China’s benchmark Shanghai Composite Index (000001.SH) gained 2.43% on Friday, while the Shenzhen Component Index (399001.SZ) rose 3.2%.
Shanghai’s tech-heavy STAR 50 Index (000688.SH) gained 2.37% for the day, while Shenzhen’s similar ChiNext Index (399006.SZ) rose 3.16%.
Below is a rundown of the top China business and finance stories, plus other news for the day:
· Weekly Must-Read: Yuan Gets More International Love as Dollar Rivalry Grows
China and its trading partners are doing more business in yuan, Belt and Road investment is increasingly being funded in the Chinese currency, and ‘dim sum’ bond sales are booming
· China and Pakistan Set Up Offshore Yuan Clearing
South Asian nation becomes third country to do so this year, enabling use of Chinese currency in cross-border trade and investment
· Fosun Pharma Scraps $158 Million Acquisition of Singapore Cancer Clinic
Unit of debt-laden Fosun International cites unmet conditions in dropping plan to take over 60% of OncoCare Medical
· State Railway Operator Posts Record Loss on Covid Disruptions
Red ink increases 36% for the first three quarters, and profit almost vanishes for the cash-cow high-speed Beijing-Shanghai route
· A Father’s Nightmare Rescuing a Three-Year-Old Under Covid Lockdown
Child dies after carbon monoxide poisoning, and Lanzhou authorities acknowledge mishandling an emergency over three hours
· EV Startup WM Motor Mulls Job and Pay Cuts Amid Financial Woes
Seven-year-old automaker flounders as contemporary rivals Nio, Xpeng and Li gain traction in China’s hotly competitive market
· Chinese Bank Moves to Recoup Billions of Unpaid Evergrande Loans
Shengjing Bank, previously controlled by the embattled property developer, has been granted court permission to sell shares pledged for $4.5 billion of loans
· Three Chinese Miners Ordered to Divest From Canadian Lithium Projects
Canada’s industry minister says Ottawa is concerned about securing critical minerals while pushing back on China’s industry dominance
· Yum China Profits Rebound in Third Quarter Amid Strong Takeout Sales
The KFC and Pizza Hut franchise operator increased quarterly revenue to $2.7 billion, while ending four consecutive quarters of declining same-store sales
· Tencent and China Unicom Tie Up in New Joint Venture
Social media giant and state telecom operator win antitrust approval for new business in data and cloud-related services
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This article was generated by Caixin Automation.
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