Some US companies see a massive decline in revenues this quarter while others see output slashed by half

Congress has been working on China competition legislation for more than a year. The Senate first passed a version in June 2021, with strong bipartisan support

One of China's largest companies, China Petroleum & Chemical Corporation, known as Sinopec, and electric vehicle maker Nio were also among the names added

Blinken will make his presentation at George Washington University in the US capital, at an event hosted by the Asia Society think tank, the Department of State said

Comparable sales in China declined 23%, reversing the rapid expansion there in recent years and overshadowing 12% growth in North America and 7% globally

Beijing's acquiescence - or possible fear of secondary sanctions - is a welcome development in the tense Washington-Beijing relationship, an official said

Washington is ahead of Beijing in the race but can be expected to be overtaken, former Google boss Eric Schmidt said

Chinese officials met with local and foreign banks to discuss how to protect overseas assets from sanctions such as those imposed on Russia for invading Ukraine, the FT said

The funding puts the industry in the tricky position of pushing for grants but facing headwinds to investment in Chinese factories and financial backing of Chinese startups

JPMorgan has cut its yuan forecasts twice in a week, and analysts at Standard Chartered, HSBC and others have also turned bearish on the Chinese currency

E-commerce giants Alibaba, JD.com, and Meituan all closed up more than 15% while the Hang Seng Tech index climbed more than 10%. 

The yuan has fallen 4.6% this month to 6.63 yuan per dollar in the biggest percentage fall since the currency was released from its peg to the greenback in 2005