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China announces sharp fall in value of yuan. Photo: Simon Song
Opinion
China In 3 Minutes
by SCMP online
China In 3 Minutes
by SCMP online

August 11: Central bank devalues yuan; Typhoon Soudelor kills 17 in southeast China

Politics and policy

The Chinese government's vague online censorship policies, coupled with the threat of penalties, have forced large social media services to self-censor, granting them broad leeway in deciding what content to block. (The New York Times)   
 

Diplomacy

Foreign Minister Wang Yi has pledged to encourage Chinese enterprises to invest in the three West African countries hardest hit by the Ebola outbreak. Yi wants to encourage firms to construct ports, roads, railways and help with water supply needs, according to a statement from the government of Guinea, where Wang ended his tour after visiting Sierra Leone and Liberia. (AP)
 

The Foreign Ministry said a series of official exchanges between China and the United States would take place this month and the next in preparation for President Xi Jinping’s state visit in September. (CCTV)
 

Japanese Prime Minister Shinzo Abe’s statement on Friday will include key words such as “apology” and “aggression”, according to sources. China and South Korea have repeatedly demanded that the Japanese leader formally apologise for the nation’s atrocities during the second world war. (China Daily)  

 

Economy and business

China’s central bank devalued the yuan on Tuesday, setting the daily mid point yuan trading price a record 1.86 per cent weaker at 6.2298 to the US dollar in the clearest sign yet the government may let the currency soften and aid a stuttering export economy. Read full SCMP report
 

China is under growing pressure to further stimulate its economy after disappointing data over the weekend showed another heavy fall in factory-gate prices and a surprise slump in exports. Producer prices in July hit their lowest point since late 2009, continuing its slide in the past three years, while exports tumbled 8.3 per cent in the same month. (Reuters)
 

China’s big property developers saw sales jump in July, as realtors said some investors sought refuge from the mainland’s US$4 trillion stock market rout by pulling their money out of shares, and putting it into bricks and mortar. Monthly sales at 18 firms surveyed by Reuters showed double-digit percentage gains in price and volume compared with a year ago. (Reuters)
 

The People's Bank of China, the country’s central bank, will inject 50 billion yuan (HK$62.3 billion) into the money markets through seven-day reverse bond repurchase agreements on Tuesday, traders said. (Reuters)

 

Technology

Technology firm Qihoo 360, a leading internet security company in China, launched its own stock market index and a wealth management website on Monday, seeking to increase its foothold in the internet finance market. (Xinhua)

 

Society

Typhoon Soudelor has left 17 people dead and five missing in southeastern China, according to the relief authorities. More than 180,000 people were forced to evacuate and 110,000 hectares of crops were affected by the typhoon, with direct economic losses estimated at 8.73 billion yuan. (Xinhua)

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