China s digital yuan inches closer to full rollout with AliPay, ICBC activations
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Quick Take
One of the world’s largest banks has quietly allowed public users to activate China’s e-CNY wallets from inside the bank’s mobile app
AliPay has also reportedly enabled the e-CNY module for some users inside the Ant Group’s payment app
This means Chinese users now have additional methods to participate in the long-running digital yuan test
The Industrial and Commercial Bank of China (ICBC), one of the largest banks in the world by total assets, appears to have quietly allowed public users to activate China s central bank digital currency wallet inside its mobile app.
Tide may be about to turn: Why the service sector holds the key to China s recovery
Deep Dive into Chinese equities
John Leiper of Tavistock Wealth
John Leiper
The narrative of 2020 equity market losers becoming 2021 winners has played out so far this year with the rotation out of growth stocks and into value and more cyclical parts of the market.
This theme is also evidenced by China s notable reversal of fortunes. Since mid-February, the CSI 300 index of Shanghai- and Shenzhen-listed stocks has fallen 12%, three times the MSCI Emerging Market index which has lost 4% over the same period. That is a far cry from the 50% absolute/20% relative return achieved over the prior 12-month rolling period.
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Security exec allegedly steals $45M in Chinese government-owned crypto
A young executive with Beosin, tasked to protect cryptocurrency that police recovered from another crime, allegedly then lost it all in a Bitcoin bet gone bad.
Image: Envato Elements
A senior executive with Beosin, one of China’s leading blockchain security companies, allegedly embezzled cryptocurrencies worth CNY300 million, or about US$45.7 million that were being held by Beosin on behalf of the government, according to reports by two media outlets in mainland China.
Gao Ziyang, chief marketing officer of Beosin, a blockchain security company based in Chengdu in Sichuan province, allegedly took control of the cryptocurrencies in order to short Bitcoin. The cryptocurrencies were being kept by Beosin for safekeeping for the government after authorities recovered the loot from an unrelated crypto crime late last year.
Net firms, govt push antitrust rules By He Wei | China Daily | Updated: 2021-03-10 08:59 Share
Priority tasks
In December, the Central Economic Work Conference said that anti-monopoly measures are among eight priority tasks for economic development this year, and the emphasis will be on the prevention of the disorderly expansion of capital .
The People s Daily commentary said, Anti-monopolism is an international practice, which is conducive to protecting fair competition and innovation in the market and safeguarding consumer rights.
The commentary said the investigation does not imply a change of attitude toward encouraging and supporting the online economy. Rather, it s precisely for the purpose of better regulating and developing the online economy, and guiding and promoting its healthy development in the hope that it stands to make a bigger contribution to China s high-quality economic development, it said.
Chengdu City Announces Digital Yuan Trials with Biggest Handout of $6M
Feb 24 2021 · 10:14 UTC | Updated
Feb 24 2021 · 11:08 by John Kiguru · 3 min read
Photo: Depositphotos
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The Chengdu lottery will have around 200,000 participants who will receive from $27 to $37.
Chengdu has confirmed the distribution of $6 million in the latest test of the digital yuan by the Central Bank of China. The Southwestern city becomes the latest in a growing list that includes Beijing, Suzhou and Shenzhen.
The latest distribution of $6 million is more than double the last one, conducted earlier in the month. Beijing saw around $1.5 million distributed to 50,000 participants. The Chengdu digital yuan lottery will roughly be distributed to 200,000 participants who will receive around $27 to $37. It is further reported that the handouts are tied to the Lunar New Year and will work with local retailers like JD.com.