‏NEOM Meets with Business Community in the United States

NEOM concluded a series of "Discover NEOM" events with investors and business partners in the United States. (SPA)
NEOM concluded a series of "Discover NEOM" events with investors and business partners in the United States. (SPA)
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‏NEOM Meets with Business Community in the United States

NEOM concluded a series of "Discover NEOM" events with investors and business partners in the United States. (SPA)
NEOM concluded a series of "Discover NEOM" events with investors and business partners in the United States. (SPA)

NEOM has concluded a series of "Discover NEOM" events with investors and business partners in the United States as part of its ongoing efforts to highlight the project’s latest developments and explore investment opportunities, reported the Saudi Press Agency.

CEO of NEOM, Nadhmi Al-Nasr said: "We came to the United States to explore the significant market opportunities that NEOM presents to American corporations, to showcase the great progress NEOM has made and to discuss how we can best support the collaborative international effort to address global challenges."

"The events were attended by over 700 business, financial, investment, environment and sustainability, technology and manufacturing leaders. NEOM looks forward to the meaningful partnerships that will be forged out of our US visit and the investment opportunities it will bring to NEOM and Saudi Arabia supported by the guidance of Crown Prince Mohammed bin Salman."

During the US visit, NEOM held a special event at the Saudi Embassy in Washington, DC to honor students on NEOM’s scholarship program, in the presence of the Saudi Ambassador to the US, Princess Reema bint Bandar Al-Saud. The event celebrated students from NEOM and Tabuk in a show of support, motivation and empowerment, reflecting the Saudi leadership’s belief in its youth as today’s partners and tomorrow’s leaders.

‏"Discover NEOM" is the name for a series of world events that included a similar event held in London late last year to showcase NEOM and explore investment opportunities with potential partners from all sectors. NEOM plans to expand its events to reach more destinations all over the globe.



China's Yuan Hits Post Financial Crisis Low as Trade War Ramps Up

A Chinese Yuan banknote, US and Chinese flags are seen in this illustration taken, April 4, 2025. REUTERS/Dado Ruvic/Illustration
A Chinese Yuan banknote, US and Chinese flags are seen in this illustration taken, April 4, 2025. REUTERS/Dado Ruvic/Illustration
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China's Yuan Hits Post Financial Crisis Low as Trade War Ramps Up

A Chinese Yuan banknote, US and Chinese flags are seen in this illustration taken, April 4, 2025. REUTERS/Dado Ruvic/Illustration
A Chinese Yuan banknote, US and Chinese flags are seen in this illustration taken, April 4, 2025. REUTERS/Dado Ruvic/Illustration

China's yuan hit its lowest against the dollar since the global financial crisis on Thursday, with the central bank cutting guidance for the sixth successive trading session amid an intensifying Sino-US trade war.

Beijing has imposed steep tariffs on US imports in response to similar US action. Though US President Donald Trump said he would temporarily lower duties recently imposed on dozens of countries, he increased those on Chinese goods.

"The US and China are currently in a powerplay game of brinkmanship," said ING global head of markets Chris Turner.

"Until a deal is announced or a big, bilateral meeting confirmed, USD/CNY will now be the focal attention of the FX market."

A weaker yuan would make Chinese exports cheaper and alleviate tariff impact on the economy. However, a sharp decline could also increase unwanted capital outflow pressure and risk financial stability, analysts and economists said.

The central bank will not allow sharp yuan declines and has instructed major state-owned lenders to reduce dollar purchases, people with knowledge of the matter told Reuters.

The onshore yuan slipped to 7.3518 a dollar in early trade, its weakest since December 26, 2007. It pared intraday losses and traded 0.02% higher at 7.3428 as of 0516 GMT, but was still down about 1.2% this month.

Its offshore counterpart was at 7.3558 at 0516 GMT, down 0.14%. It hit an all-time low of 7.4288 on Tuesday.

Prior to market open, the People's Bank of China set the midpoint - around which it allows the yuan to trade in a 2% band - at 7.2092, the weakest since September 11, 2023. That compared with the 7.3484 Reuters estimate.

The central bank has been lowering the midpoint at a measured pace, with Thursday's cut contributing to the day's decline, traders said.

The PBOC loosened its grip on the yuan this week by allowing the currency to weaken past 7.2. Still, its guidance is stronger than market projections in what traders and analysts interpreted as an attempt to keep the yuan steady.

The steadily weaker guidance dragged down its value against major trading partners. The CFETS yuan basket index, a gauge that measures the yuan against a basket of currencies, fell to 98.18 on Thursday, the lowest since September 2024, according to Reuters calculations based on official data.

The bank is focusing on a steady yuan even as the trade war challenges the competitiveness of China's export sector, indicating that stability remains the priority.

"A modest, gradual depreciation of the yuan is still the preference," Societe Generale economists said in a client note.

China will only allow gradual depreciation as stability matters for confidence in Chinese assets, and the tariffs are "just too big to be offset by FX depreciation," they said.

Separately, China and Hong Kong shares rose on Thursday. The Hong Kong dollar hovered near a four-year high against the dollar on persistent inflows through the southbound leg of the stock trading link. It last traded at 7.7616 as of 0516 GMT.

Mainland investors purchased more than HK$35 billion ($4.51 billion) worth of Hong Kong stocks on Wednesday, the highest on record.

Marco Sun, chief financial market analyst at MUFG Bank, said a strong Hong Kong dollar was critical for the financial hub during times of heightened financial market volatility.

"And the renminbi is likely to enter a period of orderly depreciation," he said.