China’s central bank has set the yuan’s daily reference rate against the US dollar at the strongest level in more than a year, with analysts expecting room for appreciation should a December rate cut by the US Federal Reserve weaken the dollar. The People’s Bank of China set the yuan’s midpoint rate, also known as the daily fixing rate, at 7.0796 to the US dollar on Wednesday – the strongest showing since October 2024. The decision followed a 0.34 per cent rally in the offshore yuan on Tuesday,...

On Saturday, the Beijing-based start-up LandSpace reportedly plans to conduct the maiden launch of its Zhuque-3 rocket – a reusable launch vehicle that could significantly boost China’s space industry by lowering the cost of lifting equipment such as satellites into orbit. The prospect of China mastering reusable rockets – a technology pioneered by US-based SpaceX – has attracted significant attention from aerospace experts, and even drew comment from SpaceX CEO Elon Musk last month. Beyond the...

As China’s traditional spirits and premium wines grapple with declining consumption, a significant shift is under way across the beverage landscape. This three-part series examines the challenges faced by Maotai town as its once-coveted baijiu liquor loses its lustre, the impact of economic shutdowns on European wine imports, and the rise of craft beer as a budget-friendly alternative for consumers seeking quality without breaking the bank. Marshall Su, a 30-year-old headhunter based in...

Beijing is expected to calibrate its response to Japan with caution, weighing potential punitive measures against the risk of economic blowback, analysts say. And while China possesses an arsenal of levers – from tourism curbs to export controls – the experts warn that a heavy hand could backfire. “China won’t move abruptly,” said Xu Weijun, an assistant research professor with the Institute of Public Policy at the South China University of Technology. He noted that economic interdependence...

China’s film market urgently needs a hit to draw audiences back to cinemas after a lacklustre few months. And an unexpected candidate looks set to fill that role: the Disney animated comedy Zootopia 2. Hollywood movies have underperformed in China over the past few years, but Zootopia 2 appears on track to break the curse. Its advance ticket sales have already surpassed 249 million yuan (US$35 million) – a record for a foreign animated film in China, according to box office tracker Dengta...

China’s leading aircraft manufacturer, determined to carve out a share of the lucrative but technologically complex civil aviation market, has obtained a timely round of financial support from its state backers, greatly expanding its registered capital as the firm aims to overcome a production bottleneck and remount its challenge to the Boeing and Airbus duopoly. As competition from the two Western giants for contracts heats up amid a supply chain crunch that has slowed turnaround rates for the...