Tag: China
Today, BNP announced a collaboration with the Bank of China, launching a new digital wallet service and wallet applications for e-CNY, the digital currency of the Chinese yuan. Both banks will cooperate to expand e-CNY usage for domestic online and offline payments. BNP Paribas will connect its system with the Bank of China’s, allowing straight-through […]
Estimated reading time: 2 minutes US semiconductor imports grew 13% in value during the start of 2023, highlighting the country’s lasting reliance on foreign chip needs. Though efforts have been made to shift supply lines closer to shore, Asia continues to be a key source of semiconductors. Thailand doubled their input of direct exports to […]
Estimated reading time: 2 minutes Finance Minister Choo Kyung-ho of South Korea has dismissed the notion of decoupling from China, emphasising the significance of the world’s second-largest economy as Seoul’s “most important partner” for economic collaboration. While South Korea has long pursued economic ties with China, it has also relied on the security commitment from […]
Estimated reading time: 3 minutes China experienced a 7.5% decline in exports in May compared to the previous year, while imports were down by 4.5%, signalling a deceleration in the economic recovery post the lifting of anti-virus measures. This decline can be attributed to the weakening global demand caused by higher interest rates. According to […]
Oil prices climbed on Monday due to a tightening supply and expectations for economic stimulus in China, which helped Brent oil maintain a price comfortably above $80 a barrel. This upward trend persisted despite market predictions of upcoming interest rate increases from central banks in the U.S. and Europe. By 11 GMT, Brent crude futures […]
Estimated reading time: 3 minutes A worldwide shortfall in curbing carbon emissions could result in increased debt-servicing costs for 59 countries over the forthcoming decade, as per a study simulating the economic repercussions of climate change on current sovereign credit ratings. Among the affected, China, India, the USA, and Canada might see elevated costs due […]
A new Guide to Payment Regulations has been released, offering insights into the regulatory frameworks and licensing schemes for payments and e-money services across eight key Asian markets. The guide, a collaborative effort between Standard Chartered and Allen & Overy, aims to assist both corporates and fintech companies in navigating the complexities of the ever-changing […]
Estimated reading time: 2 minutes The World Bank has kept its 2023 economic growth projection for China steady at 5.1%, consistent with its April forecast. However, it has revised its 2024 outlook to 4.4% from 4.8%, attributing the adjustment to ongoing challenges in China’s property sector. In its latest biannual regional update, released on Sunday, […]
Estimated reading time: 3 minutes On Tuesday, the International Monetary Fund (IMF) unveiled its most recent World Economic Outlook, adjusting its US growth forecast upwards while anticipating a slower rate of expansion for the euro zone. Compared to its July update, the IMF increased its projection for US economic growth for the current year by […]
Estimated reading time: 3 minutes In 2023, Mexico overtook China as the United States’ largest goods exporter, based on recent trade figures. The Bureau of Economic Analysis, an agency of the US government, reported that imports from China to the US fell by approximately 20% to $427.2 billion last year. In contrast, Mexican exports to […]
