Saturday, 20 October, 2018


China shares fall despite central bank action

The PBOC said it will cut for most lenders the amount of cash set aside as reserves from Oct. 15 The PBOC said it will cut for most lenders the amount of cash set aside as reserves from Oct. 15
Melba Vasquez | 10 October, 2018, 17:45

The yuan was also down Monday as expectations of more easing measures plus surging USA bond yields exerted downward pressure on the Chinese currency.

The decision is meant to "further encourage the stable development of the real economy, optimise the liquidity structure of commercial banks and financial markets, lower financing costs, and to continue increasing the financial systems' efforts to support small businesses, private enterprise and innovation", the People's Bank of China said in a statement.

"There's an acute shortage of confidence in the market".

"The export tax rebate is the most effective way to counter the negative impact of trade war on Chinese exporters to stabilize the job market".

The blue-chip CSI 300 index opened 2.3 percent lower and at midday was down 3.6 percent, with the Shanghai Composite shedding 3.0 percent at the end of the morning session. Co, Kweichow Moutai Co and Hangzhou Hikvision Digital Technology Co - old favourites that jumped at least 97 per cent previous year - were the most sold by overseas traders on Monday. Last week, Hong Kong's Hang Seng slumped 4.4 per cent as investors anxious about the escalating trade row.

The losses in China also came despite a cut in the amount of cash the country's commercial banks must keep in reserve, which its central bank says will pump more than $100 billion into financial markets.

Mr. Pence intensified Washington's pressure campaign against Beijing on Thursday by accusing China of "malign" efforts to undermine U.S. President Donald Trump ahead of next month's congressional elections and reckless military actions in the South China Sea.

Telecoms equipment maker ZTE led tech shares downward on Monday, falling 8.14% to 16.81 yuan after a Bloomberg News report last week said China had inserted special microchips into computer goods exported to the United States to steal technology secrets.

China's IT sector fell sharply today, tumbling over 3.4 per cent in early trading. Shenzhen-listed shares of ZTE was down over 8 per cent at close. This marks the biggest monthly drop since February.

On the same day, the above-mentioned banks will use the funds released by the RRR cut to repay the medium-term loan facilities of the central bank where they borrowed.

The PBOC would "maintain reasonably ample liquidity to drive the reasonable growth of monetary credit and social financing scale", it said. "Liquidity is not the issue". Xie Yaxuan, chief economist at China Merchants Securities said in a note that the timing of the announcement was a deliberate move by Beijing "to offset the shock from declines in global stock and bond markets to the domestic economy".

"Moreover, there is still room for further RRR cuts when necessary, though the chance for an interest rate cut is limited given the continued Fed rate hiking cycle, in our view."On Monday, the spread between Chinese and USA 10-year Treasury bonds was 58.1 basis points according to Eikon data, compared with 150 basis points at the end of 2017".

Recommended

loading...
...
  • Pixel 3 XL On Sale In Hong Kong Ahead Of Launch

    Pixel 3 XL On Sale In Hong Kong Ahead Of Launch

    Wireless charging support could also mean Google would announce its own wireless charging stand, or the "Pixel stand" . However, Google has further improved its HDR+ algorithm which will allow the devices to capture even better photos.

    DC Comics hires James Gunn after Disney fires him

    But instead, Gunn will take over Suicide Squad , the franchise led by Will Smith , Margot Robbie and Jared Leto . Warner Bros . and representatives for Gunn did not immediately respond to a request for comment.
    West Indies squad for T20I series against India announced

    West Indies squad for T20I series against India announced

    The West Indies will have to lift themselves to put up a better performance after being thoroughly outplayed in Rajkot . The top team ranking will potentially be up for the taking depending on how the Sri Lanka and England series pans out.
  • Up Next: Tropical Storm Michael

    Up Next: Tropical Storm Michael

    In the meantime, Florida Governor Rick Scott has declared a State of Emergency for the Florida Panhandle and Big Bend areas. Image: Forecast Track for Hurricane Michael . "This storm will be life-threatening and extremely unsafe ", he said.
    Brits brace for 'the other' royal wedding

    Brits brace for 'the other' royal wedding

    Camilla is scheduled to visit a school in Scotland on the day of Princess Eugenie's wedding, according to reports. Who is in Eugenie and Jack's bridal party? .
    World Mental Health Day and Your Organisation

    World Mental Health Day and Your Organisation

    It's fantastic that as a result of the campaign more people are checking in on someone who they think may not be going so well. Remedial measures parents can take, Grover advised, included "spending time with their children and being friendly with them".
  • First Look at the Revamped Chrome OS on Google's Pixel Slate

    First Look at the Revamped Chrome OS on Google's Pixel Slate

    One of them transcribes voicemails in real time, so users can decide whether to pick up the call or keep ignoring it. While Google's phones have larger screens, they do look similar to their predecessors except for fully glass backs.

    Official Rock & Roll Hall of Fame Nominees

    Rounding out the nominees are Def Leppard , Devo , MC5, John Prine , The Cure , Roxy Music , The Zombies , and Todd Rundgren . It's that time again - time for opinions to fly, arguments to be had and fan votes to be cast.

    Ousted Guardians of the Galaxy director switches camps, tied to new DC Comics film

    But it also looked like O'Connor was moving on to reteam with Ben Affleck on the sports drama The Has-Been . According to The Wrap , Gunn is in talks to write the script for Suicide Squad 2 and also direct it.
  • Images surface of Saudis allegedly sent to target writer

    Turkish officials fear the team killed Khashoggi , who has been critical of Saudi Crown Prince Mohammed bin Salman in his writing. Trump on Monday expressed concern about Khashoggi's case and Secretary of State Mike Pompeo called for a thorough investigation.
    A daylight saving time bug crashed the latest Apple Watch (AAPL)

    A daylight saving time bug crashed the latest Apple Watch (AAPL)

    Luckily it's not something that Apple Watch Series 4 owners in South Africa will have to worry about, as DST is not a thing here. When clocks change there isn't the standard 24 hours in a single day, and that seems to be causing the issue .
    Alok Nath On Vinta Nanda Allegations: I Made Her What She Is!

    Alok Nath On Vinta Nanda Allegations: I Made Her What She Is!

    The producer also alleged that he had all her shows at the channel shut down, leading to the closure of her production company. She goes on to describe the morning after a party at this man's house at the end of which he drives her home.

PlayStation announce when you'll be able to change your PSN ID PlayStation announce when you'll be able to change your PSN ID Subsequent name changes will cost money, with it being $4.99 for PlayStation Plus members and $9.99 for everyone else. At that time, a full list of compatible games (those published before April 1, 2018) will be released.

Microsoft's xCloud Streams Xbox Games To Mobile, PC & Console Microsoft's xCloud Streams Xbox Games To Mobile, PC & Console Microsoft has not had a way to stream Xbox One content to mobile, but that's coming soon with the announcement of Project xCloud . Good old Microsoft has the infrastructure to bring game streaming to more countries than PlayStation Now currently reaches.

Taylor Swift Brings Friend Claire Winter to AMAs 2018! Please, please educate yourself on the candidates running in your state and vote based on who most closely represents your values. He also just received posthumously the Best New Artist Award at the BET Hip-Hop Awards last weekend as well.

Climate change economists win Nobel prize Climate change economists win Nobel prize His economic approaches to global warming include modeling to determine the efficient path for coping with climate change. In the 1970s, Nordhaus, already alarmed by the threat of global warming, began working on potential solutions.

Taylor Swift encourages crowd to 'get out and vote' at AMAs Taylor Swift encourages crowd to 'get out and vote' at AMAs Billy Eichner, right, got political as he presented the award for favourite adult contemporary artist with Kathryn Hahn. I gotta show people wrong, I gotta prove people wrong."Because they said I wasn't gonna make it after I had a baby'".

India highly vulnerable to climate change impacts, say experts on United Nations report India highly vulnerable to climate change impacts, say experts on United Nations  report Coral reefs would decline by 70 per cent to 90 per cent at 1.5 deg C, whereas virtually all would be lost at 2 deg C. The not-so-great news? They need to accelerate.

Campus Wellness Center Hosts Flu Shot Clinics Campus Wellness Center Hosts Flu Shot Clinics The Healthy People 2020 goals include a target of 90% annual flu vaccine coverage for health care personnel. The flu shot did not work well previous year as the vaccine only reduces a person's risk by 40 percent .

Saudis to Turkey: Search our consulate for missing WaPo columnist, dissenter Saudis to Turkey: Search our consulate for missing WaPo columnist, dissenter Saudi Arabia to allow Turkey to search consulate for Jamal Khashoggi; State Department correspondent Rich Edson reports. Turkey conveyed its expectation of "full cooperation" from Riyadh in search of Khashoggi, Anadolu Agency reported .

After an undisclosed security breach was revealed, Google+ will be shutting down After an undisclosed security breach was revealed, Google+ will be shutting down In a blog post , Google said the information that was exposed includes full names, email addresses, occupation, gender and age. In response to the breach, Google is shutting down all consumer functionality of Google+.

Bulgaria Under Pressure after Journalist's Brutal Murder Bulgaria Under Pressure after Journalist's Brutal Murder At the Ruse vigil, telecoms technician Venelin Rumenov, 27, told AFP: "I don't think that she had been threatened or anything". Ms Marinova was a director of TVN , a small TV station, and a TV presenter for two investigative programmes.

Our writers pick their top three for the Ballon d'Or award Our writers pick their top three for the Ballon d'Or award The Tottenham striker captained England to their first World Cup semi-final in 28 years in Russian Federation this summer. The victor will be announced in Paris on 3 December with a women's victor awarded for the first time.

Why did Conor McGregor get in brawl after Khabib fight? New video Why did Conor McGregor get in brawl after Khabib fight? New video Police eventually separated the dueling brawls, and both McGregor and Khabib were escorted out of the Las Vegas arena. Nurmagomedov applied a neck crank and, after a hesitant tap, McGregor relented and tapped out to signal he was done.

Caroline Wozniacki Wins China Open Caroline Wozniacki Wins China Open Open champion Naomi Osaka in the semifinal, but couldn't handle the second-seeded Dane's punishing groundstrokes. Her win means that she will stay at No. 2 in the rankings and Sevastova will rise to a career-high of No. 12.

India may continue to import oil from Iran, says Petroleum Minister Worldwide benchmark Brent crude traded at around $83.38 on Monday, down almost 1 percent, while U.S. Later, talking to reporters, he said India has its own energy requirements which it has to fulfill.

Ballon d'Or: Gareth Bale among first five nominees to be announced Ballon d'Or: Gareth Bale among first five nominees to be announced For six years it combined with world football's governing body to become the Fifa Ballon d'Or . Ronaldo is the defending champion, having won his fifth Ballon d'Or in 2017.