China Economic ReviewChinese tech giants have paused plans to issue stablecoins in Hong Kong, after Beijing raised concerns about the rise of currencies controlled by the private sector, reports the Financial Times. Companies including Alibaba-backed Ant Group and ecommerce group JD.com had said over the summer they would participate in Hong Kong’s pilot stablecoin programme or issue […]
Nvidia Corp.’s once-dominant presence in China’s artificial intelligence chip market has evaporated, with its share plunging from 95% to zero, according to founder and chief executive Jensen Huang, reports Caixin. Speaking at a Citadel Securities event on Oct. 6, Huang attributed the collapse to US export controls and called the policy a “mistake” that could be […]
Nexperia China, the local unit of the Dutch chipmaker, has told its employees to follow orders from local management and ignore instructions from the Dutch head office, according to a letter issued to employees over the weekend, reports the South China Morning Post. In open revolt against the headquarters in Nijmegen, the Netherlands, Nexperia China […]
China’s GDP reportedly grew 4.8% year-on-year in the third quarter, on par with market expectations. It marks a further slowdown from the previous quarter, when growth slowed to a reported 5.2% following an expectation-beating first three months. This takes the officially announced growth numbers for the first nine months to 5.2%. China’s GDP numbers are widely […]
Chinese households ramped up their cash holdings last month in a sign that they’ve begun shying away from local stocks just as the market is challenged by renewed trade tensions, reports Bloomberg. Household savings rose by RMB 2.96 trillion ($415.5 billion) in September, the most since March, according to data released by the People’s Bank […]