Former vice commerce minister says China's countermeasures will escalate if tougher tech restrictions are imposed. Analysts say they could extend to rare earth elements.

One German business chief said it must “end unilateral dependencies” after Beijing moved to restrict exports of rare metals key to making memory chips

The restriction is aimed at closing a crucial loophole in the export controls the US implemented in October that allowed Chinese AI firms to access high-end chips through the cloud

Insiders and analysts say Pan Gongsheng is known as a risk averse financial technocrat, who played a key role in crackdowns on perceived threats over the past decade

Major state banks have chopped dollar deposit rates for the second time in a month to prevent a prolonged slide in the yuan, which could discourage foreign investment and spur an outflow of funds

Beijing has ramped up trade rivalry with the US by announcing controls on gallium and germanium - two minor metals widely used in chips, EVs and high-tech products - and it could get worse

Yellen is expected to discuss cooperation on climate change and global debt distress, plus concerns about China's anti-espionage law in talks with senior finance officials in Beijing this week

Nikkei says an investigation has found that customs records confirm that Russia has been buying drones from Chinese companies specifically for use in its war in Ukraine

The US warns that China's anti-espionage law provides extra grounds to access and control data held by foreign firms in China and could criminalise normal business activity

US spy chiefs say the Chinese balloon downed in February did not collect any information, after it was shot down and recovered from the Atlantic Ocean

The rules, set to come into effect on September 1, will require Dutch companies that make advanced chipmaking equipment to seek a licence before they can export it

But the listing is set to be opposed by some US lawmakers over claims the company uses cotton produced by Uyghur forced labour