Bessent says Europe refused Washington’s request to tariff India and China over Russian oil
The treasury secretary used a Sunday television interview to disclose that allied governments declined to join a secondary-tariff push.
Rival Hegemons
Beijing’s draft export curbs now reach the solar supply chain
China’s commerce ministry has proposed controls on 12 solar manufacturing technologies, part of a draft list of 40.
China’s central bank governor backs tighter IMF scrutiny of rich-country budgets
Pan Gongsheng told the IMF’s steering committee he supports closer surveillance of fiscal and spillover risks, while pledging wider access to China’s markets.
Taiwan moves to criminalise chip smuggling as Beijing’s draft export curbs reach 40 technologies
Beijing’s draft now spans 40 technologies and separates remote AI model access from overseas deployment, while Taipei prepares criminal penalties for unauthorised AI chip exports.
China’s central bank pledges wider market access as Washington presses on card and bank entry
The People’s Bank of China said it will keep opening its financial markets to foreigners, on the same day a US Treasury delegation raised market access for Mastercard and Citigroup.
China proposes export controls on 23 AI technologies, including models and chip design
Beijing has put forward draft rules that would license exports of advanced artificial-intelligence models, AI agents and chip-design technology, and says the policy is not aimed at any country.
Manila protests a Chinese envoy’s South China Sea remarks as a veiled threat of force
The Philippine government condemned comments by China’s ambassador in Manila, while Beijing’s defence ministry said it would act to deter what it called sabotage in the disputed waters.
Beijing accepts a cap on hybrid car exports to Europe in a deal that spares both sides a tariff fight
The European Union and China struck a preliminary agreement to limit Chinese hybrid vehicle exports to Europe, a concession Beijing had long warned it would not make.
The IMF presses Beijing for a bigger fiscal push and says the property crisis has run too long
The International Monetary Fund urged China to deploy a larger fiscal stimulus and said the country’s property crisis has lingered for too long.
China’s trade surplus reaches $938 billion over nine months as bank lending jumps
Customs data show September exports surging and chip shipments more than doubling in value, while the central bank reported stronger new loans.
BMW’s quarterly deliveries fall 6.3% as Europe’s carmakers open the Paris show
A slump in China is now visible in German delivery numbers while Chinese brands press their case in Europe.
Visa wins the People’s Bank of China’s approval to prepare a domestic card clearing business
The Chinese central bank’s decision is a preparatory approval rather than a licence to clear transactions.
China’s home car sales keep sliding while exports surge and BYD studies a French plant
September retail sales of new energy vehicles fell as passenger car exports jumped, and BYD said it is looking at building in France.
China’s central bank rejects the claim that the yuan is undervalued as the offshore rate hits its strongest since 2022
The People’s Bank of China has published a paper arguing its currency is not undervalued, days before EU-China trade talks that turn on exchange rates, and Barclays expects Beijing to tolerate further gradual appreciation.
Europe’s carmakers welcome the hybrid safeguard while other industries warn on China’s surplus
The Financial Times says the new understanding protects the hybrid sector but leaves China’s trade surplus untouched, and Korean coverage says the displaced export volume is heading for South Korea.
A Super Micro contractor pleads guilty over Nvidia AI servers sent to China
A contractor at the centre of a 2.5 billion dollar diversion case admitted four counts, including conspiring to break US export controls and obstructing justice.
Lai says Taiwan is spending more on defence to deter war; Beijing calls it secessionist
Taiwan’s president used his National Day speech to tie higher military spending to deterrence, and China’s Taiwan Affairs Office accused him of pursuing independence.
EU envoy says the deal could cut half of Chinese electric and hybrid car imports
Brussels put a figure on its interim understanding with Beijing, which also opens the door to lower tariffs and easier rare-earth exports.
China says it reached an understanding with the EU on plug-in hybrid exports
Beijing announced an understanding with Brussels on plug-in hybrid vehicles while the separate dispute over electric-car tariffs remains unsettled.
China’s central bank rejects claims the yuan is undervalued as EU talks open in Beijing
The People’s Bank of China issued a formal policy position on the renminbi exchange rate on the day the European Union’s trade chief arrived for talks.
Porsche cuts a quarter of its workforce and Mercedes sales fall as China demand gives way
Europe’s premium carmakers are shrinking around a collapsing Chinese market while Brussels prepares an import cap on Chinese hybrids.
Anduril and the US Navy put $6.6 billion into a Baltimore submarine yard
The defence-technology company will invest $3.7 billion in a Maryland shipyard under a $2.9 billion Navy contract to build Virginia-class submarine components.
China closes a record 670 banks as growth slips below target
Beijing shut a record number of small lenders last year, nearly one in four, while third-quarter growth is estimated below the official target.
Britain prepares tariffs on Chinese electric cars to match the EU
Ministers are reported to be ready to match the European Union’s 45% levy on Chinese electric vehicle imports.
US charges California executive in $300 million Nvidia server smuggling case
Prosecutors say AI servers were routed to China through Malaysia and Singapore using false paperwork about their destination.
Russia’s draft budget raises military spending to 17.1 trillion rubles
Moscow plans higher defence outlays, lower education funding and new taxes next year, with billionaires asked for a voluntary levy.
US charges California executive over a $300 million Nvidia chip smuggling scheme
Prosecutors say restricted AI servers were routed through Malaysia and Singapore to buyers in China.
China’s central bank trims its policy lending rate and discounts mortgages
The People’s Bank of China joined other agencies in a pro-growth package that cuts the pledged supplementary lending rate, widens relending quotas and subsidises home loans.
PBOC adds targeted rate cut and mortgage subsidies as China’s PMIs return to growth
Beijing announced a package of strengthened financial support measures, including mortgage interest subsidies aimed at reviving housing demand.
China cuts a policy rate and subsidises mortgages as factory activity returns to growth
The People’s Bank of China lowered its pledged supplementary lending rate by 25 basis points as September surveys improved across sectors.
Russia plans a record 2027 defence budget as its deficit widens
Budget documents show military spending rising 27% next year, funded by higher taxes and more borrowing.
Anthropic’s IPO prospectus pairs record losses with warnings about existential risk
The filing devotes almost a third of its pages to risk and discloses a buildout commitment that the company says largely cannot be cancelled.
China’s central bank cuts its policy lending rate and adds mortgage subsidies
The People’s Bank of China lowered the pledged supplementary lending rate, widened the facility’s scope and raised relending quotas in a targeted easing package.
China cuts its policy-bank lending rate and subsidises first-home mortgages
The People’s Bank of China lowered the rate on pledged supplementary lending by 25 basis points and expanded relending quotas in a targeted package aimed at property and state arrears.
China runs joint naval and air drills near Scarborough Shoal
The PLA Southern Theater Command flew its WZ-7 reconnaissance drone near the contested feature for the first time.
Beijing said to weigh letting Alibaba and ByteDance buy new Nvidia chips
A reported green light for the RTX PRO 5500 would partly reopen a market Nvidia has written down to nothing.
Washington and Beijing set up an AI channel while export controls go unmentioned
The two governments agreed to a dialogue on what the White House now calls super intelligence, but chip export controls were absent from the summit’s readouts.
Appeals court upholds Pentagon’s supply-chain-risk designation of Anthropic
A federal appeals court found the Defense Department had ample support for excluding the AI company from military work, a ruling the department celebrated publicly.
US and China agree to cut tariffs on $30 billion of goods and open an AI channel
A three-day Washington summit produced reciprocal tariff relief, a channel for handling AI incidents and an extension of the trade truce, with the detail promised on Monday.
Taiwan calls Xi’s reunification remarks a distortion as Washington says nothing has changed
Taipei labelled Beijing a true disruptor of the status quo after Xi pressed Trump on the island, while the US ambassador to China said American policy is unchanged.
Washington and Beijing open an AI channel and leave the chip controls alone
The White House fact sheet from the Xi summit creates a standing dialogue on what it now calls super intelligence, but semiconductor export controls were never on the table.
US and China agree to cut tariffs on $30 billion of trade and extend the truce into 2027
Beijing confirmed a reciprocal tariff reduction and a new dialogue on artificial intelligence as the Washington summit closed.
Washington and Tokyo reaffirm that the yen is too weak
Treasury Secretary Scott Bessent and Finance Minister Satsuki Katayama held a call on the currency a day after Trump raised the weak yen directly with Japan’s prime minister.
Xi presses Trump to oppose Taiwan independence and Taipei pushes back
Beijing used the White House summit to ask for a change in US declaratory policy on Taiwan; Taiwan’s foreign ministry called the account a distortion of facts.
Chinese carmakers cut charging to minutes as US senators push a permanent import ban
Geely showed a battery charging from 10 to 70 percent in under five minutes on the same week that a bipartisan bill to bar Chinese vehicles from the United States was pushed toward a vote.
US and China extend their trade truce to 10 January
Treasury Secretary Scott Bessent announced a two-month extension of the Busan agreement as Xi Jinping arrived in Washington.
Bessent and He Lifeng Meet Twice in a Week as Xi Arrives in Washington
The US Treasury secretary says Washington is open to extending the China trade truce or striking a bigger deal.
Alibaba Unveils the Zhenwu V900 Chip and a 20GW Cloud Target as China Builds Around Export Controls
The Chinese group used its Apsara conference to claim the country’s most powerful chip and to set a data centre capacity goal stretching to 2032.
Xi Arrives in Washington With Energy Leverage as the Summit Agenda Narrows
Analysts expect tariff relief at best from the Trump and Xi meeting, with no movement on semiconductor export controls or rare earths.
China Slows Humanoid-Robot IPOs as Valuations Outrun Revenue
Regulators are using informal window guidance to hold back listings after Unitree’s slide from its post-debut peak.
Washington and Beijing Weigh an AI Hotline Before the Trump-Xi Summit
A narrow notification mechanism, not a broad accord, is emerging as the likeliest deliverable of this week’s summit.
US proposes an AI incident hotline with China before the Trump-Xi summit
Washington has offered Beijing an emergency notification channel for artificial intelligence failures, and trade talks alongside it went further than expected.
Washington Pitches an AI Incident Alert System to Beijing Before the Summit
Treasury and the US trade representative came out of New York talks with a proposed AI notification mechanism, a “Board of Trade” and the prospect of tariff cuts on non-critical goods.
PBOC holds loan rates a 16th month as the yuan reaches a multi-year high
Beijing left benchmark lending rates unchanged and eased its guard on the currency, which strengthened to its firmest level against the dollar since mid-2022.
Tech chiefs get seats at the Trump-Xi state dinner as chips top the summit agenda
The guest list for the White House dinner is drawn from the companies whose export licences are the substance of the meeting.
China holds its lending benchmark for a sixteenth month as property demand stays weak
The People’s Bank of China left the one-year loan prime rate at 3.0% and the five-year at 3.5%, matching consensus and extending the longest pause on record.
Beijing rejects secondary sanctions after the Russia and Iran act becomes law
China’s commerce ministry says it opposes measures aimed at third countries and reserves the right to respond.
Washington and Beijing stage the Xi visit as the yuan hits a four-year high
Treasury and the trade representative meet He Lifeng in New York on Sunday, with AI, rare earths and the tariff truce on the agenda.
Chinese coast guard rams a Philippine government vessel in the South China Sea
Manila says its resupply boat was struck inside its own exclusive economic zone; Beijing says the Philippine vessel caused the collision.
US auto groups ask Trump to keep Chinese carmakers out before the Xi summit
Industry bodies wrote to the president days before next week’s meeting, warning that market access for Chinese vehicles could be traded away.
Trump and Xi meet in Washington with tariffs, chips and Taiwan on the table
The two leaders hold their second face-to-face meeting of the year on 24 September, with agriculture and non-tariff barriers flagged for announcements.
Huawei pulls its next AI chip forward by nine months and tells Chinese labs to accelerate
The Ascend 960DT is now promised for the first quarter of 2027, three quarters earlier than planned.
House passes Russia sanctions bill, handing Trump a 100 per cent tariff weapon
The measure clears Congress 262 to 159 and authorises secondary tariffs on the largest buyers of Russian oil and gas.
Beijing reframes its credit slump as the new normal
The central bank governor told China’s flagship party journal that slower loan growth is a structural adjustment, not a failure to be fixed with more lending.
Trade chiefs meet this weekend to set up the Trump-Xi summit
Treasury and the US trade representative will host China’s vice premier days before the two presidents meet in Washington, with tariffs, farm goods and AI risk all on the agenda.
China’s New Exit Rules Take Effect, Barring Travel Over Tech and Security Violations
Beijing can now block citizens from leaving the country over national security or technology export violations, under rules that reach private citizens and lower-level officials.
Treasury Sanctions Russia’s VTB Over Iran Ties, Putting Foreign Banks on Notice
The designation targets Russia’s second-largest bank for helping Iran evade sanctions and exposes institutions that keep dealing with it to secondary measures.
China’s August Data Show Weak Consumption and a Deepening Property Slump
Factory output held up while retail sales barely grew and property investment fell close to a fifth, prompting Goldman Sachs to cut its growth forecast.
Beijing calls the AI slowdown plan a Cold War tactic
China’s first official reply rejects pacing outright, even as its own security ministry lists six principal AI risks.
BRICS closes in New Delhi with five Chinese initiatives and a push to rally the Global South
Xi Jinping used the summit’s final day to propose a wider bloc, an open-source AI community and a larger role for emerging economies.
Beijing threatens to cancel the Xi-Trump summit over Taiwan arms sales
China has told Washington it will drop this month’s leaders’ meeting if new weapons sales to Taiwan are approved, putting the main channel for trade and technology bargaining at risk.
Seoul nears the first project under its 350 billion dollar US investment pact
South Korea’s industry minister returned from New York without a signature, but the first project under the tariff settlement is set to be announced this week.
BRICS declaration condemns unilateral tariffs and secondary sanctions
The New Delhi text calls for WTO and IMF reform and expands local-currency settlement, while stopping short of a common currency.
BRICS opens in New Delhi with Putin, Xi and Pezeshkian in the room and a war overhead
The bloc’s leaders urged maximum restraint in the Middle East while negotiators worked late to agree the text of a Delhi Declaration.
House tees up a Russia sanctions vote that could put tariffs on buyers of Russian oil
The Senate-passed bill reaches the House floor next week, with secondary measures aimed at third-country buyers the sharpest instrument in it.
Anthropic says state-linked actors used Claude for weapons work and surveillance
A threat report from the AI company describes attempts to build missile guidance software, run propaganda networks and compile dossiers on dissidents.
Chinese AI chip prices jump 50% as memory shortages bite
Export controls meant to blunt China’s AI build-out have made its domestic accelerators dearer rather than cheaper.
BRICS meets in Delhi with Putin and Xi present and the bloc under strain
India is hosting a BRICS summit attended by both Vladimir Putin and Xi Jinping, while trying to steer the expanded bloc away from an explicitly anti-Western turn.
China’s Car Exports Pass Last Year’s Total in Eight Months
August passenger-car exports jumped 67.1% from a year earlier, and new-energy vehicles took a record share of domestic sales.
Xi Returns to India for a BRICS Summit Tested by the Iran War
The Chinese president’s first trip to India in seven years lands at a summit where payments, energy and the bloc’s unity are all in question.
PBOC Issues a Five-Year Finance Plan and Calls the Yuan’s Global Rise Irreversible
China’s central bank released its plan for building a financial powerhouse and said overseas entities now hold more than 11 trillion yuan in Chinese assets.
Washington Accuses Chinese AI Firms of Systematic ‘Distillation’
The US government says Chinese companies are extracting proprietary capabilities from American models, and Beijing has rejected the claim ahead of planned Trump-Xi talks.
China’s exports jump 25% in August as consumer and factory prices tick higher
Export strength widened the trade surplus while an energy-led price rebound left domestic demand looking no stronger.
US sanctions Iran’s remaining airlines and widens the secondary net
Treasury designated the country’s last major carriers, exposing foreign firms that keep doing business with them.
Beijing puts $54 billion into state banks as August exports accelerate
A capital injection for eight large state lenders and insurers lands in the same week that export growth again carries the Chinese economy.
Beijing Recapitalises Eight State Banks and Insurers
China is injecting fresh capital into eight state-owned financial institutions as a property downturn keeps eroding credit demand.
China’s August Exports Jump as the Trade Surplus Widens Again
Dollar exports rose 25% year on year in August, powered by semiconductors and autos, while imports came in below forecast.
China recapitalises eight state banks and insurers as growth slows
Beijing’s finance ministry will issue special treasury bonds to inject capital into eight state-owned financial institutions, with the headline figure reported at $54 billion.
Beijing recapitalises eight state financial firms as the headline figure is disputed
China announced a capital injection into eight state-owned banks and insurers, reported variously as 360 billion yuan, $54 billion and $45 billion.
China injects 360 billion yuan into eight state banks and insurers
The Ministry of Finance is leading a recapitalisation worth about 54 billion dollars across the country’s largest state lenders and insurers.