Issue 133 - 25.11.2020
25.11.2020

China pushes for multilateralism, vaccine cooperation and WTO reforms at G20

China reiterated its determination to safeguard multilateralism and support WTO reforms during the Group of 20 (G20) summit's opening ceremony, while vowing to strengthen teamwork with overseas countries, such as in COVID-19 vaccine research and production, to combat the pandemic crisis. 

The world's second-largest economy will make huge contribution to the world's post-coronavirus construction, by not only making concerted efforts to call for cross-border cooperation, but also injecting hope and momentum into global post-pandemic growth with its rapid recovery from the pandemic-triggered slowdown, experts said. 

In a speech at the opening ceremony of the G20 summit via video, Chinese President Xi Jinping called for G20 countries to play a greater role in the global governance sphere, saying the world should follow the principle of extensive consultation, joint construction and sharing, uphold opening-up and inclusiveness, and adhere to win-win cooperation.

Xi stressed China's determination to safeguard multilateral trade mechanism, ensure developing countries' space and right of development and oppose protectionism. 

He noted that China is ready to strengthen cooperation with other countries on research, production and distribution of vaccines for COVID-19. China will also provide support to other developing countries to let the vaccines be available and affordable to all, he said.

The summit opened Saturday as leaders from the world's wealthiest nations huddled together online to discuss solutions on how to deal with the COVID19 virus and manage the post-pandemic recovery, at a time when the virus has already caused tremendous losses for many countries. The summit for the group, which is made up of 19 leading world economies and the EU, will try to work out measures to stem the coronavirus pandemic's impact on the world economies, with specific topics including vaccine distribution and debt relief for countries in need. The summit moved online this year due to the pandemic and will be presided over by Saudi Arabia.Saudi Finance Minister Mohammed al-Jadaan said that the summit "will seek to strengthen international cooperation to support the global economic recovery".

China will play a "crucial" role in leading the global economy out of contraction in the next two years, said He Weiwen, a former senior trade official and executive council member of the China Society for World Trade Organization Studies.

"From vaccine development to international assistance, China has been a major force facilitating the prevention of the pandemic across the world, and this will continue against the backdrop of the darkening global economy," he told the Global Times on Saturday.Cooperation on multiple sectors is expected to be enhanced with practical moves in areas including joint efforts in stabilizing global financial system to cooperation on vaccine development, He noted. 

Despite some criticism that the G20 group has been inadequate in responding to the worst global recession in decades, opening of the summit still attracts a lot of attention and spurs hope that economies could join together to pull the world out of coronavirus impact, both on human lives and global economy. 

The summit picked COVID-19 handling as a major topic for discussion. At a pre-summit press conference, UN secretary-general António Guterres called for a massive relief package to be given to at least 10 percent of the world economy, while urging developed countries to provide enormous relief to countries in need, many of which he said is "on the precipice" of financial ruin as a result of the coronavirus disruption.

So far this year, G20 nations have already contributed more than $21 billion to combat the pandemic, as well as injected $11 trillion to support the virus-battered world economy, the summit organizers said in a report published prior to the occasion.

Amid calls for G20 nations to further strengthen debt relief for pandemic-stricken economies, G20 finance ministers also declared a common framework ahead of the summit on an extended debt restricting plan for virus-ravaged countries, promising to extend a debt suppression initiative for developing countries till the end of June next year. 

Song Wei, deputy director of the Institute of International Development Cooperation at the Chinese Academy of International Trade and Economic Cooperation, said that the G20 summit is great significance to post-pandemic recovery as it pushes developed countries to reach consensuses amid rising unilateralism. 

"In particular, some African countries are in desperate need of external support and global cooperation to help them deal with coronavirus-trigged losses, but many countries are inclined to slash financial aids amid rising protectionism. In this sense, the G20 summit is significant as it will push developed countries to reach agreement on global cooperation and support," Song told the Global Times. 

The G20 summit is also a platform for countries to push concrete cooperative projects on fight COVID-19. For example, China is expected to push forward COVID-19 research by partnering with the US, UK, WTO and some non-governmental organizations during the summit, Song revealed. 

"Despite the unabated trust crisis and disparities between China and the US, poverty alleviation and vaccine aid are still the areas where the two countries are mostly likely to reach a common ground, and the G20 summit is a platform to breed such potential teamwork," she said. 

But He cautioned that uncertainty still remains as the world's largest economy led by Donald Trump has been sowing discord and even trying to obstruct international cooperation.

Experts also hailed China's contribution to the world's economic recovery as a member of the G20 group, as it was insistent in promoting multilateralism and globalization. 

"In the context of anti-globalization and unilateralism, China has been sending the message of promoting the world's development as a whole in a more open and globalized direction, which makes great contribution to the world's post-pandemic recovery," Song said. 

She also noted that China has functioned as a representative of developing countries in the G20 group, and has shouldered responsibility of promoting cooperative international governance on multilateral platforms.

From signing of the world's largest trade pact along with 14 other Asia-Pacific economies to expressing a positive attitude toward joining the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), China repeatedly reinforced its role as a promoter of cross-border cooperation. 

He also said that due to effective COVID-19 control measures, China has been rapidly recovering from the fallout of the virus and is expected to be the only major economy realizing growth this year, which will play an important role in leading the global economy out of the pandemic crisis.

Reported on November 21 2020 by the Global Times (China).

Eurasia

25.11.2020

China willing to boost comprehensive strategic coordination with Russia to higher level

China is willing to enrich the strategic connotation of its relations with Russia in the new era and promote bilateral comprehensive strategic coordination to a higher level, Chinese State Councilor and Foreign Minister Wang Yi said on Wednesday.

In a phone conversation with his Russian counterpart Sergey Lavrov, Wang congratulated the...

China is willing to enrich the strategic connotation of its relations with Russia in the new era and promote bilateral comprehensive strategic coordination to a higher level, Chinese State Councilor and Foreign Minister Wang Yi said on Wednesday.

In a phone conversation with his Russian counterpart Sergey Lavrov, Wang congratulated the...

25.11.2020

China, Russia agree to enhance investment cooperation

China and Russia on Tuesday reviewed their investment cooperation progress and agreed to make efforts to overcome the impact of COVID-19 pandemic and facilitate the resumption of work and production in bilateral investment cooperation to yield more practical achievements.The agreement was made at the seventh meeting of the China-Russia Investment...

China and Russia on Tuesday reviewed their investment cooperation progress and agreed to make efforts to overcome the impact of COVID-19 pandemic and facilitate the resumption of work and production in bilateral investment cooperation to yield more practical achievements.The agreement was made at the seventh meeting of the China-Russia Investment...

25.11.2020

Russia’s natural gas supplies to China hit record highs

Russian energy major Gazprom pumped more gas to China than it had initially planned, boosting daily supplies by as much as 25 percent, according to the company’s data.

The average daily volume of Russian gas exports to its eastern neighbor exceeded the amounts agreed between the two sides last month and...

Russian energy major Gazprom pumped more gas to China than it had initially planned, boosting daily supplies by as much as 25 percent, according to the company’s data.

The average daily volume of Russian gas exports to its eastern neighbor exceeded the amounts agreed between the two sides last month and...

Europe

25.11.2020

China speeds up investment treaty negotiations with EU

China is accelerating negotiations with the European Union (EU) on China-EU investment treaty, according to the Ministry of Commerce.

The two sides are currently conducting the 34th round of negotiations, or the ninth round of official negotiations this year on the treaty, the ministry's spokesperson Gao Feng told a news briefing...

China is accelerating negotiations with the European Union (EU) on China-EU investment treaty, according to the Ministry of Commerce.

The two sides are currently conducting the 34th round of negotiations, or the ninth round of official negotiations this year on the treaty, the ministry's spokesperson Gao Feng told a news briefing...

25.11.2020

Ball is in EU's court for reaching BIT with China

The EU should make a firm decision and not wait for new policy direction from the US government to push forward the completion of the China-EU bilateral investment treaty (BIT) talks at the year-end, a Chinese expert said.

While both China and EU have vowed and appeared to be committed to...

The EU should make a firm decision and not wait for new policy direction from the US government to push forward the completion of the China-EU bilateral investment treaty (BIT) talks at the year-end, a Chinese expert said.

While both China and EU have vowed and appeared to be committed to...

25.11.2020

Parent of Chinese JV partner of BMW enters bankruptcy restructuring

China's Huachen Automotive Group, the parent of Brilliance Automotive Holdings, which is also the Chinese joint venture partner of BMW, formally entered into bankruptcy restructuring on Friday.

According to a court ruling, the group had insufficient assets to pay off all debts, but the group has the value and potential to...

China's Huachen Automotive Group, the parent of Brilliance Automotive Holdings, which is also the Chinese joint venture partner of BMW, formally entered into bankruptcy restructuring on Friday.

According to a court ruling, the group had insufficient assets to pay off all debts, but the group has the value and potential to...

25.11.2020

Experts call for deeper Sino-Swiss cooperation in sustainable development

China and Switzerland should deepen bilateral cooperation in sustainable development to bring out innovative and creative solutions to global concerns amid the COVID-19 pandemic, business and government leaders said at a forum in Beijing on Friday.

They made the remarks at a panel discussion of the sixth Sino-Swiss Economic Forum, which...

China and Switzerland should deepen bilateral cooperation in sustainable development to bring out innovative and creative solutions to global concerns amid the COVID-19 pandemic, business and government leaders said at a forum in Beijing on Friday.

They made the remarks at a panel discussion of the sixth Sino-Swiss Economic Forum, which...

China, Pacific

25.11.2020

China’s head of state proposes pandemic 'firewall,' free trade for world economic recovery

President Xi Jinping on Saturday proposed constructing a "global firewall" against COVID-19, reducing tariffs and barriers as well as tapping into the booming digital economy to battle the pandemic and reboot the flagging world economy.

Addressing the Group of 20 (G20) Riyadh Summit via video link, Xi said the group has...

President Xi Jinping on Saturday proposed constructing a "global firewall" against COVID-19, reducing tariffs and barriers as well as tapping into the booming digital economy to battle the pandemic and reboot the flagging world economy.

Addressing the Group of 20 (G20) Riyadh Summit via video link, Xi said the group has...

25.11.2020

China to overtake 56 economies by 2025 in per capita income

China is set to overtake 56 economies in the world's per-capita income rankings by 2025, Bloomberg reported, quoting the projection from the International Monetary Fund on Tuesday.

By 2025, China will rank 70th in the world, putting it close to joining the richest one-third of economies, according to data analyzed by...

China is set to overtake 56 economies in the world's per-capita income rankings by 2025, Bloomberg reported, quoting the projection from the International Monetary Fund on Tuesday.

By 2025, China will rank 70th in the world, putting it close to joining the richest one-third of economies, according to data analyzed by...

25.11.2020

China’s marine economy posts steady growth

China's marine economy has shown a positive trend in opening up, as the country's economic and trade exchanges with countries along the 21st Century Maritime Silk Road continued to advance. The country's gross ocean product rose 6.2 percent year on year to 8.9 trillion yuan in 2019.

The China Ocean Economic...

China's marine economy has shown a positive trend in opening up, as the country's economic and trade exchanges with countries along the 21st Century Maritime Silk Road continued to advance. The country's gross ocean product rose 6.2 percent year on year to 8.9 trillion yuan in 2019.

The China Ocean Economic...

25.11.2020

China's heavy-duty truck giant launches $2.3bn plant

The China National Heavy Duty Truck Group, or Sinotruk, on Thursday officially put into operation an assembly plant that can churn out up to 100,000 heavy-duty trucks annually.

The project in the Laiwu District of Jinan, capital of east China's Shandong Province, has a total investment of 15 billion yuan ($2.3...

The China National Heavy Duty Truck Group, or Sinotruk, on Thursday officially put into operation an assembly plant that can churn out up to 100,000 heavy-duty trucks annually.

The project in the Laiwu District of Jinan, capital of east China's Shandong Province, has a total investment of 15 billion yuan ($2.3...

25.11.2020

China's coke output edges down 0.9 pct in first 3 quarters

China's coke output dropped 0.9 percent year on year to 350.86 million tonnes in the first nine months of 2020, according to data from the Ministry of Industry and Information Technology.

The decline narrowed by 1.6 percentage points from the drop in the January-June period.

The profitability of China's coke producers gradually...

China's coke output dropped 0.9 percent year on year to 350.86 million tonnes in the first nine months of 2020, according to data from the Ministry of Industry and Information Technology.

The decline narrowed by 1.6 percentage points from the drop in the January-June period.

The profitability of China's coke producers gradually...

25.11.2020

China sees rise in steel imports in September

China's import of steel hit a new high in September, according to the Ministry of Industry and Information Technology (MIIT).

The country had imported 2.89 million tonnes of steel in September, with the import price averaging 689 US dollars per tonne, data from the MIIT showed.

In the first nine months, China...

China's import of steel hit a new high in September, according to the Ministry of Industry and Information Technology (MIIT).

The country had imported 2.89 million tonnes of steel in September, with the import price averaging 689 US dollars per tonne, data from the MIIT showed.

In the first nine months, China...

25.11.2020

More agricultural, industrial futures trading to be set up in China

As China's international copper cathode futures formally debuted on the Shanghai International Energy Exchange on Thursday, analysts said that the country is expected to roll out more contracts based on commodities like soybeans and corn to attract overseas investors.

The benchmark price of international copper cathode futures contracts was set at...

As China's international copper cathode futures formally debuted on the Shanghai International Energy Exchange on Thursday, analysts said that the country is expected to roll out more contracts based on commodities like soybeans and corn to attract overseas investors.

The benchmark price of international copper cathode futures contracts was set at...

25.11.2020

China's non-financial ODI down 3.2% from January-October

China's non-financial outbound direct investment (ODI) declined 3.2 percent year-on-year in the first 10 months of 2020, official data showed on Thursday.

ODI amounted to 602 billion yuan ($86.38 billion) over the period, according to the Ministry of Commerce.

China added a total of $14.1 billion in non-financial ODI in countries participating...

China's non-financial outbound direct investment (ODI) declined 3.2 percent year-on-year in the first 10 months of 2020, official data showed on Thursday.

ODI amounted to 602 billion yuan ($86.38 billion) over the period, according to the Ministry of Commerce.

China added a total of $14.1 billion in non-financial ODI in countries participating...

25.11.2020

China's securities firms report over 342b yuan of revenue in Jan-Sept

China's 135 securities brokers saw their operating revenues reach 342.38 billion yuan (about $52 billion) in the first three quarters, according to the Securities Association of China.

In breakdown, revenues from securities trading came in at 90 billion yuan, while that of securities underwriting and sponsoring business, and asset management stood...

China's 135 securities brokers saw their operating revenues reach 342.38 billion yuan (about $52 billion) in the first three quarters, according to the Securities Association of China.

In breakdown, revenues from securities trading came in at 90 billion yuan, while that of securities underwriting and sponsoring business, and asset management stood...

25.11.2020

China's insurance sector reports asset growth

China's insurance sector saw steady growth in its total assets in the first nine months, according to data released by the country's top banking and insurance regulator.

The total assets of the sector stood at 22.4 trillion yuan ($3.4 trillion) at the end of September, an increase of 1.9 trillion yuan...

China's insurance sector saw steady growth in its total assets in the first nine months, according to data released by the country's top banking and insurance regulator.

The total assets of the sector stood at 22.4 trillion yuan ($3.4 trillion) at the end of September, an increase of 1.9 trillion yuan...

25.11.2020

China issues 4b euro-denominated bonds

China's Ministry of Finance (MOF) has successfully issued 4 billion euro-denominated sovereign bonds.

The sovereign bonds issued on Wednesday came in three tranches, comprising five-year bonds, 10-year bonds and 15-year bonds amounting to 750 million euros, 2 billion euros and 1.25 billion euros, respectively, the MOF website said.

The five-year tranche achieved...

China's Ministry of Finance (MOF) has successfully issued 4 billion euro-denominated sovereign bonds.

The sovereign bonds issued on Wednesday came in three tranches, comprising five-year bonds, 10-year bonds and 15-year bonds amounting to 750 million euros, 2 billion euros and 1.25 billion euros, respectively, the MOF website said.

The five-year tranche achieved...

25.11.2020

China EximBank issues trillions in import credit funds

The Export-Import Bank of China (China EximBank) has issued more than 2.4 trillion yuan (about $366.5 billion) of import credit funds since it launched the service in 2006.

The policy bank operated over 1,200 import credit projects as of the end of September, with its outstanding loans exceeding 600 billion yuan.

In...

The Export-Import Bank of China (China EximBank) has issued more than 2.4 trillion yuan (about $366.5 billion) of import credit funds since it launched the service in 2006.

The policy bank operated over 1,200 import credit projects as of the end of September, with its outstanding loans exceeding 600 billion yuan.

In...

25.11.2020

China stock markets keep up growth as economic bottom line holds

Chinese shares closed higher on Friday, led by materials and machinery stocks, and posted a weekly gain as investors looked past recent bond market defaults and focused on broader economic recovery.

At the close, the Shanghai Composite index was up 0.44% at 3,377.73. The blue-chip CSI300 index was up 0.31%, with...

Chinese shares closed higher on Friday, led by materials and machinery stocks, and posted a weekly gain as investors looked past recent bond market defaults and focused on broader economic recovery.

At the close, the Shanghai Composite index was up 0.44% at 3,377.73. The blue-chip CSI300 index was up 0.31%, with...

25.11.2020

China extends biggest debt relief to poor countries among G20 states

The world’s largest lender China says it has granted debt relief worth a combined $2.1 billion to developing economies hit hard by the coronavirus crisis.

This is the highest deferral amount offered among the members of the G20, a group of the world's largest economies, Chinese Finance Minister Liu Kun announced...

The world’s largest lender China says it has granted debt relief worth a combined $2.1 billion to developing economies hit hard by the coronavirus crisis.

This is the highest deferral amount offered among the members of the G20, a group of the world's largest economies, Chinese Finance Minister Liu Kun announced...

25.11.2020

Consumption primary driver for Chinese economy in 2021

Private consumption could emerge as a greater driver of the Chinese economy in 2021 with the release of increased precautionary savings and a full recovery of the job market, according to a research report from Morgan Stanley.

The investment bank forecast China's real private consumption growth to jump to 12.4 percent...

Private consumption could emerge as a greater driver of the Chinese economy in 2021 with the release of increased precautionary savings and a full recovery of the job market, according to a research report from Morgan Stanley.

The investment bank forecast China's real private consumption growth to jump to 12.4 percent...

25.11.2020

China’s refining throughput reaches peak

China’s refineries were busy in October as they processed record volumes of crude oil to keep up with strong holiday-driven demand. But the near-term outlook appears challenging as domestic overcapacity will continue to grow while overseas demand will remain weak.

Crude oil throughput at Chinese refineries last month reached a highest-ever...

China’s refineries were busy in October as they processed record volumes of crude oil to keep up with strong holiday-driven demand. But the near-term outlook appears challenging as domestic overcapacity will continue to grow while overseas demand will remain weak.

Crude oil throughput at Chinese refineries last month reached a highest-ever...

25.11.2020

China to cut tariffs, boost imports of high-quality goods and services

China will continue to cut its tariffs and expand imports of high-quality goods and services, Chinese President Xi Jinping said on Thursday, while vowing to push reforms and promote an innovation-driven growth model.

"We will further reduce tariffs and institutional costs..., and expand imports of high-quality products and services from all...

China will continue to cut its tariffs and expand imports of high-quality goods and services, Chinese President Xi Jinping said on Thursday, while vowing to push reforms and promote an innovation-driven growth model.

"We will further reduce tariffs and institutional costs..., and expand imports of high-quality products and services from all...

25.11.2020

China's crackdown on organised crime boosts sense of security

With the approval by the Supreme People's Court, Chen Huimin, former head of a criminal syndicate in east China's Jiangxi Province, was executed Wednesday.

Chen was found guilty of 20 crimes including murder and organizing and leading a criminal syndicate organization. Chen had led the gang in Jiangxi's Yihuang County for...

With the approval by the Supreme People's Court, Chen Huimin, former head of a criminal syndicate in east China's Jiangxi Province, was executed Wednesday.

Chen was found guilty of 20 crimes including murder and organizing and leading a criminal syndicate organization. Chen had led the gang in Jiangxi's Yihuang County for...

25.11.2020

New highway freight service links China, Kazakhstan

Two trucks carrying pipeline materials departed from Chongqing Municipality for Kazakhstan on Tuesday, marking the launch of the eighth highway-based cross-border freight line by the city in Southwest China.

Traveling 5,900 km, the trucks are scheduled to pass through the Alataw Pass, a major land port in Xinjiang Uygur autonomous region,...

Two trucks carrying pipeline materials departed from Chongqing Municipality for Kazakhstan on Tuesday, marking the launch of the eighth highway-based cross-border freight line by the city in Southwest China.

Traveling 5,900 km, the trucks are scheduled to pass through the Alataw Pass, a major land port in Xinjiang Uygur autonomous region,...

South Asia, Middle East

25.11.2020

China-Malaysia trade, investment to grow

Many changes are expected following the signing of the world's largest free trade agreement — the Regional Comprehensive Economic Partnership (RCEP) — including more trade between China and Malaysia, and broad restructuring of Asian supply chains, government officials from China and Malaysia said during the Malaysia-China Business Forum on Wednesday. 

They...

Many changes are expected following the signing of the world's largest free trade agreement — the Regional Comprehensive Economic Partnership (RCEP) — including more trade between China and Malaysia, and broad restructuring of Asian supply chains, government officials from China and Malaysia said during the Malaysia-China Business Forum on Wednesday. 

They...

25.11.2020

India's reported plan to lift FDI sanctions is cautiously welcomed by business representatives and experts

Chinese experts and business representatives welcome the positive signs from the Indian side after some Indian authorities are reportedly considering a plan to lift sanctions on foreign direct investment (FDI) from countries including China against the backdrop of the lowest ebb of bilateral relations in decades. However, given the fact...

Chinese experts and business representatives welcome the positive signs from the Indian side after some Indian authorities are reportedly considering a plan to lift sanctions on foreign direct investment (FDI) from countries including China against the backdrop of the lowest ebb of bilateral relations in decades. However, given the fact...

25.11.2020

Pakistan, China to ensure CPEC security

A day after a Chinese official said all attempts to sabotage the China-Pakistan Economic Corridor (CPEC) project would fail, Pakistan foreign minister said Islamabad has a firm commitment to protect the multi-billion dollar project.

“CPEC is a game changer for Pakistan. Some powers wish to stop this project. [However] Pakistan and...

A day after a Chinese official said all attempts to sabotage the China-Pakistan Economic Corridor (CPEC) project would fail, Pakistan foreign minister said Islamabad has a firm commitment to protect the multi-billion dollar project.

“CPEC is a game changer for Pakistan. Some powers wish to stop this project. [However] Pakistan and...

25.11.2020

Bangladesh can benefit from China’s economic recovery

As the nation holds its breath in anticipation of a potential second wave of Covid-19, five countries including Bangladesh have decided to strengthen sharing of information and coordination of policies and actions to cope with its probable impacts. China, Nepal, Pakistan and Sri Lanka are the other countries that are...

As the nation holds its breath in anticipation of a potential second wave of Covid-19, five countries including Bangladesh have decided to strengthen sharing of information and coordination of policies and actions to cope with its probable impacts. China, Nepal, Pakistan and Sri Lanka are the other countries that are...

Africa, Americas

25.11.2020

China-Africa cooperation should be carried out under ‘dual circulation’

This year marks the 20 year anniversary of the founding of the Forum of China-Africa Cooperation (FOCAC). Since the first forum was held in 2000, I had the opportunity to participate in the relevant work of several events. I witnessed the forum grow and gain the world's attention.I can still...

This year marks the 20 year anniversary of the founding of the Forum of China-Africa Cooperation (FOCAC). Since the first forum was held in 2000, I had the opportunity to participate in the relevant work of several events. I witnessed the forum grow and gain the world's attention.I can still...

25.11.2020

Construction work begins on CRCC18 Guinea rail project

China Railway Eighteenth Bureau Group Co, or CRCC18, a subsidiary of State-owned China Railway Construction Corp Ltd, began to lay track for a part of the Republic of Guinea's first modern railroad on Sunday to further upgrade the African nation's infrastructure facilities.

Located in the Boke and Kindia regions in Guinea's...

China Railway Eighteenth Bureau Group Co, or CRCC18, a subsidiary of State-owned China Railway Construction Corp Ltd, began to lay track for a part of the Republic of Guinea's first modern railroad on Sunday to further upgrade the African nation's infrastructure facilities.

Located in the Boke and Kindia regions in Guinea's...

25.11.2020

Biden’s view on China coming into focus

In geopolitics, misperceptions tend to become conventional wisdom over time. A narrative has gained ground over the past two or three years that there is a “consensus of opinion” in the United States as regards its China policies.

According to this narrative, the incoming Joe Biden presidency will more or less...

In geopolitics, misperceptions tend to become conventional wisdom over time. A narrative has gained ground over the past two or three years that there is a “consensus of opinion” in the United States as regards its China policies.

According to this narrative, the incoming Joe Biden presidency will more or less...

Markets

25.11.2020

Greenback becomes hedge tool, dangling between bug and bust

The dollar on Friday rose against major currencies such as the euro and yen, with traders consolidating positions amid competing forces that pull the currency in different directions: the surge in virus cases, on the one hand, and positive vaccine news, on the other.

The possible resumption of U.S. stimulus talks...

The dollar on Friday rose against major currencies such as the euro and yen, with traders consolidating positions amid competing forces that pull the currency in different directions: the surge in virus cases, on the one hand, and positive vaccine news, on the other.

The possible resumption of U.S. stimulus talks...

25.11.2020

EU stock markets gain strength as US ones fall to losing end

European stocks ended higher on Friday, with the benchmark STOXX 600 clocking its third straight week of gains as a jump in commodity-linked stocks helped to counter worries about rising coronavirus cases and an impasse over new U.S. stimulus.

The pan-European STOXX 600 index rose 0.5%.

Miners including Rio Tinto, Glencore and...

European stocks ended higher on Friday, with the benchmark STOXX 600 clocking its third straight week of gains as a jump in commodity-linked stocks helped to counter worries about rising coronavirus cases and an impasse over new U.S. stimulus.

The pan-European STOXX 600 index rose 0.5%.

Miners including Rio Tinto, Glencore and...

25.11.2020

Brent stays below $45/b threshold despite momentary gain

Oil prices edged higher on Friday, on track for a third consecutive weekly rise, buoyed by successful COVID-19 vaccine trials, while renewed lockdowns in several countries to limit the spread of the coronavirus capped gains.

Brent crude futures rose 36 cents to $44.56 a barrel by 10:38 a.m. EDT (1538 GMT).

The...

Oil prices edged higher on Friday, on track for a third consecutive weekly rise, buoyed by successful COVID-19 vaccine trials, while renewed lockdowns in several countries to limit the spread of the coronavirus capped gains.

Brent crude futures rose 36 cents to $44.56 a barrel by 10:38 a.m. EDT (1538 GMT).

The...

25.11.2020

Bullion posts daily gains as US state support subject to doubts

Gold edged higher on Friday after U.S. Treasury Secretary Steven Mnuchin signalled that negotiations on stimulus measures will continue, boosting the metal’s appeal as a hedge against likely inflation.

Spot gold rose 0.3% to $1,871.99 per ounce by 11:50 a.m. EST (1650 GMT), but was down 0.8% for the week. U.S....

Gold edged higher on Friday after U.S. Treasury Secretary Steven Mnuchin signalled that negotiations on stimulus measures will continue, boosting the metal’s appeal as a hedge against likely inflation.

Spot gold rose 0.3% to $1,871.99 per ounce by 11:50 a.m. EST (1650 GMT), but was down 0.8% for the week. U.S....

25.11.2020

High copper prices uphold strong non-ferrous base metal markets

Shanghai copper prices hovered near 2-1/2-year highs on Friday, underpinned by strong physical demand in China and hopes of supportive U.S. policies for the metal used in renewable energy under a Joe Biden presidency.

“Physical demand is pretty good in China, in production and in fabrication,” said NAB analyst Lachlan Shaw.

A...

Shanghai copper prices hovered near 2-1/2-year highs on Friday, underpinned by strong physical demand in China and hopes of supportive U.S. policies for the metal used in renewable energy under a Joe Biden presidency.

“Physical demand is pretty good in China, in production and in fabrication,” said NAB analyst Lachlan Shaw.

A...

25.11.2020

US grain futures up as bad weather reports sizzle through the market

Chicago soybeans rose for a sixth consecutive session on Friday to a four-year high as robust Chinese demand and a dry start to the South American growing season fuelled expectations of dwindling U.S. supplies. Corn rose to another one-year peak, similarly buoyed by brisk exports and weather risks in other...

Chicago soybeans rose for a sixth consecutive session on Friday to a four-year high as robust Chinese demand and a dry start to the South American growing season fuelled expectations of dwindling U.S. supplies. Corn rose to another one-year peak, similarly buoyed by brisk exports and weather risks in other...