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Business Recorder
a day ago
- Business
- Business Recorder
Yuan hits more than 1-week high as strong midpoint, export surprise lift sentiment
SHANGHAI: China's yuan rose to a more than one-week high against the U.S. dollar on Monday, buoyed by a firmer official midpoint and stronger-than-expected export data. The onshore yuan firmed to 7.1606 in early trade, the strongest level since July 3, before reversing some of the gains. China's exports regained some momentum in June while imports rebounded, as exporters rushed out shipments to capitalise on a fragile tariff truce between Beijing and Washington ahead of a looming August deadline. Prior to the market opening, the People's Bank of China set the midpoint rate at 7.1491 per dollar, 253 pips firmer than a Reuters' estimate. The spot yuan is allowed to trade 2% either side of the fixed midpoint each day. The PBOC lowered the fixing to the stronger side of the 7.15 mark for the first time since Nov. 8, 2024 last Friday, suggesting a possible shift in its tolerance for a stronger yuan. The spot yuan opened at 7.1606 per dollar and was last trading at 7.1693 per dollar as of 0220 GMT, 9 pips firmer than the previous late session close and 0.28% weaker than the midpoint. China's yuan inches higher on firmer PBOC guidance even as dollar rises 'USD-CNY fixing started to grind lower following the trade deal, even ticking lower during USD strength from geopolitical tensions in the Middle East. This highlighted the PBOC's push towards more RMB strength,' said HSBC analysts in a note. Barring a breakdown in the U.S.-China trade truce, theanalysts expect the yuan to extend its gains, supported by a gradual shift away from the U.S. dollar and the PBOC's increasing comfort with a firmer currency. President Donald Trump on Saturday threatened to impose a30% tariff on imports from Mexico and the European Union starting on August 1. Market reaction has been largely muted, with the dollar index, which measures the greenback against a basket of currencies, up 0.1% on Monday. 'This underscores how much markets are discounting the tariff threats, amidst expectations that concessions will be built in closer to the deadline,' said Citi analysts in a note. The offshore yuan traded at 7.1711 yuan per dollar, up about 0.06% in Asian trade. China's economy is expected to have slowed down in thesecond quarter from a solid start to the year as trade tensions with the United States added to deflationary pressures, reinforcing expectations that Beijing may need to roll out more stimulus.
CNBC
a day ago
- Business
- CNBC
China's exports beat expectations in June, while imports rebound for the first time this year
China's exports beat expectations in June as businesses continued to rush out shipments to capitalize on a temporary tariff reprieve ahead of an August deadline. Exports jumped 5.8% in June in U.S. dollar terms from a year earlier, customs data showed Monday, exceeding Reuters' poll estimates of a 5% jump. Imports rose 1.1% from a year earlier. While missing economists' expectations of a 1.3% rise, that marked the first time that imports have grown this year, reversing the trend of declining imports this year amid sluggish domestic demand. U.S. President Donald Trump's tariff policies have prompted Chinese exporters to accelerate efforts to diversify into alternative markets. In April and May, China's exports appeared resilient, jumping 8.1% and 4.8% year on year, respectively, as surging shipments to Southeast Asian and European Union countries offset the declines in U.S.-bound goods. Trump's 145% prohibitive tariffs on Chinese goods briefly took effect in April, with Beijing retaliating with triple-digit duties and other punitive measures, such as export control on critical minerals. The tentative trade truce struck by both sides in Switzerland on May 12 — that led them to drop a majority of tariffs for 90 days — had nearly derailed, as the U.S. accused China of slow-walking on its pledge to ease restrictions on rare-earth exports while Beijing lashed out on fresh tech export curbs and student visa revocation by Washington. Ties between the world's two biggest economies have been on the mend following two days of meeting in London last month, where both sides arrived at a framework to implement the consensus. Beijing agreed to resume shipments of rare earths while Washington offered to ease some export restrictions on ethane, chip-design software and jet engine components. Both sides are working toward an Aug. 12 deadline to reach a durable deal. Wang Lingjun, deputy chief of Chinese customs authority, said in a press conference Monday that the Geneva agreement and the London framework were "hard-won" and both sides were accelerating to implement the agreed terms. U.S. Secretary of State Marco Rubio said last week that he had "constructive and pragmatic" talks with Chinese Foreign Minister Wang Yi, and the odds of Trump meeting Chinese President Xi Jinping were high. Wang also emphasized that both countries should hold up the consensus reached by their leaders with concrete policies and actions. China is set to release its second-quarter gross domestic product growth on Tuesday, with economists polled by Reuters pegging growth at 5.1%, slower than the 5.4% expansion in the first quarter.
New Straits Times
4 days ago
- Business
- New Straits Times
Huawei seeks AI chip deals in Middle East, Southeast Asia
BEIJING: Huawei Technologies is attempting to export small amounts of AI chips to the Middle East and Southeast Asia, as it looks to establish itself in markets dominated by US chip designer Nvidia, Bloomberg News reported on Thursday. The Chinese telecom giant has reached out to potential customers in the United Arab Emirates, Saudi Arabia and Thailand about purchasing its older-generation Ascend 910B AI chips, the report said, citing people familiar with the matter. China's strongest competitor to leading US chipmakers is offering the chips in the low thousands, though the exact number remains unclear, according to the report. No deals have been finalised yet, the report said, adding that parties in the UAE have not shown interest, while the status of talks in Thailand is unclear. Representatives for the government of Thailand and the Saudi government's media office did not immediately respond to Reuters' requests for comment. Huawei did not immediately respond to Reuters' request for comment. The company is also trying to attract customers with remote access to CloudMatrix 384, a China-based AI system built with more advanced Huawei chips, which it is not currently ready to export due to limited supplies, the report said. The Middle East has emerged as a booming market for AI chips, with several US technology firms such as Nvidia announcing deals. President Donald Trump had secured US$600 billion in commitments from Saudi Arabia for US companies during a tour of the region in May. Huawei is also focused on selling 910Cs, its advanced AI chip product, to Chinese firms that cannot access best-in-class American chips, the report said. Successive US administrations have sought to restrict China's access to advanced American chip technology, citing concerns that it could be used to strengthen Beijing's military. "With the current export controls, we are effectively out of the China data centre market, which is now served only by competitors such as Huawei," an Nvidia spokesperson said.
Dubai Eye
4 days ago
- Dubai Eye
Rescuers save 4 more survivors from Houthi-struck ship in Red Sea, 11 still missing
Rescuers pulled three more crew members and a security guard alive from the Red Sea on Thursday, maritime security sources said, a day after Houthi rebels sank the Greek ship Eternity C and said they were holding some of the crew still missing. It was the second Greek bulk carrier sunk this week by Houthis, shattering months of relative calm off Yemen's coast, the gateway to the Red Sea and a critical route for oil and commodities to the world. Many shipping companies have suspended voyages due to the fear of attack. The Houthis are believed to be holding six of the Eternity C's complement of 22 crew and three guards, maritime security sources said. "We remain deeply concerned for the welfare of the crew members in the custody of the Houthis, as well as for those currently unaccounted for," Ellie Shafik, head of intelligence with UK-based maritime risk management company Vanguard Tech, said. "Their safety and swift release must be a priority for all involved." Eternity C was first hit on Monday with sea drones and rocket-propelled grenades fired from speed boats. Four people were believed to have been killed in the attacks, maritime security sources say. If confirmed, the deaths would be the first fatalities in the area since June 2024. Following a second attack on Tuesday morning, the crew were forced to jump into the water. Rescuers have been searching for survivors since Wednesday morning. The vessel's operator, Cosmoship Management, has not responded to Reuters' requests for comment. A total of 10 survivors from the Eternity C have been rescued so far - eight Filipino crew members, one Indian and one Greek security guard. The four people rescued on Thursday morning had spent nearly 48 hours in the water. "This fills us with more courage to continue to search for those missing, as the Greek vessel operator requested, and shows that our search plan was correct," said Nikos Georgopoulos, an official at the Greece-based maritime risk firm Diaplous. Another 11 people are still missing. The US' Mission in Yemen has accused the Houthis of kidnapping crew members and has called for their immediate, unconditional release. On Wednesday, the Houthis' military spokesperson said in a televised address that the Yemeni navy had "responded to rescue a number of the ship's crew, provide them with medical care, and transport them to a safe location". FRAUGHT PASSAGE The Eternity C sank on Wednesday, days after Houthis hit and sunk the Magic Seas, reviving a campaign launched in November 2023 that has seen more than 100 ships attacked in what the group said was solidarity with the Palestinians in the Gaza war. Both of the vessels hit this week flew Liberian flags and were operated by Greek companies. All crew from the Magic Seas were rescued before it went down. Some of their sister vessels in the respective fleets had made calls to Israeli ports in the past year, an analysis of shipping data showed. The number of daily sailings through the narrow Bab al-Mandab strait, at the southern tip of the Red Sea and a gateway to the Gulf of Aden, was 32 vessels on July 9 from 43 on July 1, data from maritime data group Lloyd's List Intelligence. The situation has become so fraught that many of the ships sailing on Thursday broadcast public messages referring to Chinese crew and management or armed guards on board, according to ship tracking data on the MarineTraffic platform. One vessel broadcast a message which said it had no relation with Israel.
The Hindu
5 days ago
- Politics
- The Hindu
Reuters' X account block: what just happened?
Here's the gist: First, Reuters' X account was blocked. Then, it got unblocked. X says it withheld the account in response to a legal demand from the Indian government. The Indian government denied the claim. And then X jumps in, saying India actually ordered a ban on over 2,300 accounts, including Reuters. Let's dig into the details. On July 5th, international news agency Reuters had its X accounts @Reuters and @ReutersWorld, blocked in India. A message on X said the accounts were withheld 'in response to a legal demand.' And it wasn't just Reuters. The X accounts of Chinese newspaper Global Times and Turkish public broadcaster TRT World were also withheld in India. When questions started surfacing, a spokesperson from Press Information Bureau told Reuters that no Indian agency had asked for their account to be withheld and added that officials were working with X to resolve the problem. And just 24 hours later, the accounts were restored. Meanwhile, X In a post on its Global Government Affairs handle, stated: On July 3, 2025, the Indian government ordered X to block 2,355 accounts in India, including international news outlets like @Reuters and @ReutersWorld, under Section 69A of the IT Act. Non-compliance risked criminal liability. The Ministry of Electronics and Information Technology demanded immediate action- within one hour- without providing justification, and required the accounts to remain blocked until further notice. After public outcry, the government requested X to unblock @Reuters and @ReutersWorld. We are deeply concerned about ongoing press censorship in India due to these blocking orders. What is the Act all about? The Section 69A of the IT Act empowers the government to restrict access to any content in the interest of sovereignty and integrity of the country, security of the state, friendly relations with foreign states or for public order. According to a PTI report, an unnamed government source said the demand to block Reuters' X account came during Operation Sindoor, and X must have acted on it only now. Credit: Camera: Johan Sathya Das, Kailas Krishna Producer: Athira Madhav
