MaxLinear has announced the termination of its planned acquisition of Silicon Motion Technology, a deal that had recently received approval from Chinese regulators. In a securities filing on Wednesday, MaxLinear stated that certain closing conditions outlined in the merger agreement have not been met and are unlikely to be fulfilled. Additionally, it revealed that Silicon … [Read more...] about Termination of MaxLinear’s Planned Acquisition of Silicon Motion Technology
China
Potential Currency Moves in China and Japan
When the People's Bank of China (PBOC) makes a statement, it has a significant impact on the markets, even if its message is somewhat unclear. A few weeks ago, the PBOC hinted at allowing state-owned banks to sell dollars in order to support the yuan. This move helped stabilize the Chinese currency, which had experienced a 5% decline over the past three months. This action by … [Read more...] about Potential Currency Moves in China and Japan
China’s Export Growth Plunges to 2-Year Low as Strict Covid Restrictions Hamper Factories
Source: National Bureau of Statistics of China Strict zero-Covid restrictions pushed China’s export growth to its slowest pace in nearly two years in April, with recovery set to face numerous challenges. CSI 300 Index down -0.80%, CNYUSD down -0.68% China’s overall exports expanded better than anticipated by 3.9% last month from a year ago to $273.62 billion, compared … [Read more...] about China’s Export Growth Plunges to 2-Year Low as Strict Covid Restrictions Hamper Factories
China’s Services Activity Falls at Second Lowest Rate on Record
Source: S&P Global China’s services sector activity narrowed at the second-steepest rate on record in April, as tighter COVID limitations halt the industry. CNUYSD down -0.01%, CSI 300 down -0.15% The Caixin services purchasing managers’ index (PMI) dropped to 36.2 in April, the second-lowest since the survey started in November 2005 and down from 42 in March.A … [Read more...] about China’s Services Activity Falls at Second Lowest Rate on Record
China Cuts Forex Reserve Ratio as Yuan Weakens to 17-Month Low
Source: Bloomberg The People’s Bank of China has cut down its foreign currency holdings reserves following the significant depreciation of the yuan against the greenback. MCHI is down 2.91%, while KWEB is down 1.43%. The PBOC said the reserve requirement for foreign currency holdings will be slashed to 8% starting May 15 from the current level of 9%.The decline seeks to … [Read more...] about China Cuts Forex Reserve Ratio as Yuan Weakens to 17-Month Low
