Stabilising China's stock market seen as major test for Xi
Hong Kong
FOR Chinese President Xi Jinping, mission No 1 has been preserving Communist Party rule. That now means stabilising the stock market.
Mr Xi's government rushed out an unprecedented series of measures in recent days to halt a sell-off that wiped out US$3.2 trillion in market value in three weeks. Expect more stimulus efforts as the leadership under Mr Xi seeks to keep the collapse from devouring the savings of tens of millions of Chinese investors - a constituency larger than the ruling party - and from potentially setting off social unrest.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
International
Biden vetoes bid to repeal US labour board rule on contract, franchise workers
Economic leaders of South Korea, Japan, China say FX volatility is a risk
US automakers win extension on use of Chinese graphite in EV tax credits
US service sector contracts in April; price pressures up
Thaksin’s daughter calls central bank independence an ‘obstacle’
US jobs growth slows in April; jobless rate up to 3.9%