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- 1Chinese VP Han Zheng calls for Palestinians to govern Palestine●🟢 Diplomacy | 5/10 Statement by Chinese VP on Palestine and Ukraine Chinese VP Han Zheng called for the governance of th
Chinese Vice President Han Zheng issued a statement addressing both Palestine and Ukraine, calling for the West Bank and post-conflict reconstruction of Gaza to be governed according to the principle of 'Palestinians governing Palestine'. The remarks position China as an active voice on Middle East governance questions and come amid ongoing international debate over Gaza's future administration and the war in Ukraine.
- 2Dozen Chinese banks to wind down leveraged retail metals trading●BREAKING NEWS AT LEAST A DOZEN CHINESE BANKS INTEND TO WIND DOWN RETAIL LEVERAGED PRECIOUS-METALS TRADING China is rushi
At least a dozen Chinese banks plan to wind down their retail leveraged precious-metals trading services, according to a widely shared report. The move restricts retail investors' access to leveraged gold and silver products at a time when demand for physical precious metals in China is described as surging.
- 3PBOC expected to set yuan reference rate at 6.7085▼PBOC is expected to set the USD/CNY reference rate at 6.7085 – Reuters estimate
China's central bank is expected to fix the USD/CNY daily reference rate at 6.7085, according to a Reuters estimate. The PBOC sets the yuan's midpoint each trading day, and traders watch the fix closely for signals on official policy toward the currency and the wider economy. The expected level is being picked up by forex market observers ahead of the announcement.
- 4UBS says Europe underestimates the Chinese car challenge●Europe’s Chinese car challenge is bigger than policymakers realize, UBS says
UBS argues that the threat posed by Chinese carmakers to Europe's auto industry is larger than European policymakers currently appreciate. The bank's assessment adds to growing concern that Chinese manufacturers, with their cost and technology advantages, could take significant market share from established European brands faster than regulators and industry leaders have planned for.
- 5PBOC strengthens yuan fixing to 6.7399 against dollar▼PBOC sets USD/CNY reference rate at 6.7399 vs. 6.7489 previous
China's central bank set the yuan's daily reference rate at 6.7399 to the US dollar, a firmer fixing than the previous day's 6.7489. The daily fix from the People's Bank of China guides onshore trading and is closely watched by currency traders for signals on official policy toward the yuan.
- 6Morgan Stanley flags Nio's AI chip unit as potential upside▼NIO Stock Stares At Another Red Month — But Morgan Stanley Says Nvidia-Rivaling AI Chip Arm Could Be Nio’s Valuable Call Option
Nio shares are on course for another monthly loss, but Morgan Stanley argues the Chinese EV maker's in-house AI chip development could prove a valuable call option for its valuation. The bank sees the unit, potentially rivaling Nvidia, as an underappreciated asset that could offset weakness in the core electric vehicle business if it delivers.
- 7ECB seeks papers on 'China shock 2.0' research▼China shock 2.0: Causes, Consequences, and Policy Responses – Call for papers
The European Central Bank has issued a call for papers for a research conference titled 'China Shock 2.0: Causes, Consequences, and Policy Responses'. The initiative invites academic work examining how the new wave of Chinese industrial and export competition is affecting economies, and what policy measures might address it. It follows the original 'China shock' research on the impact of Chinese imports on Western manufacturing jobs.