People’s Bank of China Intervention in Stock Market Debacle Lacks Transparency
Yesterday’s news regarding the Chinese stock market once again showed how brittle the global economy is at this point. With stocks tumbling slightly over 7 percent, trading was suspended a few hours before the markets closed. Things did not get off to a good start earlier today, as an early 2% loss was worrying a fair few investors. But things calmed down once the People’s Bank of China intervened and poured money into money markets. Based on the information provided by Reuters, it looks like the People’s Bank of China prevented another major loss for the CSI300 earlier today. Early traded....
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[Update 11am GMT: The Bitcoin price has been soaring in the past few hours seemingly due to an influx of buying in China. Chinese exchanges Huobi and OKCoin have seen bitcoin trading for US$350 and US$380, respectively, compared to ~US$286 on Bitfinex and elsewhere.] China’s stock market woes have been part of the reason for bitcoin’s recent rise in price. Considering the country’s dominance in bitcoin trading, continuation of falling stocks could fuel another record boom similar to what occurred back in late 2013 when the price soared beyond US$1,000. The Shanghai and the Shenzen have....
Bitcoin is becoming a world currency. Credibility and safe-haven currency functionality are some of the sine qua non features of a world currency. Signs corroborating that Bitcoin exhibits these two features are appearing more frequently and in ever more significant use-cases. Bitcoin is Gearing Up to be a World Reserve Currency. Recently, The People’s....
The People’s Bank of China reposted a memo from September 15th that addresses the country's Bitcoin ban to their website, causing widespread Bitcoin selling and a Friday morning price dip.
Internet industry magnate and financial markets prognosticator Kim DotCom says now is the time to buy bitcoin in light of the Chinese stock market meltdown and a worsening outlook for the global economy as a whole. The Chinese financial markets have had a long, hard summer. Since June 12, domestic market bubbles have burst, forcing massive action to counter it by the People’s Bank of China, which is majority-owned by the Chinese Government. Last month, when the primary Shanghai Index fell over 8%, the People's Bank of China devalued the renminbi by almost 2%. This level of market....
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