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        Here's what happened in China's markets last trade day (12/7):

        1. Temu Challenges US Discount Stores:
        - Pinduoduo's Temu app captures 17% of November's discount store category sales, competing with Dollar General and Dollar Tree.
        - Online Temu's offerings under $10 target ultra-low priced retailers. Concerns about forced labor arise, but it operates similarly to Amazon, eBay, or Alibaba.
        2. CATL's $1 Billion Investment in Hong Kong:
        - Leading EV battery manufacturer CATL invests $1 billion in Hong Kong for its international headquarters and R&D center.
        - Aiming to enhance international relations amid US scrutiny, CATL leads in battery technology, unveiling a groundbreaking 600-mile range "skateboard" platform.
        3. China's Booming Auto Exports, Slow Smartphone Recovery:
        - Auto exports surge 79.6% to RMB 653 billion in 11 months, poised to make China the world's largest auto exporter.
        - Smartphone exports grow modestly by 3.3% to RMB 885 billion, facing a steady decline since 2015.
        4. Mixed Signals in China's November Trade:
        - China's November exports grow 0.5%, beating expectations after a 6.4% decline in October.
        - Imports fall 0.6%, widening the trade surplus to $68.4 billion, higher than expected and October's $56.5 billion.

        5. China's Resilient Reserves and Gold Accumulation:
        - PBoC reports a $70.6 billion increase in foreign exchange reserves to reach $3.17 trillion in November, exceeding market expectations.
        - Gold reserves hit a record high of 71.58 million ounces, signaling economic resilience amid slowing exports and addressing weak domestic consumption.
        Disclaimer: Community is offered by Moomoo Technologies Inc. and is for educational purposes only. Read more
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