Yuan fall ‘dictated by market’
Recent falls in the yuan exchange rate against the US dollar are based entirely on market forces, a senior official said on Tuesday after Premier Li Keqiang met with visiting US Treasury Secretary Jacob Lew.
FXI
China’s April fiscal revenue rises 9.2 pct
China’s fiscal revenue climbed 9.2 percent year on year in April to reach 1.25 trillion yuan (202.92 billion U.S. dollars), the Ministry of Finance said on Monday.
China Gold Bar Consumption Drops
Gold (GLD, quote) demand in China dropped off in the first quarter of 2014. Economist are citing the weakness in gift giving of gold bars.
Alibaba files for IPO in US
China’s e-commerce giant Alibaba has filed initial public offering (IPO) document to the U.S. Securities and Exchange Commission (SEC) with plans to raise one billion U.S. dollars, according to SEC information and well-informed sources.
Tencent stresses mobile Internet platform
Mobile Internet applications have made people’s lives much more convenient, but Internet companies need to build a platform to help people get access to those apps more easily, Ren Yuxin, the Chief Operating Officer from Tencent, China’s Internet giant said Monday.
China mulls ‘mega’ FTA
China (FXI, quote) has proposed studying the feasibility of a mega free-trade agreement in the Asia-Pacific region as the many flourishing FTAs in the area could burden businesses with different standards, a senior official said on Wednesday.
Walmart closes outlet amid difficulties in China
The world’s largest retailer, Walmart Stores (WMT, quote), on Wednesday closed an outlet in east China’s Hangzhou city, in its seventh closure in the Chinese mainland since March.
China’s manufacturing still weakening
China’s (FXI, quote) manufacturing activity continued to contract in April, but at a slower pace, according to HSBC’s preliminary purchasing managers’ index (PMI) released on Wednesday.
A&F plans over 100 new stores in China within 10 years
Clothes retailer Aber-crombie & Fitch Co (ANF, quote) plans to open more than 100 stores in China under its A&F and Hollister brands over the coming decade, ploughing a new furrow in what it calls “casual luxury.”
Geopolitical Tension Keeps Brent Above $106
Brent crude oil (BNO, quote) slid lower on Tuesday after PMI data added to worries about a waning global demand outlook. The commodity traded at 106.63 at 5:20 GMT as the confrontation between the West and Russia helped keep a floor under prices.