Latest news with #Reuters'
Business Recorder
9 hours ago
- Business
- Business Recorder
China's yuan rises on stronger fixing, weaker dollar outlook
HONG KONG: China's yuan firmed against the US dollar on Friday as the central bank set the daily fixing stronger and as expectations of dollar weakness supported the currency. Prior to the market opening, the People's Bank of China set the midpoint rate at 7.1695 per dollar - its strongest since March 17 and 106 pips firmer than a Reuters' estimate. The PBOC has guided the yuan's daily fixings firmer in recent sessions — a move viewed as an effort to boost confidence in the currency amid an uneven Chinese economy and uncertainty over Sino-US trade talks. Meanwhile, China kept benchmark lending rates unchanged as expected on Friday, after Beijing rolled out sweeping monetary easing measures a month earlier to support the economy. By 0400 GMT, the yuan was 0.08% higher at 7.1811 to the dollar after trading in a range of 7.1756 to 7.1822. Its offshore counterpart traded at 7.1819 yuan per dollar, up about 0.06% in Asian trade. The sluggish dollar performance in June amid concerns over the ballooning US fiscal deficit and the durability of US assets due to the trade war, also helped the yuan. 'Emerging market currencies are marginally stronger versus the dollar month-to-date and have held onto their May gains', Goldman Sachs analysts said in a note. China's yuan hits one-week low on worries over Middle East conflict The bank expects some low yielding Asian currencies, including Chinese yuan, to continue to perform well versus the dollar. The yuan is up 0.3% against the dollar this month, and 1.7% this year. The PBOC governor vowed to promote further yuan internationalisation at the 2025 Lujiazui Forum earlier this week, also lifting sentiment. Separately, the Hong Kong dollar hit 7.85 per US dollar on Friday, touching the weak end of its trading band against the dollar for the first time since May 2023, according to LSEG data.
News18
12 hours ago
- Business
- News18
Stock Market Updates: GIFT Nifty Signals Negative Start; China Holds Lending Rates
Last Updated: Benchmark indices Sensex and Nifty are expected to be influenced today by a mix of global and domestic factors Sensex Today: Benchmark indices Sensex and Nifty are expected to be influenced today by a mix of global and domestic factors, including Japan's inflation data, China's loan prime rate decision, escalating tensions between Israel and Iran, India's forex reserves update, and institutional activity. As of 8:40 AM, GIFT Nifty futures were trading 25 points lower at 24,778.5, hinting at a weak start for domestic equities. Global Market Cues Asia-Pacific markets showed mixed trends on Friday as investors reacted to China's key lending rate announcements and tracked mounting geopolitical tension in the Middle East. The People's Bank of China (PBoC) held its one-year loan prime rate steady at 3.0% and the five-year rate at 3.5%, matching market expectations. Geopolitical risks remained elevated, with U.S. President Donald Trump reportedly weighing support for possible Israeli military action against Tehran. A decision from the White House is expected within two weeks. In Japan, the Nikkei was last up 0.27%, while the broader Topix index was flat. Core inflation in Japan rose to 3.7% in May — its highest since January 2023 — surpassing April's 3.5% reading and Reuters' forecast of 3.6%. Meanwhile, headline inflation slightly eased to 3.5% from 3.6% in the previous two months, marking its lowest level since November. Elsewhere in Asia, South Korea's Kospi slipped into the red after early gains, down 0.014%, while Australia's ASX 200 also reversed its opening strength, falling 0.37%. Meanwhile, the Bank of England, at its June policy meeting, voted 6-3 to hold the Bank Rate steady at 4.25%, as it continues to deal with sticky inflation and global macroeconomic uncertainty. First Published:
Time of India
2 days ago
- Health
- Time of India
Cheers? U.S to scrap longstanding guidelines on daily alcohol limits, raising eyebrows and happy hours alike
The United States might be preparing to remove its long-standing recommendation that adults must limit their alcohol consumption to one or two drinks per day, reported Reuters. This expected change in the upcoming US Dietary Guidelines has sparked reactions from public health experts and even those who enjoy an occasional drink, as per the Reuters report. US Could Drop the Daily Drink Limits in New Guidelines As per Reuters' sources, the new Dietary Guidelines for Americans, expected to be released by this month, might include a brief statement encouraging Americans to drink in moderation or limit alcohol intake due to associated health risks, according to the report. However, the expected updated guidelines, developed by the US Department of Health and Human Services and the US Department of Agriculture, are still under development and subject to change, according to Reuters. While an insider told Reuters that the scientific basis for recommending specific daily limits is limited, the goal is to ensure the guidelines reflect only the most robust evidence, as per the report. According to Reuters's sources, the updated guidelines are expected not to suggest consumers limit alcohol consumption to a specific number of daily servings, but the new alcohol-related recommendation might be limited to a sentence or two, and the existing numbers tied to moderate drinking might still appear in a longer appendix, reported Reuters. ALSO READ: After striking Boeing office in Ukraine, Putin now kills an American in Kyiv—Trump's silence is deafening Live Events Industry Leaders and Experts Weigh In on the Changes Health Secretary Robert F. Kennedy Jr., who is a known teetotaler, has not mentioned about alcohol but has emphasised a focus on whole foods in the upcoming Dietary Guidelines, Reuters reported. Meanwhile, a few alcohol executives had feared that changes might be made to tighter recommendations on alcohol intake as authorities like the World Health Organisation have increased their warnings about alcohol's health risks, according to the report. However, an ex-US Surgeon General, Vivek Murthy, highlighted that alcohol consumption increases the risk of at least seven types of cancer and called for warning labels on alcoholic drinks, reported Reuters. A senior policy scientist at the Center for Science in the Public Interest, Eva Greenthal said pointed out that the more general language expected in the guidelines was "so vague as to be unhelpful," and highlighted that if the change takes place, the message that even moderate drinking can increase risks, especially for breast cancer, would get lost, reported Reuters. According to Reuters, at present, the Dietary Guidelines advise limiting drinking to one serving or less per day for women and two or less for men, which is widely considered a moderate level. Reuters wrote, "Even moderate drinking is linked to some health risks, such as higher risk of breast cancer, though some studies have also found an association with possible health benefits, such as a lower risk of stroke." FAQs What exactly is changing in the US alcohol guidelines? The guidelines may remove specific daily limits on drinks and replace them with a general recommendation to drink in moderation, as per Reuters report. Will people still be advised to drink less? Yes, the guidelines will likely still advise moderation or limiting alcohol due to health risks, but without specific numbers.
TimesLIVE
2 days ago
- Business
- TimesLIVE
Zimbabwe says gold-backed currency stable but investor doubts persist
Zimbabwe's gold-backed currency now has more than 100% reserve cover and is stable, according to the central bank, but doubts over its credibility remain, underscored by a persistent premium in the parallel market. The Reserve Bank of Zimbabwe on Monday kept its benchmark rate unchanged at 35%, citing a stable exchange rate as one of the reasons, and reported total reserves of $701m (R12.63bn). The bank said the portion of transactions carried out using the Zimbabwe Gold (ZiG) currency surged to 43% in May from 26% in April 2024, the month it was introduced. Decades of economic instability and currency devaluations mean most people still use the US dollar for most purchases. But the authorities are hoping the ZiG's gold backing will give Zimbabweans the confidence to adopt it for everyday transactions. "ZiG is our national currency, and as the central bank, we are committed to ensuring its success by maintaining all the fundamental characteristics of sound money, including its function as a reliable store of value," Reserve Bank governor John Mushayavanhu wrote in response to Reuters' questions. "The Reserve Bank has learnt from previous currency failures that maintaining optimum money supply and ensuring monetary stability is vital," he added. Despite the bank's assurances, the gap between the official exchange rate and parallel market rate remains about 20%.
Time of India
2 days ago
- Automotive
- Time of India
Some Chinese cities pause car-buying subsidies as funds run out
At least six cities and municipalities across China have suspended trade-in subsidies for car buyers in June, according to Reuters' review of government announcements, which could slow new car sales in the world's second-biggest economy. Notices from governments in Zhengzhou and Luoyang blamed the subsidy pause on the first round of funding allocated by Beijing for the programme running out, while Shenyang and Chongqing said the suspension was due to adjustments to improve capital efficiency. The northwestern region of Xinjiang issued a similar suspension. China's government has leaned on subsidies for big-ticket items, including cars, home appliances and some electronics to get people spending as consumer sentiment in the country remains sluggish amid a prolonged property slump and concerns over wage growth and unemployment. The programmes have been embraced with some enthusiasm. As of May 31, there were more than 4 million applications submitted this year for car-specific trade-in subsidies, according to the country's Ministry of Commerce. Chinese retail sales data for May released earlier this week surprised on the upside with subsidies cited as one reason for the higher-than-expected 6.4% growth. While there has been no official announcement about when more funds from the central government will be released for programmes, China's National Development and Reform Commission and Ministry of Finance have said the subsidies would continue throughout 2025, leading analysts to expect new funds for the third quarter to be made available from July. The subsidy programme has also met with controversy, however, particularly in the auto sector. China's auto industry, the world's largest, has attracted criticism from regulators over a deepening price war that has sapped the sector's profitability. Official media in China's Henan province, where Zhengzhou is the capital, last week reported, citing unnamed sources, that China's central government had taken note of some loopholes in the subsidy schemes and would look to make adjustments. One of the major issues identified by Chinese media and regulators is so-called " zero-mileage used cars ", which refers to the practice of selling brand new cars as heavily discounted second-hand vehicles to get rid of inventory. The report in Henan government-owned newspaper Dahe Daily added that sales of "zero-mileage used cars" were one of the key factors leading to subsidies being used up ahead of expectations, necessitating the suspensions. Some businesses were disguising new or nearly new cars as used cars that they could trade in to obtain the subsidies, the newspaper said. The People's Daily, a national newspaper that often signals the positions of China's top leaders on a variety of issues, also called for a crackdown on the zero-mileage used cars, weeks after Great Wall Motor's Chairman Wei Jianjun publicly condemned the practice. China's industry ministry in early June summoned automakers to a meeting where it called for the sector to halt its price wars, Reuters reported last week.
