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A resilient domestic economy and US debt fears could see the Chinese currency appreciate further, analysts say

On Tuesday, the People’s Bank of China set its daily reference rate at 7.1534 per US dollar – strengthening from Monday’s 7.1656, and the strongest level since early November.

In June, the onshore yuan appreciated by 0.41 per cent against the greenback, bringing its cumulative gains to 1.2 per cent for the second quarter and 1.86 per cent for the first half of the year.

“Compared to late April, onshore clients have turned less bearish on China’s near-term growth outlook, as macro data has been more resilient than previously feared so far this year, despite notable divergence between exports and domestic demand,” Goldman Sachs analyst Lisheng Wang wrote in a note on Sunday.

At the same time, investors have grown increasingly concerned about the sustainability of US government debt, expecting the dollar to further depreciate amid fading confidence in US exceptionalism, loose fiscal policies and rising long-term financing costs, Wang added.

The Wall Street investment bank forecasts the yuan to strengthen further, breaking the 7 per dollar level in six months and 6.9 in 12 months.

China’s September display marking 80th anniversary of end of WWII will be a statement, as well as a show, observers say

The event, to be held on September 3, will mark the 80th anniversary of the end of World War II. It will feature the latest and most advanced weapons of the People’s Liberation Army (PLA), and a speech by Chinese President Xi Jinping that is expected to hint at China’s foreign policy and the future direction of the country’s military.

While Taiwan will not be the theme of the event, Beijing has already started telegraphing messages towards the self-ruled island.

The PLA is expected to showcase advanced weapons, including its latest fifth-generation fighter jet, intercontinental ballistic missiles and cutting-edge uncrewed equipment, much of which was commissioned with the Taiwan conflict scenario in mind.

The PLA Navy’s newest carrier-based aircraft may also make an appearance.

Last week, state media reported that China might unveil some new models of carrier-based fighter jets. Chinese aircraft carriers were deployed near Taiwan recently, launching fighter jets towards the east coast of Taiwan.

Military commentator Wei Dongxu told state broadcaster CCTV that carrier-based aircraft meant the aircraft carriers were “combat-ready”. He added that a flyover at the parade could bring “more surprises”, a hint that the current model J-15T and even J-35 fighter jets, which have been modified to accommodate catapult take-offs, might put in an appearance.

Tianshan Alumina Indonesia’s proposed US$4.9 billion bauxite smelter on Singkep island could shrink a naval training area used for joint drills

The proposed US$4.9 billion facility, to be developed by Tianshan Alumina Indonesia – a unit of Chinese metals giant Tianshan Aluminium – is set to occupy about 400 hectares (988.4 acres) of land currently used by the Indonesian Navy on Singkep island, part of the Riau Islands province.

The site has long hosted military drills and joint exercises with foreign partners, including the US-led Super Garuda Shield in 2022 and amphibious training exercises with Australian forces.

“It is true that there is a plan to build a bauxite smelter by Tianshan Alumina Indonesia, which is located in the south of Singkep island,” navy spokesman First Admiral Tunggul told Indonesia Defence Magazine on June 21.

The development was disclosed at a June 18 meeting between the presidential staff office, the ministry of defence and the navy, and comes under a broader policy push to encourage resource processing within Indonesia. The project was granted National Strategic Project status in 2023, accelerating its implementation.

From Indian killer brides to Malaysia’s first ethnic Chinese lieutenant general, here are a few highlights from SCMP’s recent Asia reporting

City leader lays down his vision of boosting development backed by security, expediting Northern Metropolis project and improving residents’ lives

Hong Kong’s leader has vowed to be a “reformer” that rises to challenges rather than becoming a “complacent idler” in the face of the economic restructuring and geopolitical tensions, as he enters his fourth year in office.

In a speech to mark the 28th anniversary of the city’s handover to Chinese rule, Chief Executive John Lee Ka-chiu on Tuesday also laid down three priorities in his governance: boosting development backed by security; expediting the Northern Metropolis megaproject near the border with mainland China; and improving residents’ livelihoods.

Lee said he had full confidence in Hong Kong’s development, as long as the city was committed to fully seizing opportunities, undertaking reforms and fostering innovation.

He cited a Chinese saying that describes a hard task becoming easy with determined efforts and an easy task getting difficult with inaction.

“We would rather be reformers who rise to challenges than become complacent idlers,” Lee declared at the reception held at the Hong Kong Convention and Exhibition Centre in Wan Chai.

“Amid an ever-changing geopolitical landscape and constantly increasing uncertainties, Hong Kong is able to showcase exactly to the world the certainties of safety, stability and development opportunities. These are precisely what the world needs and seeks.”

Residents will have to make changes to their transport plans during five-day visit from Thursday, and some flying zones will also be restricted

Hongkongers will have to make changes to their transport plans during the visit of a naval fleet led by the Chinese aircraft carrier Shandong from Thursday as certain ferry services will be temporarily suspended, with authorities also implementing restrictions in some flying zones.

The Transport Department on Monday evening announced the adjustments, with nine outlying island licensed ferry service routes operating on the western fairway to be suspended gradually between about 7.20am and 9.50am on Thursday, and about 10am and 12pm on July 7.

The affected routes include those between Central and Cheung Chau, Mui Wo, Peng Chau, Yung Shue Wan, Sok Kwu Wan, Discovery Bay. The routes of Aberdeen-Pak Kok Tsuen-Yung Shue Wan, Aberdeen-Sok Kwu Wan via Mo Tat, as well as Ma Wan-Central, will also be affected.

To help residents with the adjustments to services, commuters will be offered free alternative ferry services.

The department said temporary service adjustments for franchised and licensed ferry routes transiting through Victoria Harbour on the morning of July 7 might also be needed.

“The Transport Department and ferry operators will closely monitor the actual situation at sea, and will resume normal ferry services as soon as possible. The ferry and road transport services will be enhanced as needed to ease passenger flow,” it said.

Watches, jewellery, gold ornaments and cash stolen from Tuen Mun flat, police say

Hong Kong police are investigating a burglary where luxury goods and cash worth about HK$2.14 million in total, including 10 Rolex, Cartier and Patek Philippe watches, were stolen from a flat in Tuen Mun.

Police said that they received a report at around 1.30am on Tuesday from a man, 28, who discovered the living room window in his flat at 28 Castle Peak Road had been opened.

The man suspected there had been a burglary as there were signs of ransacking, a police spokesman said.

Officers arrived at the scene and conducted an initial inventory of the missing items.

Police said 10 watches worth around HK$1.2 million, jewellery and gold ornaments with a value of about HK$270,000, and about HK$670,000 in foreign currency, Hong Kong dollars and yuan were stolen.

The insider said the watches were by Rolex, Cartier, and Patek Philippe, while the foreign currency included Australian dollars, New Zealand dollars, British pounds, euros and Swiss francs. The flat owners were the man’s parents, who were travelling at the time, the source added.

Suspects, aged 47 and 49, apprehended on suspicion of stealing 32 bags of copper wire and tools from site in Kwun Tong

Two men issued with two-way exit permits have been arrested for allegedly stealing 32 bags of copper wire and tools worth HK$30,000 (US$3,821) from a construction site in Kwun Tong, Hong Kong.

Police said on Tuesday that a security guard at a construction site located at 11-15 On Yu Road in Sau Mau Ping discovered the men, aged 47 and 49, at around 3.48am and suspected them of stealing building materials and tools.

Officers arrived at the scene and located the two individuals, but they fled, leading to a pursuit.

Following an initial investigation, the men were arrested on suspicion of theft from the site and have been detained for further enquiries.

A source told the Post that the men were in possession of two-way exit permits, which allow mainland China residents to travel to and from Hong Kong and Macau.

This incident follows previous reports of copper theft in Hong Kong. In March, police began investigating the theft of about 100 metres (328 feet) of copper water pipes from a park in Shau Kei Wan, but no arrests were made at the time.

Industry leader optimistic about restaurant sales spurred by discount promotions, but some retail outlets still report modest customer numbers

Simon Wong Ka-wo, president of the Hong Kong Federation of Restaurants and Related Trades,expressed optimism as the city celebrated the 28th anniversary of its return to Chinese sovereignty on Tuesday.

“The different discount packages offered by restaurants and shopping malls will encourage more residents to consume,” Wong told the Post, noting that the number of participating restaurants had jumped from 2,000 last year to 3,800 this year.

The offers, including a 29 per cent discount at Hong Kong-style cafe chain Tai Hing and its 15 sister restaurant chains, led to bustling scenes at eateries across the city.

At Tai Hing’s Tsuen Wan branch, there was a constant queue of over 20 people, with the number at times exceeding 30. Its Causeway Bay outlet was packed with diners early in the morning.

Other businesses such as Chinese teahouse All Forum and bakeries such as Arome also took part in the promotional campaign by offering discounts.

Centenarian with spirit of a ‘playful child’ woos grandmother, 85, who excels at craftwork, ignites delight on social media

A 102-year-old man in central China has formed a sweet bond with an 85-year-old woman at a nursing home by charming her with his artistic talent, winning the admiration of many online.

Centenarian Jiang Weidi has lived at Enjoy Ages Nursing Home in Wuhan for over three years, according to Hubei Daily.

His room is filled with books, calligraphy, and paintings.

He also plays the hulusi, a traditional Chinese cucurbit flute, and taught himself to play the piano.

Carers at the home say Jiang is lively, curious and has the spirit of a playful child.