China to give US a 250b yuan investment quota for the first time
Move deepens financial ties between countries; Beijing also assures US the yuan will not weaken further
Beijing
CHINA said it will give the United States a 250 billion yuan (S$52 billion) investment quota for the first time to buy Chinese stocks, bonds and other assets, deepening financial ties and interdependence between the world's two largest economies.
Chinese officials also repeatedly pledged in two days of talks with their US counterparts that they saw no need for sustained weakening of the yuan currency, which many investors fear could shock the already sluggish US and global economies and roil financial markets as happened in January.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
International
Labour wins UK by-election as Tory PM Sunak stares at more losses
South Korea to slap fines on food suppliers for ‘shrinkflation’
Stormy Daniels’ ex-lawyer in the hot seat at Trump trial
New Zealand says ‘seriously concerned’ by China’s increased security actions in Pacific
EU, ISSB agree on minimising overlaps in company climate disclosures
US law firm Mayer Brown to split from Hong Kong partnership