HOT TOPICS
China discovers world’s second-largest light rare earth mine
China has discovered the world’s second-largest light rare earth mine in the Maoniuping mining area in Mianning county, Sichuan province. The discovery adds 9.7 million tons of resources, a more than 300% increase in reserves. The site also yielded significant associated minerals, adding 27.1 million tons of fluorite and 37.2 million tons of barite. Rare earth oxides are widely used in critical sectors spanning magnetic and fluorescent materials.
AI token usage surges across China
China’s daily average artificial intelligence token calls exceeded 140 trillion in March, surging more than a thousandfold over the past two years, according to National Data Administration Director Liu Liehong. A new valuation system based on token allocation and settlement is accelerating, with some AI model developers generating more revenue in the 20 days since late January than their total revenue for the entire year of 2025, Liu said Monday at this year’s China Development Forum in Beijing.
Chinese banks cut long-term deposit rates
Small and midsize banks in Xinjiang, Yunnan, and Shanghai have broadly cut term deposit rates since March, with reductions ranging from 5 basis points to 80 basis points. Rates for two-year, three-year, and five-year fixed deposits have largely fallen below 2% and into the 1% range.
NEWS SUMMARY
Domestic
The People’s Bank of China Wednesday plans to conduct 500 billion yuan ($72.5 billion) of medium-term lending facility operations with a one-year maturity.
Goldman Sachs Group Inc. maintained an overweight rating on Chinese equities, noting that A-shares offer a higher Sharpe ratio in the short term.
Companies
Alibaba Group Holding Ltd.’s DAMO Academy released the Xuantie C950, a new generation flagship processor.
Country Garden Holdings Co. Ltd. expects to report a 2025 turnaround to profit, driven by revenue from its debt restructuring.
Xiaomi Corp. reported a 23.7% year-on-year decline in fourth-quarter adjusted net profit to 6.3 billion yuan. The company plans to deliver 550,000 EVs in 2026 and expects its cumulative research and development spending to exceed 200 billion yuan over the next five years.
International
The Boao Forum for Asia called for a ceasefire to the ongoing Middle East conflict, noting that several key guests missed this year’s annual conference due to the war.
New U.S. rules ban the import of foreign-made consumer routers.
The European Commission canceled a proposed ban on Russian oil imports that was previously slated to take effect April 15.
