China will hold Canton Fair, the country's oldest and biggest trade fair, online in June, state television reported Tuesday quoting a cabinet meeting chaired by Premier Li Keqiang. Canton Fair was originally scheduled to begin on April 15, but was postponed due to the coronavirus outbreak.
BEIJING--China's foreign-exchange reserves plunged to a 17- month low in March as the coronavirus pandemic roiled the global financial market. The country's hoard of foreign exchange fell $46.09 billion from the previous month to $3.061 trillion, the lowest level since October 2018, data from the People's Bank of China showed Tuesday. The decline in reserves was the largest monthly drop in more than three years.
China must do more to help ease the debt burden of African countries facing economic calamity due to the coronavirus pandemic, Ghana's finance minister said. Africa accounts for just a fraction of global cases of the disease, but its countries are already feeling the impact, with the continent's economies expected to contract, putting about 20 million jobs at risk.
Pintec Technology Holdings Limited (PT), a leading independent technology platform enabling financial services in China, today announced that its subsidiary, Ganzhou Aixin Internet Micro Finance Co., Ltd., has successfully interfaced with the Credit Reference Center of The People’s Bank of China.
Federal Reserve and its European peers have pumped liquidity through the Western financial system in recent weeks, Beijing has been notably restrained. Recently, however, there have been hints of a change in tone. On Friday, the People's Bank of China cut the amount of cash banks must hold in reserve for the second time in less than a month, releasing an estimated 400 billion yuan for lending.
Industry groups are pushing back on proposed changes to U.S. export controls that would impact the sale of certain semiconductors and other technology to China, while highlighting the role chips play in addressing the COVID-19 pandemic.
In two months, the masters of the economic universe have lost more than $400 billion. The world's ultrarich are probably not the first financial victims your thoughts go out to as the coronavirus wreaks havoc on the global economy. People have lost jobs, or had wages docked, and gig-economy workers have realized just how vulnerable their digital-era income streams are.
China declared Saturday a day of mourning for the thousands of "martyrs" who have died in the new coronavirus outbreak, flying the national flag at half mast throughout the country and suspending all forms of entertainment. The day of mourning coincided with the start of the annual Qingming tomb-sweeping festival, when millions of Chinese families pay respects to their ancestors.
* To be implemented in two phases from April 15, May 15. * Frees up $56 bln in cash to spur lending. * Cuts rate on excess reserves for banks to 0.35% from 0.72% * More easing steps expected to support economy.
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