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The Latest Breaking News from People Bank of China

China’s Central Bank Takes Surprising Step As Economy Falters

The rates for the People's Bank of China's one-year medium-term loan facility were unexpectedly cut by 15 basis points to 2.5%.

Zenger

Stock Index Futures Move Lower as Investors Cautiously Await U.S. Big Bank Earnings

September S&P 500 futures (ESU23) are down -0.08%, and September Nasdaq 100 E-Mini futures (NQU23) are down -0.06% this morning after three major U.S. benchmark indices closed higher on Thursday as economic data provided more evidence that inflationary pressures were subsiding, while market participants braced for earnings from big U.S.…

Barchart

Stock Index Futures Mixed as Investors Cautiously Await U.S. Big Bank Earnings

September S&P 500 futures (ESU23) are up +0.05%, and September Nasdaq 100 E-Mini futures (NQU23) are down -0.07% this morning after three major U.S. benchmark indices closed higher on Thursday as economic data provided more evidence that inflationary pressures were subsiding, while market participants braced for earnings from big U.S.…

Barchart

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China finance veteran Zhu set to head central bank- sources

A career banker and head of a state-run financial conglomerate, Zhu Hexin, is likely to become governor of China's central bank after next month's annual session of parliament, according to people familiar with the matter.

Reuters

Victims of bank Ponzi-like scheme in China unable to withdraw money from frozen accounts

Since April last year, at least $8.5 billion has been frozen, leaving bank customers in dire straits. When they tried to protest, they allege they received brutal treatment from the police.

ABC News

Alibaba Stock Gains As Jack Ma Cedes Ant Control, Beijing Eases Crackdown

“We’ll encourage (tech platforms) to come out strong in leading economic growth, creating more jobs, and competing globally,” said CCP secretary Guo Shuqing.

The Street

Xi warns of tough COVID fight, acknowledges divisions in China

Chinese President Xi Jinping said tough challenges remain in China’s fight against COVID-19 and acknowledged divisions in society that led to rare spontaneous protests, after weeks of silence on a virus policy pivot that’s infected hundreds of millions and delivered a severe blow to economic activity.

Tribune News Service

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Xi warns of tough COVID fight with China economy on back foot

President Xi Jinping said tough challenges remain in China’s fight against COVID-19 and urged patience, after weeks of silence on a virus policy pivot that’s infected hundreds of millions and delivered a severe blow to economic activity.

Tribune News Service

PBOC to Cut Banks’ Reserve Requirement Ratio to Support Economy

The 25 basis-point reduction, effective Dec. 5, follows a cut of the same magnitude in April, and will free up around $70 billion of cash for lending

Caixin Global

China central bank head likely to step down amid reshuffle

China's central bank chief Yi Gang is likely to step down after he was dropped from an elite body of the ruling Communist Party, with a former central banker a leading contender to succeed him, sources close to the central bank said.

Reuters

Factbox-Who's in, who's out of China's new party Central Committee

Over 2,000 delegates to a twice-a-decade congress of China's ruling Communist Party in Beijing elected a new 205-person Central Committee on Saturday that will set the course of Chinese policymaking for the next five years.

Reuters

When Chinese protesters came up against Xi's security machine

Jack Yao, a Chinese Communist Party member, never wanted to be an activist.

Reuters

China gears up for yuan defence

China’s central bank has asked major state-owned banks to be prepared to sell dollars for the local unit in offshore markets as it steps up efforts to stem the descent of the yuan, four sources with knowledge of the matter said.

Bangkok Post

Protest in China over frozen bank accounts ends in violence

Authorities say some customers will start getting their money back after angry crowd in Henan was broken up by heavy-handed security guards

The Guardian - UK

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AFP

China detains alleged bank fraud 'gang' after rare mass protests

Beijing (AFP) - Members of a "criminal gang" accused of taking control of local banks have been arrested in central China after rare protests over alleged financial corruption sparked violent clashes between customers and authorities.

Caixin Global

PBOC Backs Coal Industry With $15 Billion of Credit

Central bank follows through on government commitment to increase coal production as China seeks to secure its energy supplies

Bangkok Post

Yuan won't outrank dollar anytime soon

The issue of the Chinese yuan as a premier international currency has been around for quite some time. Right now, only 3% of international trade transaction is conducted in yuan and, correspondingly, central banks around the world keep only 3% of their international reserves in Yuan. To most, this is…

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