Hong Kong faces an unprecedented opportunity as an offshore hub for the currency, despite what is broadly seen as short-term pressure on the yuan, according to investment bank China International Capital Corporation (CICC). In the past, depreciation was largely driven by a wide interest rate differential between the US dollar and the yuan, which prompted…
Tesla’s China Rival XPeng Delivers Over 91,500 EVs In Q4, Eyes Massive Growth In Q1 Chinese EV maker XPeng Inc (NYSE:XPEV) shares are trading lower premarket on Tuesday. The company reported fiscal fourth-quarter sales growth of 23.4% year-on-year to 16.11 billion Chinese Yuan ($2.21 billion), topping the consensus estimate of 16.02 billion Chinese Yuan. Total revenues increased 59.4% sequentially in the quarter. The Tesla Inc (NASDAQ:TSLA) rival’s quarterly vehicle deliveries increased 52.1% Y/Y…
BEIJING (Reuters) – Chinese electric vehicle maker Xpeng sees humanoid robots as a long-term project and is considering large investments that could go up to 100 billion yuan ($13.80 billion), state media reported its CEO as saying on Monday. CEO He Xiaopeng said on the sidelines of the annual parliamentary session that while the company’s…
Hong Kong can become a multicurrency bond hub and Beijing’s recently announced measures to expand the Bond Connect scheme will further enhance the city’s role as a prime destination for debt issuance, analysts said. Earlier this month at the Asian Financial Forum, People’s Bank of China (PBOC) governor Pan Gongsheng spoke about increasing the “asset…
GUANGZHOU, China (Reuters) – Nio unveiled a lower-cost brand named Firefly on Saturday that it touted as a rival to Mercedes’ Smart and BMW’s Mini in the Chinese electric vehicle maker’s latest bid to broaden its customer base and boost sales. CEO William Li announced the new brand at an annual company event in Guangzhou…
(Reuters) – Chinese property giant Dalian Wanda has told some investors it plans to establish a fund of about 50 billion yuan to 90 billion yuan ($6.91 billion – $12.44 billion) to pay taxes and debt, Bloomberg News reported on Friday, citing people familiar with the matter. ($1 = 7.2322 Chinese yuan renminbi) (Reporting by…
Topline Chinese Embassy officials in the U.S. warned Monday that a trade war between the two countries would have no winners, after President-elect Donald Trump reiterated his plans to impose additional tariffs on Chinese imports. U.S. President-elect Donald Trump speaks at a House Republicans Conference meeting at the Hyatt … [+] Regency on Capitol Hill…
By Scott Murdoch SYDNEY (Reuters) – Chinese ecommerce giant Alibaba Group is aiming to raise $5 billion in multi-tranche dollar and offshore Chinese yuan bonds, according to two sources with direct knowledge of the matter. The company in a regulatory filing on Monday said it was considering carrying out the transaction. The dollar tranche would…
SHANGHAI (Reuters) – China is widely expected to trim its main policy and benchmark lending rates on Friday, a Reuters poll showed, after the Federal Reserve’s outsized interest rate cut removed some of the risks around sharp yuan declines. Monetary policy divergence and a weakening Chinese yuan have been the key constraints limiting Beijing’s efforts…