Tag Archives: China

China Seen by Bloomberg Industries Boosting Bank Gold Reserves

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“China may have vaulted ahead of Italy and France last year to become the third-largest holder of gold, according to a Bloomberg Industries report.  Assets were probably about 2,710 metric tons, compared with the last reported holdings of 1,054 tons in April 2009, according to the report. Italy’s holdings are 2,451.8 tons, and France owns 2,435.4 tons, according to the World Gold Council data. The U.S. is the biggest holder with 8,133.5 tons. China’s central bank probably added 622 tons last year after reserves increased 380 tons in 2012, according to the report by Kenneth W Hoffman, senior metals and mining analyst at Bloomberg Industries.”

http://www.bloomberg.com/news/2014-01-10/china-seen-by-bloomberg-industries-boosting-bank-gold-reserves.html

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Chinese Government-Backed TV Program Bashes Bitcoin

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“The documentary, aired on the night of 11th January, caused immediate backlash from bitcoiners including Jin and Guo themselves. In their latest videocast, they complained the program used only a few minutes of a two-hour long interview and edited it to present only the TV station’s point of view rather than theirs. After the program was aired, the couple said, they received a large amount of criticism, and even verbal abuse from angry bitcoiners who felt they had been misrepresented. Now the couple say they were used and betrayed by the TV station.  The program also caused some speculation as to whether it might be a precursor to further government intervention.”

http://www.coindesk.com/chinese-government-backed-tv-program-bashes-bitcoin-outrages-community/

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After Crackdown, a New Bitcoin King Emerges in China

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“Since customers can no longer use payment processors to fund accounts, BTC-China has hacked together a voucher system that let’s new people set up accounts without actually transferring money to the Chinese exchange.  Meanwhile, China’s two other big exchanges — Huobi and OKCoin — are bypassing payment processors by letting users wire money directly into exchange bank accounts, says Scott Freeman, a China-based entrepreneur who is also a Bitcoin investor. That’s a slower process, but he says that since the December regulatory changes, trading has gone on in the country pretty much unabated.”

http://www.wired.com/wiredenterprise/2014/01/huobi/

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China Tells Banks to Improve Disclosures in Shadow-Lending Fight

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“China’s State Council imposed new controls on the shadow-banking industry with an order that targets off-the-books loans and shores up enforcement of current rules, three people familiar with the matter said this week. The Cabinet order highlights concern that lending outside the banking system, estimated by JPMorgan Chase & Co. at 36 trillion yuan, or 69 percent of 2012 gross domestic product, may threaten the financial system’s stability.  The CBRC requirement will apply to at least 12 of the 19 Chinese banks whose shares are publicly traded, data compiled by Bloomberg show.”

http://www.bloomberg.com/news/2014-01-09/china-tells-banks-to-improve-disclosures-in-shadow-lending-fight.html

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Bill Bonner: Sell the House, Sell the Car, Sell the Kids…

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“Will the Chinese economy blow up? Will its markets melt down?  We don’t know. But you make your money when you buy. Buy China and you will likely make money now.  The same can be said for Russia – another longtime favorite of the Bonner & Partners Family Office research team (led by British former investment banker Robert Marstrand). We first recommended members allocate part of their family wealth to Russian stocks in March 2012.”

http://www.bonnerandpartners.com/sell-the-house-sell-the-car-sell-the-kids/

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Bill Bonner: A Monumental Change in the World’s Monetary System

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“The Chinese economy is still growing twice as fast as the US. Both are delusional figures, of course. Buying things with money you don’t have makes you no better off than making things for people who can’t pay for them.  But the delusion is only part of the story. The other part: China is poor and getting wealthier. The US is rich and getting poorer. Somewhere they will battle it out… maybe in the marketplace… maybe in a hot war. And someday the upstart (if not China, then someone else) will win.  In the meantime, Chinese stocks are in bargain territory. You can get a dollar’s worth of Made in China stock market earnings for just $7.  Each dollar of US earnings will set you back closer to $20.”

http://www.bonnerandpartners.com/a-monumental-change-in-the-worlds-monetary-system/

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Bill Bonner: Today’s Reserve Currency = Tomorrow’s Wallpaper

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“If the end of history were at hand, the dollar, the Fed and federal finances would have nothing to worry about. But between history and the greenback, if we were taking bets, we’d put our money on history.  Most likely, history will trundle forward. And the renminbi will join (or replace) the dollar as the world’s leading currency sometime before the 21st century comes to a close.  But how, exactly, will that happen? No one knows… but few imperial elites give up the No. 1 position without a fight. As they see their power, their status and their wealth challenged, they typically find a casus belli, hoping to stomp the newcomer before it is too late.”

http://www.bonnerandpartners.com/todays-reserve-currency-tomorrows-wallpaper/

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How more than $100 billion in secret cash was smuggled into China

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“Something funny is happening at the Hong Kong border.  Every month, billions of dollars worth of exports simply disappear on their way out of China, but they’re not vanishing into a wormhole. They never existed in the first place. In the first half of 2013 alone, nearly $100 billion sneaked into China in the form of faked export invoices, according to research by non-profit Global Financial Integrity.  Every time China reports a bounce-back in exports, some read it as a sign of a ‘soft landing,’ or that the economy is recovering from its increasingly wobbly state. GFI’s report is another reminder that Chinese trade data can’t be trusted as a sign of what’s really going on in its economy.”

http://qz.com/164743/how-more-than-100-billion-in-secret-cash-was-smuggled-into-china-last-year/

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China’s E-Commerce Giant Alibaba Just Banned Bitcoin

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“Alibaba said that as of January 14 it would stop its users from doing any deals in Bitcoins or other virtual currencies such as Litecoins, and would bar merchants from selling any Bitcoin mining software or offering any related products.  The decision was taken to ‘promote the healthy development of Taobao Marketplace and to more effectively protect the interests of Taobao members,’ Alibaba said in a statement. It added that the ban stemmed from the central bank’s ruling in December that prohibits any payment companies or financial institutions from handling Bitcoins.”

http://www.businessinsider.com/alibaba-bitcoin-2014-1

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China’s planned crude oil futures may be priced in yuan

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“China, which overtook the United States as the world’s top oil importer in September, hopes the contract will become a benchmark in Asia and has said it would allow foreign investors to trade in the contract without setting up a local subsidiary.  The SHFE is awaiting Beijing’s final approval to launch the contract. That may come soon as the bourse has set up an international energy trading platform in the Shanghai free-trade zone, which is touted as a testing ground for China’s financial reforms, especially on yuan convertability and interest rates. A successful launch could pave the way for the opening of other Chinese commodities futures to more foreign investment.”

http://www.reuters.com/article/2013/11/21/china-crudeoil-idUSL4N0J62M120131121

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