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South China Morning Post
2 hours ago
- South China Morning Post
China's rare earth exports swell in June as Beijing relaxes controls
China's rare earth exports surged in June to their highest level since December 2009, in what analysts said could be an early sign that recent behind-the-scenes agreements with the United States on the flow of critical minerals are beginning to bear fruit. Exports of the elements reached 7,742.2 tonnes last month – a 60 per cent increase from the 4,828.7 tonnes recorded in June 2024 – and a 32 per cent jump compared to the 5,865 tonnes reported this May, according to customs data. Rare earth exports have become a focal point for global trade in recent months, as Beijing tightened controls on shipments in April to assert its dominance over the supply chain – a move widely seen as a response to similar restrictions by the US on the flow of advanced semiconductors and increases to tariffs. Hints of a thaw emerged in late June, when the Wall Street Journal reported that six-month export licences had been issued to select American manufacturers. And last month, China's Ministry of Commerce said it would improve how it handles export approvals for European countries and make it easier for their businesses to engage in legitimate trade.
South China Morning Post
2 hours ago
- South China Morning Post
China's monetary policy impact not yet unleashed, PBOC says with 5% GDP goal in mind
China's central bank intends to carefully calibrate the intensity and pace of its 'moderately loose' monetary policy implementation, taking steps to help the country's economy grow by Beijing's goal of around 5 per cent this year. Zou Lan, deputy governor of the People's Bank of China, said on Monday that the agency would closely monitor and evaluate the transmission and actual effects of previously implemented measures. And any future steps would be based on domestic and international financial and economic conditions, as well as the performance of financial markets. 'Monetary policy operates with a lag, and the full impact of current measures is still unfolding,' Zou said at a press conference. 'The PBOC will continue to implement a moderately accommodative monetary policy. 'This approach aims to more effectively stimulate domestic demand, stabilise public expectations, invigorate market vitality, and support the achievement of this year's economic and social development goals and tasks.' Zou Lan, deputy governor of the People's Bank of China, spoke at a press conference on Monday. Photo: Handout In May, the PBOC announced a raft of supportive measures to shore up China's economy and stabilise capital markets against the backdrop of trade negotiations with the United States. The reserve requirement ratio – the amount of cash that commercial banks must hold as reserves – was cut by 0.5 percentage points, and the seven-day reverse repo rate – a benchmark interest rate – was lowered by 0.1 percentage point to 1.4 per cent. The rate of housing accumulation fund loans and relending facilities rate were also slashed by 0.25 percentage points.
South China Morning Post
2 hours ago
- South China Morning Post
Stablecoin scams, innovation put China's financial regulators in high-stakes balancing act
A financial dilemma has sent local-level financial authorities across China scrambling as they try to navigate a stablecoin frenzy that some say has become a breeding ground for chaos, with scams that have already duped millions. As a result, several local governments have elevated stablecoins to the top of their agendas in recent weeks while issuing urgent warnings to investors about illegal fundraising and fraudulent schemes. With this in mind, the nation's top financial authorities remain committed to financial innovation and adaptation. And regulators are doing their best to strike a balance. But in major mainland cities such as Beijing, Shenzhen, Suzhou and Chongqing, alerts went out last week. They warned that illicit financial activities, which often lure investors with promises of high returns and guaranteed interest payments, pose significant risks to public financial security. The word of caution came as a major investment scam – promoting high returns using buzzwords and terms such as 'USDT', a leading stablecoin also known as tether – was being widely reported across the mainland. Said to have defrauded more than 2 million investors, the scheme has evoked memories of widespread collapses among peer-to-peer lending platforms in China between 2018 and 2020. Thus, the dangerous financial ploy has reignited concerns about regulatory challenges in managing emerging financial technologies (fintech) in a Chinese-style market economy, and the market remains wary of what is widely perceived as a recurring flaw, with 'lax regulation leading to chaos, followed by crackdowns that cause collapse'.
