on edge about the Dalai Lama’s meetings with U.S. congressional leaders and the potential for a U.S. debt default.
SHANGHAI (Reuters) – However you slice and dice it, a sizeable chunk of China’s local government debt will likely go bad over the next few years. But that will not be anything the world’s second-largest economy can’t muddle through.
Something of a war of words has emerged over just how much China’s provincial and city governments owe their creditors for the infrastructure and other projects they have rushed out over the past several years, helping their own economies flourish amid a global downturn.