ActiveInvestorMag.com: Rival Hegemons

Indonesia plans a second panda bond of up to 10 billion yuan as it faces MSCI downgrade risk

Fri, 23 Oct 2026 14:17:00 GMT

Jakarta would return to China’s onshore debt market, possibly in November, after selling 7 billion yuan in its debut panda bond in July.

Indonesia is seeking to raise as much as 10 billion yuan, or $1.5 billion, through a panda bond sale. The sale would mark the country’s return to China’s onshore debt market. The bond could be sold in November.

A panda bond is yuan-denominated debt sold in China’s onshore market. Indonesia sold 7 billion yuan in its debut panda bond sale in July, and the new plan is a follow-up to that issue. “We have space to offer foreign currency bonds in the fourth quarter,” an Indonesian official said.

The planned offering of up to $1.5 billion is under consideration rather than final, according to the official’s account. The target of 10 billion yuan would be larger than the July debut.

Why it matters to investors, and what to watch: on the site.

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Treasury proposes curbs on US investment in Chinese high-tech and biotech

Fri, 23 Oct 2026 14:17:00 GMT

The draft rule would add biotechnology to the outbound investment limits and covers Russia and North Korea alongside China.

The US Treasury has proposed a rule to crack down on high-tech investments in China and other adversaries. The proposed curbs cover high-tech investments in China, Russia and North Korea. The proposal would tighten the rules on investing in sensitive Chinese technology.

The proposal also adds biotechnology to the outbound investment restrictions. The Trump administration’s plan would put new curbs on China biotech deals. In a statement on the OISP plan, Treasury Secretary Scott Bessent said that “the biotechnology sector in countries of concern enables the military”. A document detailing the potential new rule records that Bessent made a determination about “the biotechnology sector in countries” of concern.

Bessent also said the rules would promote an “open investment environment” by providing clarity to investors in the United States and abroad. These are the Treasury’s own descriptions of the rule’s purpose and effect; the proposal has not yet been finalised.

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Commerce plans up to $389 million of CHIPS awards for power semiconductors and critical materials

Thu, 22 Oct 2026 21:17:00 GMT

Letters of intent with four companies follow 19 earlier research grants, and Commonwealth Fusion Systems has signed one worth $85 million.

The Commerce Department announced letters of intent with four companies for $389 million of research and development awards. The funds are aimed at power semiconductors and critical materials. The awards are being made under the CHIPS and Science Act.

Commonwealth Fusion Systems signed an $85 million letter of intent with the department. The four proposed awards follow 19 semiconductor research and development grants. One account rounded the package to $400M of semiconductor research funding. Another described it as a plan for up to $389M for power semiconductors under the CHIPS Act.

Commerce Secretary Howard Lutnick said the awards will “accelerate American semiconductor innovation to enhance our domestic energy” and power resources. “These investments expand domestic research, secure critical supply chains, and create high-paying American jobs,” he said.

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The Kremlin says Putin will rejoin peace talks after 10 November and China is readying a summit with Trump and Xi

Wed, 21 Oct 2026 21:18:00 GMT

Moscow put a date on a return to negotiations with Ukraine and Washington, while saying Beijing is preparing a possible three-leader meeting next month.

Putin has agreed to resume three-way peace talks with Ukraine and the United States after 10 November, according to the Kremlin.

Russia said it was ready to return to talks to end the war after Putin met Steve Witkoff, President Donald Trump’s special envoy, in St Petersburg. The meeting was the one at which Russia freed the American teacher Stephen Hubbard.

Ushakov, speaking for the Kremlin, said separately that preparations were under way for a possible trilateral meeting between Putin, Trump and Chinese President Xi Jinping.

The Kremlin said China is preparing for such a meeting. Putin and Xi are expected to hold a bilateral meeting at the APEC summit in Shenzhen on 18 to 19 November. The proposed three-way meeting has been described as “the first such meeting in history”.

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China moves to tighten control over exports of its top AI models

Wed, 21 Oct 2026 14:16:00 GMT

Beijing has put draft export controls on 23 AI-related technologies out for consultation, including open-weight models and AI agents, as it protests Washington’s DeepSeek ban.

Beijing is moving to tighten its grip on the global spread of China’s top-tier artificial intelligence. On 16 October, the Ministries of Commerce and of Science and Technology put export controls on AI out for consultation until 15 November.

China has proposed draft export controls covering 23 AI-related technologies. The plans would tighten controls on open-weight models as well as on 23 key AI technologies.

The government released proposed export controls covering advanced AI, including AI agents. They came out on the same day that Tencent responded to an incident involving a rogue AI.

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Washington bars DeepSeek from federal IT systems and Beijing objects

Tue, 20 Oct 2026 21:17:00 GMT

A Homeland Security order removes the Chinese AI model from most government agencies; China says the ban disregards the consensus between the two countries.

The Department of Homeland Security has blocked China-based DeepSeek from federal IT systems. The Chinese technology is being removed from most US government agencies as the race for AI dominance steps up. The order directed every federal agency to purge DeepSeek; it was signed by Secretary of Homeland Security Markwayne Mullin on 24 July 2026, with a courtesy copy to budget director Russell Vought.

China said the US ban on DeepSeek from government IT systems disregards the consensus between the two countries. In Beijing, Foreign Ministry spokesperson Mao Ning defended the company.

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ByteDance, Alibaba and Tencent place more than $35 billion of Nvidia chip orders

Tue, 20 Oct 2026 14:18:00 GMT

The Reuters report lands as chip stocks recover from a nine-day slide and as Washington argues over how tightly to police AI technology bound for China.

ByteDance, Alibaba and Tencent have placed more than $35 billion worth of Nvidia chip orders, Reuters reported in an exclusive. Reuters described the chip involved as among the most powerful of Nvidia’s AI processors.

Reuters quoted a statement that “US firms continue to be restricted by a combination of outdated US export controls”. The export controls in question are overseen by the US Commerce Department’s Bureau of Industry and Security.

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RTX and Northrop raise their 2026 forecasts on record backlogs

Tue, 20 Oct 2026 14:18:00 GMT

Both contractors credited rising US and allied military spending, even as defence shares have retreated and Congress argues over new Pentagon money.

RTX raised its 2026 forecasts as aerospace and defence demand drove a record backlog, Reuters reported. The company cited growing demand for aircraft engines and parts and sustained military spending amid heightened geopolitical tensions. In its third-quarter results release, RTX said demand for its products remains robust.

Northrop Grumman lifted its 2026 profit forecast on strong defence demand and a record backlog, Reuters reported. Northrop, which makes the B-21 Raider bomber and parts for the F-35 fighter jet, has been benefiting from rising US and allied military spending amid heightened geopolitical tensions. Northrop’s management said it was “confident” in the company’s “new record backlog, well-positioned portfolio and investments”, in remarks carried by KFGO.

Yahoo Finance reported that both contractors came out with strong third-quarter earnings results and raised their annual profit outlooks. The same report asked whether US rearmament will trigger a surge in defence spending.

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China’s central bank moves toward an overnight policy rate and a backstop for bond redemptions

Mon, 19 Oct 2026 21:20:00 GMT

The People’s Bank of China governor used the Financial Street Forum to sketch a new policy benchmark, a liquidity facility for fund redemptions and further market opening.

The People’s Bank of China will study the possibility of switching its main policy benchmark to an overnight rate, Governor Pan Gongsheng said, a change the central bank says would make its guidance more precise. Reports of the governor’s remarks say the central bank is studying making the overnight rate its main policy rate. Central banks such as the US Federal Reserve already use overnight rates as their main policy rates to better anchor the yield curve.

Pan also said the central bank plans a liquidity backstop for the bond market. Caixin reported that the mechanism will be added to the PBOC’s macroprudential toolkit and is intended to prevent a cycle in which investor redemptions force sales. State broadcaster CGTN reported that China will introduce a liquidity support facility to help non-bank financial institutions cope with large-scale redemptions. Pan was speaking at the 2026 Financial Street Forum annual conference, where financial regulators announced a set of measures.

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Trump says he would join Xi and Putin in China, and wants nuclear weapons on the agenda

Mon, 19 Oct 2026 21:20:00 GMT

The president answered a Kremlin proposal by saying he is open to a three-way meeting next month, with denuclearisation rather than Ukraine as the stated subject.

President Donald Trump said on Monday that he is open to a three-way meeting with China’s Xi Jinping and Russia’s Vladimir Putin, and that it could be focused on denuclearization. He said the United States has more nuclear weapons than anybody, that Russia is second and China is third. Axios reported that Trump wants to hold the trilateral summit in China next month to discuss denuclearization, but not necessarily Ukraine. RFI reported that he indicated he is ready to meet both leaders in China next month.

The Kremlin said the three could hold a meeting on the sidelines of next month’s Asia-Pacific Economic Cooperation summit in China. Trump is expected to travel to China in mid-November for the APEC leaders’ meeting in the city of Shenzhen. The Kremlin had been floating the idea before his answer. In the same remarks, Trump criticised Ukraine’s president.

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China puts tunnel boring machines and more drones under export control

Mon, 19 Oct 2026 14:22:00 GMT

Beijing moved from consultation to binding restrictions on Monday, citing national security.

China’s commerce ministry said on Monday it would set export controls on tunnel boring machines. Nikkei Asia reported the same decision and described the equipment as a key piece of machinery for infrastructure work. CGTN reported that China had decided to impose controls on items including tunnel boring machines and to adjust its export control measures on dredger-related equipment.

The restrictions go wider than one machine. Bloomberg reported that China is imposing export controls on more drones and industrial machinery, and Quartz reported that Beijing is tightening controls on drones and tunnel boring machines together. MLex reported that revised controls on dredging equipment take effect from 18 November under a joint announcement by the Ministry of Commerce and the General Administration of Customs.

The ministry cited national security, and The Hindu reported that the machines covered are equipment sought by India. Those are the Chinese government’s stated grounds rather than an independently verified rationale.

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Manila summons China’s ambassador over remarks on the use of force

Mon, 19 Oct 2026 14:22:00 GMT

The Philippine foreign secretary protested comments her government called a threat, while both sides said they wanted to keep economic ties intact.

The Philippines summoned China’s ambassador over remarks Manila said conveyed a threat. Bloomberg reported that the country’s top diplomat called in the envoy to protest his comments on the use of force amid the two countries’ maritime dispute in the South China Sea. ABC News reported that Foreign Secretary Ma. Theresa Lazaro relayed to Ambassador Jing Quan the Philippine government’s serious concern.

The comments at issue were about the balance of military power. China Global South reported that the ambassador had said Beijing could easily win a conflict. Rappler reported that Lazaro told him it was not his place to taunt Philippine officials. TRT World reported that Manila called the remarks provocative and unacceptable, while the ambassador said the South China Sea dispute should not define the overall relationship.

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Putin asks for a summit with Trump and Xi on Ukraine, with Zelensky left out

Mon, 19 Oct 2026 14:22:00 GMT

The Kremlin said the three leaders could meet in China next month, and Kyiv said the format would reward Moscow.

The Wall Street Journal reported that Vladimir Putin has proposed that he, President Trump and Xi Jinping meet next month to talk about Ukraine and negotiate an end to the war favourable to Moscow. Politico reported that Russia is exploring such a summit on a Ukraine deal, and the Telegraph said Putin has proposed a meeting with Trump and Xi to negotiate the future of Ukraine.

The Kremlin then confirmed the possibility in public. It said on Monday that Putin, Trump and Xi could hold a three-way meeting in China next month. The Kremlin also suggested the three presidents could meet at an upcoming Asia-Pacific summit in China. These are Russian government statements about Russian intentions, and Washington has not announced any such meeting.

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Bessent says Europe refused Washington’s request to tariff India and China over Russian oil

Sun, 18 Oct 2026 21:20:00 GMT

The treasury secretary used a Sunday television interview to disclose that allied governments declined to join a secondary-tariff push.

Treasury Secretary Scott Bessent said European countries refused a request from Washington to impose secondary tariffs on India and China for buying Russian oil, according to reports of his Sunday interview. Open Magazine carried the same account, saying European allies had declined the request, and ANI quoted the secretary directly as saying that Washington asked European allies to put secondary tariffs on India and China for buying Russian oil and that they refused.

The disclosure came in an interview with NBC’s Meet the Press with Kristen Welker, in which Bessent also told the programme that the administration will own the economy, Barron’s reported.

This is the administration’s own account of private diplomacy, and no European government is quoted confirming it in the reporting available.

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Beijing’s draft export curbs now reach the solar supply chain

Sun, 18 Oct 2026 14:23:00 GMT

China’s commerce ministry has proposed controls on 12 solar manufacturing technologies, part of a draft list of 40.

China has proposed export controls on 12 technologies used to make solar equipment, Reuters reported from Beijing, citing the commerce ministry. The solar items sit in the same proposal as artificial intelligence and biotechnology, and the ministry proposed adding them to its control list. The report was carried through Sunday by outlets across Asia and the Gulf.

Taken together, the draft would limit exports of 40 key technologies, including AI and solar. Of those, 23 are tied to AI models and agents, and chip technologies are also covered. Beijing says the measures are necessary to strengthen security, prevent misuse and keep AI under human control. That is the ministry’s stated rationale; the reporting does not establish what the controls would do to supply.

The AI portion of the draft was reported first, by the Wall Street Journal a day earlier, according to Yahoo Finance’s account of the solar additions. The ministry has already imposed export controls on rare earths.

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China’s central bank governor backs tighter IMF scrutiny of rich-country budgets

Sun, 18 Oct 2026 14:23:00 GMT

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.

Pan Gongsheng, governor of the People’s Bank of China, said he supports closer International Monetary Fund surveillance of fiscal and spillover risks, Reuters reported. He was addressing the International Monetary and Financial Committee, the Fund’s steering body, during the annual meetings. One account summarised the position as China backing the Fund’s scrutiny of fiscal risks in major advanced economies.

Reuters identified the speaker as the PBOC governor, pictured at a press conference in Beijing in September 2024. The remarks are Beijing’s stated position at a multilateral meeting; the reports do not record how other members responded, or name the economies Pan had in mind.

The surveillance Pan endorsed is the Fund’s regular assessment of member economies, including their budget positions and the effects those positions have beyond their borders.

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Taiwan moves to criminalise chip smuggling as Beijing’s draft export curbs reach 40 technologies

Sat, 17 Oct 2026 14:21:00 GMT

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.

Taiwan is planning to add AI chips to the goods whose unauthorised export it treats as a crime, Export Compliance Daily reported. Semafor described the move as Taipei restricting China chip sales to appease the United States, and as a significant step in curtailing black-market sales to Chinese companies seeking to bypass US curbs. Barron’s covered the two tracks together: China moving to control AI technology exports while Taiwan cracks down on smuggling.

On the mainland side the draft has grown. Law360 reported that China will add 40 new products spanning AI and biotech to its export controls, and Export Compliance Daily put the figure at 40 “key” AI, biomedical and solar technologies that Beijing said will help address national security. XenoSpectrum reported that the draft treats AI programming-interface access differently from overseas deployment. China’s commerce ministry said the proposed controls would help AI governance and strike a better balance between innovation and security, according to China Daily Asia. Beijing had already proposed controls on AI technologies to safeguard a strategically critical industry amid intensifying competition, citing national security risks.

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China’s central bank pledges wider market access as Washington presses on card and bank entry

Fri, 16 Oct 2026 21:25:00 GMT

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’s central bank said it will further open the country’s financial markets to foreign investors, Reuters reported, quoting a People’s Bank of China statement that the country’s steady economic growth and the rapid development of its high-tech industries provide solid support for renminbi assets. UA.NEWS reported the same pledge, saying the central bank intends to continue opening its financial markets to foreign investors.

Governor Pan Gongsheng set out the detail at the Emerging Markets Conference on the sidelines of the annual meetings, saying the bank would expand market access and promote renminbi bonds as collateral, according to China Daily. Newsquawk reported Pan saying the central bank would support the development of offshore renminbi markets, and Forex Factory carried both the offshore pledge and the plan to promote renminbi bonds as globally accepted collateral.

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China proposes export controls on 23 AI technologies, including models and chip design

Fri, 16 Oct 2026 14:32:00 GMT

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.

China proposed export controls on 23 artificial-intelligence technologies on Friday, among them technologies involving AI models and agents, Reuters reported. The Financial Times reported that the draft controls cover technologies used in areas including AI models, AI agents and chip design. The Next Web said the draft would restrict exports of the country’s advanced models and chip designs. The Verge reported that Beijing was considering adding 23 AI technologies to its export-control list, including chip-related entries.

The Wall Street Journal described the step as China considering new export controls on artificial-intelligence technologies in a bid to safeguard what it called a strategically critical industry, amid an intensifying contest over the sector. The Independent reported that the proposal reaches beyond AI to solar and biopharmaceutical technologies, and that Beijing said the policy was not aimed at targeting any country. That assurance is the Chinese government’s own account of its draft rather than an independent reading of what the list would do.

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Manila protests a Chinese envoy’s South China Sea remarks as a veiled threat of force

Fri, 16 Oct 2026 14:32:00 GMT

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.

President Ferdinand Marcos Jr and his government have condemned remarks by China’s ambassador to Manila, calling them a thinly veiled threat of force, the Associated Press reported. The comments were made on the sidelines of a Manila forum on Thursday, where Ambassador Jing Quan was asked by reporters to respond to a Philippine position, according to The Washington Post. Bloomberg reported that the Philippine president may summon the Chinese envoy over the veiled threat.

The Philippine News Agency, the state news agency, reported that the Department of Foreign Affairs flagged the envoy over a thinly veiled threat of force and cautioned all diplomats posted in the country. The Chinese embassy in Manila published its own account, saying the ambassador had attended the second Diliman Dialogues on Southeast Asian voices on relations between the regional bloc and China and on pathways to peace in the South China Sea. Separately, a Chinese defence ministry spokesperson said China would take effective measures to deter any sabotaging moves in the South China Sea, according to the ministry’s own release.

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Beijing accepts a cap on hybrid car exports to Europe in a deal that spares both sides a tariff fight

Thu, 15 Oct 2026 14:29:00 GMT

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 European Union and China struck a preliminary deal on Friday to sharply limit Chinese hybrid vehicle exports to Europe, Axios reported. The bloc plans to initially cap Chinese hybrid and plug-in hybrid imports at 350,000 a year. Transport and Energy reported that the EU has confirmed plans to reduce imports of Chinese hybrid electric vehicles.

China’s state news agency, carried by People’s Daily, said the industry body CAAM expects the consensus reached between China and the European Union on hybrid and electric vehicle trade to help stabilise industry expectations. A Chinese business outlet reported that BYD and Geely spoke out on the new trade consensus, which it linked to the electric vehicle anti-subsidy case and to a joint statement from the second regular meeting of the China-EU trade and investment consultation mechanism. The Wall Street Journal wrote that Beijing’s concession on hybrid vehicles shows how much it needs the European market.

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The IMF presses Beijing for a bigger fiscal push and says the property crisis has run too long

Thu, 15 Oct 2026 14:29:00 GMT

The International Monetary Fund urged China to deploy a larger fiscal stimulus and said the country’s property crisis has lingered for too long.

The International Monetary Fund urged China to deploy a bigger fiscal stimulus, Reuters reported. An IMF official said China’s property crisis has “lingered for too long”, and reiterated the fund’s proposal for policies to rehabilitate the real estate sector. The same remarks were carried by the Lexington Herald Leader and by KELO.

Bloomberg reported, in an account carried by Yahoo Finance, that the fund warned China’s stimulus lacks ambition and leaves the yuan undervalued. Separately, an AFP poll of economists found China’s economy is seen missing its target as global shocks bite, France 24 reported. Leaders in Beijing have struggled for years to reverse a stubborn slump in the once-booming real estate sector, which has dampened consumer confidence, according to the same report.

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China’s trade surplus reaches $938 billion over nine months as bank lending jumps

Wed, 14 Oct 2026 14:31:00 GMT

Customs data show September exports surging and chip shipments more than doubling in value, while the central bank reported stronger new loans.

China’s trade surplus hit $938 billion for January to September as pressure ramps up to rebalance trade, US News and NY1 reported from Associated Press copy. China’s customs agency says exports surged 36.3% in September from a year earlier. Yahoo Finance reported that September exports blew past forecasts and that imports accelerated.

The People’s Bank of China reported that new bank loans in September jumped more than expected, helped by stimulus and a seasonal boost, Reuters said. The central bank also reported that aggregate financing to the real economy rose in the first three quarters of 2026, according to Metal.com’s summary of the release. Both sets of figures are the Chinese government’s own releases, reported here as what those agencies published rather than as independently verified.

NY1’s version of the same wire copy attributes the export figure directly to the customs agency.

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BMW’s quarterly deliveries fall 6.3% as Europe’s carmakers open the Paris show

Tue, 13 Oct 2026 14:32:00 GMT

A slump in China is now visible in German delivery numbers while Chinese brands press their case in Europe.

BMW’s deliveries fell 6.3% in the third quarter as its China sales slumped, Reuters reported. The same report said the group’s battery electric vehicle deliveries were up 7.2% in the third quarter, so the decline was concentrated outside its electric range. A separate account said the China slump drove Volkswagen to its sharpest quarterly fall in more than four years.

The numbers landed as the Paris auto show opened. Volkswagen and Stellantis used this year’s show to signal growing confidence in their electric vehicles, adopting lessons from the Chinese rivals and partners now reshaping their home market, Reuters reported. Automotive News, reviewing the show, said one large electric SUV on display is already China’s third best-selling vehicle overall and is set to arrive in Europe next year as part of its brand’s regional push.

Reuters’ account of the show presented the European response as a borrowing exercise rather than a defensive one, with Volkswagen and Stellantis taking lessons from the Chinese rivals and partners reshaping their home market. Automotive News described the electric SUV it singled out as already ranking third among all vehicles sold in China.

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Visa wins the People’s Bank of China’s approval to prepare a domestic card clearing business

Tue, 13 Oct 2026 14:32:00 GMT

The Chinese central bank’s decision is a preparatory approval rather than a licence to clear transactions.

Visa said on Tuesday that the People’s Bank of China had approved its “Application to Prepare”, a first formal step toward a domestic card business in the country. The approval allows the company to begin formal preparations to establish a domestic bankcard clearing institution in China, according to the statement carried by the Financial Times’ markets service. Caixin Global described the decision as preliminary approval to establish a bank card clearing institution, paving the way for yuan card clearing.

CNBC reported that Visa announced the approval on Tuesday and framed it as arriving after 40 years of the company working with China. China Daily, a Chinese state-run outlet, said the approval was posted on the central bank’s website on Tuesday and that it paves the way for Visa-branded renminbi bank cards to be issued in China. The South China Morning Post said the central bank will allow the US card payment giant to set up a local clearing organisation after a years-long wait.

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China’s home car sales keep sliding while exports surge and BYD studies a French plant

Mon, 12 Oct 2026 21:29:00 GMT

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 home car sales downturn continued in September while exports retained momentum, Reuters reported. CnEVPost, citing data from the China Passenger Car Association, said retail sales of new energy vehicles fell 16.7 percent while their share of the market hit a record 67 percent. It said extended-range electric vehicle sales fell 4.0 percent to 117,000 units, and that total passenger vehicle exports rose 73.7 percent.

ET Auto, carrying the Reuters report, attributed the domestic slump to an economic downturn affecting consumer spending. A separate account carried by CT Insider said Chinese carmakers are increasingly relying on overseas markets as September exports surge.

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China’s central bank rejects the claim that the yuan is undervalued as the offshore rate hits its strongest since 2022

Mon, 12 Oct 2026 14:48:00 GMT

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.

The People’s Bank of China issued a policy paper rejecting claims that the yuan is undervalued, arguing that China’s export performance stems from factors the excerpt does not finish listing. People’s Daily reported that the central bank issued a comprehensive statement clarifying its official stance on the currency’s trajectory. Both are the bank’s own account of its intentions rather than independent confirmation of them.

Trading Economics reported the offshore yuan at its strongest since 2022, rising as the central bank defended its policy and supported the currency. For Monday’s session the bank set the USD/CNY central parity at 6.7313, firmer than Friday’s 6.7330 and above a Reuters estimate the excerpt cuts off.

Trading Economics also reported the offshore yuan rising as the bank defended its policy, and noted that the central bank set the rate in a sentence the excerpt cuts off.

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Europe’s carmakers welcome the hybrid safeguard while other industries warn on China’s surplus

Sun, 11 Oct 2026 21:29:00 GMT

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.

The Financial Times reported that the European Union has safeguarded its hybrid car sector from Chinese imports under the new deal, that the auto sector welcomes the understanding reached with Beijing, and that other industries warn China’s huge trade surplus will persist without further measures, in a sentence the excerpt does not complete. Bloomberg’s related coverage described EU plans for an import cap on Chinese hybrid cars to protect the sector.

Korean coverage put a destination on the displaced volume. One report said the EU will halve Chinese hybrid vehicle imports, that Chinese electric vehicle imports flow into South Korea, that the US imposes tariffs of up to 127.5% on Chinese-made electric vehicles, and that Japan acts in a way the excerpt does not finish. A companion piece said Chinese hybrid exports now target South Korea as EU access is curtailed, and attributed the export surge to a severe domestic sales slump, citing China Automobile Manufacturers data in a passage the excerpt leaves unfinished.

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A Super Micro contractor pleads guilty over Nvidia AI servers sent to China

Sat, 10 Oct 2026 21:31:00 GMT

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.

A Super Micro contractor has pleaded guilty in a scheme to divert AI servers containing Nvidia chips to China. The case is described as a 2.5 billion dollar AI chip diversion linked to China.

The contractor admitted four counts: conspiring to violate US export controls, smuggling, defrauding the US government and obstructing justice. One report says the plea covered conspiracy to break export controls among the four counts, and refers to an indictment describing a group.

The sources do not agree on who pleaded. Two name the man as Ting-Wei, known as Willy, Sun. Another names a defendant whose name appears as Shyan, known as Wally, Liaw, as conspiring to send cutting-edge chips to China in violation of US export controls, according to court documents. One of the reports describes the person simply as the case fixer.

The plea was entered according to court documents, and the reports of it are drawn from the filings and from wire coverage of them rather than from a statement by the company whose contractor was charged.

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Lai says Taiwan is spending more on defence to deter war; Beijing calls it secessionist

Sat, 10 Oct 2026 21:31:00 GMT

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.

President Lai Ching-te said in a National Day speech that Taiwan is boosting defence spending to deter war with China. Taiwan is ramping up defence spending and modernising its armed forces, according to accounts of the speech. Speaking outside the Presidential Office, Lai said peace cannot rely solely on wishes.

Lai said China has exerted pressure in an attempt to change the status quo across the Taiwan Strait, and that the island’s resolve is not only about a point the excerpt cuts off. He said he would act on a commitment the excerpt also leaves incomplete.

Beijing answered the same day. Zhang Han, a spokeswoman for China’s State Council Taiwan Affairs Office, accused Lai of seeking to advance Taiwan independence, and said his speech disregarded facts and distorted matters in a passage the excerpt cuts off. A Chinese state commentary said the Taiwan leader’s repackaged rhetoric cannot conceal what it called his secessionist agenda, and argued that differences in political systems are neither an obstacle to China’s reunification nor an excuse for splitting the country.

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EU envoy says the deal could cut half of Chinese electric and hybrid car imports

Fri, 09 Oct 2026 21:29:00 GMT

Brussels put a figure on its interim understanding with Beijing, which also opens the door to lower tariffs and easier rare-earth exports.

The European Union’s trade envoy said an interim trade deal with China could cut up to 50 percent of Chinese electric and plug-in hybrid vehicle imports to the EU, and could lower tariffs. The figure is the envoy’s own estimate of what the arrangement would do, not a measured outcome.

Euronext reported the deal as cutting Chinese hybrid vehicle exports by over half, noting that more than half of these vehicles now come from China and that in 2025 China’s share of plug-in hybrid electric vehicle imports was 30 percent in value terms. DW reported the two sides reaching a deal to “moderate” China’s car exports to the EU, citing the bloc’s trade commissioner Maros Sefcovic. The Guardian described China agreeing to curb hybrid car exports to the EU in a landmark deal.

The understanding is broader than volumes. Anadolu reported that both sides agreed to explore tariff reductions, facilitate rare-earth exports and continue consultations on electric vehicle duties. Beijing has strenuously opposed the extra tariffs on its electric cars. The Houston Chronicle reported the arrangement in the same terms, as an interim trade deal that could cut Chinese hybrid exports on the EU envoy’s account.

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China says it reached an understanding with the EU on plug-in hybrid exports

Fri, 09 Oct 2026 14:37:00 GMT

Beijing announced an understanding with Brussels on plug-in hybrid vehicles while the separate dispute over electric-car tariffs remains unsettled.

China said it had reached an “understanding” with the European Union on hybrid cars. Reuters reported that the two sides reached a hybrid vehicle trade understanding and kept talks alive on the electric vehicle dispute, according to the Chinese ministry.

Trade Commissioner Maroš Šefčovič had been seeking a pledge from Beijing to curb booming exports of Chinese plug-in hybrid electric vehicles to Europe. The European carmakers’ association ACEA welcomed what it called an EU and China interim deal, describing it as a positive step towards easing trade tensions. Trade envoys from the two sides have been looking for ways to ease tensions over growing imbalances.

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China’s central bank rejects claims the yuan is undervalued as EU talks open in Beijing

Thu, 08 Oct 2026 21:30:00 GMT

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.

The People’s Bank of China released a policy statement titled Policy Position on the Renminbi Exchange Rate, issued as a formal document on Thursday along with an English translation. In the lengthy statement the central bank rejected claims that China keeps the yuan artificially weak to gain a trade advantage. In the policy paper it said Beijing has never engaged in competitive devaluation to boost exports.

The bank said China lets the market play a decisive role in exchange rate formation and that it has no need or intention to weaken the yuan for a trade edge. It stressed that the country operates a managed floating regime. One account described the article as a rare and concentrated statement that systematically laid out seven core elements of the bank’s stance. The South China Morning Post reported the bank as slamming currency manipulation claims, quoting it on the practice of attributing a decline in industrial competitiveness, weakened fiscal discipline and complicated structural issues to China’s currency.

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Porsche cuts a quarter of its workforce and Mercedes sales fall as China demand gives way

Wed, 07 Oct 2026 21:29:00 GMT

Europe’s premium carmakers are shrinking around a collapsing Chinese market while Brussels prepares an import cap on Chinese hybrids.

Porsche is cutting 25 percent of its workforce as its China sales collapse. The Volkswagen-owned sports car brand is grappling with those falling sales and with the aftermath of a costly reversal of its electric vehicle strategy. An overambitious move into electric vehicles and slow growth in China have pushed Porsche to refocus on gasoline-powered luxury cars.

Mercedes-Benz reported third-quarter car sales down on the same cause. Reuters put the decline at 8 percent as China demand weakness persisted, alongside model changeovers, while reporting electric vehicle sales up 52 percent. Euronews reported global sales down 6 percent over the period. The Wall Street Journal reported battery-electric car sales rising 61 percent year on year to 68,400 units. Car sales rose 6 percent in the United States and 5 percent in Europe.

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Anduril and the US Navy put $6.6 billion into a Baltimore submarine yard

Tue, 06 Oct 2026 21:24:00 GMT

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.

Anduril and the US Navy are investing $6.6 billion to boost submarine parts production. The company’s share is $3.7 billion, which it will put into a new shipyard in Maryland to build critical components for the Navy’s Virginia-class submarines. The Navy has awarded Anduril a $2.9 billion contract, according to the company.

The facility is going to Baltimore, at the Tradepoint Atlantic site, and is expected to create 3,100 jobs. Quartz described the award as a $2.9 billion Navy submarine contract in Maryland for a defence technology company that will build submarine parts in the state. The company said it will build components for the Virginia-class submarine.

Anduril was founded in 2017 by Palmer Luckey and is best known for its autonomous systems, drones and software built for the US military. Luckey was recently tapped to join a Pentagon group, alongside former House Speaker Newt Gingrich and SpaceX chief executive Elon Musk.

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China closes a record 670 banks as growth slips below target

Tue, 06 Oct 2026 14:34:00 GMT

Beijing shut a record number of small lenders last year, nearly one in four, while third-quarter growth is estimated below the official target.

China closed a record 670 banks last year, or nearly one in four lenders, as Beijing pushed to de-risk the financial system amid slowing economic growth. CNBC reported the same figure, listing the bank closures alongside fresh worries over oil and artificial intelligence. Other coverage framed it simply as China closing hundreds of banks as the economy slows.

The pace is tied to asset quality. China is shutting banks at a record rate as bad loans rise, and Fitch has commented on the risk of contagion. The question of whether those closures matter beyond China’s banking system has been raised directly in investor coverage.

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Britain prepares tariffs on Chinese electric cars to match the EU

Mon, 05 Oct 2026 14:36:00 GMT

Ministers are reported to be ready to match the European Union’s 45% levy on Chinese electric vehicle imports.

Britain is considering tariffs on Chinese electric vehicle imports, according to a report in The Times carried by Reuters on Oct 4. Ministers are prepared to match the European Union’s 45% levy, the same newspaper reported. The UK is preparing to impose import levies in order to meet a key demand from the European Union, and the measure is described as addressing a key concern Brussels has raised.

The stated reason is access rather than protection in its own right. The UK is said to be acting as it seeks to maintain access to a European manufacturing initiative. The reports also cite concern that Beijing is flooding the market with state-backed vehicles. The story reached Hong Kong pre-market coverage while Chinese markets were closed for a holiday, so the first trading reaction came from outside the mainland.

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US charges California executive in $300 million Nvidia server smuggling case

Sun, 04 Oct 2026 14:23:00 GMT

Prosecutors say AI servers were routed to China through Malaysia and Singapore using false paperwork about their destination.

US prosecutors have charged a California technology executive over an alleged scheme to smuggle about $300 million of Nvidia AI servers to China. The defendant, Greg Lui, 38, owns the company at the centre of the case. He has been charged with one count of conspiracy to violate export controls, one count of outbound smuggling and at least one further count. The Justice Department says the AI servers were moved to China through Malaysia and Singapore.

According to the indictment, the conspirators falsely represented that the equipment was destined for permissible end users. Coverage of the charges described false paperwork and shipments through third countries used to evade US export controls. The arrest was reported across US, European and Asian outlets within hours.

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Russia’s draft budget raises military spending to 17.1 trillion rubles

Sat, 03 Oct 2026 21:28:00 GMT

Moscow plans higher defence outlays, lower education funding and new taxes next year, with billionaires asked for a voluntary levy.

Under draft federal budget legislation submitted to the State Duma on September 30, Russian military spending will rise to 17.1 trillion rubles, the Kyiv Post reported. The Taipei Times reported that Russia plans to sharply increase defence spending, cut funding for education and raise taxes next year as the costs of the war in Ukraine mount. The National Security Journal reported that the budget plans Russia’s highest defence spending since the invasion, even as its deficit forecast doubles and state debt rises past a level its excerpt does not specify.

The Japan Times reported that the spending plans show President Putin preparing for years of war, and that much of the additional military spending is likely to flow into weapons. The Post Guam account described Moscow abandoning plans to rein in military outlays.

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US charges California executive over a $300 million Nvidia chip smuggling scheme

Sat, 03 Oct 2026 14:25:00 GMT

Prosecutors say restricted AI servers were routed through Malaysia and Singapore to buyers in China.

Federal prosecutors say a California man’s smuggling scheme sent $300 million in AI hardware to China. The South China Morning Post reported that the owner of a California technology firm routed restricted AI servers through Malaysia and Singapore to evade US export controls. Transport Topics identified the defendant as Greg Lui, owner of the privately held firm Earthmade. Business Insider reported that court records show charges covering export controls, smuggling and money laundering.

Quartz reported that, to circumvent export controls, Lui and his co-conspirators submitted false documentation to US manufacturers misrepresenting where the equipment was going. The Register reported that the alleged crimes violate regulations prohibiting the sale of economically sensitive equipment to adversarial countries.

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China’s central bank trims its policy lending rate and discounts mortgages

Thu, 01 Oct 2026 21:29:00 GMT

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.

China unveiled a new package of pro-growth measures on Tuesday, jointly announced by the People’s Bank of China, the Ministry of Finance and other bodies. The central bank announced a raft of strengthened support measures in the same week. The core monetary step was a cut of 25 basis points to the interest rate on pledged supplementary lending. The one-year PSL facility rate was reduced from 1.75 per cent to 1.5 per cent. The presence of the Ministry of Finance in the announcement makes the package fiscal as well as monetary.

The package also expands the central bank’s relending quotas. Alongside the rate cut, the PBOC offered mortgage subsidies of up to 1%. Coverage of the measures framed them as cutting mortgage costs in order to target a recovery in the property market. Chinese state media said the package signals stronger support for growth. Two of the published accounts differ in emphasis, one leading on the rate cut and the subsidy, the other on the PSL level and the quota expansion.

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PBOC adds targeted rate cut and mortgage subsidies as China’s PMIs return to growth

Wed, 30 Sep 2026 21:25:00 GMT

Beijing announced a package of strengthened financial support measures, including mortgage interest subsidies aimed at reviving housing demand.

China unveiled a targeted rate cut and mortgage subsidies, with the People’s Bank of China easing policy for infrastructure lenders and increasing support for technology innovation. The central bank and other government agencies acted jointly on the package.

The PBOC announced a raft of strengthened support measures on Tuesday. On 29 September the central bank cut the one-year pledged supplementary lending rate to support investment and domestic demand. China also moved to implement mortgage interest subsidies to unlock housing demand in the real estate sector.

Activity data improved at the same time. China’s PMIs returned to expansion territory, signalling a modest growth uptick, and September factory activity grew despite concerns about an economic slowdown. The services sector returned to growth, though real estate remained below the 50 threshold; among the main components, new orders rose to 46.5 from 44.1.

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China cuts a policy rate and subsidises mortgages as factory activity returns to growth

Wed, 30 Sep 2026 14:24:00 GMT

The People’s Bank of China lowered its pledged supplementary lending rate by 25 basis points as September surveys improved across sectors.

The People’s Bank of China announced a raft of strengthened support measures on Tuesday. It said it would cut the rate on its pledged supplementary lending by 25 basis points, taking that mortgage-supplementary lending rate to 1.50% from 1.75% to encourage policy banks to support the real economy. One account described the move as a policy rate cut of 0.25% to boost infrastructure investment, and noted that pledged supplementary lending is a tool used to provide long-term funds to policy banks.

The fiscal side moved with it. The Ministry of Finance, the central bank and the National Financial Regulatory Administration jointly announced interest subsidies for home buyers. China will offer subsidies on interest costs for eligible first-home mortgages as Beijing attempts to revive home sales and turn around the years-long slump in the property sector, subsidising one percentage point of mortgage interest for first-time buyers.

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Russia plans a record 2027 defence budget as its deficit widens

Wed, 30 Sep 2026 14:24:00 GMT

Budget documents show military spending rising 27% next year, funded by higher taxes and more borrowing.

Russia plans to spend a record 17.1 trillion roubles on defence in 2027, according to budget documents. That is about $201 billion by one calculation, and about $202.6 billion by another. Reports agree the defence budget will exceed $200 billion in 2027.

Military spending is being raised by 27% for 2027, the highest level of the war so far, according to the budget documents. It is the highest figure since the start of the war in Ukraine in 2022. The government expects to submit the draft budget by 1 October.

TVP World summarised the package as a record 17.1 trillion-rouble defence budget for 2027, accompanied by higher taxes and more borrowing. The same budget documents carry the 2026 deficit, reported in one account at a level equivalent to about 280 trillion won.

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Anthropic’s IPO prospectus pairs record losses with warnings about existential risk

Tue, 29 Sep 2026 21:22:00 GMT

The filing devotes almost a third of its pages to risk and discloses a buildout commitment that the company says largely cannot be cancelled.

Anthropic’s initial public offering prospectus details steep losses alongside warnings about existential risks. The company plans to caution potential investors that artificial intelligence may pose “existential risks to humanity”, and says its own models could pose a catastrophic risk. The Guardian and Euronews reported the same warning language in the IPO document.

Accounts of the loss figure differ. The Telegraph reported a record $42bn loss as the company heads for its stock market debut, while Engadget reported that Anthropic lost $8 billion last year. The two figures may cover different periods, and the filing had not been formally published at the time of the reports.

The prospectus devotes 80 of its 261 pages to risk, or almost a third of the document. Anthropic said it expects to spend at least $518 billion over the buildout period, and that the arrangement hinges largely on deals that cannot be cancelled.

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China’s central bank cuts its policy lending rate and adds mortgage subsidies

Tue, 29 Sep 2026 21:22:00 GMT

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.

The People’s Bank of China rolled out what one account called a “combination punch” of structural monetary policy tools, while maintaining a moderately accommodative stance. Caixin described the move as a cut to the central bank’s policy lending rate in a targeted growth push.

The central bank said it will cut the pledged supplementary lending rate by 25 basis points. It also increased the quota for a relending programme, with relending quotas raised by 700 billion yuan, and said it will broaden the pledged supplementary lending facility to support investment.

On the household side, the government will subsidise interest payments on new commercial mortgages for eligible first-home buyers nationwide from the start of October. Taken together, the measures were presented as a package to bolster the property sector and the wider economy.

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China cuts its policy-bank lending rate and subsidises first-home mortgages

Tue, 29 Sep 2026 15:42:00 GMT

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.

The People’s Bank of China cut the interest rate on its pledged supplementary lending facility by 25 basis points, or 0.25 percentage points, taking the one-year rate to 1.5 percent. The central bank said it would also broaden the facility to support investment.

Alongside the rate cut, the PBOC increased its relending quota by 500 billion yuan for agriculture and small businesses, and by 200 billion yuan for a programme supporting technological innovation and equipment upgrades. It set up a new relending facility to provide cheap capital to commercial and policy banks, aimed at helping state firms settle overdue payments.

Separately, China will subsidise interest costs on eligible first-home mortgages, an attempt to revive home sales and reverse the years-long slump in the property sector. Nikkei Asia characterised the package as a mini stimulus targeting affordable homes and infrastructure, following a meeting that explicitly addressed measures to stabilise the real estate market and promote employment and income.

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China runs joint naval and air drills near Scarborough Shoal

Mon, 28 Sep 2026 21:25:00 GMT

The PLA Southern Theater Command flew its WZ-7 reconnaissance drone near the contested feature for the first time.

China’s military deployed its high-altitude, long-endurance WZ-7 Soaring Dragon reconnaissance drone to conduct joint air-sea operations near Scarborough Shoal, OODA Loop reported, describing the flight as the drone’s first mission over the feature. The South China Morning Post said the People’s Liberation Army’s Southern Theatre Command announced the deployment, the first time the WZ-7 has been used there. Caliber.Az reported the same first-time deployment during exercises in the South China Sea.

China Daily said that on 27 September the Southern Theater Command conducted a joint naval-air training exercise around Huangyan Island, the Chinese name for the shoal, while the China Coast Guard also operated in the area. China’s defence ministry framed the exercise as firm action to curb what it called the Philippines’ conduct disrupting the South China Sea.

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Beijing said to weigh letting Alibaba and ByteDance buy new Nvidia chips

Mon, 28 Sep 2026 14:31:00 GMT

A reported green light for the RTX PRO 5500 would partly reopen a market Nvidia has written down to nothing.

China may allow ByteDance and Alibaba to buy Nvidia’s RTX PRO 5500 chips, according to a report by The Information relayed by Bloomberg. The Hindu reported that the two companies would be allowed by China’s government to buy the new chips. Other accounts described Beijing as weighing the move or signalling approval rather than granting it outright.

The part in question is not at the top of the range. The RTX PRO 5500 sits in a different category from Nvidia’s most advanced AI processors. The report landed on a Sunday, ahead of Monday’s US session. Quartz reported that the possible approval covers that part specifically rather than a broader class of accelerators.

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Washington and Beijing set up an AI channel while export controls go unmentioned

Sun, 27 Sep 2026 21:21:00 GMT

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.

The US and China have agreed to set up a dialogue on artificial intelligence, with a communications channel to help defuse serious incidents, the White House said. The White House released a fact sheet late Friday night with outcomes from Trump’s summit with Chinese leader Xi Jinping. The two sides agreed to refer to AI as “super intelligence” or “SI”, the president’s preferred term, and will create a US-China Super Intelligence Dialogue.

Reporting described the outcome as a new AI safety channel alongside continued talks on trade and the military. An AI-specific dialogue is scheduled for November. Both governments said they can continue their dialogue on AI and exchange views on its risks and benefits.

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