Latest news with #yuan
The Star
12 hours ago
- The Star
Retiree dodges scam by choosing to cook dinner
Compiled by BENJAMIN LEE, ALLISON LAI and R. ARAVINTHAN A RETIREE in Hangzhou, China, narrowly avoided losing 1.66 million yuan (RM980,000) – by simply deciding to cook dinner. The woman, known by her surname Xu, in her 60s, received a call from someone claiming to be from the 'China UnionPay Association', warning her of fraudulent charges. Surprisingly, Xu fell for it, despite this being a common scam tactic, as reported by Nanyang Siang Pau. The scammer made several calls, guiding her to download an app, add a contact and enable video calls. They also instructed her to transfer 1.66 million yuan from another account into her savings. During this process, her SMS verification code was even leaked. But just before making the final transfer, Xu decided to cook dinner. It was past 5pm and she told the scammer: 'I need to cook now. This isn't urgent, I'll handle it later.' The scammer had no choice but to wait. Meanwhile, her bank had alerted local police to the potential fraud. After failing to reach Xu, officers rushed to her home. Their timely intervention prevented the transfer. > A high school student in Taipei, Taiwan, was detained for hacking an EasyCard, a contactless payment card used for transport and shopping. He used an C (wireless technology) reader-writer to repeatedly add value to the card for free, China Press reported. This incident marks the first known financial loss for EasyCard Corporation. Police solved the case within two months of receiving a report. The student, despite not being from an electronics background, converted the free top-ups into cash at Metro ticket machines and used the card as an ATM. The above articles are compiled from the vernacular newspapers (Bahasa Malaysia, Chinese and Tamil dailies). As such, stories are grouped according to the respective language/medium. Where a paragraph begins with a, it denotes a separate news item.
AsiaOne
a day ago
- Automotive
- AsiaOne
Bumper orders for Xiaomi's new SUV heighten threat to Tesla, Lifestyle News
SHANGHAI — Exceptionally strong initial orders for Xiaomi's YU7 electric sport utility vehicle sent shares in the automotive newcomer to a record high on Friday (June 27) and fanned speculation that Tesla may have to cut prices to fight back. The company received 289,000 orders for the YU7 — only its second vehicle and one that undercuts Tesla's Model Y in price by nearly four per cent — in its first hour on sale, according to CEO Lei Jun. That was more than three times the level for its SU7 electric sedan launched in March last year and easily exceeded market expectations of around 100,000 in orders. Tesla's Model Y, China's best-selling SUV, will likely lose more market share, analysts said. That would only rub salt into the wound for the US automaker which has steadily lost ground to domestic EV makers that have won over consumers with snazzy new models. Xiaomi's SU7, for example, has outsold Tesla's Model 3 in China on a monthly basis since December. The YU7 is priced from 253,500 yuan (S$45,091) which is "slightly below that of Tesla's Model Y but it offers much better specs and performance," said analysts at Jefferies. Citi analysts said Tesla may have to cut prices further, offer its "Full Self-Driving" driver assistance software for free and offer more financing incentives if it is to successfully compete with Xiaomi. Tesla did not immediately respond to a request for comment. Its share of the Chinese EV market has fallen from a peak of 15 per cent in 2020 to 10 per cent last year and then again to 7.6 per cent for the first months of 2025. Xiaomi's shares shot eight per cent higher in early trade to an all-time high but later pared gains to be up three per cent. They have more than tripled this year to value the smartphone and appliance maker at nearly $200 billion, making the company the best performing large cap stock in Asia Pacific, according to LSEG data. [[nid:678217]]
Saba Yemen
2 days ago
- Business
- Saba Yemen
Chinese Yuan rises to 7-month high
Beijing - Saba: The Chinese yuan climbed to its highest level in seven months against the US dollar on Thursday, supported by a broad decline in the strength of the American currency. The yuan surged to levels not seen since December in both the onshore and offshore markets. The onshore yuan rose to 7.1565 per dollar, its highest level since December 8, 2024, according to CNN. Similarly, the offshore yuan strengthened to 7.1527 per dollar, a seven-month peak, before slightly retreating to 7.1613, marking a 0.15% gain during the Asian trading session. Meanwhile, Chinese stocks extended their gains for a fourth consecutive day, driven by advances in the defense and technology sectors, while Hong Kong shares dipped after hitting a three-month high. By midday, the Shanghai Composite Index edged up 0.1% to 3,459.66 points, its highest level since December, while the CSI 300 index of blue-chip stocks remained nearly unchanged. The gains in mainland China's market were led by the CSI Defense Index, which jumped 1.9%, while the AI sector index rose 1.3%, and the information technology sector added 0.6%. In contrast, the financial sector index fell 0.2%, and the securities brokerage index dropped 0.6%, giving up some of its previous gains. Elsewhere in Asia, trading was subdued, with the broader MSCI Asia-Pacific ex-Japan index slipping 0.2%. Whatsapp Telegram Email Print
South China Morning Post
2 days ago
- Business
- South China Morning Post
‘Summer Davos' debate: is China's yuan ready to challenge US dollar dominance?
As global confidence in the US dollar erodes in the wake of Washington's 'Liberation Day' tariffs , economists at the Annual Meeting of the New Champions debated whether China's yuan could emerge as a credible alternative to challenge the world's dominant currency. US President Donald Trump's sweeping 'reciprocal tariffs' on allies and adversaries alike marked 'another step in the process of diminishing the role of the dollar as a global reserve currency,' said Diana Choyleva, senior fellow of Chinese Economy at the Asia Society Policy Institute, at the World Economic Forum event – also known as 'Summer Davos'. The dollar's status is increasingly under threat due to the reluctance of other countries – especially China – to fully rely on the US currency, as well as the rise of digital currencies, stablecoins and alternative global payment systems, and economic mismanagement in Washington, Choyleva said. On Thursday, the US Dollar index – which tracks the strength of the greenback's status against a basket of other major currencies - fell below 97, its lowest point since March 2022. Amid growing doubts about the dollar, Choyleva said the yuan could offer a more promising alternative compared to the euro. 'China is actively trying to create a separate financial sphere of influence with the yuan at its centre.'
South China Morning Post
2 days ago
- Business
- South China Morning Post
Russian central bank to increase forex sales to US$113.53 million a day from July 1
The Russian central bank said on Thursday it will increase its foreign currency sales to 8.94 billion roubles (US$113.53 million) a day from July 1 for the rest of the year, compared with 8.86 billion roubles previously. Advertisement Under a complex scheme of foreign currency operations, the central bank buys and sells forex to ensure supply on the domestic market and also on behalf of the finance ministry, which runs the budget reserve National Wealth Fund (NWF). The netting of the central bank's own transactions and ones it conducts on behalf of the finance ministry provides a figure for overall forex interventions by the state, a major factor for the rouble market. The announcement implied that net sales of foreign currency by the state will rise to 7.45 billion roubles from 7.36 billion roubles from July 1 until July 4, when the finance ministry will announce new parameters for NWF transactions. The central bank cannot buy and sell dollars and euros because of Western sanctions imposed over Russia's actions in Ukraine Advertisement China's yuan, which is now the most traded foreign currency in Russia , has become the regulator's only instrument for forex interventions. The NWF is now held in yuan and gold.
