While the use of cryptocurrencies continues to gain attention, it is facing resistance from many governments. Banks in different parts of the world have their reservations about the use of cryptocurrencies. Some countries have even banned cryptocurrency-related transactions in commercial banks. This has been going on for several years. Now, there are reports that CITIC bank of China has blocked all cryptocurrency transactions.
Some legislatures believe that cryptocurrency is a threat to any nation’s legal currency status. In other to protect its legal currency status, and prevent money laundering risks, the People’s Bank of China, the Ministry of Industry and Information Technology, the China Banking Regulatory Commission, the China Securities Regulatory Commission, and the China Insurance Regulatory Commission jointly issued a “Notice on Preventing Bitcoin Risks” many years ago. The notice claims that Bitcoin has the same status as its legal currency. They also with the not
By Addison Gong
05.30 AM
In this round-up, China’s trade surplus jumps in the first four months of the year, regulators unveil details for implementing the cross-border Wealth Management Connect pilot scheme between the Mainland, Hong Kong and Macau, and Beijing decides to suspend all activity under the China-Australia Strategic Economic Dialogue.
China’s exports grew 22.2% year-on-year to Rmb1.71tr in April, or 32.3% in dollar terms to $263.92bn, according to data released by the Ministry of Commerce (Mofcom) on Friday. Imports rose to Rmb1.44tr or $221.07bn.
For the first four months combined, exports and imports totalled $1.79tr. The trade surplus was $157.91bn, which was 174% higher compared to a year ago.
Chinese Tech Stocks Plunge on Tighter Access to U.S. Markets Chinese companies looking to list overseas are contending with pressure from U.S. and Chinese regulators, with it impossible to satisfy both.
May 07, 2021 | 08:00 AM EDT
Chinese tech stocks dropped suddenly on Friday, with Chinese regulators considering tightening rules on overseas listings. Those changes, if they come, could also make life tougher for existing international listings or newly listed growth companies.
The STAR 50 Index of next-gen stocks in Shanghai plunged 3.5% on Friday, having opened higher. There are now 269 STAR-listed companies but double that, 557 in fact, looking to join.
U.S. regulators are also maintaining their pressure on Chinese listings after a string of accounting scandals on American markets. The administration of President Biden seems set to continue a process set in motion under the Trump administration, despite opposition on Wall Street.
China mulls tighter rules for firms listing overseas
Bloomberg
China’s securities regulator is weighing tighter rules for companies seeking to list in Hong Kong or overseas, a move that could hit technology firms already smarting from months of clampdowns, people familiar with the matter said.
The China Securities Regulatory Commission is considering proposals that would require firms seeking initial public offerings (IPOs) outside mainland China to submit listing documents to ensure they are compliant with local laws and regulations, the people said.
The scrutiny would also seek to prevent any leaks of sensitive data that might be of national security interest, the people added, requesting they not be identified as the matter is private.
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