China warns that the new European CO2 border tax will hurt global trade
The Chinese government has announced that Europe's new carbon border tax will end up increasing the prices of all Chinese goods within Europe and will thus harm global trade. China also said that this move violates the Paris agreement, which says that richer countries should bear the cost of cutting emissions.
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Gold prices dropped 6%, the worst single-day decline in seven years
Gold prices fell more than 6% yesterday, the worst one-day decline in seven years as investors’ risk appetite returned, boosting U.S. stocks. Spot gold tumbled as much as 6% to $1,927.30 per ounce, down sharply from Friday’s record intraday high of $2,089.20. On Wednesday morning during Asia hours, spot gold fell further, last trading at $1880.16
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China’s exports jumped 7.2% against an estimated 0.2% fall
Dollar-denominated exports in China jumped 7.2% year-on-year, economists at Reuters predicted a fall of 0.2%. In July, China posted a trade surplus of $62.33 billion, beating the $42 billion economists had expected. China’s trade surplus was $46.42 billion in June. Despite the coronavirus pandemic hitting global demand, exports from China have held up as exports in medical supplies jumped in the first half of the year
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China tries to find a new economic partner in South Korea
According to the latest media reports, South Korea and China are set to hold bilateral talks on the economy later this week. The talks will be held on Saturday in Qingdao, eastern China, where deputy ministers of the two sides will hold annual economic cooperation talks, South Korea’s Yonhap news agency said. The meeting comes amid escalating China-US trade and security tensions
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Apple reports a 225% growth in iPhone sales in China
Apple became the fastest-growing smartphone maker in China in the second quarter. The cheaper iPhone SE and the popularity of the iPhone 11 series, along with deep discounts, helped Apple get a boost. The sell-through volume for iPhones in China was 7.4 million units in the April to June quarter, a 32% growth year-on-year, according to Counterpoint Research. On a quarter-on-quarter basis, iPhone sales jumped 225%
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