Tag Archives: China

China slaps cap on overseas UnionPay cash withdrawals

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“The gatekeeper of China’s foreign exchange has moved to plug a loophole in the capital account by capping the value of overseas withdrawals on bank cards, amid rising concerns over capital outflows and illicit money transfers.  The State Administration of Foreign Exchange has slapped an annual cap on overseas cash withdrawals for UnionPay cardholders at 100,000 yuan or its equivalent per card.  SAFE requires banks to add accounts that exceed the cap to a watch-list and forbid further cash withdrawals outside of China.  Still, the withdrawal cap did not address another obvious escape route, the number of cards for which an individual can apply.”

http://www.scmp.com/business/banking-finance/article/1862570/chinas-safe-slaps-cap-overseas-unionpay-cash-withdrawal

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Chinese official jumps to his death after garbage landslide kills dozens

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“A former official in charge of regulating a massive waste dump that collapsed in the southern Chinese city of Shenzhen has killed himself, local police said Monday.  The former director of the Urban District Administrative Enforcement Bureau in the city’s Guangming district where the landslide disaster took place December 20, jumped off a residential building Sunday night, the Shenzhen Nanshan District public security bureau said on its official Weibo social media account. Police and state media have not said whether Xu had been directly responsible for authorizing the dump.”

http://www.cnn.com/2015/12/28/asia/china-landslide-suicide/

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Chinese state begins buying stocks after Monday’s rout

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“China’s stocks rose in volatile trade as state-backed funds were said to intervene after a plunge on Monday wiped out $590 billion of market value. Trading was halted on Monday after the gauge plunged 7 percent, triggering new market circuit breakers that some analysts said exacerbated the sell-off.  State-controlled funds bought equities and the securities regulator signaled a selling ban on major investors will remain beyond this week’s expiration date, according to people familiar with the matter. The China Securities Regulatory Commission also suggested it’s open to tweaking the circuit breakers, while the central bank conducted the biggest reverse-repurchase operations since September.”

http://www.chicagotribune.com/news/sns-wp-blm-china-stocks-96e94030-b397-11e5-8abc-d09392edc612-20160105-story.html

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The Ghosts of Baha Mar: How a $3.5 Billion Paradise Went Bust

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“Just how the place ended up like this — in a bankruptcy so colossal that it’s jeopardizing the Bahamas’s credit rating — is the biggest business story to hit this Caribbean nation for as long as anyone here can remember. Baha Mar may have been dreamed up in the vacationland of the Bahamas, but the central government in Beijing controls the development bank and construction giant that will determine its fate.  It could be 2018 before Baha Mar makes a meaningful contribution to the economy, according to Standard & Poor’s, which lowered its Bahamas rating to BBB- and warned it could be heading for junk.”

http://www.bloomberg.com/news/articles/2016-01-04/the-ghosts-of-baha-mar-how-a-3-5-billion-paradise-went-bust

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China stocks rout on first market day of 2016 trips national trading halt

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“China’s major stock exchanges tanked on the first trading day of the year, triggering a ‘circuit-breaker’ that suspended equities trade nationwide for the first time and putting at risk months of regulatory work to restore market stability. The collapse, which followed the release of weak economic data on Monday, raises fresh doubts about regulators’ capacity to wind back heavy trading restrictions implemented in the wake of a massive summer stock market crash in which major indexes lost as much as 40 percent before top leadership intervened.  Analysts attributed the decline to the imminent end of a 6-month lockup period on share sales by major institutional investors.”

http://www.reuters.com/article/us-china-stocks-trading-halt-idUSKBN0UI0CU20160104

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China: Sale of canned clean air skyrockets following smog red alert

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“Want a breath of fresh mountain air right in the smog-filled Chinese capital of Beijing? You’ll have to try it out of a can then.  A red alert recently issued due to escalating levels of smog in Beijing has turned into a profitable venture for many in the business of clean air. Sales of pollution masks have skyrocketed with pieces available in different prints and designs. The requirement for clean air recently led one restaurant in the Chinese city of Zhangjiagang to charge a ‘clean air fee’ of one yuan ($0.15, £0.10), according to a report by China’s state-run news agency Xinhua. Local authorities pointed out that the fee was illegal and sent a written notice to the restaurant asking it to stop the charge.”

http://www.ibtimes.co.uk/china-sale-canned-clean-air-skyrockets-following-smog-red-alert-1533559

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China Launches Frightening ‘Social Credit’ Game; Soon Mandatory

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“‘Going under the innocuous name of Sesame Credit, China has created a score for how good a citizen you are,’ explains Extra Credits’ video about the program. ‘The owners of China’s largest social networks have partnered with the government to create something akin to the U.S. credit score — but, instead of measuring how regularly you pay your bills, it measures how obediently you follow the party line.‘ In the works for years, China’s ‘social credit system’ aims to create a docile, compliant citizenry who are fiscally and morally responsible by employing a game-like format to create self-imposed, group social control. In other words, China gamified peer pressure to control its citizenry.”

http://theantimedia.org/china-just-launched-the-most-frightening-game-ever-and-soon-it-will-be-mandatory/

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China’s new anti-terror law copies West, with decryption on demand

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“Reuters quotes Li Shouwei, deputy head of the parliament’s criminal law division under the legislative affairs committee, as saying: ‘This rule accords with the actual work need of fighting terrorism and is basically the same as what other major countries in the world do.’  China’s pointed reference to what ‘other major countries in the world do’ underlines another reason why the current attacks on encryption by government officials in the West arenot just wrong, but extremely counterproductive. After all, the US and EU nations can’t criticise or challenge other countries for introducing intrusive surveillance laws that are almost indistinguishable from their own.”

http://arstechnica.co.uk/tech-policy/2015/12/chinas-new-anti-terror-law-copies-uk-no-backdoors-but-decryption-on-demand/

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Et Tu, Brute? (How Empires Die)

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“The state-owned Bank of China has been ordered by an American court to hand over customer information to the US. The bank has refused to comply, as to do so would violate China’s privacy law. The US court has subsequently ordered the Bank of China to pay a fine of $50,000 per day.  China is a sovereign nation, halfway around the globe from the US, yet the US seems to feel that it’s somehow entitled to set the rules for China.   All over the world, those who live outside the US are increasingly observing that the US has become so drunk with power that they’re threatening both friend and foe with fines, trade restrictions, monetary sanctions, warfare, and invasions.”

http://www.internationalman.com/articles/babson

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China saw record capital outflows in November: economist

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“The constant stream of capital outflows from China that have bedeviled global financial markets likely reached a record in November, according to estimates from Capital Economics.  Julian Evans-Pritchard, China economist at the Singapore office of Capital Economics, has estimated that net capital outflows totaled $113 billion last month, accelerating from $37 billion in October. But getting an accurate picture of how much money is actually fleeing China is somewhat tricky.  Despite the differences, observers note that the outflows reflect expectations for the yuan to weaken further as China’s economy slows.”

http://www.cnbc.com/2015/12/07/china-saw-record-capital-outflows-in-november-capital-economics-says.html

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