China In-Focus — Stocks fall; yuan hits 11-week low ahead of Pelosi’s expected Taiwan visit

The blue-chip CSI300 index fell 2 percent, to 4,107.02, while the Shanghai Composite Index lost 2.3 percent to 3,186.27 points. Reuters/File
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Updated 02 August 2022
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China In-Focus — Stocks fall; yuan hits 11-week low ahead of Pelosi’s expected Taiwan visit

RIYADH: China stocks posted their biggest fall in more than two months on Tuesday, as tensions between Washington and Beijing escalated amid reports of US House of Representatives Speaker Nancy Pelosi’s planned visit to Taiwan.

Pelosi, who began her trip to Asia earlier on Monday in Singapore, was due to spend Tuesday night in Taiwan, three sources said. The US said it would not be intimidated by Chinese threats to never “sit idly by” if she made the trip to the island claimed by Beijing.

The blue-chip CSI300 index fell 2 percent, to 4,107.02, while the Shanghai Composite Index lost 2.3 percent to 3,186.27 points.

The Hang Seng index fell 2.4 percent, to 19,689.21, while the China Enterprises Index lost 2.5 percent, to 6,702.07 points.

Yuan hits 11-week low 

The Chinese yuan hit an 11-week low against the greenback on Tuesday as diplomatic tensions rose ahead of an expected Taiwan visit by Pelosi. 

Onshore yuan touched 6.7835 per US dollar in morning trade, its lowest since May 16, before recouping some losses.

Offshore yuan fell as far as 6.7945.

China’s Taibang Biologic raises $300m 

China’s Taibang Biologic Group raised $300 million to finance growth in a fundraising led by sovereign wealth funds Abu Dhabi Investment Authority and Singapore’s GIC, the biopharmaceutical firm said on Tuesday.

Apart from Platinum Orchid, a subsidiary of the UAE’s biggest sovereign wealth fund ADIA, and GIC, new investors included state-owned China Life’s private equity arm — China Life Private Equity Investment — and Cinda Kunpeng Investment Management Co. Ltd., Taibang said in a statement.

Taibang makes and sells plasma products and was previously known as China Biologic Products Holdings, as per the statement.

The proceeds will be used to finance its expansion of plasma stations and its research and development of new products, the statement said.

The deal marks Taibang’s first equity financing transaction since the completion of its privatization in April last year by a consortium led by Chinese private equity firm Centurium Capital.

With input from Reuters 


Saudi Arabia’s cultural sector is a new economic engine between Riyadh and Paris, says ambassador

Updated 25 January 2026
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Saudi Arabia’s cultural sector is a new economic engine between Riyadh and Paris, says ambassador

RIYADH: Culture has become a fundamental pillar in bilateral relations between France and Saudi Arabia, according to the French Ambassador to the Kingdom, Patrick Maisonnave.

Maisonnave noted its connection to the entertainment and tourism sectors, which makes it a new engine for economic cooperation between Riyadh and Paris.

He told Al-Eqtisadiah during the opening ceremony of La Fabrique in the Jax district of Diriyah that cultural cooperation with Saudi Arabia is an important element for its attractiveness in the coming decades.

La Fabrique is a space dedicated to artistic creativity and cultural exchange, launched as part of a partnership between the Riyadh Art program and the French Institute in Riyadh. 

Running from Jan. 22 until Feb 14, the initiative will provide an open workspace that allows artists to develop and work on their ideas within a collaborative framework.

Launching La Fabrique as a space dedicated to artistic creativity

The ambassador highlighted that the transformation journey in the Kingdom under Vision 2030 has contributed to the emergence of a new generation of young artists and creators, alongside a growing desire in Saudi society to connect with culture and to embrace what is happening globally. 

He affirmed that the relationship between the two countries is “profound, even cultural par excellence,” with interest from the Saudi side in French culture, matched by increasing interest from the French public and cultural institutions unfolding in the Kingdom.

Latest estimates indicate that the culture-based economy represents about 2.3 percent of France’s gross domestic product, equivalent to more than 90 billion euros ($106.4 billion) in annual revenues, according to government data. The sector directly employs more than 600,000 people, making it one of the largest job-creating sectors in the fields of creativity, publishing, cinema, and visual arts.

Saudi Arabia benefiting from French experience in the cultural field

Maisonnave explained that France possesses established cultural institutions, while Saudi Arabia is building a strong cultural sector, which opens the door for cooperation opportunities.

This comes as an extension of the signing of 10 major cultural agreements a year ago between French and Saudi institutions, aiming to enhance cooperation and transfer French expertise and knowledge to contribute to the development of the cultural system in the Kingdom.

He added that experiences like La Fabrique provide an opportunity to meet the new generation of Saudi creators, who have expressed interest in connecting with French institutions and artists in Paris and France.

La Fabrique encompasses a space for multiple contemporary artistic practices, including performance arts, digital and interactive arts, photography, music, and cinema, while providing the public with an opportunity to witness the stages of producing artistic works and interact with the creative process.