Caixin
May 10, 2022 03:03 PM
FINANCE

Shanghai Composite Index Rose 1.06% on Tuesday

China’s benchmark Shanghai Composite Index (000001.SH) gained 1.06% on Tuesday, while the Shenzhen Component Index (399001.SZ) rose 1.37%.

Shanghai’s tech-heavy STAR 50 Index (000688.SH) gained 2.68% for the day, while Shenzhen’s similar ChiNext Index (399006.SZ) rose 2.17%.

Below is a rundown of the top China business and finance stories, plus other news for the day:

· PBOC Encourages Banks to Set Deposit Rates Based on Market Signals

Central bank for the first time outlines a mechanism for banks to adjust interest paid on deposits based on the 10-year government bond yield and the one-year loan prime rate

· China Ramps Up Support for Small Businesses Hit by Covid

Local governments to provide loan discounts and subsidies for rent, utility bills and epidemic prevention costs as well as electricity and broadband discounts

· Indian Court Pauses Takeover of Xiaomi’s Assets

The smartphone-maker says the seizure of bank accounts had disrupted its business and prevented it from paying its employees

· Sinosteel Gets Permit to Exploit Iron Ore in Cameroon

The troubled state-owned miner plans to invest about $700 million to develop the West African country’s Lobé mine, which is estimated to have about 600 million tons of reserves

· Advanced Placement Exams Canceled in Eight Cities, Leaving Chinese Students in the Lurch

The cancelations of the internationally recognized tests jeopardize the college plans of thousands hoping to go to school in the U.S. or Canada

· Texas Instruments Denies Firing Staff as Shanghai Microcontroller Unit Disbanded

Global semiconductor giant is reassigning staff to other units amid a dwindling market share, chip experts say

· Exclusive: Several Chinese Regions to Delay Savings Bond Issuances to Keep Covid at Bay

The suspension will apply only to a type of bond that requires buyers to be physically present at purchase, sources say

· Cover Story: Why Is China’s Powerful Export Engine Losing Steam?

Widespread pandemic lockdowns disrupt production and logistics, threatening global supply chain restructuring away from China

· How a Nursing Home Resident in a Body Bag Was Found Alive

Viral video of Shanghai mortuary workers’ discovery stirs outrage and allegations of negligence as authorities punish local officials

· China Skincare Leader Giant Biogene Files For Hong Kong IPO

Largest domestic supplier of collagen-based skincare products joins growing list of Chinese companies looking to HKEX over the U.S. to access global capital

Click here to read more of the latest news.

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