HOT TOPICS
China Addresses Rare Earth Export Delays
The Ministry of Foreign Affairs stated that authorities are processing rare earth export items in accordance with laws and regulations, following reports of delays in shipments to Japan.
Silver Hits Record High
Spot silver prices surged 4.33% to a record $60.67 an ounce on Tuesday, outperforming gold with a year-to-date gain of over 108%. The rally was driven by market expectations that the U.S. Federal Reserve will announce a 25-basis-point interest rate cut concluding its meeting on Wednesday.
Former Huarong Executive Executed
Bai Tianhui, a former general manager of China Huarong International Holdings Ltd., was executed Tuesday morning. Bai had been sentenced to death after being convicted of accepting bribes totaling more than 1.1 billion yuan ($151 million) between 2014 and 2018.
Bank Branch Closures Accelerate
A total of 9,661 bank branches in China have terminated operations this year as of Monday, with rural commercial banks seeing the most exits. The closures were most concentrated in regions including Inner Mongolia and Shandong, while 377 banks were dissolved due to mergers or liquidation.
NEWS SUMMARY
Premier Li Qiang held the “1+10” dialogue with heads of major international economic organizations to discuss global economic trends.
Bain & Co. reported that China’s fast-moving consumer goods market saw sales volume grow while prices fell in the first three quarters, with lower-tier cities contributing nearly 80% of the growth.
China and Russia organized a joint strategic aerial patrol over the East China Sea and the Western Pacific.
Market participants are watching for risks related to the unwinding of carry trades as the monetary policies of the U.S. and Japan continue to diverge.
