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The Chinese yuan’s sell-off is accelerating and there’s no sign of Beijing stepping in

“REUTERS/Jon Woo The Chinese yuan is continuing to unravel, falling to a one-year low against the greenback on Thursday” writes Business Insider Australia for businessinsider.com. The Chinese yuan fell to its lowest level versus the dollar in over a year.”Earlier this year, yuan weakness reflected moderating Chinese economic fundamentals versus the majority of its trading partners, a strong USD, and narrowing yield differentials between it and the US,” she said.Earlier in the session, China’s State Administration of Foreign Exchange, or SAFE, said China currency remains stable and strong, adding China’s…

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Chinese yuan hits 1-year low

“A month ago, the two rates were nearly identical, but now the offshore yuan buys roughly 0.5% fewer dollars than its counterpart” writes Saumya Vaishampayan for marketwatch.com. On Thursday morning, the People’s Bank of China set the dollar’s daily reference rate at 6.7066 yuan, weakening the yuan by 0.2%.The central bank has guided the yuan to stronger-than-expected daily levels since mid-June, according to Commerzbank analysts, probably aiming to slow the pace of decline.One analyst suggested this could prod the central bank into action.China’s currency hit lows not seen since last…

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Kudlow says President Trump is ‘so dissatisfied’ with China trade talks that he is keeping the pressure on

“President Donald Trump’s top economic advisor Larry Kudlow said China trade talks have stalled on Wednesday” writes Michael Sheetz for cnbc.com. Trump’s administration released a new list of tariffs on $200 billion of Chinese goods on July 10, as the president continues to broaden the trade war with Beijing. China has again accused the U.S. of bullying and warned it would hit back after the Trump administration raised the stakes in their trade dispute. Source: cnbc.com Share This:

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One of China’s biggest startups is a $3 billion education company — here’s why education is such a big business in China

“VIPKID is far from the only company in China capitalizing on the education market” writes Harrison Jacobs for businessinsider.com. English speaking ability is a major focus of Chinese education, as it is seen as important in the job market and for future business opportunities. Source: businessinsider.com Share This:

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Google launches game on Tencent’s Wechat as it eyes China market

“Last year, Google launched its ‘Google Translate’ app in China, and in May it added a file management app to several app stores run by local Chinese firms, a first for the company” writes Midwest Communications Inc for 95kqds.com. The latest product, Caihua Xiaoge, is a drawing game based on Google’s AI image recognition technology, and is a WeChat ‘mini app’, which works only within Tencent’s WeChat.Google in January announced a patent licensing deal with Tencent with the intention of collaborating further in the Chinese market.BEIJING (Reuters) – Alphabet Inc’s…

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After e-cigarette incident, China cuts Air China’s flight hours and launches safety review

“China’s aviation regulator will cut Air China’s flight hours for its Boeing 737 fleet by 10 percent and cancel the licences for the pilot and co-pilot involved in an emergency descent incident last week, Chinese state television said” writes Zhang Peng for cnbc.com. The Civil Aviation Administration of China said the incident was linked to a co-pilot smoking an e-cigarette during the flight. Source: cnbc.com Share This:

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China cuts Air China’s flight hours, launches safety review after incident

“SHANGHAI (Reuters) – China’s aviation regulator will cut Air China’s flight hours for its Boeing 737 fleet by 10 percent and cancel the licenses for the pilot and co-pilot involved in an emergency descent incident last week, Chinese state television said” writes Midwest Communications Inc for 95kqds.com. The Civil Aviation Administration of China said the incident was linked to a co-pilot smoking an e-cigarette during the flight. Source: 95kqds.com Share This:

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Didi seeks $1.5 billion car services spinoff ahead of likely IPO: sources

“The Chinese ride-hailing giant had in April launched the car services unit – which brought together its car rental, sales, maintenance, sharing and gas services businesses” writes Julie Zhu for reuters.com. HONG KONG (Reuters) – Chinese ride-hailing giant Didi Chuxing Technology Co Ltd is looking to spin off its car services unit in a deal worth up to $1.5 billion, ahead of its expected initial public offering (IPO), people with direct knowledge of the matter said. Source: reuters.com Share This:

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The trade war may ultimately be good news for Chinese stocks, asset manager says

“Amid trade tensions, Chinese mainland stocks are down almost 30 percent since their peak in January” writes unknown author for cnbc.com. Bank and property shares are also potential steals, the note added. “We like home appliances, education, pharma and beverages sectors which are not directly influenced by the risk of an escalating trade war. Source: cnbc.com Share This:

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