No. A mainland Chinese firm actually bought out a Taiwanese firm, and as a result won contracts to assemble iPhones.
Chinese Economics Thread
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Best to cancel it, since the 2014 Sunflower movement is actually against ECFA, saying it is a ploy by CCP to spread communist influence in taiwan island. Even Tsai testify back then saying ECFA is a trojan horse by commie mainland. Funnily, now the admin is begging through all indirect channels for mainland not to end the fta.
I know short-term currency movements are not very meaningful. But usually when there is economic crisis anywhere in the world, the USD is a safe-haven, which means it strengthens while other currencies depreciates. Sounds like things are not going so hot for the US dollar right now....
My family's assets are mostly in RMB. Hope it goes to 1:6. Would aid China's transition to self sufficiency.
Yeah, hopefully more people buy RMB assets and issue RMB debt. That would help with RMB strength. A stable currency is a more attractive currency.
@hullopilllw , copy and paste the article inside a quote (use "insert quote", which is one of the items after the smiley).
China’s stocks climb most in two weeks in rotation to large caps; Hong Kong shares narrow losses
- Economic recovery optimism buoys up the old-economy stocks, boosting materials and industrial companies
- Property developers and casino operators decline in Hong Kong
A man walks past a bank's electronic board showing the Hong Kong share index the Hong Kong stock exchange on June 30, 2020. Photo: Associated Press
China’s stocks rose the most in two weeks, rebounding from a weekly loss, on optimism that economic recovery in the Asian nation is gaining traction, boosting old-economy shares from commodity producers to industrial companies. Hong Kong’s benchmark trimmed losses.
The Shanghai Composite Index jumped 3.1 per cent, or 100.02 points, to 3,341.15 on Monday for the steepest gain since July 6.
The renewed momentum on Chinese stocks, which added US$1 trillion in market cap over the past three weeks in the world-beating rally, partially allayed concerns that the bull run was coming to an end. The benchmark tumbled 4.5 per cent on Thursday on angst that the run-up was too fast.
Rosy sentiment also buoyed up Hong Kong stocks, helping the Hang Seng Index to pare an intraday loss of as much as 1.3 per cent sparked by the
of the coronavirus pandemic. The gauge closed 0.1 per cent lower at 25,057.99.
Monday’s mainland rally marked a shift in rotation to large-caps engaged in traditional industries from smaller companies that had led the gain on the broader market. The ChiNext index of growth stocks traded at the most expensive level relatively to the Shanghai Composite in six years this month on the price-to-earnings ratio basis, according to Bloomberg data.
“With the better growth recovery materialising, we see merit in adding sector leaders in the value camp that are exposed to cyclical growth upside,” said Wendy Liu, head of China strategy at UBS Group. “The big gap in valuation between growth and value, favourable liquidity and risk-on sentiment are also helping quality cyclicals.”
Gauges tracking material and industrial companies rallied at least 5.1 per cent, making them the best-performing sectors among all the industry groups. Aluminum Corp of China (Chalco) surged by the 10 per cent daily limit to 3.47 yuan and Anhui Conch Cement also rose by that much to 62.69 yuan. China Shipbuilding Industry jumped 10 per cent to 5.07 yuan.
Ping An Insurance advanced 6.1 per cent to 82.80 yuan and China Life Insurance climbed 10 per cent to 37.97 yuan after the regulator overseeing the industry raised the cap on how much insurers can invest in equities to 45 per cent of their assets from 30 per cent.
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Cambricon Technologies, an artificial intelligence chip maker, jumped by 230 per cent from the initial public offering price to 212.40 yuan on its debut on Shanghai’s Start Market.
In Hong Kong,
and casino operators paced the decline after Hong Kong reported a record 108 new coronavirus cases on Sunday, prompting new social distancing orders from the government. Wharf Real Estate Investment declined 5.9 per cent to HK$30.50 and Galaxy Entertainment Group sank 3.9 per cent to HK$52.65.
Semiconductor Manufacturing International Corp slid 2.8 per cent to HK$28.20, extending a weekly loss of 30 per cent after China’s biggest chip maker started to trade in Shanghai’s new technology board, the Start Market, last Thursday.
Car Inc slumped 4.9 per cent to HK$2.93 before trading was suspended starting 1pm. SAIC Motor scrapped a plan to buy 613 million shares of the company through its Hong Kong unit, the Chinese carmaker said, citing disagreement on acquisition terms during an unspecified period.
With additional reporting by Iris Ouyang.
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