All of this happened in China this week. A thread. 1/10
Xi meets Putin. After their first in-person talks since Russia invaded Ukraine, Putin says he understands China's questions and concerns over the war. It's an admission of Beijing's reservations about Russia's approach. Xi calls Putin an “old friend.” 2/10
bloomberg.com
bloomberg.com
Property support. Local governments have issued at least 70 measures to prop up housing demand in recent weeks. But China's new-home market is showing few signs of recovery. Prices fell 2.1% in August from a year earlier, the most in seven years. 3/10
bloomberg.com
bloomberg.com
Yuan breaks 7. A rapid move in offshore trading pushes the currency past the closely-watched level. The PBOC sets stronger-than-expected fixings for 17 days to manage the depreciation. State media say there's no point obsessing over specific numbers. 4/10
bloomberg.com
bloomberg.com
Green shoots. Data for industrial production, retail sales and unemployment were better than feared in August. Consensus for GDP growth this year is now 3.5%, which would be the second-weakest annual reading in more than four decades. 5/10
bloomberg.com
bloomberg.com
Lockdowns lift. Chengdu declares a preliminary victory in controlling this month's Covid outbreak, allowing most residents to leave their homes. The full lockdown lasted two weeks, much shorter than Shanghai's two-month ordeal. 6/10
bloomberg.com
bloomberg.com
Gaming licenses. A Tencent-controlled entity wins regulatory approval for a new game - the first green light for Pony Ma's group since Chinese regulators froze all licensing in 2021. A NetEase game also makes the list. 7/10
bloomberg.com
bloomberg.com
Auditors land in Hong Kong. US watchdogs will review the audit documents of Chinese ADRs from next week, according to SEC Chair Gary Gensler. “I don’t know if the Chinese are going to comply” with US demands, he says. 8/10 bloomberg.com
Fosun checks. Authorities tell banks and state-owned firms to report their financial exposure to Fosun - whose businesses include Club Med and Lanvin. A representative for the conglomerate says operations remain healthy and resilient. 9/10
bloomberg.com
bloomberg.com
US-China tensions. Competition ramps up as Biden signs an executive order to reduce US reliance on China for new medicines and chemicals. The administration also plans to broaden restrictions on advanced semiconductor sales to China, Reuters says. 10/10
finance.yahoo.com
finance.yahoo.com
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