China’s benchmark Shanghai Composite Index (000001.SH) lost 0.14% on Wednesday, while the Shenzhen Component Index (399001.SZ) rose 0.26%.
Shanghai’s tech-heavy STAR 50 Index (000688.SH) lost 0.4% for the day, while Shenzhen’s similar ChiNext Index (399006.SZ) fell 0.17%.
Below is a rundown of the top China business and finance stories, plus other news for the day:
· Britain’s Prudential Opens Macao’s Second Life Insurance Operation in 20 Years
New branch office reflects expansion of Macao as an insurance alternative to Hong Kong for mainland Chinese customers
· More Commercial Lenders Slash Rates Paid on Deposits
Move by 11 of 12 mid-sized banks matches reductions last week by state-owned giants as authorities push for cheaper loans while defending bank profits
· PBOC Cuts Short-Term Rates for Banks in Further Sign of Easing
Reduction in monetary policy tool follows a cut in another key lending rate and may signal more central bank action to bolster the economy
· Chinese Firms Ink $10 Billion in Investment Deals at Arab-China Conference
The more than 30 agreements struck at the event cover industries including renewables, minerals, tourism and health care
· Major Philippines’ Telco Banks On Rapid Digital Services Uptake, CEO Says
Globe Telecom is expanding its e-wallet and health care app as more and more people adopt the services since the start of the pandemic
· China’s EV Battery Industry Expansion Tests Transport Capacity
May production surges 57.4% year-on-year as experts see need for more-advanced transportation technology to keep up with demand
· Nio Ends Holdout in China’s Auto Price War
EV maker slashes bases prices $4,200 and pulls the plug on its free battery-swap service for car buyers
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This article was generated by Caixin Automation.
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