SWIFT data shows Russian companies and banks were involved in nearly 4% of global transactions using the yuan.
FINANCE
China’s non-financial ODI up 4.4 percent in Jan.-July
China’s non-financial outbound direct investment (ODI) reached 424.28 billion yuan in the first seven months of the year, up 4.4 percent year on year, official data showed Thursday. In U.S. dollar …
Summers Says China-Surpassing-US Is Japan 1990 All Over Again
Sign up for the New Economy Daily newsletter, follow us @economics and subscribe to our podcast.Most Read from BloombergApple Targets Sept. 7 for iPhone 14 Launch in Flurry of New DevicesBiden Called …
Biden administration agrees arms sales to Riyadh and Abu Dhabi to counter China’s growing influence
The sales were announced as China’s President Xi Jinping prepares to visit Saudi Arabia as early as this week—his first overseas visit since the COVID pandemic—where he is expected to be given an …
Tapestry, Estee Lauder feel earnings pinch from China lockdowns
Tapestry Inc and Estee Lauder Cos Inc forecast full-year earnings below estimates on Thursday, underscoring the hit global luxury goods companies are taking from China’s COVID-19 lockdowns.
Russia charges to third in list countries using China’s yuan
LONDON (Reuters) – Russia has charged up to third place in a list of countries outside mainland China using the yuan for global payments, highlighting how it is being affected by Western sanctions.
China’s economy is beset by problems
China’s zero-covid policy has left its economy equally trapped. The impact is both direct and indirect, hampering both supply and sentiment. The most profound effects are not always the most obvious.
China denies its BRI, CPEC projects faced serious crisis as countries like Pakistan, Sri Lanka drowned in debt
China on Thursday put up a brave face defending its ambitious USD 147 billion BRI, playing down a flurry of reports highlighting that President Xi Jinping’s pet strategic project is turning out to be …
China allocates 420 million yuan for disaster relief
China on Wednesday earmarked 420 million yuan (about 62 million U.S. dollars) of disaster relief funds to support flood control and drought relief work. Among the emergency funds, which were allocated …
China regulator to push ahead with reforms in smaller banks to tackle risks
China’s banking sector regulator will push ahead with reforms in the country’s small-and-medium-sized lenders to defuse financial risks, it said on Thursday, at a time when the world’s second-largest …
China’s longest heatwave brings costlier eggs and more economic woes
China is enduring the longest and most severe heatwave in six decades that has left residents parched, industries without power and also threatens to hurt the country’s critical autumn harvest, adding …
China’s factories are shutting down again—but not because of covid
Mere months after widespread covid lockdowns in Shanghai disrupted supply chains and forced manufacturers to halt operations, China is again seeing an uptick in factory shutdowns.
Yangtze tributary runs dry as China faces another month of drought
Residents living near a tributary of the Yangtze river in the southwestern region of Chongqing clambered along the dry riverbed on Thursday amid an unprecedented drought across the region that could …
