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Wednesday, August 12, 2015
China currency falls for 2nd day after surprise devaluation
China's currency fell further Wednesday following a surprise change in its exchange rate mechanism that rattled global markets and threatens to fan trade tensions with the United States and Europe.
Mainland China's central bank on Tuesday devalued its yuan currency by nearly 2 percent against the U.S. dollar, as authorities seek to push market reforms and bolster the world's second-largest economy.
Tuesday, August 11, 2015
Anti-graft authorities have busted a low-level Beijing official for allegedly embezzling more than US$130 million, state media reported -- one of the largest amounts revealed in the corruption crackdown under leader Xi Jinping.
Lurid allegations against the head of China's Shaolin temple -- renowned as the birthplace of kung fu -- must be investigated by the government, state media said Monday, after former monks accused him of philandering and corruption.
Alibaba to take US$4.6 bil. stake in retailer Suning
Chinese Internet giant Alibaba is to pay 28.3 billion yuan (US$4.6 billion) for a near-20 percent stake in consumer electronics retailer Suning, the two companies said in a statement Monday.
The growing likelihood of a rate hike next month coupled with fears of a deepening Chinese economic slowdown are expected to weigh on Singapore shares this week.
Monday, August 10, 2015
Typhoon Soudelor killed 12 people in eastern mainland China and five are missing after parts of the country were hit by the heaviest rains in a century, state media reported Sunday.
Consumer inflation in mainland China rose to 1.6 percent in July, the government said Sunday, as downward pressure on prices eased further in the world's second-largest economy.
Chinese dragon losing its shine for foreign firms
The once irresistible allure of the Chinese market to foreign multinationals is losing some of its luster as slowing growth in the world's second-largest economy hits their sales.
Sunday, August 9, 2015
Mainland China's foreign trade performance worsened in July with both exports and imports falling on an annual basis, customs said on Saturday, spelling more worry for the world's second largest economy.
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