China’s benchmark Shanghai Composite Index (000001.SH) lost 0.18% on Wednesday, while the Shenzhen Component Index (399001.SZ) fell 0.44%.
Shanghai’s tech-heavy STAR 50 Index (000688.SH) lost 1.56% for the day, while Shenzhen’s similar ChiNext Index (399006.SZ) fell 1.08%.
Below is a rundown of the top China business and finance stories, plus other news for the day:
· Yuan Pressure Mounting as Green Shoots Fail to Lift China’s Economic Mood
Chinese currency slides to a four-month low onshore against the U.S. dollar, coming within a whisker of the lower end of the trading range permitted by the central bank
· Xi and Biden Talk by Phone on Bilateral Cooperation and Differences
The two leaders encourage progress on areas of cooperation identified at last meeting, including counternarcotics efforts and military-to-military communication
· Nio Offers $138 Million Subsidy Program to Spur Sales
EV maker joins competitive fray as many firms cut prices
· Two Ex-Executives of CNOOC Fall Amid Anti-Graft Storm
Two more industry veterans face probe as authorities target corruption in sprawling state-owned sector
· Gloomy China Stock Market Hits Brokers’ Pay Packets
Average salaries at Chinese mainland-listed brokerages fell for a second year running in 2023
· China’s Conventional Carmakers Try to Cash In on Hybrids’ Growing Popularity
Dongfeng Motor and a unit of Changan Automobile launch new models as ‘range anxiety’ remains an obstacle to EV adoption
· Two Officials of China’s Non-Communist Political Parties Caught Up in Corruption Investigations
Former director of the Chinese Peasants and Workers Democratic Party arrested and executive vice president of Taiwan Democratic Self-Government League probed by graft busters
· Another of China’s Former Justice Ministers Faces Graft Probe
Investigation into Tang Yijun comes after his predecessor was convicted of corruption in 2022
· Former Chairman of State-Owned Automaker Caught in Corruption Dragnet
Anhui province graft busters are investigating An Jin three years after retiring from the JAC Group
· In Depth: Luckin Challenger Pushes China’s Coffee Price War Toward Boiling Point
Upstart Cotti is trying to beat the Chinese leader at its own game by adopting a low-price, subsidy-driven strategy to conquer the affordable segment of the market
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This article was generated by Caixin Automation.
