Huawei has sued the US government for unfair treatment for excluding it from the government’s official equipment provider list last August. The lawsuit was filed in the US District Court in Plano, Texas.
“We think it is completely understandable for enterprises to safeguard their legitimate rights through legal means,” foreign ministry spokesman Lu Kang said on a press conference on Thursday.”
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In December, the US trading deficit with China increased $3.2bn to $38.7bn despite trade tariffs, according to the monthly report released by the US Census Bureau and the Bureau of Economic Analysis on Wednesday. Exports to China increased to $7.7bn and imports increased to $46.4bn.
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By the end of February, China’s foreign currency reserves reached $3.09tr, a slight increase of $2.3bn compared with January, according to official data released by the State Administration of Foreign Exchange (Safe) on Thursday.
It was the fourth consecutive monthly rise in FX reserves.
Wang Chunying, Safe’s chief economist, said in an official statement that the increase was mainly due to changes in asset prices and the FX rate.
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The International Monetary Fund became a renminbi qualified foreign institutional investor (RQFII) on Tuesday, according to a statement by the China Securities and Regulatory Commission (CSRC). The exact quota was not announced.
IMF can now invest in renminbi-denominated Chinese bonds and stocks.
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Saxo Bank, a Copenhagen-based fintech bank, has made it possible for its clients to trade mainland China bonds through the Bond Connect scheme, the company announced in a Monday press release. Saxo Bank clients already have access to China A-shares.
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Caixin’s service sector purchasing managers index (PMI) fell to 51.1 in February from 53.6 in January. The fall contrasted with the official PMI released by the National Bureau of Statistics, which stood at 53.5.
“The underlying data breakdown suggests that new business has eased while outstanding business has contracted,” Ma Xiaoping, economist at HSBC, said in a Tuesday note. “Softer business expectations reflects weaker service providers’ confidence in the near-term. This is backed by moderated hiring activities.”
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Michele Geraci, undersecretary in the economic development ministry of Italy, told reporters that Italy was planning to sign a memorandum of understanding to support the Belt and Road Initiative (BRI) during a planned visit by Chinese president Xi Jinping at the end of March.
“We want to make sure that Made in Italy products can have more success in terms of export volume to China, which is the fastest-growing market in the world,” he said in the interview with the Financial Times on Wednesday.
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In February, Singapore Exchange’s FTSE China A50 Index Futures saw 8.6 million contracts traded, with a 69% month-over-month growth in average daily volume, according to a Tuesday note from the exchange.
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Tradeweb’s latest February monthly activity report shows a 183.5% year-on-year increase in average daily volume of Chinese bonds, reaching $957m.