Yuan to regain some ground if trade tensions ease

THE yuan will regain some of its recent sharp losses against the U.S. dollar and appreciate over the next year, but only if trade tensions between the United States and China subside, a poll found Thursday.

The yuan has weakened almost 5 percent so far this year and hit a 14-month low last week, primarily driven by new tariff threats from the United States and retaliatory warnings from Chinese authorities. “We believe the yuan may potentially strengthen against the dollar if the current triggers are removed. Indeed, if U.S. President Donald Trump takes a step back from imposing further tariffs, this may help reverse some of the market concerns about dollar to yuan,” said Jeff Ng, Asia chief economist at Continuum Economics.

Ping An looks to buy Prudential’s Asia business

PING An Insurance Group, China’s most valuable insurer, is looking to buy Prudential Plc.’s Asian business, Bloomberg reported, citing people familiar with the matter.

Ping An has checked to see whether China’s government would back the deal, and has also talked to banks about potential financing options, Bloomberg said Wednesday. Talks were at an early stage, the report said.

China Mobile profit rises 4.7%

CHINA Mobile Ltd., the world’s biggest mobile phone operator by subscribers, reported Thursday a 4.7 percent rise in first-half net profit, helped by mobile data growth.

Net profit for the January-June period was 65.6 billion yuan (US$9.62 billion), compared with 62.7 billion yuan a year earlier. Operating revenue rose 2.9 percent to 391.8 billion yuan. Average revenue per user of 4G customers dropped to 64.4 yuan from 71.2 yuan a year ago, while average handset data traffic per user per month jumped 122 percent.

Tech startup funds dive as easy money dries up

CAPITAL raised by investment firms intended for seed and early funding — before a startup seals its first round of financing — plunged 53 percent to just 3.82 billion yuan (US$559 million) in the first half, according to a survey of 36 funds by domestic researcher Zero2IPO.

More than 200 domestic venture capital firms saw money available for investment slide 44 percent, according to a second poll.