Latest Business and Financial News on China, U.S. Trade War and Negotiations, Breaking News, Headlines and Developments

BYD in Malaysia: BYD Co. Ltd. has announced it will build a new factory in Malaysia as the Chinese electric vehicle (EV) giant looks to build on its success in the Southeast Asian country. A BYD executive said Monday that the roughly 600,000-square-meter (148-acre) factory will be built in Tanjung Malim, a town in the Malaysian state Perak. The carmaker aims to open the plant in the second half of 2026. The plan comes as Malaysia’s tax exemptions on imported EVs are set to expire at the end of 2025. They will be replaced by incentives for locally manufactured vehicles. BYD models accounted for the largest share of newly registered EVs in the country over the first seven months of this year.

Carbon market: China has unveiled a strategic plan to significantly expand its national carbon market so it covers all major industrial emitters by 2027. The plan was outlined in an opinion issued Monday by the general offices of the Communist Party Central Committee and the State Council. Under the plan, China will begin to phase out intensity-based targets in favor of a more stringent absolute emissions cap, with an increasing share of allowances being auctioned rather than given away for free. The shift is designed to pressure companies to reduce emissions. The plan also aims to expand the voluntary carbon market and allow financial institutions and individuals to trade.

Yuan appreciation: The yuan has strengthened to 7.15 against the U.S. dollar, driven by a weaker dollar and signs of growing confidence in the Chinese economy. At Monday’s close, the onshore yuan exchange rate strengthened by 288 pips from Friday’s close. The dollar has weakened in the wake of dovish remarks from U.S. Federal Reserve Chair Jerome Powell, which increased market expectations for an interest rate cut in September. On the home front, the yuan got some support from a warming capital market.

Bribery sentence: A former executive vice president of Agricultural Bank of China Ltd. has been sentenced to life in prison for bribery. Lou Wenlong was found guilty of accepting more than 84.5 million yuan ($11.8 million) between 2005 and 2024. Over that period, Lou took advantage of his senior positions at the bank and at the then-national banking regulator to help others with regulatory approvals, loans, contracts and other matters. The investigation began in 2024, seven years after he left the bank. Along with the prison sentence, the court ordered that all of Lou’s personal assets be confiscated.

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