Tag Archives: China

China Bitcoin Exchange Restores Deposit Facility

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“Popular Chinese bitcoin exchange BTC China has restored a facility allowing customers to purchase bitcoin by depositing yuan into the exchange’s corporate bank account.  The move reverses a decision in December to halt such deposits, which the exchange made in response to a Dec. 5 memo from the People’s Bank of China warning national financial institutions not to trade in bitcoin.  Reached by phone in Shanghai, BTC China Chief Executive Bobby Lee said the change, which was implemented Thursday, was made after the company studied the PBOC memo and other rules that raised concerns about BTC’s banking activities.”

http://online.wsj.com/news/articles/SB10001424052702303743604579353783803642644

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China’s shadow banking reform faces its first test

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“Investors in the trust, which has the unwieldy moniker ‘2010 China Credit / Credit Equals Gold #1 Collective Trust Product,’ likely won’t be paid back at the end of the month after Industrial and Commercial Bank of China said it won’t bail out the product it helped to market.  The 3 billion yuan, or around $496 million, trust used its funds to make a loan to unlisted coal company Shanxi Zhenfu Energy Group, which has since collapsed. While this isn’t the first time a trust product has found itself with pockets to let, it could become the first to pass on the pain to investors, who widely perceive these products as having a guarantee from state-owned banks.”

http://www.cnbc.com/id/101348781

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Faber Sees `Gigantic’ Asset Bubble, Slowing Growth

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“Marc Faber, publisher of the Gloom, Boom & Doom report, talks about the impact of Federal Reserve policy on the global economy, Bitcoin and financial markets. He speaks with Trish Regan and Adam Johnson on Bloomberg Television’s ‘Street Smart.'”

http://www.bloomberg.com/video/faber-sees-gigantic-asset-bubble-slowing-growth-O4LPyOs9SGmVjZXlNc442Q.html

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China sees record capital inflows, considers Tobin tax

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“China’s firmer yuan and higher interest rates could attract more money inflows this year, despite the possible impact of the Federal Reserve’s stimulus tapering, the country’s foreign exchange regulator said on Friday.  The Chinese authorities are considering a ‘Tobin tax’ on financial transactions to deter speculative capital flows, said Guan Tao.  Chinese banks posted a surplus of 1.68 trillion yuan ($277.61 billion) in their foreign exchange settlements in 2013, up 210 percent from the previous year, Guan said. The central bank has said China’s foreign exchange reserves, the world’s largest, rose $157 billion in the fourth quarter to $3.82 trillion at end-2013.”

http://www.reuters.com/article/2014/01/24/china-economy-safe-idUSL3N0KY1FS20140124

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China Awash in Money; Leaders Start to Weigh Raising the Floodgates

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“Move over, Janet Yellen and Ben Bernanke. Step aside, Mario Draghi and Haruhiko Kuroda. When it comes to monetary stimulus, Zhou Xiaochuan, the longtime governor of the People’s Bank of China, has no rivals.  The latest data show that the country’s rapid growth in money supply has continued. Mr. Zhou and his colleagues at the Chinese central bank have only begun the difficult and dangerous task of reining it in.  The amount of money sloshing around China’s economy, according to a broad measure that is closely watched here, has now tripled since the end of 2006. Housing prices have soared, feeding fears of a bubble while leaving many ordinary Chinese feeling poor and left out.”

http://www.nytimes.com/2014/01/16/business/international/china-dwarfs-us-in-monetary-stimulus.html?emc=eta1

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China’s Great Inflation Helped Bring the Communists to Power

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“When combined with war, inflations tear apart the human community. One example is the Great Chinese Inflation of the 1930s and 1940s. Indeed, the destruction of the Chinese monetary system during this period helped Mao Zedong’s communist movement to triumph on the Chinese mainland in 1949. In the nineteenth and early twentieth centuries, Imperial and then Republican China had no central bank. The monetary system was based on a diverse network of private banks operating in the various regions of the country. While copper was widely used in coins, the primary medium of exchange was silver, and the entire Chinese economy functioned on an informal silver standard.”

http://www.thedailybell.com/editorials/34926/Richard-Ebeling-Chinas-Great-Inflation-Helped-Bring-the-Communists-to-Power/

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Having Crushed Their Own Currency, the Swiss Consider China’s

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“We are supposed to forget that the Swiss had one of the great currencies in the world. Instead, we can see from this article that the Swiss seek the validation of the Chinese renminbi. Once, the Swiss franc was linked to gold but the Swiss destroyed that link a decade ago. Then the Swiss placed a ceiling on the franc to ensure that it wouldn’t go much past the failing euro. And now the Swiss want to become a renminbi hub. ‘The prestige and profits of becoming RMB conduits …’ Once upon a time there was prestige and profit in trading the Swiss franc. The Swiss had a reputation for probity and privacy. But the US attack has cracked open Swiss privacy and devastated private banking.”

http://www.thedailybell.com/news-analysis/34929/Having-Crushed-Their-Own-Currency-the-Swiss-Consider-Chinas/

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China Grants Gold Import Licenses to Foreign Banks for First Time

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“China has granted licenses to import gold to two foreign banks for the first time, sources said, as moves to open the world’s biggest physical bullion market gather pace.  The granting of new licenses is the latest in a string of steps by China to ease restrictions on bullion trading and boost market accessibility.  China approved its first gold-backed exchange-traded funds last year and extended trading hours on the futures exchange. The central bank issued a draft policy document in September that proposed letting more banks import and export gold. The move also comes as the SGE plans to launch gold futures in the city’s pilot free trade zone this year that would be open to foreign investors.”

http://www.nytimes.com/reuters/2014/01/15/business/15reuters-chinagold-banks.html?_r=0

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Chinese Central Bank Official: We Don’t Want to Suppress Bitcoin

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“Questioned about the central bank’s recent actions limiting bitcoin use in China, its chief of the survey and statistics department Sheng Song Cheng stressed that bitcoin’s status in China was that of a ‘virtual good’, and that the bank’s position was in line with other countries’ stances.  The Chinese authorities have forbidden both financial institutions and third-party payment processors from accessing bitcoin exchanges in recent months.  Sheng is also not known to be a digital currency fan. He was quoted in an English translation of a previous Chinese media report as saying: ‘Bitcoin is merely a utopia for technology supremacists and absolute liberalists.'”

http://www.coindesk.com/chinese-central-bank-official-dont-want-suppress-bitcoin/

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Chinese Millionaires Are Leaving The Country In Droves

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“A new report shows that 64 percent of Chinese millionaires have either emigrated or plan to emigrate—taking their spending and fortunes with them. The United States is their favorite destination.  The report from Hurun said that one-third of China’s super rich—or those worth $16 million or more—have already emigrated.  Previous studies show the main reasons rich Chinese are leaving is to pursue better educations for their kids, and to escape the pollution and overcrowding in urban China.  But analysts say there is another reason the Chinese rich are fleeing: to protect their fortunes.   According to WealthInsight, the Chinese wealthy now have about $658 billion stashed in offshore assets.”

http://www.businessinsider.com/chinese-millionaires-leaving-the-country-2014-1

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