Recently, media commentary emerging from European countries suggested that the COVID-19 pandemic has caused a sharp reduction of Chinese investment in economies participating in the Belt and Road Initiative.
Some people continue to express concern over a perceived debt issue, while others sought to highlight that coal-fired power plants are being built under the BRI framework.
To be sure, there are others who have taken cognizance of the new economic development opportunities that the BRI would present now as well as in the future, once the dust of the pandemic settles.
A dispassionate overview of the topic, therefore, would be necessary to gain a proper perspective.
In 2020, China's non-financial direct investment in the countries along the Belt and Road reached $17.79 billion, up more than 18 percent year-on-year.
From 2014 to 2020, China's non-financial direct investment into the countries along the Belt and Road reached $104.72 billion, with the annual average hitting $14.96 billion.
The ratio of China's outbound direct investment in the countries along the Belt and Road also increased to more than 16 percent of the country's total ODI in 2020, from less than 10 percent in 2013, when the BRI was first proposed.
No participating economy that undertook BRI-related construction projects has slipped into a debt crisis. Credit for that should go to the Chinese government's three principles relating to the joint projects:
First, China does not force any country to join the BRI. Nor does China force any participating country to borrow money from itself.
Second, all the investment projects are to be carried out by independent companies, as per the existing market rules, and thus government-to-government lending is rare and based on market mechanisms like international market financing and private-public partnership financing.
Third, all the BRI projects are development-oriented to ensure good returns on investment.
But, some critics are quick to cite the case of the Hambantota Port project in Sri Lanka. Not long ago, a senior Sri Lankan government officer went on record that the country's debt to China constitutes just 12 percent of Sri Lanka's total foreign debt.
As for the Hambantota Port project, China Merchants Group purely followed market rules to pick up a 70 percent stake, and to receive the nearby area on a 99-year lease to build an industrial park based on the principles of fair trade. This is actually the best way to pre-empt a debt crisis.
In 2017, 26 BRI-related countries signed an agreement with China on the "guiding principles of Belt and Road finance". In 2019, the "Belt and Road Debt Sustainability Framework" was published by China's Ministry of Finance, providing clear guidelines about the processes and standards of debt sustainability analysis, debt risk analysis, debt capacity pressure test, debt risk management, and so on, for the countries concerned.
Countries that were unable to repay debt at maturity found that China had never made things more difficult for them, but instead actively explored win-win resolution.
For instance, last year, the Chinese government had waived off interest-free loans offered to some African countries, when the loans matured in 2020. To ease the debt burden on developing countries caused by the COVID-19 pandemic, China actively responded to the G20 debt relief initiative, becoming the most generous country among G20 member countries.
China always pushes forward energy transition with relevant countries by generating more renewable energy to reduce carbon emissions. It also continually helps build some coal-fired power plants in some developing countries that have abundant coal resources. This helps lower electricity generation costs, while guaranteeing low-carbon and clean production processes through use of advanced technologies.
In fact, China has helped build many renewable power plants in BRI economies. The power plants already put into use have proved they deliver high economic and social efficiency.
Albeit the fact that China and Pakistan have agreed to build some coal-fired power plants, all these projects were carried out with the most advanced clean coal-fired technologies, to ensure effective control over emissions and energy costs.
In recent decades, China has sought to strictly limit generation of coal-fired energy both within the country and abroad. The "Guiding Opinions on Promoting Investment and Finance to Coping with Climate Change" has stated that any coal-related construction projects shall be strictly limited.
In 2020, the People's Bank of China, the central bank, also revised the "Green Bonds Endorsed Projects Catalogue" so that projects using traditional fossil energy would no longer be supported. Domestic pilot carbon market has traded over 400 million tons, becoming the second-largest carbon market in the world.
In the wake of the COVID-19 pandemic, Chinese pharmaceutical companies are researching and developing vaccines with standardized processes, strictly following the scientific rules in place. The regulators concerned have said the inactivated vaccines produced by Chinese companies are safe and effective. The technology of inactive vaccine is mature and has been used in many other vaccines. The transport of the inactivated vaccines does not require ultralow cold chain logistics.
More than 10 BRI countries, including the United Arab Emirates, Indonesia, Pakistan, Turkey, Brazil, Egypt, Laos, Cambodia, the Philippines, and Bahrain, have been using Chinese vaccines already. More countries have signed vaccine procurement contracts with China.
At the request of the World Health Organization, China has decided to provide 10 million COVID-19 vaccine doses to COVAX, in order to meet the urgent needs of developing countries. Based on the BRI cooperation platform, China will offer more vaccine support to more countries, to strengthen efforts toward eradicating the disease.
As China has embraced the dual-circulation development pattern, a new paradigm where the domestic and international economic circulations will be in a symbiotic relationship, with the domestic circulation as the mainstay, the Chinese economy and the world economy can be further accelerated.
China now emphasizes the importance of domestic economic circulation simply because its economic size is super-large with super-high potential for domestic demand. A strong Chinese economy, given its size relative to the global economy, is also good for the world.
Consumption has become the major driving force of economic growth in China. In 2010, consumption only accounted for 49.3 percent of the aggregate GDP, while the share increased to 55 percent in 2016, and further rose to 55.8 percent in 2019, with a slight decrease to 54.3 percent in 2020 due to the pandemic.
From international economic circulation perspective, the Chinese economy has been positively supporting the global economic growth mainly from two dimensions. On the one hand, Chinese imports and ODI keep growing steadily (though there has been a slight slowdown in 2020); on the other hand, Chinese exports and the continuous inflows of FDI into the country are growing.
The BRI is an important platform for supporting the dual-circulation development pattern. China and BRI countries have made great breakthroughs in trade, investment, and cooperation in international industrial capacity.
Owing to the pandemic, many things－people-to-people communication, business between companies, international trade－have changed dramatically. One obvious change is the fast expansion and development of services based on the internet, like online shopping, online education, telemedicine and online games.
In the field of digital economy, China has signed cooperation agreements with 16 countries. It has also built the Silk Road E-commerce Platform with 22 countries. To assist BRI countries fighting the epidemic, Chinese medical specialists have been providing online consultations on prevention, diagnosis and treatment of the disease.
The digital economy has contributed a staggering two-thirds of China's GDP($15.66 trillion in 2020, up 2.3 percent over 2019). This fact could act as an inspirational and achievable benchmark for BRI countries.
One of the major inspirations is that if a developing country can seize the opportunity of promoting digitalization in the new era of the fourth industrial revolution, there would be tremendous development progress. The time frame for modernization would be shortened. Thus, it would better fulfill the requirement of the United Nations 2030 Agenda for Sustainable Development.
To seize the opportunities brought by this digital transformation and fully exploit the BRI cooperation platform, we advocate four vital tasks:
First, improve the effectiveness of the fight against the epidemic using advanced digital technologies. For instance, the health code scanning process widely used in China has been effective in identifying the infection route of the epidemic. Video-conferencing to share the experiences of the fight against the virus, and telemedicine will also help.
Second, while maintaining the normal infrastructure, the importance of "new infrastructure" needs to be emphasized. By building 5G signal stations and many other such advanced infrastructure facilities, keep promoting the digital transition and popularize the technology of smart agriculture, smart manufacturing, smart cities and information-driven society.
Third, in line with the principles of fairness and multilateralism, ensure data safety and security.
China has proposed "Global Data Security Initiative" in 2020, which states that all countries should protect the openness, safety and stability of the global supply chain; the use of information technology should not be abused to damage and steal infrastructure data from others; personal data should not be leaked; mass surveillance over other countries should be banned; and companies should not be forced to reveal their data storage and other sensitive confidential information essential for business secrecy.
Finally, in this fast-developing digitalized time, we should make big efforts to introduce digitalization globally, to ensure some countries and some people do not fall back into poverty due to digital inequality, thereby negating poverty alleviation achieved by other economic policy measures.
By Hu Biliang on March 1 2021 for the China Daily.
Factories in China will become increasingly green as companies scramble to pursue high-quality development and the nation works hard to achieve carbon neutrality by 2060, officials and company executives said.
Xiao Yaqing, minister of industry and information technology, the country's top industry regulator, said that as 2021 is the first year...
Factories in China will become increasingly green as companies scramble to pursue high-quality development and the nation works hard to achieve carbon neutrality by 2060, officials and company executives said.
Xiao Yaqing, minister of industry and information technology, the country's top industry regulator, said that as 2021 is the first year...
China’s new foreign investment law has created a more market-oriented, legalized, and international investment environment for foreign investors and enterprises, and has been acting as a guarantee for an increase of 4.5 percent of foreign direct investment (FDI) to China last year, Zang Tiewei, a spokesperson for the Legislative Affairs...
China’s new foreign investment law has created a more market-oriented, legalized, and international investment environment for foreign investors and enterprises, and has been acting as a guarantee for an increase of 4.5 percent of foreign direct investment (FDI) to China last year, Zang Tiewei, a spokesperson for the Legislative Affairs...
China will continue to implement active fiscal policies and stable monetary policies to maintain necessary support to the economic recovery, Chinese Finance Minister Liu Kun said during a video conference of G20 finance ministers and central bank governors.
Liu's words are reassuring the market that China would not largely tighten monetary...
China will continue to implement active fiscal policies and stable monetary policies to maintain necessary support to the economic recovery, Chinese Finance Minister Liu Kun said during a video conference of G20 finance ministers and central bank governors.
Liu's words are reassuring the market that China would not largely tighten monetary...
Private Caixin services PMI, which gauges China's services sector activity, came in at 51.5 in February, matching the market expectation, down from 52 in January. Although the index declines for a third consecutive month and stands slightly above the expansion-contraction line, the market expectation for the PMI in the following...
Private Caixin services PMI, which gauges China's services sector activity, came in at 51.5 in February, matching the market expectation, down from 52 in January. Although the index declines for a third consecutive month and stands slightly above the expansion-contraction line, the market expectation for the PMI in the following...
China has outpaced the US to become the first country in the world with more than 1,000 billionaires, according to the newly released 2021 Hurun Global Rich List.
In total, at the beginning of 2021, China now has 1,058 billionaires with their wealth denominated in US dollar, an increase of 259...
China has outpaced the US to become the first country in the world with more than 1,000 billionaires, according to the newly released 2021 Hurun Global Rich List.
In total, at the beginning of 2021, China now has 1,058 billionaires with their wealth denominated in US dollar, an increase of 259...
The Chinese minister of Ecology and Environment has urged the trading in national carbon market to start before the end of June, while requesting to consider the implementation of carbon emissions peak and carbon neutrality as key political tasks.
"The construction of the national carbon market has reached the most critical...
The Chinese minister of Ecology and Environment has urged the trading in national carbon market to start before the end of June, while requesting to consider the implementation of carbon emissions peak and carbon neutrality as key political tasks.
"The construction of the national carbon market has reached the most critical...
China's Ministry of Industry and Information Technology (MIIT) disclosed Monday that it is "mapping" 41 major industries and its sub-sections with a view to addressing weaknesses and increasing resilience.
The project is conducive in formulating concrete policies to improve weak sections and strengthen industrial chains and supply chains.China will take the...
China's Ministry of Industry and Information Technology (MIIT) disclosed Monday that it is "mapping" 41 major industries and its sub-sections with a view to addressing weaknesses and increasing resilience.
The project is conducive in formulating concrete policies to improve weak sections and strengthen industrial chains and supply chains.China will take the...
China's major steel mills saw their average daily output of crude steel rise 24.38 percent year-on-year in mid-February, according to data from the China Iron and Steel Association.
Major steel producers churned out 22.82 million tons of crude steel in mid-February.
Daily production of pig iron jumped nearly 17 percent from a...
China's major steel mills saw their average daily output of crude steel rise 24.38 percent year-on-year in mid-February, according to data from the China Iron and Steel Association.
Major steel producers churned out 22.82 million tons of crude steel in mid-February.
Daily production of pig iron jumped nearly 17 percent from a...
China's efforts to pursue self-sufficiency in certain crucial technologies are to meet the nation's growing demand for cutting-edge products and services, and such efforts will contribute to the development of global information and communication technologies, the nation's top industry regulator said on Monday.
Xiao Yaqing, minister of industry and information technology,...
China's efforts to pursue self-sufficiency in certain crucial technologies are to meet the nation's growing demand for cutting-edge products and services, and such efforts will contribute to the development of global information and communication technologies, the nation's top industry regulator said on Monday.
Xiao Yaqing, minister of industry and information technology,...
China Petroleum & Chemical Corp, or Sinopec, is planning to invest more than 1.5 billion yuan ($232 million) during the next five years in previously poverty stricken regions to further improve living standards of locals.
The company will also use its existing network of some 30,000 retail stations nationwide, as well...
China Petroleum & Chemical Corp, or Sinopec, is planning to invest more than 1.5 billion yuan ($232 million) during the next five years in previously poverty stricken regions to further improve living standards of locals.
The company will also use its existing network of some 30,000 retail stations nationwide, as well...
China has rolled out more than 718,000 5G base stations, with 5G network covering all cities at the prefectural level or above, Minister of Industry and Information Technology Xiao Yaqing said on Monday, revealing the country also has plans for 6G development.China has taken the global lead in 5G network...
China has rolled out more than 718,000 5G base stations, with 5G network covering all cities at the prefectural level or above, Minister of Industry and Information Technology Xiao Yaqing said on Monday, revealing the country also has plans for 6G development.China has taken the global lead in 5G network...
China will fully open its manufacturing sector and orderly relax entry restriction of foreign capital into telecommunications sector, in order to attract more advanced manufacturing projects, the Ministry of Industry and Information Technology (MIIT) said on Monday.
According to Xiao Yaqing, minister of the MIIT, China will promote the openness of...
China will fully open its manufacturing sector and orderly relax entry restriction of foreign capital into telecommunications sector, in order to attract more advanced manufacturing projects, the Ministry of Industry and Information Technology (MIIT) said on Monday.
According to Xiao Yaqing, minister of the MIIT, China will promote the openness of...
China's telecommunications giant Huawei will issue a medium-term note on Wednesday of 4 billion yuan ($618.3 million) with three-year maturity, its second issuance this year, bringing its domestic bond total to 23 billion yuan since the first issuance in 2019.
The underwriter is Industrial and Commercial Bank of China (ICBC), one...
China's telecommunications giant Huawei will issue a medium-term note on Wednesday of 4 billion yuan ($618.3 million) with three-year maturity, its second issuance this year, bringing its domestic bond total to 23 billion yuan since the first issuance in 2019.
The underwriter is Industrial and Commercial Bank of China (ICBC), one...
China will encourage cross-border capital flows at a more open level, while also being careful not to cause huge fluctuations in the domestic financial market, the country's top banking and insurance regulator said on Tuesday.
The volume of foreign capital inflows will increase noticeably, as China's asset prices are attractive to...
China will encourage cross-border capital flows at a more open level, while also being careful not to cause huge fluctuations in the domestic financial market, the country's top banking and insurance regulator said on Tuesday.
The volume of foreign capital inflows will increase noticeably, as China's asset prices are attractive to...
China's top banking and insurance regulator said on Tuesday it will encourage cross-border capital flows at a more open level, while also being careful not to cause huge fluctuations in the domestic financial market.
At a news conference held by the State Council Information Office, Guo Shuqing, chairman of the China...
China's top banking and insurance regulator said on Tuesday it will encourage cross-border capital flows at a more open level, while also being careful not to cause huge fluctuations in the domestic financial market.
At a news conference held by the State Council Information Office, Guo Shuqing, chairman of the China...
China's banking and insurance regulator on Tuesday vowed unrelenting efforts to monitor and resolve all kinds of financial risks as the 14th Five-Year Plan (2021-25) unfolds this year, making a special mention of woes over the bursting of Western financial assets.The regulator also reiterated a tough stance on the national...
China's banking and insurance regulator on Tuesday vowed unrelenting efforts to monitor and resolve all kinds of financial risks as the 14th Five-Year Plan (2021-25) unfolds this year, making a special mention of woes over the bursting of Western financial assets.The regulator also reiterated a tough stance on the national...
China stocks posted their biggest one-day gain in three weeks on Wednesday, led by banking and commodity shares, as hopes of domestic economic growth offset fears of tighter monetary policy. Some traders also attributed the market strength to bullishness ahead of the annual gathering of the National People’s Congress, which...
China stocks posted their biggest one-day gain in three weeks on Wednesday, led by banking and commodity shares, as hopes of domestic economic growth offset fears of tighter monetary policy. Some traders also attributed the market strength to bullishness ahead of the annual gathering of the National People’s Congress, which...
Russia’s energy major Gazprom said on Monday that it had pumped more gas to China in February via the Power of Siberia pipeline than it had initially planned, more than tripling supplies compared to the same month last year.
“The export of gas to China through the Power of Siberia gas...
Russia’s energy major Gazprom said on Monday that it had pumped more gas to China in February via the Power of Siberia pipeline than it had initially planned, more than tripling supplies compared to the same month last year.
“The export of gas to China through the Power of Siberia gas...
Egypt used to be the largest importer of Ukrainian grain since 2011. However, Egypt lost its leadership in 2020, while China strengthened its positions, declared the Deputy Director at the National scientific center “Institute of Agrarian Economics”, Academician of the National Academy of Agrarian Sciences (NAAS), Nikolai Pugachev.
“China became the...
Egypt used to be the largest importer of Ukrainian grain since 2011. However, Egypt lost its leadership in 2020, while China strengthened its positions, declared the Deputy Director at the National scientific center “Institute of Agrarian Economics”, Academician of the National Academy of Agrarian Sciences (NAAS), Nikolai Pugachev.
“China became the...
A web meeting portal for online matchmaking between China-Belarus electromechanical markets is made available from Feb 2 to 3. [Photo/sinomach.com.cn]
An online matchmaking meeting for electromechanical markets in Belarus and East China's Fujian province, a curtain-raiser to the 2021 Chinese Commodities and Services Belarus Online Show, was held from Feb 2...
A web meeting portal for online matchmaking between China-Belarus electromechanical markets is made available from Feb 2 to 3. [Photo/sinomach.com.cn]
An online matchmaking meeting for electromechanical markets in Belarus and East China's Fujian province, a curtain-raiser to the 2021 Chinese Commodities and Services Belarus Online Show, was held from Feb 2...
On the evening of March 1, 2021, President Xi Jinping had a phone conversation with Tajik President Emomali Rahmon.
Xi Jinping pointed out that since last year, the Chinese and Tajik people, in the face of the COVID-19 pandemic and major changes unseen in a century, have stuck together through thick...
On the evening of March 1, 2021, President Xi Jinping had a phone conversation with Tajik President Emomali Rahmon.
Xi Jinping pointed out that since last year, the Chinese and Tajik people, in the face of the COVID-19 pandemic and major changes unseen in a century, have stuck together through thick...
The implementation of the China-EU landmark geographical indications (GIs) agreement fully demonstrates the two sides' commitment to free and open trade as well as support for the multilateral trade system based on rules, Wang Wenbin, spokesperson of the Chinese Foreign Ministry, said at a press briefing on Monday.
He said that...
The implementation of the China-EU landmark geographical indications (GIs) agreement fully demonstrates the two sides' commitment to free and open trade as well as support for the multilateral trade system based on rules, Wang Wenbin, spokesperson of the Chinese Foreign Ministry, said at a press briefing on Monday.
He said that...
China-EU landmark geographical indications (GIs) agreement took effect on Monday, protecting the first batch of 100 European GIs in China and 100 Chinese GIs in the EU against usurpation and imitation, which observers said reflect increased mutual trust between two major economies and will steadily boost bilateral trade.
According to the...
China-EU landmark geographical indications (GIs) agreement took effect on Monday, protecting the first batch of 100 European GIs in China and 100 Chinese GIs in the EU against usurpation and imitation, which observers said reflect increased mutual trust between two major economies and will steadily boost bilateral trade.
According to the...
Global technology powerhouse Siemens AG kicked off a road show for its smart infrastructure truck in Shenzhen, Guangdong province, on Tuesday, aiming to team up with a number of local industry customers and partners to explore cooperation opportunities to build a new ecosystem of smart infrastructure.
The road show will continue...
Global technology powerhouse Siemens AG kicked off a road show for its smart infrastructure truck in Shenzhen, Guangdong province, on Tuesday, aiming to team up with a number of local industry customers and partners to explore cooperation opportunities to build a new ecosystem of smart infrastructure.
The road show will continue...
The Greek government is eager to continue cooperation with China in the post-pandemic era, as China has contributed significantly to Greece's economic recovery in recent years, Greek Minister of Development and Investments Adonis Georgiadis told Xinhua in a recent interview.
The COVID-19 pandemic plunged the Greek economy into recession. The country...
The Greek government is eager to continue cooperation with China in the post-pandemic era, as China has contributed significantly to Greece's economic recovery in recent years, Greek Minister of Development and Investments Adonis Georgiadis told Xinhua in a recent interview.
The COVID-19 pandemic plunged the Greek economy into recession. The country...
Sri Lanka is an island nation in the Indian Ocean. Sri Lanka is strategically placed, as equidistant between Europe and Far East on the major East-West shipping lanes and has easy access to lucrative Middle Eastern markets and rising African markets, while the growth engine that is India lies just 20...
Sri Lanka is an island nation in the Indian Ocean. Sri Lanka is strategically placed, as equidistant between Europe and Far East on the major East-West shipping lanes and has easy access to lucrative Middle Eastern markets and rising African markets, while the growth engine that is India lies just 20...
The 2013 launch of the Belt and Road Initiative (BRI), China's 21st-century grand revival of the ancient Silk Road connecting the Far East and Europe, has transformed the Middle East's geopolitical role in Beijing's outlook from exclusively an energy supplier into a vital link in the vast transportation and trade...
The 2013 launch of the Belt and Road Initiative (BRI), China's 21st-century grand revival of the ancient Silk Road connecting the Far East and Europe, has transformed the Middle East's geopolitical role in Beijing's outlook from exclusively an energy supplier into a vital link in the vast transportation and trade...
The China Gezhouba Group Corporation (CGGC), affiliated to China Energy Engineering Group Co., Ltd., handed over on Tuesday the second batch of its housing infrastructure project to the Kuwaiti side, marking the handover of the main works of the project.
During the past four years, thousands of Chinese and foreign employees...
The China Gezhouba Group Corporation (CGGC), affiliated to China Energy Engineering Group Co., Ltd., handed over on Tuesday the second batch of its housing infrastructure project to the Kuwaiti side, marking the handover of the main works of the project.
During the past four years, thousands of Chinese and foreign employees...
The Biden administration's claim to use "all available tools" to take on so-called "China's unfair trade practices" reflects that the US government will not ease the crackdown on China extended from his predecessor Donald Trump and Biden may be even more assertive in containing China through setting up rules in...
The Biden administration's claim to use "all available tools" to take on so-called "China's unfair trade practices" reflects that the US government will not ease the crackdown on China extended from his predecessor Donald Trump and Biden may be even more assertive in containing China through setting up rules in...
There are some voices in the media questioning whether Chinese lending to the Belt and Road Initiative (BRI) has dried up, citing heavy debts and that South Africa needs free trade deal not BRI.
However, David Monyae, director for the Center for Africa-China Studies at the University of Johannesburg, finds these...
There are some voices in the media questioning whether Chinese lending to the Belt and Road Initiative (BRI) has dried up, citing heavy debts and that South Africa needs free trade deal not BRI.
However, David Monyae, director for the Center for Africa-China Studies at the University of Johannesburg, finds these...
The U.S. dollar fell on Wednesday as investor sentiment improved and government bond yields extended their retreat, while commodity-linked currencies such as the Australian and Canadian dollars held on to recent gains.
Lower U.S. bond yields also sapped some of the dollar’s appeal among low-yielding currencies, with the yen and Swiss...
The U.S. dollar fell on Wednesday as investor sentiment improved and government bond yields extended their retreat, while commodity-linked currencies such as the Australian and Canadian dollars held on to recent gains.
Lower U.S. bond yields also sapped some of the dollar’s appeal among low-yielding currencies, with the yen and Swiss...
Shares from Asia to Europe gained on Wednesday, as a retreat in U.S. Treasury yields fuelled demand for riskier assets from oil to bitcoin and kept the dollar pinned down.
The Euro STOXX 600 added 0.5%, with Frankfurt shares climbing 1% to a record high and London’s FTSE gaining 1.1% before...
Shares from Asia to Europe gained on Wednesday, as a retreat in U.S. Treasury yields fuelled demand for riskier assets from oil to bitcoin and kept the dollar pinned down.
The Euro STOXX 600 added 0.5%, with Frankfurt shares climbing 1% to a record high and London’s FTSE gaining 1.1% before...
Oil prices rose on Wednesday, boosted by expectations that OPEC+ producers might decide against increasing output when they meet this week, while signs of progress in the coronavirus vaccine rollout in the United States gave further support.
Brent oil was up $1.28, or 2%, to $63.98 a barrel by 1050 GMT....
Oil prices rose on Wednesday, boosted by expectations that OPEC+ producers might decide against increasing output when they meet this week, while signs of progress in the coronavirus vaccine rollout in the United States gave further support.
Brent oil was up $1.28, or 2%, to $63.98 a barrel by 1050 GMT....
British wholesale gas prices fell on Wednesday morning as forecasts showed an uptick in wind power generation.
The within-day contract was down 1.25 pence at 44.00 p/therm by 0907 GMT. The day-ahead contract was 1.45 pence lower at 43.75 p/therm.
"Wind output is set to go up a bit after low speeds...
British wholesale gas prices fell on Wednesday morning as forecasts showed an uptick in wind power generation.
The within-day contract was down 1.25 pence at 44.00 p/therm by 0907 GMT. The day-ahead contract was 1.45 pence lower at 43.75 p/therm.
"Wind output is set to go up a bit after low speeds...
Gold prices fell on Wednesday as U.S. Treasury yields resumed their advance and global equities also firmed, reducing the appeal of safe-haven bullion.
Spot gold fell 0.8% to $1,725.00 per ounce by 1251 GMT, having dropped to its lowest since June 15 at $1,706.70 on Tuesday. U.S. gold futures were down...
Gold prices fell on Wednesday as U.S. Treasury yields resumed their advance and global equities also firmed, reducing the appeal of safe-haven bullion.
Spot gold fell 0.8% to $1,725.00 per ounce by 1251 GMT, having dropped to its lowest since June 15 at $1,706.70 on Tuesday. U.S. gold futures were down...
Shanghai aluminium prices rose on Wednesday, as concerns of supply cuts in top consumer China pushed prices near their highest level in 9-1/2 years.
The most-traded April aluminium contract on the Shanghai Futures Exchange SAFcv1 climbed as much as 4.2% to 17,640 yuan ($2,729.00) a tonne, hovering near its highest level since August...
Shanghai aluminium prices rose on Wednesday, as concerns of supply cuts in top consumer China pushed prices near their highest level in 9-1/2 years.
The most-traded April aluminium contract on the Shanghai Futures Exchange SAFcv1 climbed as much as 4.2% to 17,640 yuan ($2,729.00) a tonne, hovering near its highest level since August...
Chicago soybean futures edged lower on Wednesday, consolidating after strong gains in the previous session as traders weighed adverse crop weather in South America against forecasts for record Brazilian output and signs of a lull in Chinese demand.
Corn eased back after Tuesday's rally, with investors awaiting indications on upcoming U.S....
Chicago soybean futures edged lower on Wednesday, consolidating after strong gains in the previous session as traders weighed adverse crop weather in South America against forecasts for record Brazilian output and signs of a lull in Chinese demand.
Corn eased back after Tuesday's rally, with investors awaiting indications on upcoming U.S....
