
China Vows ‘Forceful Measures' After Taiwan's Huawei Export Curb
Beijing vowed to respond to Taiwan's 'technological blockades' after the self-ruled island blacklisted Chinese companies including Huawei Technologies Co., limiting their ability to develop cutting-edge artificial intelligence.
'We will take forceful measures to resolutely safeguard the normal order of cross-strait economic and trade exchange,' Taiwan Affairs Office spokeswoman Zhu Fenglian said Wednesday at a regular briefing in Beijing. She was responding to a question about Taiwan' recent curbs on Chinese companies, and didn't elaborate on how Beijing would respond.
Hashtags

Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
22 minutes ago
- Yahoo
Japanese court convicts a US Marine in sexual assault, sentencing him to 7 years in prison
TOKYO (AP) — A Japanese court said Wednesday it has found a U.S. Marine guilty of sexually assaulting a woman on Okinawa, sentencing him to prison terms, in a case that has triggered anger and safety concerns on Japan's southern island, which has a heavy American troop presence. The Naha District Court said Lance Cpl. Jamel Clayton, 22, of Ohio, was sentenced Tuesday to seven years in prison in the case. Clayton was found guilty of attacking the woman in her 20s in the Yomitan village on the main Okinawa island in May, 2024, chocking her from behind, sexually assaulting her and causing her injuries. In sentencing, Judge Kazuhiko Obata said the victim's testimony, provided remotely and anonymously, was highly credible even though the defendant denied his charges brought by the prosecutors, who demanded 10 years in prison, according to Kyodo News. It was one of a string of sexual assault cases last year in which the arrests of the suspects were initially withheld by local authorities on grounds of protecting the victims' privacy, triggering anger and criticisms of coverups. Okinawa, where one of the fiercest battles of World War II was fought 80 years ago and under U.S. occupation until 1972, remains home to the majority of about 50,000 U.S. troops stationed in Japan under a bilateral security pact. The island, which accounts for only 0.6% of Japanese land, hosts 70% of U.S. military facilities. Frustration runs high on Okinawa because of its continued burden with the heavy U.S. presence that includes noise, pollution, aircraft accidents and crime related to American troops. Defense Minister Gen Nakatani, who attended Monday's 80th anniversary of the end of the Battle of Okinawa, raised concerns about recent sexual assault cases involving U.S. service members when he met with Lt. Gen. Roger Turner, the commander of III Marine Expeditionary Force, requesting discipline and preventive measures. There has been growing calls for a revision to the Status of Forces Agreement that gives the United States the right to investigate most accidents and crimes that occur on Japanese soil. Japanese Prime Minister Shigeru Ishiba 's Cabinet on Tuesday adopted a statement showing that the Japanese prosecutors dropped criminal cases against more than 300 U.S. service members in the last decade between 2014 and 2024, including a sexual assault case in Okinawa in 2020.
Yahoo
23 minutes ago
- Yahoo
China Seizes Moment to Globalize Yuan as Dollar Doubts Mount
(Bloomberg) — China is launching a sweeping campaign to promote the yuan's global role, seizing what officials see as a rare strategic opening. Bezos Wedding Draws Protests, Soul-Searching Over Tourism in Venice US Renters Face Storm of Rising Costs US State Budget Wounds Intensify From Trump, DOGE Policy Shifts Commuters Are Caught in Johannesburg's Taxi Feuds as Transit Lags With the dollar (DX=F) facing multiple challenges, Beijing is accelerating its long-standing campaign to reduce global reliance on the world's reserve currency. What sets the latest push apart is timing: Chinese policymakers see erratic US decision-making and geopolitical tensions as the most favorable backdrop in years to promote the yuan. The latest measures aim to not just facilitate trade but also open China's financial markets and embed the yuan more deeply in investment flows. They include easing capital controls, expanding cross-border payment systems, and launching new financial products to attract foreign investors. Beijing's hope is that a more internationalized yuan may reshape trade and global finance and challenge the dollar's dominance in reserve portfolios. 'The measures to further integrate China with the global financial system feel like steps in the right direction, as China wants to make sure that the yuan is in the conversation of important global currencies,' Lynn Song, chief Greater China economist at ING Bank NV, said. Role in Monetary System In a speech last week, Chinese central bank governor Pan Gongsheng envisioned a new global currency order with a reduced role for the dollar. He outlined a vision in which China's financial markets are more open and the yuan plays a central role in the world's capital flows. To push that vision, the People's Bank of China plans to establish an international operation center for the digital yuan in Shanghai. It's also exploring the launch of the country's first domestic currency futures, which could compete with similar hedging tools in offshore markets like Singapore and Chicago. In Hong Kong, a fast payment system was launched over the past weekend. It allows residents to wire payments in the yuan or Hong Kong dollar to the mainland for trade and services, further integrating the two markets. The city's exchange is also expected to add yuan-denominated counters to the southbound stock link. Crypto-currency linkages are on the table as well. Hong Kong's Secretary for Financial Services and the Treasury Christopher Hui said recently he won't rule out the possibility of linking stablecoins with the yuan, though he noted risks, exchange rates, monetary policy and other factors would have to be considered. His comments came after the US Senate passed legislation on a dollar-pegged stablecoin and Hong Kong's approval of its own stablecoin regulatory framework in May. China is also taking steps to further facilitate capital flows by opening more domestic trading products to foreign investors later this year. Authorities plan to raise quotas for local residents to invest their yuan in overseas securities, which would increase the currency's international circulation. 'China could be seizing the opportunity to promote RMB internationalization,' Xiaojia Zhi, an economist at Credit Agricole CIB said, adding further steps, such as deepening the offshore yuan liquidity pool, could sustain the momentum. China's own payment system, CIPS, is also gaining traction. It expanded recently to cover more foreign banks including United Overseas Bank, Bangkok Bank and First Abu Dhabi Bank. For the first time, CIPS' overseas participants cover offshore yuan centers in Africa, the Middle East, Central Asia and Singapore. These are set to increase yuan settlements in China's cross-border transactions, where the currency has already overtaken the dollar in recent years. While the Chinese currency still accounts for just 2.2% of global reserves, its share in China's cross-border transactions has already overtaken the dollar. In the nation's goods trade, yuan settlement stood at 26% in May and could rise to 40% by year-end, according to Zhaopeng Xing, senior strategist at Australia & New Zealand Banking Group. Economic Headwinds Still, China faces challenges. An economic slowdown, deflationary pressures and lower bond yields have complicated efforts to push the yuan forward. 'On the fundamental level, wider international use of yuan rests on a robust economy and further progress in capital account convertibility,' Morgan Stanley economists led by Robin Xing wrote in a note last week. Inside Gap's Last-Ditch, Tariff-Addled Turnaround Push Luxury Counterfeiters Keep Outsmarting the Makers of $10,000 Handbags Ken Griffin on Trump, Harvard and Why Novice Investors Won't Beat the Pros Is Mark Cuban the Loudmouth Billionaire that Democrats Need for 2028? Can 'MAMUWT' Be to Musk What 'TACO' Is to Trump? ©2025 Bloomberg L.P. Sign in to access your portfolio
Yahoo
23 minutes ago
- Yahoo
China Vows ‘Forceful Measures' After Taiwan's Huawei Export Curb
(Bloomberg) -- Beijing vowed to respond to Taiwan's 'technological blockades' after the self-ruled island blacklisted Chinese companies including Huawei Technologies Co., limiting their ability to develop cutting-edge artificial intelligence. Bezos Wedding Draws Protests, Soul-Searching Over Tourism in Venice US Renters Face Storm of Rising Costs US State Budget Wounds Intensify From Trump, DOGE Policy Shifts Commuters Are Caught in Johannesburg's Taxi Feuds as Transit Lags 'We will take forceful measures to resolutely safeguard the normal order of cross-strait economic and trade exchange,' Taiwan Affairs Office spokeswoman Zhu Fenglian said Wednesday at a regular briefing in Beijing. She was responding to a question about Taiwan' recent curbs on Chinese companies, and didn't elaborate on how Beijing would respond. Taiwan last week joined a yearslong US campaign to curtail China's technological ascent by adding the country's AI and chipmaking champions — Huawei and Semiconductor Manufacturing International Corp. — to its entity list. That bars the island's firms from doing business with the pair without a license, the first time Taipei has used the blacklist on major Chinese companies. The new restrictions are likely to, at least partially, cut off Huawei and SMIC's access to Taiwan's plant construction technologies, materials and equipment essential to build AI chips, like those made by Taiwan Semiconductor Manufacturing Co. for the likes of Nvidia Corp. Zhu condemned Taiwan's decision as 'despicable' and claimed it displayed President Lai Ching-te's loyalty to the US government. President Donald Trump's administration has urged Taipei to take more ownership over chip restrictions on China, Bloomberg News previously reported. 'Attempts to decouple will not delay the progress of industrial upgrading on the mainland,' Zhu said, adding that such actions will only damage the competitiveness of Taiwanese enterprises and the island's economy. Inside Gap's Last-Ditch, Tariff-Addled Turnaround Push Luxury Counterfeiters Keep Outsmarting the Makers of $10,000 Handbags Ken Griffin on Trump, Harvard and Why Novice Investors Won't Beat the Pros Is Mark Cuban the Loudmouth Billionaire that Democrats Need for 2028? Can 'MAMUWT' Be to Musk What 'TACO' Is to Trump? ©2025 Bloomberg L.P.