What does the cryptic crossword clue "China reported Asian hardwood now more expensive (6)" mean?

The definition is "China". The wordplay uses a homophone (sounds like). Homophone (reported) of TEAK UP (Asian hardwood increasing in price). The answer is TEACUP.

China reported Asian hardwood now more expensive (6)

Independent Cryptic #11688 | 24 Across | 2024-03-27 flower

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