Caixin
Sep 22, 2022 03:03 PM
FINANCE

Shanghai Composite Index Fell 0.27% on Thursday

China’s benchmark Shanghai Composite Index (000001.SH) lost 0.27% on Thursday, while the Shenzhen Component Index (399001.SZ) fell 0.84%.

Shanghai’s tech-heavy STAR 50 Index (000688.SH) gained 0.56% for the day, while Shenzhen’s similar ChiNext Index (399006.SZ) fell 0.52%.

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

· China’s State Iron Ore Giant Sets Up First Subsidiary in Zhejiang

New unit of China Mineral Resources Group to develop facilities for iron ore reserves and trading in Zhoushan free trade zone

· China and Kazakhstan Set Up Offshore Yuan Clearing

Central Asia trading demand for yuan surges following Western sanctions on Russia over Ukraine invasion

· E-Commerce Giant Shopee Cuts Jobs in China, Indonesia and Singapore

Southeast Asia unit of Tencent-backed Sea Ltd. ramps up belt-tightening following a rapid global expansion as it aims to cut flow of red ink

· Hong Kong to Start Trial of E-HKD in Fourth Quarter

Pilot is part of a three-track strategy to give the city its own digital currency for everyday use by the general population

· Another Round of Covid Boosters Needed to Help End Pandemic in China, CDC Says

More than 1.2 billion Chinese residents have been fully vaccinated, and 820 million have received booster shots

· China’s Courier Sector Delivers Growth in Per Order Revenue

The gains followed the scaling back of a sectorwide price war and improvements in the order fulfillment process, one analyst says

· Former Shanghai Police Chief Sentenced to Life in Prison For Corruption

Gong Daoan stood accused of accepting more than $10 million in bribes between 1999 and 2020

· Chongqing Monkeypox Patient Caught the Disease in Berlin, China CDC Says

The first case found on the Chinese mainland has been traced back to Germany

· In Depth: The Shadowy Businessman Behind a Multibillion-Dollar Bank Swindle

Lü Yi built a massive business network on billions of yuan in fraudulent loans and turned rural banks into personal ATMs. Then he vanished

· Cosco Shipping to Order 15 More Containerships

Vessels will cost $2.9 billion and be built by an affiliated shipyard as the state-owned giant expands its fleet amid heavy supply chain demand

Click here to read more of the latest news.

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