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China's yuan reached a 32-month high against the dollar as the People's Bank of China (PBOC) lifted the official midpoint guidance. Despite this, the PBOC has been setting the midpoint weaker than market expectations since November. Analysts predict resistance to further yuan appreciation and expect measures to ease upward pressure. The yuan has appreciated 0.5% this year, supported by a weaker dollar and increased corporate demand ahead of the Lunar New Year. However, forex conversions may decline soon, impacting the yuan's strength.
China's national team has shifted from supporting the stock market to actively selling, with record outflows of US$67.5 billion from ETFs in just six sessions. This change signals a move to correct overheated sectors, particularly in technology. Analysts suggest that this proactive liquidation may foster a gradual bull market, despite short-term volatility. Investors are advised to focus on stocks less owned by the national team to avoid risks. The ongoing scrutiny of these flows could reignite tech rallies as investors assess the remaining sell-off potential.
Greentech Technology International Limited has announced progress on its Rentails project, awarding a contract to GR Engineering Services for the design of a new tailings reprocessing facility. The project aims for completion of the front-end engineering and design by Q3 2026, with a final investment decision expected later that year. However, the company's shares remain suspended from trading on the Hong Kong Stock Exchange due to delays in publishing interim results, highlighting compliance challenges.
A consortium led by China's United Water Technology has won a SAR203 million (USD54.1 million) bid for a wastewater treatment project in northern Saudi Arabia. The project involves upgrading nine treatment plants and ensuring compliance with national standards over 15 years. United Water will oversee operations and design, while local partners handle construction and finance. This initiative aligns with Saudi Arabia's National Water Strategy 2030 and marks United Water's entry into the Middle Eastern market, potentially paving the way for further expansion in South Asia and Southeast Asia. Shares of United Water rose 1.1% following the announcement.
Jiangxi Hongcheng Environment Co Ltd :SAYS SUBSIDIARY WON BID FOR WASTE WATER TREATMENT PROJECT WORTH 853.0 MILLION YUAN ($120.65 million)($1 = 7.0701 Chinese yuan renminbi)
