Tag Archives: China

Trump Provides Nuclear War Guarantee To Japan, Contrary To Campaign Pledge

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“A joint U.S.-Japanese statement said the U.S. commitment to defend Japan through nuclear and conventional military capabilities is unwavering.  The statement amounted to a victory for Abe, who came to Washington wanting to develop a sense of trust and friendship with the new U.S. president and send a message that the decades-old alliance is unshakeable.  Japan got continued U.S. backing for its dispute with Beijing over islands in the East China Sea that China also claims. The statement said the two leaders affirmed that Article 5 of the U.S.-Japan security treaty covered the islands, known as the Senkaku in Japan and the Diaoyu in China.”

Read more: http://www.reuters.com/article/us-usa-trump-japan-idUSKBN15P17E

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WeChat introduces gold-backed mobile micropayments in China

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“With the gold hongbao (not official translation), like the cash hongbao, a sender can either send packets to certain persons or let the system randomly divide a certain amount into certain parts and send it to a chat group for group members to try their luck.   Tencent Micro-Gold (not official translation), the online gold investment service jointly launched by Tenpay, the online payment arm of Tencent (WeChat’s parent), and Industrial and Commercial Bank of China (ICBC), one of the largest state-owned banks, in late January 2017, is so far the only supplier of gold for the new hongbao service.”

Read more: http://technode.com/2017/02/03/wechat-gold-hongbao-mini-gold/

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China Increases Capital Controls, Warns It May Dump Treasuries

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“Beijing unveiled its latest set of capital controls according to which Chinese banks would be required to report all yuan-denominated cash transactions exceeding 50,000 yuan. Cross-border transfers more than 200,000 yuan by individuals would also be subject to the report process.  Citizens faced draconian new currency exchange disclosure requirements, requiring foreign currency buyers to indicate how they plan to use the money and when they plan to spend it. Additionally, mainlanders would be restricted from using the FX proceeds to buy overseas property, securities, life insurance or other investment-style insurance products.”

http://www.zerohedge.com/news/2017-01-03/china-may-dump-treasuries-keep-yuan-stable-prepares-more-capital-controls

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China is flooding Silicon Valley with cash

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“Investment from China into Silicon Valley, excluding real estate, topped $6 billion by the end of the first half of 2016, with more than half of that spending taking place in the past 18 months, according to the Rhodium Group research firm. Investors have been spurred by China’s growing wealth over the past decade and a government push to develop innovative technologies — particularly in areas such as virtual reality and artificial intelligence, where China still lags. U.S. start-ups, for their part, are hungrier than ever for access to China’s cash-rich companies and newly minted millionaires, especially in light of a tighter fundraising environment in Silicon Valley.”

https://www.washingtonpost.com/business/economy/new-wave-of-chinese-start-up-investments-comes-with-complications/2016/08/05/2051db0e-505d-11e6-aa14-e0c1087f7583_story.html

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Taiwanese gov. blows up fishermen with supersonic missile

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“Taiwan’s navy mistakenly launched a supersonic anti-ship missile from a naval base, killing one person and injuring three, officials say.  A patrol boat was undergoing a drill inspection in Kaohsiung when the Hsiung Feng III missile was fired, Taiwan’s Central News Agency (CNA) reported.   It launched in the direction of mainland China, and hit a fishing boat off the Penghu islands, CNA added.  A Taiwanese official said the launch was not ‘politically motivated’.  It came as China celebrates the 95th anniversary of the formation of the Chinese Communist Party.  China considers Taiwan a breakaway province, to be reunited with the mainland, by force if necessary.”

http://www.bbc.com/news/world-asia-36680899

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Dead, detained or missing: China’s businessmen and officials are disappearing

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“The one-and-half-day disappearance of Shanghai tycoon Guo Guangchang, chairman of Fosun Group, who is sometimes referred to as China’s Warren Buffet, comes at a particularly disturbing time for the mainland’s richest business figures.  Earlier this month,  tycoon Xu Ming was reported dead of a heart attack while in jail, despite being reported as enjoying an ‘excellent health and mental condition‘ just two months before his imprisonment.  Xu Xiang, an aggressive private fund manager regarded as China’s George Soros, was arrested last month for alleged inside trading, while six of the top eight executives at CITIC Securities are being held for questioning over possible wrongdoing.”

http://www.scmp.com/news/china/policies-politics/article/1890470/dead-detained-or-missing-new-normal-chinas-business?page=all

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After vote, China tells Taiwan to abandon independence “hallucination”

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“Taiwan should abandon its ‘hallucinations’ about pushing for independence, as any moves towards it would be a ‘poison’, Chinese state-run media said after a landslide victory for the island’s independence-leaning opposition.  Tsai Ing-wen and her Democratic Progressive Party (DPP) won a convincing victory in both presidential and parliamentary elections on Saturday, in what could usher in a new round of instability with China, which claims self-ruled Taiwan as its own.  Tsai pledged to maintain peace with its giant neighbour China, while China’s Taiwan Affairs Office warned it would oppose any move towards independence and that Beijing was determined to defend the country’s sovereignty.”

http://in.reuters.com/article/taiwan-election-idINKCN0UV02I

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Hedge Fund That Called Subprime Crisis Urges 50% Yuan Drop

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“Mark Hart, the hedge fund manager whose bets against U.S. subprime mortgages and European sovereign debt proved prescient, said China should weaken its currency by more than 50 percent this year. Hart, whose prescription clashes with consensus forecasts for the yuan and recent comments from senior government officials, said China would be justified in weakening the currency after central banks in Europe and Japan fueled declines in their exchange rates to stoke economic growth in recent years. Such a move would likely come as a surprise to global investors, who were rattled by a drop of less than 3 percent in the yuan last August.”

http://www.bloomberg.com/news/articles/2016-01-19/hedge-fund-that-called-subprime-crisis-says-yuan-should-fall-50-

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As China Dumps Treasuries, World Sees No Better Place for Refuge

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“As the biggest overseas creditor to the U.S., China has bankrolled hundreds of billions of dollars in deficit spending, particularly since the financial crisis. And that voracious appetite for Treasuries in recent years has been key in keeping America’s funding costs in check, even as the market for U.S. government debt ballooned to a record $13.2 trillion.  Yet for many debt investors, there’s little reason for alarm. While there’s no denying that China’s selling may dent demand for Treasuries in the near term, the fact the nation is raising hundreds of billions of dollars to support its flagging economy and stem capital flight is raising deeper questions about whether global growth itself is at risk.”

http://www.bloomberg.com/news/articles/2016-01-10/china-retreat-from-u-s-bonds-prompts-shrugs-where-fear-reigned

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JPMorgan: China’s Potential Capital Outflows ‘Practically Boundless’

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“China has seen nearly $1 trillion in capital leave the nation since the second quarter of 2014, and according to analysts at JPMorgan Chase, the sky’s the limit for outflows going forward.  The causes of these massive capital outflows, which have prompted the People’s Bank of China to tap the country’s war chest of reserves to support the currency, have grown more numerous in the second half of 2015, argues a team led by managing director Nikolaos Panigirtzoglou. Amid the broadening of sources of downward pressure on the yuan, however, a major factor that may have restrained the central bank from devaluing the currency in a big way has vanished.”

http://www.bloomberg.com/news/articles/2016-01-11/jpmorgan-potential-capital-outflows-from-china-have-become-practically-boundless-

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