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Media Report
July 28 , 2015
  • Wall Street Journal：Three-Day Selloff Knocks 11% From China Shares
    The Wall Street Journal writes, "China's shares fell for a third straight day as the second wave of heavy selling this month hit the market, raising questions as to whether Beijing will roll out new measures to prop up stocks. The Shanghai Composite Index finished down 62.56 points, or 1.7%, at 3663, having fallen as much as 5% and risen as much as 1% earlier. The index has shed 11% since Friday and is down nearly 30% from its mid-June high. The smaller Shenzhen Composite closed down 48.39 points, or 2.2%, at 2111.70, after falling more than 6% earlier Tuesday. Cautious investors also steered away from riskier startups; the ChiNext board, which lists small-capitalization stocks, closed down 101.48 points, or 3.7%, at 2581.96. The losses are casting doubt on Beijing's ability to contain a slide that has wiped trillions in value from Chinese equities, and have left investors and analysts wondering what officials might do next to reverse it."
  • Reuters：China conducts air, sea drills in South China Sea
    Reuters reports, "China said it conducted air and sea drills in the South China Sea on Tuesday as it stakes an increasingly assertive claim to virtually the whole sea despite rival claims by neighbors. The live-ammunition drills involved more than 100 ships, dozens of aircraft, information warfare units as well as the nuclear force, the state-backed China Military Online said in a report posted on the defense ministry's website. It did not specify where exactly the exercises took place. China claims most of the potentially energy-rich South China Sea, through which $5 trillion in ship-borne trade passes every year, and rejects the rival claims of Vietnam, the Philippines, Brunei, Malaysia and Taiwan. The United States has called on claimants to settle differences through talks and has said its Pacific Fleet aims to protect sea lanes critical to U.S. trade with Southeast Asia and the oil-rich Middle East."
  • Wall Street Journal：China's Yuan Pushes Deeper Into Global Financial System

    The Wall Street Journal reports, "China's domestic stock market may be in turmoil but the country's currency, known as the yuan or renminbi, is making a seemingly relentless push deeper into the global financial system. The latest step: the London Metal Exchange, the world's largest venue for trading metals where $15 trillion of metals was traded last year, is set to accept yuan as collateral for banks and brokers that trade on its platform. The Chinese currency joins the U.S. dollar, the euro, the British pound and Japan's yen, which are all currently permissible as collateral on the LME's platform. 'In the commodities area, it makes absolute sense to start providing renminbi-denominated services,' said Trevor Spanner, chief executive of the LME's clearing house business. 'The renminbi is on its way to becoming one of the world's most widely used currencies' he said."

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