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MNI China Press Digest June 14: Sino-EU, Forex, Exports

MNI (Singapore)
MNI (Beijing)

MNI picks key stories from today's China press

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Highlights from Chinese press reports on Friday:

  • Industry insiders say China is promoting internal procedures to increase temporary tariffs on the import of large gasoline-powered cars in response to EU tariffs on Chinese-made EVs, according to an article by Yuyuan Tantian, a social media account belonging to state broadcaster CCTV. The Ministry of Commerce is also expected to announce the preliminary results of the anti-dumping investigation into imported brandy from the EU by the end of August, according to industry experts familiar with the case. With sales of European brandy declining significantly in other markets, the Chinese market has become an important consumer, the article said.
  • China’s top foreign exchange regulator said it will strengthen the monitoring of foreign exchange and policy reserves, further improve the management of FX reserves and steadily diversify and decentralise the allocation, said Zhu Hexin, director of the State Administration of Foreign Exchange. Authorities must also continue to deepen the two-way opening of the FX market, improve forex products and enrich currency market participants, according to Zhu.
  • China’s trade outlook remains complex despite last month's positive trend, He Yadong, spokesperson at the Ministry of Commerce, told reporters. He noted external demand was unstable and the sustainability of stock replenishment in major markets is still unproven. China’s exporters faced difficulties from increased geopolitical risk, trade barriers, and shipping prices, He continued. Enterprises faced uncertainty when accepting orders and fulfilling contracts, He said. (Source: 21st Century Business Herald)
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Highlights from Chinese press reports on Friday:

  • Industry insiders say China is promoting internal procedures to increase temporary tariffs on the import of large gasoline-powered cars in response to EU tariffs on Chinese-made EVs, according to an article by Yuyuan Tantian, a social media account belonging to state broadcaster CCTV. The Ministry of Commerce is also expected to announce the preliminary results of the anti-dumping investigation into imported brandy from the EU by the end of August, according to industry experts familiar with the case. With sales of European brandy declining significantly in other markets, the Chinese market has become an important consumer, the article said.
  • China’s top foreign exchange regulator said it will strengthen the monitoring of foreign exchange and policy reserves, further improve the management of FX reserves and steadily diversify and decentralise the allocation, said Zhu Hexin, director of the State Administration of Foreign Exchange. Authorities must also continue to deepen the two-way opening of the FX market, improve forex products and enrich currency market participants, according to Zhu.
  • China’s trade outlook remains complex despite last month's positive trend, He Yadong, spokesperson at the Ministry of Commerce, told reporters. He noted external demand was unstable and the sustainability of stock replenishment in major markets is still unproven. China’s exporters faced difficulties from increased geopolitical risk, trade barriers, and shipping prices, He continued. Enterprises faced uncertainty when accepting orders and fulfilling contracts, He said. (Source: 21st Century Business Herald)