Latest news with #China
Yahoo
20 minutes ago
- Business
- Yahoo
China's yuan undervaluation fuels euro zone trade deficit, German study shows
By Reinhard Becker and Sarah Marsh BERLIN (Reuters) -European companies are facing increasing pressure due to China's alleged currency manipulation to keep its yuan weak, a study by the German Economic Institute showed, as EU leaders prepared for a summit in Beijing aimed at navigating trade disputes. The yuan-euro exchange rate has remained stable in recent years despite significant shifts in cost relations between Europe and China, suggesting likely currency manipulation by the central bank, said Juergen Matthes, author of the study by the Institute (IW), which was seen by Reuters. Extremely low prices mean more European companies are sourcing intermediate goods from China, contributing to deindustrialisation on the continent, he said, urging the EU to take action. "The artificially low costs in China, driven by yuan undervaluation, are simply too attractive," Matthes said. Those companies that did not source their intermediate goods from China would lose market share to rivals who "fully exploit China's price advantages." The Chinese central bank did not immediately respond to a request for comment. EU leaders arrive in Beijing on Thursday for a top-level summit with China as both sides seek to navigate trade disputes amid broader global trade uncertainties. In response to allegations of currency manipulation, China has in the past said it was committed to implementing a managed floating exchange rate regime, based on market supply and demand. UNDER PRESSURE The study comes as European companies are under pressure from a surge in Chinese exports diverted from the United States and an appreciation of the euro against the dollar due to U.S. President Donald Trump's trade policies, economists say. Producer prices in Germany and the euro zone have surged since 2020 due to supply chain disruptions and the energy crisis, whereas prices in China have hardly increased. Yet, the exchange rate has barely moved, leading to a real appreciation of the euro against the yuan of over 40% between early 2020 and spring 2025, and deepening the euro zone trade deficit with China, the study shows. Normally, higher import purchases from the euro zone would boost the yuan as it drives up demand for the currency, but that has not been the case, said Matthes. President Trump labeled China a currency manipulator during his first term. The Treasury Department then dropped the designation in January 2020 as Chinese officials arrived in Washington to sign a trade deal with the U.S. Last month, the U.S. simply issued a stern warning to China, saying it stood out among key trading partners "in its lack of transparency around its exchange rate policies and practices." China said it upheld "multilateralism and respects multilateral consensus," was committed to keeping the renminbi exchange rate stable, and would not "engage in competitive currency devaluation." Matthes, however, said the Chinese central bank's behavior was "highly non-transparent." When adjusting the yuan exchange rate, which is only allowed to fluctuate within a narrow band, the dollar relationship plays a central role, as does a currency basket, he said. "But how this is done, exactly, no one outside China knows,' he said, and the euro is "collateral damage."
Khaleej Times
20 minutes ago
- Business
- Khaleej Times
India to resume issuing tourist visas to Chinese citizens from July 24
India will resume issuing tourist visas to Chinese citizens from July 24 this year, its embassy in China said on Wednesday, the first time in five years as both countries move to repair their rocky relationship. Tensions between the two countries escalated following a 2020 military clash along their disputed Himalayan border. In response, India imposed restrictions on Chinese investments, banned hundreds of popular Chinese apps and cut passenger routes. China suspended visas to Indian citizens and other foreigners around the same time due to the COVID-19 pandemic but lifted those restrictions in 2022, when it resumed issuing visas for students and business travellers. Tourist visas for Indian nationals remained restricted until March this year, when both countries agreed to resume direct air service. Relations have gradually improved, with several high-level meetings taking place last year, including talks between Chinese President Xi Jinping and Indian Prime Minister Narendra Modi in Russia in October. China's Foreign Ministry spokesperson Guo Jiakun said on Wednesday that Beijing had noted the positive move. "China is ready to maintain communication and consultation with India and constantly improve the level of personal exchanges between the two countries," he said. India and China share a 3,800 km (2,400-mile) border that has been disputed since the 1950s. The two countries fought a brief but brutal border war in 1962 and negotiations to settle the dispute have made slow progress. In July, India's foreign minister told his Chinese counterpart that both countries must resolve border friction, pull back troops and avoid "restrictive trade measures" to normalise their relationship.
Zawya
20 minutes ago
- Business
- Zawya
XTransfer Announces Over 700,000 Global Customers
Emerging Markets Become the "Blue Ocean" for Enterprises Going Global SHANGHAI, CHINA - Media OutReach Newswire - 23 July 2025 - XTransfer, the World's Leading & China's No.1 B2B Cross-Border Trade Payment Platform, announces that its global enterprise customer base has exceeded 700,000. This significant milestone highlights the platform's remarkable achievements in supporting small and medium-sized enterprises (SMEs) to expand globally. As a global leader in the B2B cross-border trade payment sector, XTransfer is committed to providing SMEs with secure, convenient, and compliant one-stop cross-border financial solutions, enabling businesses to capitalise on the immense opportunities in emerging markets. Recently, Bill Deng, Founder and CEO of XTransfer, was invited to attend the 01VC CEO Summit 2025. During the roundtable discussion focused on new dynamics in cross-border trade, Bill highlighted, "Today, for every 100 RMB in Chinese exports, 2 RMB are settled through XTransfer, and one-tenth of SME foreign trade enterprises have registered on our platform. With access to firsthand data insights, we are uniquely positioned to capture shifts in global trade flows." Digitalisation Driving New Integration: Enterprises Must Seize Opportunities in Emerging Markets In recent years, tariff wars and trade frictions have forced Chinese export enterprises to review their global market strategies. Bill explained,"Digitalisation is accelerating the redistribution of global trade. While the share of the U.S. market declines, emerging markets in Southeast Asia and Africa are rapidly absorbing this growth. Markets in Africa, Southeast Asia, and Latin America are becoming the "blue ocean" for Chinese enterprises expanding globally." Data from our platform shows that over 70% of all clients on the XTransfer platform in the first half of 2025 exported to Asia, Africa, or Latin America. Additionally, the proportion of payments received from Asia, Africa, and Latin America increased by 100% compared to the same period in the previous year. XTransfer hosts the largest nationwide foreign trade conference in China every year, the TradeVision Summit, which is attended by over 3,000 foreign trade business owners and has more than 2 million online participants. "For the past three years, the primary theme of this conference has been how to discover emerging markets beyond the United States. The opportunities in these markets are enormous, and by establishing a presence now, companies will enjoy a first-mover advantage over the next decade," Bill shared. Bill further remarked, "After COVID, we observed a rapid improvement in global digitalisation levels. Therefore, I believe the global opportunities for China's industrial chains will become even more substantial. Businesses must go global, particularly by focusing on less developed countries, to capture the new dividends brought by digital integration. This is why we fully support our clients in accelerating their diversification into multiple markets." XTransfer to Continue Upgrading Its Digital Platform and Building a Global Localised Service Network XTransfer will continue to enhance its digital capabilities and actively promote the establishment of a globally localised service network to assist SMEs in securely, conveniently, and compliantly exploring overseas markets. XTransfer is committed to providing enterprises with one-stop cross-border financial solutions to improve global operational efficiency and risk resilience. Hashtag: #XTransfer #Crossborder #Payment #SMEs #EmergingMarkets The issuer is solely responsible for the content of this announcement. XTransfer
Khaleej Times
20 minutes ago
- Khaleej Times
Smartphone photography enters a new era with Pura 80 Ultra
The smartphone scene has become a bit disappointing in recent years. There are no head-turning features or jaw-dropping innovations. Some minor spec bumps and a fresh coat of paint is all we have been getting year after year. Many have given up waiting with bated breath. That's when Huawei, the same brand that brought us the first-ever mainstream tri-fold smartphone, drops the HUAWEI Pura 80 Ultra. What's the deal with this phone, you ask? Well, it might make many people reconsider their plans to buy a mirrorless system. The cameras are that good, and we are not just talking about the main camera. Best telephoto camera in town Even for smartphones that flex on camera capabilities, the main camera has always been the centerpiece. The ultra-wide and especially the telephoto were an afterthought. The Pura 80 Ultra is fixing this broken formula by introducing a trailblazing Switchable Dual Telephoto Camera, with versatile 3.7x and 9.4x focal lengths, sharing a super-large sensor to create cinematic portraits and dramatic, razor-sharp close-ups with rich spatial depth. Having a large photosensitive area means the telephoto lens can take stunning pictures even in low light, which used to be the Achilles' heel of telephoto cameras. From intricate architectural details to expansive city skylines, it excels at capturing vivid night atmospheres with precise hue and saturation. Photos and videos of concerts and stage events will come out with vibrant colours, closer than ever to professional event photography. Even better main shooter While the telephoto camera has seen monumental upgrades, the main camera has improved leaps and bounds. A 1-inch Ultra Lighting HDR Camera powers the main camera on the Pura 80 Ultra. Such a large sensor increases the dynamic range beyond what any other smartphone, achieving the industry's highest 16EV, more than that of many professional cinema cameras. In scenes with bright skies and dark shadows in the same frame, it recovers blown-out highlights and lifts details from the dark areas, creating a more balanced image that looks closer to what your eyes actually see. To improve the colour accuracy and details in night scenes, the main camera combines the information from the Ultra Chroma Camera to deliver ultra-clear and brilliant nightscapes even in low-light environments. Lead by aesthetics The HUAWEI Pura 80 Ultra unveils a Dazzling Forward Symbol design, drawing inspiration from the timeless sunray motifs found in exquisite jewellery and luxury watches. This radiant sunburst pattern dazzles with intricate depth and harmonious interplay of light and shadow. The camera lens is accentuated by a resplendent golden ring, forming the iconic forward symbol camera module adorned with the golden XMAGE emblem, creating a captivating visual icon. Smarter than ever The actual experience of using a smartphone depends, above all, on the software. Huawei has packed the EMUI 15 with intelligent AI features that users actually benefit from every day. The phone can recognise its owner and display or hide the message content depending on who is looking at the phone. To ensure voice clarity even in extremely loud environments, the phone employs a two-way noise reduction during handheld calls. The new Smart Controls Button doubles as a fingerprint reader and a customisable shortcut button you can tap to quickly access your favourite features, such as the camera, flashlight, notepad, and AI lens. Flagship battery and display The HUAWEI Pura 80 Ultra supports 100W HUAWEI SuperCharge with a massive 5170mAh battery and supports 80W Wireless HUAWEI SuperCharge for convenient, instant charging. The phone also features an All-new Ultra-clear HUAWEI X-True Display™ with 3000nit peak brightness and adaptive brightness adjustment across lighting conditions, more comfortable viewing in low light, and more transparent and clearer images at high brightness. The 1-120Hz adaptive refresh rate intelligently adjusts based on browsing needs for buttery-smooth visuals. In a market full of incremental updates, the HUAWEI Pura 80 Ultra stands tall with a monumental camera revolution. If you care about photography, this might be the only phone that truly deserves your attention in 2025.
Reuters
22 minutes ago
- Automotive
- Reuters
China's public security ministry says it will join regulatory tightening over assisted driving
BEIJING, July 23 (Reuters) - China's public security ministry on Wednesday said it will cooperate with the industry ministry and other governing bodies to tighten regulation related to assisted driving systems. Authorities will urge automakers to carry out driving assistance tests and verification, and clarify boundaries of assisted driving systems and security responses, Wang Qiang, an official with the public security ministry, told a press conference.
