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Tag Archives: China

HSBC Runs into Buzzsaw in Hong Kong & China, its Home Market Generating 75% of its Profits

HSBC’s pleas of innocence have won little sympathy in Beijing. By Nick Corbishley, for WOLF STREET: Global banking behemoth HSBC has found itself on the back foot in recent months in its most important market, Hong Kong and China. The unexpected departure of three senior executives within a week, including its CEO and the head of key China business, sparked a broad sell-off of its shares, which are down 13% in just three weeks. The world’s eighth biggest bank by assets, HSBC is also...

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China Adds 10 More Tons of Gold to Its Hoard

China bought gold for the eighth straight month in July, adding another 10 tons to its rapidly growing hoard.The recent purchases boosted the People’s Bank of China’s gold reserves to 62.26 million ounces – about 1, 945 tons.  China has added about 94 tons of gold to its stash over the past eight months.The Chinese continue to add gold to their reserves in an effort to reduce their exposure to the dollar. As one analyst told , “It is important for the country to diversify away from the US...

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Why Have Global Semiconductor Sales Plunged & Gotten Stuck at These Levels for 5 Months Now?

Today’s scenario is very unlike the plunge during the Financial Crisis, which blew over in no time. This is an edited transcript from my interview with “This Week in Money” by HoweStreet.com. You can listen to it here. Semiconductor sales have plunged about 22% from the peak last October. That peak was the end of a long spike that started in 2017. When you look at the chart, you see the surge in semiconductor sales that lasted for a year and a half. And then it’s just a straight line...

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Trade War Effect: Video-Game Console Makers Microsoft, Sony & Nintendo Prepare to Move Production out of China

The bottom lines in a very competitive business are threatened. By Adam H. Williams, Senior Associate at E911-LBS, LBSglobe.com, for WOLF STREET: Expected in 2020 is the release of 9th generation of video game consoles, and trade war concerns are affecting console as well as PC manufacturing in a big way. Currently over 96% of console production takes place in China – but with new 25% tariffs, confusion around if these will apply to game technology, and the possibility of additional...

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Peter Schiff: We Have Global Currency Weakness; They’re All Losing Value When Priced in Gold

Several currencies have been strong against the dollar over the last couple of days, but as Peter Schiff said in his podcast, the biggest gainer wasn’t a currency at all. It was real money – gold.Gold hit six-year highs on Monday and set records in a number of currencies. It continued to move upward on Tuesday. Overnight, the yellow metal pushed briefly above $1,500. Any talk you hear in the media about the strong dollar simply by measuring it against some currencies … You don’t have a...

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Trump inadvertently admits in a Tweet that his trade war is an abject failure – Publications – AEI

AEI Trump inadvertently admits in a Tweet that his trade war is an abject failure Here’s the opening of an article in today’s Wall Street Journal titled “Trump Ordered New Chinese Tariffs Over Objections of Advisers“: President Trump overruled advisers to ramp up tariffs on China after a heated exchange in which he insisted levies were the best way to make Beijing comply with U.S. demands, according to people familiar with the matter. Barring a break in the impasse,...

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Animated chart of the day: Shares of total trade with the US, 1992 to 2019 – Publications – AEI

AEI Animated chart of the day: Shares of total trade with the US, 1992 to 2019 My latest animated “bar chart race” visualization appears above showing the share of total trade (exports + imports) with the US for America’s top five trading partners: Canada, Japan, Mexico, China and Germany, annually from 1992 to 2018  and for the first half of 2019. The visualization was inspired by an article on the front page of today’s Wall Street Journal “Tariff Fight Knocks...

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Watch Out America: China and Russia Are Coming After the Dollar

We’ve reported extensively on the central bank gold-buying spree that has been going on for nearly two years. Russia and China have led the way, along with several other countries including Turkey, Kazakstan, India and Poland.Central banks are buying gold to diversify reserves and minimize exposure to the dollar. This has been the mainstream narrative and it’s true. But China and Russia have a bigger geopolitical objective. They want to undermine dollar hegemony and reduce the United...

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World Trade in Face of Tariffmageddon, Trade Wars & Manufacturing Slowdown

Consumers and companies keep plugging, the world has not come to an end. World trade volume – imports and exports of merchandise across the globe – increased 0.3% in May from April, after falling 0.6% in the prior month, according to the Merchandise World Trade Monitor, released today by CPB Netherlands Bureau for Economic Policy Analysis. On a year-over-year basis, the index fell 0.4%. And it is down 2.1% from the peak in October 2018. This isn’t exactly stellar, compared to 2017 and...

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