‘Coal is still king’ in Southeast Asia even as countries work toward cleaner energy

Coal is still a dominant fuel in the rapidly growing economies of Southeast Asia, even amid a general global move toward cleaner energy sources, data from several recent reports show. This will result in the gradual slowdown of new coal-fired capacity in Southeast Asia,” said Jacqueline Tao, research associate at Wood Mackenzie, a commodity consultancy. “Coal is still king in Southeast Asia’s power market,” according to Wood Mackenzie. “Coal demand grows across much of Asia due to its affordabil


Coal is still a dominant fuel in the rapidly growing economies of Southeast Asia, even amid a general global move toward cleaner energy sources, data from several recent reports show. This will result in the gradual slowdown of new coal-fired capacity in Southeast Asia,” said Jacqueline Tao, research associate at Wood Mackenzie, a commodity consultancy. “Coal is still king in Southeast Asia’s power market,” according to Wood Mackenzie. “Coal demand grows across much of Asia due to its affordabil
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Company: cnbc, Activity: cnbc, Date: 2019-10-01  Authors: huileng tan
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'Coal is still king' in Southeast Asia even as countries work toward cleaner energy

A man fishing as a barge passes on the river of Mahakam to load coal from the mining area in Samarinda, East Kalimantan in Indonesia.

Coal is still a dominant fuel in the rapidly growing economies of Southeast Asia, even amid a general global move toward cleaner energy sources, data from several recent reports show.

“The narrative surrounding coal has been pessimistic across the world. This will result in the gradual slowdown of new coal-fired capacity in Southeast Asia,” said Jacqueline Tao, research associate at Wood Mackenzie, a commodity consultancy.

“However, the reality of rising power demand and affordability issues in the region mean that we will only start to see coal’s declining power post-2030,” Tao said on Sept. 25 when the consultancy released a new report.

“Coal is still king in Southeast Asia’s power market,” according to Wood Mackenzie.

The coal industry has been facing widespread criticism from environmental campaigners for causing pollution.

But global coal demand grew for a second straight year to reach 0.7% in 2018, data from the International Energy Agency (IEA) showed.

In its report published in December, the IEA projected coal use through 2023 to be stable as strong consumption growth in Southeast Asia and India offsets declining usage in Europe and North America.

“Coal demand grows across much of Asia due to its affordability and availability,” the IEA in that report.

Not only will coal continue to be the dominant fuel source in power generation in Southeast Asia, its use will grow and peak in 2027 before slowing, the Wood Mackenzie study found. By 2040, coal will account for 36% of Southeast Asia’s energy mix for power generation, according to the consultancy.

The demand surge is primarily driven by Indonesia and Vietnam, accounting for almost 60% of Southeast Asian power demand by 2040, said Tao.

However, as more banks shun the financing of coal projects amid government commitments to turn to cleaner energy sources, renewable energy is expected become more pervasive.

Wood Mackenzie estimates that solar and wind power plants will lead in Southeast Asia’s power capacity mix at 35% in 2040. The investment in wind and solar power will make up 23% of total power investment, amounting to more than $89 billion from 2019 to 2040.


Company: cnbc, Activity: cnbc, Date: 2019-10-01  Authors: huileng tan
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Charts show China’s explosive consumption of four critical commodities

The company is currently using soybeans imported from Brazil, after recently changing from U.S. soybeans. In just 40 years, China has grown to become the world’s largest buyer of a number of commodities — from soybeans to copper. “China’s influence across global commodity markets is without parallel,” said Wood Mackenzie, a commodities consultancy in a report earlier this year. China’s appetite for commodities has grown since the country’s economic reforms in 1978, tracking its rise to become th


The company is currently using soybeans imported from Brazil, after recently changing from U.S. soybeans. In just 40 years, China has grown to become the world’s largest buyer of a number of commodities — from soybeans to copper. “China’s influence across global commodity markets is without parallel,” said Wood Mackenzie, a commodities consultancy in a report earlier this year. China’s appetite for commodities has grown since the country’s economic reforms in 1978, tracking its rise to become th
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Charts show China's explosive consumption of four critical commodities

This photo taken on July 19, 2018 shows a worker loading sacks of animal feed made from soybeans at the Hopefull Grain and Oil Group in Sanhe, in China’s northern Hebei province. The company is currently using soybeans imported from Brazil, after recently changing from U.S. soybeans.

In just 40 years, China has grown to become the world’s largest buyer of a number of commodities — from soybeans to copper.

“China’s influence across global commodity markets is without parallel,” said Wood Mackenzie, a commodities consultancy in a report earlier this year.

China’s appetite for commodities has grown since the country’s economic reforms in 1978, tracking its rise to become the world’s second-largest economy.

Demand for raw materials like copper and steel have been largely driven by the country’s manufacturing and construction boom, as well as by the needs of its 1.4 billion population.

As Beijing commemorates the 70th anniversary of Communist China on Oct. 1 this year, there are looming concerns the country’s trade war with the U.S. could hurt the prices of commodities amid an expected global slowdown.

While trade tensions will continue to impact the markets, the medium-term outlook for various commodities will still see China being a major buyer even though the country’s economic growth is expected to moderate, said analysts. Trends such as shifts to cleaner energy will also help shape the sector.

These four charts show how much Chinese demand for various commodities has grown.


Company: cnbc, Activity: cnbc, Date: 2019-09-25  Authors: huileng tan
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‘Gold is the way to go’ as interest rates fall, says Mark Mobius

VCG | Visual China Group | Getty ImagesVeteran investor Mark Mobius is bullish on gold as central banks around the world cut interest rates. “All the central banks are trying to get interest rates down, they are pumping money into the system. In the first half of this year, central banks bought 374 metric tons of gold, reported the World Gold Council. The 2019 Central Bank Gold Reserve survey, conducted by the World Gold Council and released in July, also found there was central bank demand for


VCG | Visual China Group | Getty ImagesVeteran investor Mark Mobius is bullish on gold as central banks around the world cut interest rates. “All the central banks are trying to get interest rates down, they are pumping money into the system. In the first half of this year, central banks bought 374 metric tons of gold, reported the World Gold Council. The 2019 Central Bank Gold Reserve survey, conducted by the World Gold Council and released in July, also found there was central bank demand for
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'Gold is the way to go' as interest rates fall, says Mark Mobius

A staff member shows gold ornaments at a jewelry store on June 21, 2019 in Huzhou, Zhejiang Province of China. VCG | Visual China Group | Getty Images

Veteran investor Mark Mobius is bullish on gold as central banks around the world cut interest rates. “Physical gold is the way to go, in my view, because of the incredible increase in money supply,” said Mobius, the founding partner of Mobius Capital Partners. “All the central banks are trying to get interest rates down, they are pumping money into the system. Then, you have all of the cryptocurrencies coming in, so nobody really knows how much currency is out there,” he told CNBC’s “Street Signs” on Friday. Amid expectations of slowing global growth, central banks around the world have been lowering interest rates, as they seek to boost money supply in the economy, stoke demand and provide an impetus to growth.

Mobius recommends that investors hold 10% of their portfolios in physical gold, with the rest invested in dividend yielding equities. That’s especially if the dollar gets weaker. In his view, “the U.S. government, the Trump White House, does not want a strong dollar.” “They are certainly going to try to weaken the dollar against other currencies and of course, it’s a race to the bottom. Because, as soon as they do that, other currencies will also weaken,” said Mobius. “People are going to finally realize that you got to have gold, because all the currencies will be losing value,” he added. Gold can retain its value much better than other forms of currency, and is traditionally a safe haven during market volatility. A weaker dollar tends to boost the price of gold as global trade in the yellow metal is denominated in U.S. dollars. “At the end of the day, gold is a means of exchange. It’s a stable currency in some way,” said Mobius.

Central banks are buying gold

Data from the World Gold Council this year point to rising central bank demand for the yellow metal amid global macroeconomic uncertainty. In the first half of this year, central banks bought 374 metric tons of gold, reported the World Gold Council. That was the largest net increase for the first half of the year since at least 2000. “Deep down inside, the central bankers do believe in gold, but they don’t want to say it because … they won’t be able to create new currency,” said Mobius. The 2019 Central Bank Gold Reserve survey, conducted by the World Gold Council and released in July, also found there was central bank demand for gold in the short to medium term. Of those polled, 11% of emerging market and developing economy central banks said they intended to increase their gold reserves over the next 12 months. That was similar to data from 2018 when 12% of such central banks bought gold, giving rise to 652 metric tons of central bank gold demand — the highest level on record under the current international monetary system, noted the World Gold Council. “The planned purchases are being driven by higher economic risks in reserve currencies. In the medium term, central banks see changes in the international monetary system, with a greater role for the Chinese renminbi and gold,” said the World Gold Council in their report. The renminbi is another name for the Chinese yuan. About 40% of emerging market and developing economy central banks cited “anticipated changes in the international monetary system being relevant to their decision to hold gold,” the World Gold Council said.

China also investing in gold


Company: cnbc, Activity: cnbc, Date: 2019-09-09  Authors: huileng tan
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With tariffs eating into profits, some Asian companies are moving home

Manan Vatsyayana | AFP | Getty ImagesWith tariffs increasingly cutting into profits, some companies in Asia are returning home to produce their goods, or moving away from China where their factories were or are currently located. The trend of reshoring — or companies moving back home — is most prevalent in the capital machinery and electronics sectors in Japan and Taiwan, where companies are moving home to avoid higher U.S. tariffs on imports from China, a Nomura analysis of 56 companies found.


Manan Vatsyayana | AFP | Getty ImagesWith tariffs increasingly cutting into profits, some companies in Asia are returning home to produce their goods, or moving away from China where their factories were or are currently located. The trend of reshoring — or companies moving back home — is most prevalent in the capital machinery and electronics sectors in Japan and Taiwan, where companies are moving home to avoid higher U.S. tariffs on imports from China, a Nomura analysis of 56 companies found.
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With tariffs eating into profits, some Asian companies are moving home

Garment factory workers working in a factory in Hanoi on May 24, 2019. From socks and sneakers to washing machines and watches, countries across Asia are hoping the US tariff squeeze on China will presage a permanent shift in manufacturing patterns as big name brands dodge the trade war in cheaper locations to make their goods. Manan Vatsyayana | AFP | Getty Images

With tariffs increasingly cutting into profits, some companies in Asia are returning home to produce their goods, or moving away from China where their factories were or are currently located. The trend of reshoring — or companies moving back home — is most prevalent in the capital machinery and electronics sectors in Japan and Taiwan, where companies are moving home to avoid higher U.S. tariffs on imports from China, a Nomura analysis of 56 companies found. The U.S. and China have been locked in a bitter and protracted trade dispute for over a year. Both sides have already imposed several rounds of punitive tariffs on billions of dollars’ worth of each other’s goods. The two countries lobbed a new round of duties in each other on Sunday. As a result of that trade conflict, Taiwan became a “big beneficiary” of companies shifting production back to their home base, the Nomura report said.

Moving factories home

According to the territory’s Ministry of Economic Affairs, around 40 Taiwanese companies are looking to shift their factories back to Taiwan from China, Nomura noted, citing a South China Morning Post report in February 2019. Taipei has been promoting the “Invest Taiwan” initiative that aims to attract companies back home. Under the program, companies can apply for low-cost loans to cover the costs of relocation. For instance, Taiwanese circuit boards maker Flexium and Quanta computers are moving home. SK Hynix, the world’s second-largest chipmaker, is also looking to move production of certain chip modules back to South Korea. As for Japanese companies, Mitsubishi Electric is shifting production of its U.S.-bound machine tools from its manufacturing base in Dalian, China to Nagoya in Japan. Machine-makers Toshiba Machine and Komatsu are planning similar moves, according Nomura, citing to The Japan Times and The Asahi Shimbun respectively. “These trends are consistent with recent export divergence seen within Asia as a result of trade diversion,” Nomura economists Sonal Varma and Michael Loo wrote in a report released Wednesday.

Companies, such as Dell, that were already concerned about rising labor costs in China, also took the opportunity from the fallout of the trade dispute to accelerate the move of their factories away from China, said the economists. U.S. and Taiwanese companies make up more than half of the companies that are planning to relocate production from China, Nomura noted. The report followed U.S. President Donald Trump’s demand that American companies move their production out of China. On Aug. 23, he took to Twitter, ordering them to “immediately start looking for an alternative to China” and make their products at home instead. By industry, the three sectors dominating the relocation out of China were electronics, followed by apparel, shoes and bags, and electrical equipment. “It is not just short-term trade diversion; medium-term production relocation has also started,” the Nomura report said. But it is not just tariffs that are prompting the move of the factories. “While rising trade tensions and the need to mitigate risk is a key reason for production relocation away from China, some companies also cited cybersecurity risks as a reason,” the Nomura economists added.

Beneficiaries from trade fight

The economies that are benefiting the most from the tariff fight are mainly in Asia, with Vietnam, Taiwan and Thailand dominating. Outside of Asia, Mexico is a standout.

Given China’s large domestic market size and limited capacity elsewhere, there are many reasons for companies to maintain a large part of their production in China. Sonal Varma and Michael Loo Nomura


Company: cnbc, Activity: cnbc, Date: 2019-09-06  Authors: huileng tan
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Trump may be able to order US firms out of China — but it will cost him politically, says business leader

U.S. President Donald Trump may have the power to order American companies in China to leave the world’s second largest economy, but it would cost him politically, said a business leader on Tuesday. The longer the trade negotiations are stalled, the longer that there is unpredictability. President Donald Trump (L) and China’s President Xi Jinping shake hands at a press conference following their meeting at the Great Hall of the People in Beijing. “The longer the trade negotiations are stalled, t


U.S. President Donald Trump may have the power to order American companies in China to leave the world’s second largest economy, but it would cost him politically, said a business leader on Tuesday. The longer the trade negotiations are stalled, the longer that there is unpredictability. President Donald Trump (L) and China’s President Xi Jinping shake hands at a press conference following their meeting at the Great Hall of the People in Beijing. “The longer the trade negotiations are stalled, t
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Company: cnbc, Activity: cnbc, Date: 2019-09-03  Authors: huileng tan
Keywords: news, cnbc, companies, stratford, chinese, china, firms, companies, trump, leader, cost, american, order, politically, able, trade, president, trumps, longer, business


Trump may be able to order US firms out of China — but it will cost him politically, says business leader

U.S. President Donald Trump may have the power to order American companies in China to leave the world’s second largest economy, but it would cost him politically, said a business leader on Tuesday. “The President could issue orders that would make it very difficult for American companies to continue to do business in China, but I think it’s not a legal question of whether he’s going to do that — it’s a political and economic question,” said Timothy Stratford, chairman of the American Chamber of Commerce in China. He was referring to Trump’s tweet on Aug. 23 ordering American companies to “immediately start looking for an alternative to China” and urging them to start making their products in the U.S. instead.

The longer the trade negotiations are stalled, the longer that there is unpredictability. Timothy Stratford chairman of the American Chamber of Commerce in China

The president later referred to the International Emergency Economic Powers Act (IEEPA) in a separate tweet, linking it to “Presidential powers” and China. Under the act, which was passed in 1977, the president can deal with “any unusual and extraordinary threat … to the national security, foreign policy, or economy of the United States.” However, Stratford said it would be an “extreme step” for the president to exercise that right. “I think that it would be a very radical step for him to take. I think there would be huge pushback across the board in the United States including from leaders of his own political party, and therefore it seems unlikely that he would go that far,” he said. “The U.S.-China economic relationship is very, very complicated. It affects a lot of companies and a lot of industries. Just to say ‘okay, let’s be done with it’ is…a very simplistic way to approach it,” he told CNBC’s “Squawk Box.”

President Donald Trump (L) and China’s President Xi Jinping shake hands at a press conference following their meeting at the Great Hall of the People in Beijing. Artyom Ivanov | TASS | Getty Images

Even without Trump ordering American firms out of China, companies are already moving out due to the long drawn trade war between the two countries, said Stratford, who is also managing partner at Covington & Burling, a law firm. “The longer the trade negotiations are stalled, the longer that there is unpredictability,” he said. In the latest escalation of the trade war, the U.S. on Sunday started imposing 15% tariffs on a variety of Chinese goods while China retaliated with new duties. On Monday, Beijing said it had lodged a complaint against the U.S. at the World Trade Organization over American import duties that affected $300 billion of Chinese exports. The lawsuit is the third that Beijing has brought to challenge Trump’s China-specific tariffs at the WTO. The international organization limits the tariffs each country is allowed to charge.

Figuring out Trump’s ‘real intentions’

One issue in the trade talks is Chinese confusion over the Trump administration’s “real intentions,” said Stratford. “If you’re not confident that you understand the long-term intentions of the other side, then you’re concerned about making commitments because you don’t know where that’s leading,” Stratford added.

Trying to figure out what the real U.S. intentions are in this case has been very difficult for the Chinese side. Timothy Stratford chairman of the American Chamber of Commerce in China


Company: cnbc, Activity: cnbc, Date: 2019-09-03  Authors: huileng tan
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China’s factory activity unexpectedly expands in August, a private survey shows

This photo taken on October 17, 2018 shows a worker inspecting shoes at a factory in Qingdao in China’s eastern Shandong province. China’s manufacturing activity expanded in August, according to results of a private survey released on Monday as production increased, but export sales fell amid the country’s escalating trade war with the U.S. The Caixin/Markit manufacturing PMI was 49.9 in July. The results of the private survey came after official data showed the manufacturing PMI fell to 49.5 in


This photo taken on October 17, 2018 shows a worker inspecting shoes at a factory in Qingdao in China’s eastern Shandong province. China’s manufacturing activity expanded in August, according to results of a private survey released on Monday as production increased, but export sales fell amid the country’s escalating trade war with the U.S. The Caixin/Markit manufacturing PMI was 49.9 in July. The results of the private survey came after official data showed the manufacturing PMI fell to 49.5 in
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China's factory activity unexpectedly expands in August, a private survey shows

This photo taken on October 17, 2018 shows a worker inspecting shoes at a factory in Qingdao in China’s eastern Shandong province.

China’s manufacturing activity expanded in August, according to results of a private survey released on Monday as production increased, but export sales fell amid the country’s escalating trade war with the U.S.

The Caixin/Markit factory Purchasing Managers’ Index (PMI) was 50.4 in August — better than than the 49.8 analysts polled by Reuters had expected. The Caixin/Markit manufacturing PMI was 49.9 in July.

PMI readings above 50 indicate expansion, while those below that signal contraction.

The subindex for new orders stayed in expansionary territory in August, but inched down from July, suggesting flat demand for manufactured products, said Zhengsheng Zhong, director of macroeconomic analysis at CEBM Group, a subsidiary of Caixin.

However, “the gauge for new export orders remained in contractionary territory and fell to the lowest level this year in August, reflecting declining foreign demand amid an intensifying trade dispute between China and the U.S., ” Zhong said in a press release.

The two countries imposed new tariffs on each other’s imports on Sunday.

Despite the improved headline PMI reading in August, due in part to improved production activity, the outlook is not rosy with long-term downward pressure, said Zhong.

“Overall demand didn’t improve, and foreign demand declined notably, leading product inventories to grow,” he wrote. “There was no sign of an improvement in companies’ willingness to replenish inventories of inputs or in their confidence. Industrial prices trended down.”

The results of the private survey came after official data showed the manufacturing PMI fell to 49.5 in August, China’s National Bureau of Statistics said on Saturday — that’s compared to 49.7 in July. A Reuters poll showed analysts expected the official PMI to stay unchanged from July.

The official PMI survey typically polls a large proportion of big businesses and state-owned enterprises. The Caixin indicator features a bigger mix of small- and medium-sized firms.

The PMI is a survey of how businesses view the operating environment. Such data offer a first glimpse into what’s happening in an economy, as they are usually among the first major economic indicators released each month.

The China PMI is closely watched by global investors for signs of trouble amid a domestic economic slowdown and the ongoing U.S.-China trade dispute.

Uncertainty looms over the Chinese growth outlook, said Capital Economics analysts on Monday.

“Global demand looks set to weaken further and a long-overdue pull-back in property construction is getting under way,” they wrote in a note following the PMI data release.

“The fiscal support currently in the pipeline is unlikely to fully offset these headwinds and we think authorities will have little choice but to roll out further policy easing measures in the coming months,” added Julian Evans-Pritchard and Martin Lynge Rasmussen.

— CNBC’s Yen Nee Lee and Reuters contributed to this report.


Company: cnbc, Activity: cnbc, Date: 2019-09-02  Authors: huileng tan
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Hong Kong democracy activists get bail, protest march banned

Hong Kong pro-democracy activists Agnes Chow (R) and Joshua Wong leave the Eastern Magistrates’ Court after being arrested and released on bail on August 30, 2019 in Hong Kong, China. Other activists arrested included Athea Suen, a former university student union leader, as well as three pro-democracy lawmakers — Cheng Chung-tai, Au Nok-him and Jeremy Tam. “All we ask for is just to urge Beijing and Hong Kong governments to withdraw the bill, stop police brutality and respond to our calls for a


Hong Kong pro-democracy activists Agnes Chow (R) and Joshua Wong leave the Eastern Magistrates’ Court after being arrested and released on bail on August 30, 2019 in Hong Kong, China. Other activists arrested included Athea Suen, a former university student union leader, as well as three pro-democracy lawmakers — Cheng Chung-tai, Au Nok-him and Jeremy Tam. “All we ask for is just to urge Beijing and Hong Kong governments to withdraw the bill, stop police brutality and respond to our calls for a
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Hong Kong democracy activists get bail, protest march banned

Hong Kong pro-democracy activists Agnes Chow (R) and Joshua Wong leave the Eastern Magistrates’ Court after being arrested and released on bail on August 30, 2019 in Hong Kong, China.

Hong Kong police arrested a number of prominent pro-democracy activists including Joshua Wong and three lawmakers on Friday, seeking to rein in protests that have plunged the city into its worst political crisis for decades.

Wong, who was one of the leaders of the pro-democracy “Umbrella” movement five years ago, is the most prominent activist to be arrested since protests escalated in mid-June over fears China is exerting greater control over the city and squeezing its freedoms.

He was charged with inciting and participating in an unauthorised assembly outside police headquarters on June 21.

Police also arrested Agnes Chow, another senior member of his group Demosisto.

Other activists arrested included Athea Suen, a former university student union leader, as well as three pro-democracy lawmakers — Cheng Chung-tai, Au Nok-him and Jeremy Tam.

Au and Tam had been present at some protests and faced charges including obstructing police officers, according to their political parties.

Police also blocked plans for a mass demonstration on Saturday in a show of force a day before the fifth anniversary of a decision by China to curtail democratic reforms in the former British colony.

The bespectacled Wong, who was 17 when he became the face of the student-led civil disobedience movement in 2014 that blocked major roads for 79 days, has not been a prominent figure in the latest protests, which have no identifiable leaders.

He was released from jail in June after serving a five-week term for contempt of court.

Wong and Chow were released on bail and the case was adjourned until Nov. 8, but they will be subject to travel restrictions and a night-time curfew.

“Under the chilling effects generated by Beijing and Hong Kong governments, we are strongly aware how they arrest activists no matter whether they behave progressively or moderately,” Wong told reporters.

“All we ask for is just to urge Beijing and Hong Kong governments to withdraw the bill, stop police brutality and respond to our calls for a free election.”

Thousands of demonstrators blockaded police headquarters on June 21 protesting against a now-suspended extradition bill that would have allowed people to be sent to mainland China for trial in Communist Party-controlled courts.

More than three months of unrest has evolved into calls for greater democracy under the “one country, two systems” formula, by which Hong Kong has been ruled since the handover from British rule in 1997. The formula guaranteed freedoms not enjoyed on mainland China.

Protesters accuse China of interference that they say has steadily eroded Hong Kong’s freedoms and autonomy.

China denies the accusation. It has denounced the protests and warned of the damage to the economy of Hong Kong, a major financial centre.

It has also accused foreign powers, particularly the United States and Britain, of fomenting the demonstrations and warned against foreign interference.


Company: cnbc, Activity: cnbc, Date: 2019-08-30  Authors: huileng tan
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‘Ridiculous at best’: Chinese state media give their take on Trump and the tariff war

The U.S. flag flies at a welcoming ceremony between Chinese President Xi Jinping and U.S. President Donald Trump in 2017. China’s state media put up a brave front after the country’s trade war with the U.S. escalated sharply over the weekend. In retaliation, U.S. President Donald Trump also said his administration will raise tariffs on $550 billion of Chinese imports. State news agency Xinhua said in a commentary on Saturday: “The United States is paying the price for launching a trade war, as C


The U.S. flag flies at a welcoming ceremony between Chinese President Xi Jinping and U.S. President Donald Trump in 2017. China’s state media put up a brave front after the country’s trade war with the U.S. escalated sharply over the weekend. In retaliation, U.S. President Donald Trump also said his administration will raise tariffs on $550 billion of Chinese imports. State news agency Xinhua said in a commentary on Saturday: “The United States is paying the price for launching a trade war, as C
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'Ridiculous at best': Chinese state media give their take on Trump and the tariff war

The U.S. flag flies at a welcoming ceremony between Chinese President Xi Jinping and U.S. President Donald Trump in 2017.

China’s state media put up a brave front after the country’s trade war with the U.S. escalated sharply over the weekend.

The latest round of the dispute kicked off on Friday evening in Beijing when China’s Ministry of Finance announced it will apply new tariffs of between 5% and 10% on $75 billion worth of American goods.

In retaliation, U.S. President Donald Trump also said his administration will raise tariffs on $550 billion of Chinese imports.

State news agency Xinhua said in a commentary on Saturday: “The United States is paying the price for launching a trade war, as China is forced to announce the levy of new additional tariffs on U.S. goods.”

“Through more than a year of trade friction between the two countries, China never faltered,” said the state news organization.

“When the U.S. side tried to intensify trade bullying and exert maximum pressure on China, it only strengthened China’s resolve, making China stand more firmly against the U.S. bullying, and defend its legitimate rights and interests,” Xinhua added.


Company: cnbc, Activity: cnbc, Date: 2019-08-26  Authors: huileng tan
Keywords: news, cnbc, companies, chinese, media, president, tariffs, china, trade, trump, donald, state, ridiculous, tariff, war, xinhua, best


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China fixes its daily yuan midpoint at 7.0312 — stronger than expected

China’s central bank set the official midpoint reference for the yuan at 7.0312 per dollar on Wednesday — stronger than Tuesday’s fixing, and stronger than what analysts had predicted. The onshore yuan last traded at 7.0558 in Tuesday’s session, and on Wednesday morning around 10.00 a.m. HK/SIN was at 7.0236. The offshore yuan traded at 7.0397 against the dollar, slightly weaker than Tuesday’s close but stronger than the end of last week, when it hovered around the 7.09 level. The PBOC lets the


China’s central bank set the official midpoint reference for the yuan at 7.0312 per dollar on Wednesday — stronger than Tuesday’s fixing, and stronger than what analysts had predicted. The onshore yuan last traded at 7.0558 in Tuesday’s session, and on Wednesday morning around 10.00 a.m. HK/SIN was at 7.0236. The offshore yuan traded at 7.0397 against the dollar, slightly weaker than Tuesday’s close but stronger than the end of last week, when it hovered around the 7.09 level. The PBOC lets the
China fixes its daily yuan midpoint at 7.0312 — stronger than expected Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-08-14  Authors: weizhen tan huileng tan, weizhen tan, huileng tan
Keywords: news, cnbc, companies, yuan, offshore, dollar, bank, fixes, stronger, expected, daily, weaker, china, 70312, tuesdays, midpoint, onshore


China fixes its daily yuan midpoint at 7.0312 — stronger than expected

China’s central bank set the official midpoint reference for the yuan at 7.0312 per dollar on Wednesday — stronger than Tuesday’s fixing, and stronger than what analysts had predicted.

It was, still, the fifth consecutive session where the People’s Bank of China (PBOC) fixed the midpoint at a level weaker than the psychologically important 7-yuan-per-dollar mark.

Analysts were predicting the midpoint to be set at 7.0502 per dollar, according to Reuters estimates. The onshore yuan last traded at 7.0558 in Tuesday’s session, and on Wednesday morning around 10.00 a.m. HK/SIN was at 7.0236. The offshore yuan traded at 7.0397 against the dollar, slightly weaker than Tuesday’s close but stronger than the end of last week, when it hovered around the 7.09 level.

The yuan depreciated past 7 per dollar last week for the first time since the global financial crisis of 2008, which prompted the U.S. Treasury Department to designate China as a currency manipulator.

A weaker currency makes a country’s exports more attractive in international markets and U.S. President Donald Trump has complained that a cheaper yuan will give China a trade advantage.

The PBOC lets the currency’s spot rate trade with a range of 2% above or below the day’s official midpoint fix and this is known as the onshore yuan. The less restrictive exchange rate used outside mainland China is known as the offshore yuan.

Investors usually look at the difference between the onshore and offshore exchange rates to determine if the Chinese central bank is manipulating the yuan.

According to David Dollar, a Brookings Institution senior fellow, China is not manipulating its currency.

“Given the tariffs that the U.S. has imposed on China, it’s natural for the Chinese currency to depreciate. Most emerging market currencies are depreciating against the dollar if you look at the last half year or so,” he told CNBC on Wednesday.

Due to slowing growth and investment in China, the yuan could even continue to gradually weaken up to 7.2 against the dollar, said Max Lin, emerging markets Asia strategist at NatWest Markets.

Despite that, the possibility of investors moving their money out of China due to the weakening yuan is limited, he said.

“I don’t expect any capital flight concerns to actually occur, just because I think any kind of weakness from here on out would be very gradual. If there are signs of panic dollar buying onshore, I think at that point, the central bank of China would definitely step in to stabilize the yuan,” he told CNBC on “Squawk Box.”

— CNBC’s Saheli Roy Choudhury contributed to this report.


Company: cnbc, Activity: cnbc, Date: 2019-08-14  Authors: weizhen tan huileng tan, weizhen tan, huileng tan
Keywords: news, cnbc, companies, yuan, offshore, dollar, bank, fixes, stronger, expected, daily, weaker, china, 70312, tuesdays, midpoint, onshore


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US soybean farmers are working new markets now that exports to China have tanked

U.S. soybean growers are targeting new markets as demand from China has plunged dramatically due to the escalating Washington-Beijing trade war. China is the world’s largest consumer of soybeans and accounted for 60% of U.S. soybean exports before the trade dispute pulled shipment levels down. To manage the collapse of Chinese buying, American soybean farmers have been working alternative markets, said Sutter. While the U.S. soybean trade has been working to sell what would have otherwise gone t


U.S. soybean growers are targeting new markets as demand from China has plunged dramatically due to the escalating Washington-Beijing trade war. China is the world’s largest consumer of soybeans and accounted for 60% of U.S. soybean exports before the trade dispute pulled shipment levels down. To manage the collapse of Chinese buying, American soybean farmers have been working alternative markets, said Sutter. While the U.S. soybean trade has been working to sell what would have otherwise gone t
US soybean farmers are working new markets now that exports to China have tanked Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-08-08  Authors: huileng tan
Keywords: news, cnbc, companies, tanked, marketing, soybean, china, chinese, working, exports, trade, expected, sutter, markets, american, farmers


US soybean farmers are working new markets now that exports to China have tanked

U.S. soybean growers are targeting new markets as demand from China has plunged dramatically due to the escalating Washington-Beijing trade war.

The world’s two largest economies are locked in a prolonged tariff battle that has dragged on for more than a year. Both countries have slapped additional levies on billions of dollars worth of each other’s goods, and the escalating tensions have spooked markets and hurt the outlook for global economic growth.

That has sent American soybean exports to China falling sharply, with total shipments to the Asian economic giant expected to end this marketing year some two-thirds lower, said Jim Sutter, chief executive officer of the U.S. Soybean Export Council.

“This year our exports to China look like they’ll be a third of what they had been in the last few years, so instead of being 30 million tons like they were last year, it looks like they’ll be around 10 (millions tons) this year…That’s a huge difference,” Sutter told CNBC at the S.E. Asia U.S Agriculture Co‐operators Conference in Singapore.

China is the world’s largest consumer of soybeans and accounted for 60% of U.S. soybean exports before the trade dispute pulled shipment levels down. China made up $5.9 billion in U.S. farm product exports in 2018, according to the U.S. Census.

A further blow came when China confirmed early Tuesday that the country was pulling out of U.S. agriculture as a weapon in the ongoing trade war.

A spokesperson for the Chinese Ministry of Commerce said Chinese companies have stopped purchasing U.S. agricultural products in response to U.S. President Donald Trump’s recently announced additional 10% tariffs on $300 billion of Chinese goods.

To manage the collapse of Chinese buying, American soybean farmers have been working alternative markets, said Sutter. Fast-growing markets that have absorbed half of the remaining stocks include Europe, emerging regions in Southeast Asia, Egypt, Bangladesh and Pakistan.

While the U.S. soybean trade has been working to sell what would have otherwise gone to China, “unfortunately it doesn’t look like we’ll quite get there this year,” said Sutter.

So American farmers are expected to be left with a record high level of ending stocks of over 1 billion bushels in this marketing year that ends on Aug. 31, as estimated by the U.S. Department of Agriculture. That will be more than double the 438 million bushes in the previous marketing year.

To develop new markets, Sutter said, the U.S. Soybean Export Council will be intensifying its marketing efforts globally.

Europe is a market in which U.S. soybean exports have fared well, with the market share of the American oilseeds expected to hit 75% of imports this year — up from 30% previously, said Sutter.


Company: cnbc, Activity: cnbc, Date: 2019-08-08  Authors: huileng tan
Keywords: news, cnbc, companies, tanked, marketing, soybean, china, chinese, working, exports, trade, expected, sutter, markets, american, farmers


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