CNY

Sandvik to acquire majority stake in China-based Suzhou Ahno

Retrieved on: 
Tuesday, April 23, 2024
Acquisition, CNY, Growth, Retail

STOCKHOLM, April 23, 2024 /PRNewswire/ -- Sandvik has signed an agreement to acquire a majority stake in the leading China-based company Suzhou Ahno Precision Cutting Tool Technology Co., Ltd. (Ahno) from the current majority owner, Ningbo Baosi Energy Equipment Co., Ltd and related parties.

Key Points: 
  • STOCKHOLM, April 23, 2024 /PRNewswire/ -- Sandvik has signed an agreement to acquire a majority stake in the leading China-based company Suzhou Ahno Precision Cutting Tool Technology Co., Ltd. (Ahno) from the current majority owner, Ningbo Baosi Energy Equipment Co., Ltd and related parties.
  • Ahno will form the basis of a new China-based division within Sandvik Machining Solutions.
  • In addition, Ahno enhances our local production capabilities, making it a great addition to Sandvik," says Nadine Crauwels, President Sandvik Machining Solutions.
  • Following the transaction, Sandvik will own a 72.4% stake in Ahno.

Dominant currency pricing in international trade of services

Retrieved on: 
Thursday, April 25, 2024
SF1, Goldberg, LCP, Statistics, Research Papers in Economics, VCP, Place of birth, Postal, A.4, Journal of International Economics, Business, International, ISIC, Data collection, Heritage, Macroeconomics, Banco de Portugal, Computer, Tech, Prevalence, MCI, Agriculture, Audiovisual, European Economic Association, CNY, Journal of Monetary Economics, Pauwels, Insurance, Paper, Corsetti, Laurent, Environment, R2, Portuguese Economic Journal, Website, Table, Working paper, VB, Public opinion, World Bank, Collection, Travel, Transport, Science, PII, International economics, PDF, ECB, Foreign exchange market, Policy, Angelo Bacchetta, Social science, Labour economics, Communication, Journal, Research, Classification, A.5, Literature, DCP, European Central Bank, Mining, Export, Equation, Monetary economics, Section 5, Practice of law, Elasticity, ISO, COVID-19, BIS, Electricity, Automation, The Economic Journal, Chung, Employment, A.2, Telecommunications, International Monetary Fund, Tourism, UTC+01:00, Section 4, IUSD, Health care, F14, Database, Section 3, PCP, International finance, NIPE, Annual report, Note, Section 2, Conference, CPI, Central bank, SH42, Incidence, FE, American Economic Review, SF3, Exercise, Test, Justice, Forestry, SK22, Quarterly Journal, GDP, Central Statistics Office (India), Green, SG1, B.1, SF, Swings, Payment, IES, A.6, JPY, Colum, Bank, Reproduction, World Trade Organization, IMF, SF2, F31, Geography, Data, SF4, Cryptocurrency

Abstract

Key Points: 
    • Abstract
      We analyze, for the first time, how firms choose the currency in which they price transactions
      in international trade of services and investigate, using direct evidence, whether the US dollar
      (USD) plays a dominant role in services trade.
    • JEL: F14, F31, F41
      Keywords: dominant currency paradigm, international trade, services.
    • Related research has
      shown that the US dollar (USD) exchange rate is a major source of swings in
      global trade in goods?a ?dominant currency pricing? (DCP) phenomenon?since
      most goods traded internationally are invoiced and sticky in USD.
    • Yet it is also key to look at dominant currency pricing in international trade
      in services for several reasons.
    • First, global trade in services is big?accounting for
      about a quarter of global gross trade flows and for around 40% in terms of valueadded trade.
    • Third, and relatedly, the
      future of globalisation might be in trade in intermediate services?as progress with
      digitech lowers technological barriers to such trade across borders.
    • But perhaps the main reason is that trade in services is conceptually different
      from trade in goods.
    • Our paper is the first, to our best knowledge, that analyzes how firms choose
      the currency in which they price transactions in international trade of services and
      that examines whether dominant currency pricing differs between trade in goods
      and services using direct evidence? hitherto unavailable?on patterns of currency
      choices in international transactions in services compared to goods.
    • Work on dominant currency pricing has
      almost exclusively focused on trade in goods.
    • One reason is that data on patterns
      in invoicing currency for trade in services are ?virtually nonexistent? (Adler et al.
    • Yet it is important to look at dominant currency pricing in international trade
      in services for several reasons.
    • Using the exporter?s (or producer) currency in exports is known in the literature as producer
      currency pricing (PCP), while using the importer?s currency is known as local currency pricing (LCP)
      and using a third currency is known as vehicle currency pricing (VCP).
    • Our paper is the first, to our best knowledge, that analyzes how firms choose the
      currency in which they price transactions in international trade of services and that
      examines whether dominant currency pricing differs between international trade in
      goods and services using direct evidence ? hitherto unavailable ? on patterns of
      currency choices in international transactions in services compared to goods.
    • First,
      we rule out compositional effects, that is that differences in the use of currencies
      reflect differences in trade partners in services vs. goods trade.
    • Both in extra-EU and intra-EU trade, the EUR is the
      most widely used currency, be it on the export or import side.
    • Based
      on the framework, we stress which factors should determine currency choices in
      international trade, and to what extent one should expect differences between
      services trade and goods trade.
    • Second, it can price in the importer?s currency
      (local currency pricing, LCP).4 Third, it can use a third currency, say currency
      v (vehicle currency pricing, VCP).
    • That is,
      the currency choice problem is equivalent to determining the currency in which the
      desired price is least volatile.
    • (2022)
      provide systematic empirical evidence ? firm size and exposure to foreign currencies
      in imported inputs ? should also shape currency choices in services trade.
    • Dominant currency pricing in USD ? services vs. goods trade
      Having established that currency choice in international trade of services is an
      active firm-level decision as well as the determinants of this decision, we now

      8.

    • Services and goods exports: prevalence of different pricing strategies (percent)
      Notes: The table shows the shares (in value terms) of different pricing strategies: producer currency
      pricing (PCP), local currency pricing (LCP) and vehicle currency pricing (VCP).
    • To make comparisons with goods trade, we rely on Eurostat?s
      macro data on international trade in goods by invoivcing currency.
    • If intra-EU trade is more important in services than
      in goods trade, this could hence be an explanation for the lower prevalence of the
      USD in services trade.
    • We showed
      that while the USD is also extensively used as a vehicle currency in services trade, its
      prevalence is systematically lower than in goods trade.
    • Hence for all travel services exports
      the invoicing currency is the EUR; for travel imports it is the currency of the
      destination of travel (i.e.
    • Also for these

      ECB Working Paper Series No 2932

      33

      services it seems plausible that trade does not take place vis-?-vis all counterparts
      in each currency.

    • Figure B.2: Share of international trade in services in global GDP broken down by type (%)
      Notes: Authors? calculations using World Bank and World Trade Organization data.
    • An earlier version of this paper circulated under the title ?Currency choices and the role of the
      U.S. dollar in international services trade?.

The XTransfer App globally launches for Android and iOS, download and sign in now

Retrieved on: 
Wednesday, March 13, 2024
Risk, App, PC, IOS, CNY, App Store (iOS/iPadOS), News, Android

said Bill Deng, Founder and CEO of XTransfer, sharing this exciting news during the Web Summit Qatar.

Key Points: 
  • said Bill Deng, Founder and CEO of XTransfer, sharing this exciting news during the Web Summit Qatar.
  • Based on customers' needs, XTransfer App addresses several key pain points.
  • Actually, if both the seller and the buyer parties are XTransfer users, they can transfer funds between accounts with zero remittance fees.
  • The app is free and now available for all new and existing XTransfer users, click here to download on Google Play or App Store .

XPENG Announces Vehicle Delivery Results for February 2024

Retrieved on: 
Friday, March 1, 2024
BEV, XPEV, ADAS, HKEX, City, CNY, XPENG, MPV

GUANGZHOU, China, March 01, 2024 (GLOBE NEWSWIRE) -- XPeng Inc. (“XPENG” or the “Company,” NYSE: XPEV and HKEX: 9868), a leading Chinese smart electric vehicle (“Smart EV”) company, today announced its vehicle delivery results for February 2024.

Key Points: 
  • GUANGZHOU, China, March 01, 2024 (GLOBE NEWSWIRE) -- XPeng Inc. (“XPENG” or the “Company,” NYSE: XPEV and HKEX: 9868), a leading Chinese smart electric vehicle (“Smart EV”) company, today announced its vehicle delivery results for February 2024.
  • In February 2024, XPENG delivered 4,545 Smart EVs.
  • On February 29, 2024, XPENG announced the rollout of unlimited XNGP ADAS function for its experienced ADAS users in China.
  • During the period from January 26 to February 26, XPENG owners’ total smart driving mileage hit 69,777,180 kilometers.

SF Intra-city Delivery Orders of Beverages Skyrocket over 5 times During Chinese New Year Festivities

Retrieved on: 
Thursday, February 22, 2024
The Spring Festival, Flower, Yoy, SF, Drink, Spring Festival, Supermarket, CNY, Chinese New Year

The delivery orders from supermarkets and chain convenience stores increased by 130% year-on-year ("YoY"), delivery orders of beverages increased by 5.3 times YoY.

Key Points: 
  • The delivery orders from supermarkets and chain convenience stores increased by 130% year-on-year ("YoY"), delivery orders of beverages increased by 5.3 times YoY.
  • This highlights the Group's role as a third-party on-demand delivery service platform, capable of processing orders across all channels, thereby demonstrating its unique value.
  • As consumers increasingly value the experience of holiday rituals, many chose to order gifts online, relying on services like SF Intracity for prompt and reliable delivery.
  • SF Intracity's innovative initiatives extended to efficiently fulfilling orders during the combined Chinese New Year and Valentine's Day celebrations.

SI GROUP ANNOUNCES STRATEGIC PARTNERSHIP WITH LIAONING DINGJIDE PETROCHEMICAL CO., LTD. FOR CERTAIN PRODUCTS IN CHINA

Retrieved on: 
Thursday, February 22, 2024
Research, Investment, SVP, Sale, CNY, Partnership

THE WOODLANDS, Texas, Feb. 21, 2024 /PRNewswire/ -- SI Group, a leading global developer and manufacturer of performance additives, process solutions, pharmaceuticals and chemical intermediates, announced today a long-term supply partnership with Liaoning Dingjide Petrochemical Co., Ltd. (Dingjide) 603255:CHShanghai (CNY), a Chinese-based manufacturer of additives and other specialty chemicals. Through this partnership, Dingjide will manufacture certain SI Group products in China as a co-producer. As a result of the supply agreement, SI Group will cease manufacturing operations at its Jinshan, China manufacturing facility and list the property and associated legal entity for sale.

Key Points: 
  • Through this partnership, Dingjide will manufacture certain SI Group products in China as a co-producer.
  • As a result of the supply agreement, SI Group will cease manufacturing operations at its Jinshan, China manufacturing facility and list the property and associated legal entity for sale.
  • Under terms of the agreement, SI Group will continue to offer these products to customers in China and will distribute and sell these materials outside of China.
  • SI Group will seek to relocate its research and development facilities currently located in Jinshan and will continue to operate its remaining offices and manufacturing facility in China.

SI GROUP ANNOUNCES STRATEGIC PARTNERSHIP WITH LIAONING DINGJIDE PETROCHEMICAL CO., LTD. FOR CERTAIN PRODUCTS IN CHINA

Retrieved on: 
Thursday, February 22, 2024
Research, Investment, SVP, Sale, CNY, Partnership

THE WOODLANDS, Texas, Feb. 22, 2024 /PRNewswire/ -- SI Group, a leading global developer and manufacturer of performance additives, process solutions, pharmaceuticals and chemical intermediates, announced today a long-term supply partnership with Liaoning Dingjide Petrochemical Co., Ltd. (Dingjide) 603255:CHShanghai (CNY), a Chinese-based manufacturer of additives and other specialty chemicals. Through this partnership, Dingjide will manufacture certain SI Group products in China as a co-producer. As a result of the supply agreement, SI Group will cease manufacturing operations at its Jinshan, China manufacturing facility and list the property and associated legal entity for sale.

Key Points: 
  • Through this partnership, Dingjide will manufacture certain SI Group products in China as a co-producer.
  • As a result of the supply agreement, SI Group will cease manufacturing operations at its Jinshan, China manufacturing facility and list the property and associated legal entity for sale.
  • Under terms of the agreement, SI Group will continue to offer these products to customers in China and will distribute and sell these materials outside of China.
  • SI Group will seek to relocate its research and development facilities currently located in Jinshan and will continue to operate its remaining offices and manufacturing facility in China.

iQIYI Reports Booming Viewing Time Across Diverse Content, AI Search Usage Skyrockets by 470%

Retrieved on: 
Monday, February 19, 2024
Cloud, Eye, CMG, Multimedia, Move, Growth, Comedy, China Media Group, City, IQIYI, CNY, VR, Media Group, Chinese New Year, Horse

BEIJING, Feb. 19, 2024 /PRNewswire/ -- On February 19, iQIYI, an innovative market-leading online entertainment service in China, has released its report detailing the performance during the Chinese New Year (CNY) holiday period (Feb. 9 - Feb. 15), marking a period of remarkable growth and success. The data highlights a 175% increase in variety shows viewing time during the holiday compared to the pre-holiday period, and a nearly 400% viewing time surge of the hit drama Always on the Move, along with a 470% increase in AI search usage.

Key Points: 
  • The data highlights a 175% increase in variety shows viewing time during the holiday compared to the pre-holiday period, and a nearly 400% viewing time surge of the hit drama Always on the Move, along with a 470% increase in AI search usage.
  • For the fifth consecutive year, iQIYI has dominated the CNY holiday season with its highly anticipated drama series.
  • The data shows a remarkable 470% increase in AI search usage during the holiday period.
  • This surge in cultural tourism activities has concurrently boosted the viewing time of original drama series, resulting in an 11.2% increase in viewing time on iQIYI.

China Outbound and Inbound Tourism Spending Rebounds on Ant Group's Cross-Border Merchant Networks During Chinese New Year Break

Retrieved on: 
Saturday, February 17, 2024
Artificial Intelligence, Finance, Professional Services, Mobile, Wireless, Other Travel, Fintech, Lodging, Vacation, Destinations, Cruise, Travel, Blogging, Apps, Applications, Tourist Attractions, Other Communications, Public Relations, Investor Relations, Marketing, Software, Advertising, Networks, Communications, Internet, Consumer Electronics, Technology, Payments, Social media, Senior, COVID-19, Restaurant, Multimedia, AI, Ridesharing, Tourism, Transport, Visa, Growth, Diners Club International, Mastercard, Food, Carbon, Human, ANZ, Recreation, SME, CNY, Chinese New Year, Ant Group, JCB

A global campaign has been in full swing on the Alipay+ merchant network since December 2023 to attract Chinese tourists.

Key Points: 
  • A global campaign has been in full swing on the Alipay+ merchant network since December 2023 to attract Chinese tourists.
  • While traditional Asia favorites keep their enthusiastic following, more distant destinations in Europe, ANZ, the Middle East and North America are also picking up in Chinese traveler spending.
  • Hong Kong SAR, Japan, Macao SAR, Thailand, Malaysia, Singapore, South Korea, France, Australia and Canada are the top destinations for Chinese travelers by their Alipay spending.
  • Chinese restaurants, tourist attractions and public transportation are the most popular use cases for international visitors traveling in China and experiencing the festival.

NIO Capital Completes the Second RMB Fund at Over 3 Billion Yuan

Retrieved on: 
Monday, February 5, 2024
CATL, Pony.ai, Mobility, RMB, Ecosystem, AUM, CNY, Partnership, Trust, Renewable energy

SHANGHAI, Feb. 5, 2024 /PRNewswire/ -- NIO Capital has successfully completed its second Renminbi fund, raising over CNY 3 billion.

Key Points: 
  • SHANGHAI, Feb. 5, 2024 /PRNewswire/ -- NIO Capital has successfully completed its second Renminbi fund, raising over CNY 3 billion.
  • The Limited Partner (LP) investors participating in the fund comprise RMB guidance funds, national-level funds, family offices and listed companies.
  • Ian Zhu, Managing Partner at NIO Capital, said: "We are thrilled about the completion of RMB Fund II.
  • Established in 2016, NIO Capital has raised five funds, including three in US dollars and two in RMB, bringing the total Asset Under Management (AUM) to 15 billion RMB.