Links for Wednesday, September 28, 2022

Weaker yuan
China’s offshore currency hits record low against dollar / WSJ (paywall)
China’s yuan slides to 14-year low after U.S. rate hikes / Washington Post (paywall)
Renminbi falls to lowest level since 2008 as dollar strengthens / FT (paywall)
China record low yuan CNY USD cuts hopes for further monetary easing / Bloomberg (paywall)

DJI unveils a new drone
DJI unveils Mavic 3 Enterprise Series of portable drones / Pandaily
“DJI, a civilian drone and camera manufacturer based in China, introduced its new Mavic 3 Enterprise Series on September 27.”

NIO’s Argentinian lithium mine
China’s NIO joins the race for lithium, buys 12% of Australia’s Greenwing Resources / TechCrunch
“NIO, an eight-year-old premium EV maker, has agreed to pay $12 million for a 12.16% stake in Greenwing Resources, an Australian lithium mining company, Greenwing said in a filing with the Australian Stock Exchange.”
NIO to take 12% stake in lithium miner Greenwing Resources / TechNode
Chinese carmaker NIO warns energy crisis slowing European expansion / FT (paywall)

Secondhand market is booming on Chinese ecommerce platforms
Chinese snap up used Rolexes, Birkins to satisfy luxury cravings amid slowdown / Reuters

Another case of COVID food dumping during lockdown draws outrage
Authorities in China investigate video of officials dumping rice and eggs during COVID-19 lockdown / SCMP (paywall)
“Viral video shot in northern Jiamusi city sparked public anger and state media commentary about perceived abuse of power and food waste.”

Henan jumps on the metaverse bandwagon
China’s iPhone production hub of Henan bets its future on the metaverse / SCMP (paywall)
“Henan Province joins a flurry of local governments in China that have announced initiatives to boost the development of the loosely defined concept.”

China’s lust for lumber upends the European timber market
China’s appetite for lumber squeezes Europe’s wood buyers / Nikkei Asia (paywall)
“China’s growing presence in Europe’s timber markets, which, coupled with turmoil from the war in Ukraine, has left local sawmills and manufacturers facing rising costs and shortages of materials.”

Hong Kong’s very expensive homes are getting less expensive
Hong Kong home prices drop 2.3% in August to lowest in 3-1/2 years / Channel NewsAsia
“Hong Kong private home prices fell 2.256% in August from a month earlier to the lowest since February 2019, official data showed on Wednesday, as market sentiment was hurt by rising interest rates.”

Singapore and Hong Kong are Asia’s fintech superstars, report says
SG, HK among top five fintech ecosystems globally in 2021: report / Tech in Asia
“Singapore and Hong Kong were among the top fintech ecosystems in the world in 2021, according to the Global Startup Ecosystem Report: Fintech Edition from Startup Genome.”

Illegal ivory trade shrinks under China’s iron hand
China crackdown on ivory trade deters smugglers, Hague report finds / SCMP (paywall)
“Vietnam remains a key wildlife smuggling gateway for elephant ivory and rhino horn moving between Africa and China, but strict Chinese law enforcement is paying off, [The Hague-based Wildlife Justice Commission] report released on Wednesday showing a decline in the trade.”

Universities slash holiday time off over COVID fears
Colleges cut October national holiday short amid COVID concerns / Caixin (paywall)
“Universities around China are cutting the upcoming National Day holiday short and discouraging their students from traveling to other cities following a warning from the Ministry of Education about COVID-19.”

No one is going to the happiest place on Earth in China
‘Poor timing’: A subdued first anniversary for Universal Beijing / Sixth Tone
“China’s once bustling theme parks have been affected by the country’s stringent virus control policies.”

Chinese movie on “real” rural life gets removed, while online discussions are censored
Return to Dust, Chinese hit film about rural hardships, disappears from streaming platforms / Guardian
“A popular Chinese film depicting a love story amid the hardships of life in rural China has been removed from all streaming services just weeks after its release, and discussion of it censored on social media.”

Life and labor of a migrant worker
Inside a worker’s work shed, a tale of mice and men / Sixth Tone
“For weary migrant workers, a pair of mice in their temporary home offered a much-needed diversion.”

Another justice official gets charged ahead of Party congress
China former top graft buster indicted on bribery charges / AP
“A former top graft buster at China’s ministry for intelligence and counterintelligence has been indicted on bribery charges, just weeks before a major congress of the ruling Communist Party whose leader Xí Jìnpíng 习近平 has made fighting corruption a signature issue.”

Biden’s Pacific push may not be enough to counter China
U.S. vows ‘big dollar’ help to Pacific islands in China contest / Reuters
Solomon Islands rejects Biden’s Pacific outreach amid China challenge / Washington Post (paywall)
Biden looks to win over Pacific Island leaders at summit / AP
Pacific leaders seek to shed political pawn status at Biden summit / Nikkei Asia (paywall)