HK, mainland stocks rise with new measures from Beijing
The Hang Seng Index marked its fifth day of consecutive gains on Wednesday. SING TAO
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
South China Morning Post
an hour ago
- South China Morning Post
Hong Kong stablecoin law draws mainland attention as Citic anticipates tokenisation boom
Hong Kong's move to legalise stablecoins – cryptocurrencies that maintain a fixed value by being pegged to a reference asset – is grabbing the attention of mainland institutions, as a leading Chinese brokerage predicts a boom in tokenised real-world assets (RWA) in the city. Advertisement While Beijing has remained largely quiet on Hong Kong's new stablecoin bill in the two weeks since it was passed, paving the way for the issuance of such assets in the city, discussions about the market and geopolitical implications have intensified on the mainland. Analysts at Citic Securities wrote in a note published on Tuesday that stablecoins could help mainland companies roll out their RWA projects in Hong Kong, as they could serve as stabilising tools that increase market liquidity. The new law would also help the city develop interfaces for digital currency payment and settlement, according to the note led by analyst Yang Zeyuan. Ying Ying, an analyst at Chinese brokerage CSC Financial, also wrote in a research note that Hong Kong has entered a stage of 'accelerated growth' of tokenised RWAs. Stablecoins are backed one-to-one with fiat currency like the US dollar. The world's largest stablecoin is Tether, or USDT. Photo: AFP Stablecoins, which are typically backed one-to-one with fiat currency such as US dollars, have recently drawn widespread attention, as financial regulators around the globe have started to focus on the specialised cryptocurrencies, which some see as potentially destabilising. The same week Hong Kong passed its stablecoin bill, the US Senate advanced its own bill called the Genius Act, which also focuses on these assets.
South China Morning Post
2 hours ago
- South China Morning Post
Alibaba, JD.com sales surge during 618 shopping festival on the back of subsidy programme
Preliminary 618 retail data from Taobao and Tmall Group (TTG), Alibaba's domestic e-commerce unit, showed sales of categories that benefit from government subsidies – including consumer electronics products and home appliances – surged 283 per cent during the campaign's initial checkout period from May 13 to May 26, compared with the initial checkout period of its Singles' Day campaign last year. Alibaba owns the South China Morning Post. For sales of home appliances and electronics rose about 380 per cent year on year in the first hour of its 618 campaign, which started on May 30, according to the latest data on the company's website. Both major e-commerce platforms were among the first to join the central government's renewed trade-in programme. The 2025 programme enables consumers who already claimed subsidies during last year's roll-out to receive new rebates. The data from Alibaba and reflects improved domestic retail spending, as the national subsidy programme offers each consumer a rebate of up to 2,000 yuan (US$278) per item. Eligible goods include consumer electronics products, such as personal computers and smartphones , as well as a range of home appliances from refrigerators and washing machines to televisions and air conditioners.
South China Morning Post
3 hours ago
- South China Morning Post
Vietnam faces ‘long' list of ‘tough' US demands to cut Chinese imports in tariff talks
The US sent a 'long' list of 'tough' requests to Vietnam in its tariff negotiations, including demands that could force the country to cut its reliance on Chinese industrial goods imports, two people briefed about the matter said. Advertisement Washington wants Vietnam-based factories to reduce their use of materials and components from China and is asking the country to control more carefully its production and supply chains, one of the people briefed on the talks said, without elaborating on whether quantitative targets were included. The list is part of an 'annex' to a framework text prepared by US negotiators, according to four people familiar with the matter. One of them, who had direct access to the document, said the list was sent to Hanoi at the end of May after the conclusion of a second round of talks with Washington aimed at avoiding 46 per cent 'reciprocal' tariffs on imports from Vietnam. The sources declined to be named because those discussions were not public. Advertisement
