Reuters Asia Business

China to lower dollar, euro and yen weightings in CFETS yuan basket in 2025

31 Dec 2024

SHANGHAI (Reuters) – China will adjust the weightings of its yuan CFETS basket in 2025, the country’s foreign exchange trade platform said on Tuesday. From Jan. 1, the China Foreign Exchange Trade System (CFETS), which is overseen by the central bank, will lower the U.S. dollar’s weighting in the CFETS currency basket to 18.903% from …

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China’s Xi pledges more proactive economic policies in 2025

31 Dec 2024

BEIJING (Reuters) – China’s 2024 gross domestic product (GDP) is expected to exceed 130 trillion yuan ($17.8 trillion), President Xi Jinping said on Tuesday in his New Year’s address, adding that the country would implement more proactive policies to promote growth in 2025. The world’s second-largest economy has struggled to stage a robust revival this …

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Sri Lanka’s key consumer price index falls 1.7% in December

31 Dec 2024

(Reuters) -Sri Lanka’s consumer price index fell 1.7% year-on-year in December after dropping 2.1% in the previous month, the statistics department said on Tuesday. The Colombo Consumer Price Index, a leading indicator for broader national prices, tracks inflation in Colombo, Sri Lanka’s largest city. Prices in the food category increased slightly to 0.8% in December …

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Beijing unveils plans to boost driverless vehicle use in capital

31 Dec 2024

By Qiaoyi Li and Brenda Goh BEIJING (Reuters) – China’s capital Beijing passed new regulations on Tuesday to encourage autonomous driving technology in the city, with authorities planning to eventually allow driverless public buses and taxis. Autonomous vehicles that pass road testing and safety assessments will be allowed to apply for road trials, the state-backed …

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Markets in 2024: Wall Street’s high-octane rally keeps investors captive to the US

31 Dec 2024

By Naomi Rovnick, Dhara Ranasinghe and Rodrigo Campos LONDON (Reuters) – Markets that began the year with investors expecting a global stock rally to fizzle, swift U.S. interest rate cuts to boost Treasuries and soften the dollar and emerging market currencies to strengthen have firmly defied that consensus. World stocks are set for a second …

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China factory activity grows more slowly, services recover

31 Dec 2024

By Joe Cash BEIJING (Reuters) -China’s manufacturing activity barely grew in December though services and construction recovered, an official survey showed on Tuesday, suggesting policy stimulus is trickling into some sectors as the economy braces for new trade risks. The National Bureau of Statistics (NBS) purchasing managers’ index (PMI) slowed to 50.1 in December from …

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Hong Kong’s CTF Services in talks to sell China toll roads for $2 billion, Bloomberg News reports

31 Dec 2024

(Reuters) – Hong Kong’s CTF Services, part of the conglomerate owned by billionaire tycoon Henry Cheng and family, is in early talks with China’s state-owned Yuexiu Group to sell a bundle of toll roads worth $2 billion, Bloomberg News reported on Tuesday. The construction firm, formerly known as NWS Holdings, has also held talks with …

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China approves more GM crops to boost yields, ensure food security

31 Dec 2024

BEIJING (Reuters) – China has approved five gene-edited crop varieties and 12 types of genetically modified (GM) soybean, corn and cotton, expanding approvals to boost high-yield crops, reduce import reliance, and ensure food security. The Ministry of Agriculture and Rural Affairs awarded safety certificates to the 17 crop varieties, according to a document on its …

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