China's economic pressure is intensifying, with the exchange rate approaching last year's high😿

The relentless onslaught of bearish China news continued unabated, with Zhongrong International Trust threatening to miss a US$19mm wealth-management payment over the weekend due to liquidity concerns. Coupled with the earlier Country Garden concerns, along with the significant weakening in Chinese data, FX traders have ratcheted up their expectations of further weakening in the months ahead, with reported spot and option volumes (>7.30 strikes) coming in over >3x higher than normal on an otherwise extremely slow day in macro. Spot USDCNY has touched above 7.25, with last October's highs (7.32) now clearly at risk, just ahead of a further set of activity data (retail sales, IP) and the 1-year lending rate to be released this morning.

#ChinaEconomy #liquidity #FXtrader #USD #CNY

A $300 million fraud case in China centers on cryptocurrency!
Twenty-one individuals have been jailed by a court in Tongliang, China, which is close to Chongqing, for their part in the transfer of 2.25 billion RMB ($307 million) in revenues from online fraud and illicit casinos denominated in Tether (USDT) to Chinese Yuan (RMB).
A court bulletin stated that two defendants, Jiang and Zheng, sought to enlist the help of nineteen additional money mules. According to court records, the gang transferred the USDT to nearby P2P exchanges on virtual currency platforms in order to convert it to Reminbi using a decentralized wallet called Bitpie, which is comparable to Metamask.

When questioned about the rationale for the transfer, they subsequently withdrew the fiat money in other locations around the nation under false pretenses including project payments and worker paychecks. According to court records, Jiang made 22.62 million RMB ($3 million) from his work.
The court found the gang guilty of hiding and disguising illicit gains, and it imposed fines and jail sentences. Jiang received a sentence of six years, three months in prison. Zheng, in contrast, received a 6-year term and a same fine.
#BTC🔥🔥 #sol #Tether #ChinaEconomy

Q1 results in China show that the economic engine that is running at a lower rpm than expected:

#GlobalEconomics #write2earn🌐💹 #ChinaEconomy #BTCBearish

BEIJING, April 27 (Reuters) - China's industrial profits fell in March and slowed gains for the quarter compared to the first two months, official data showed on Saturday, raising doubts about the strength of a recovery for the world's second-biggest economy.

Cumulative profits of China's industrial firms rose 4.3% to 1.5 trillion yuan ($207.0 billion) in the first quarter from a year earlier, National Bureau of Statistics (NBS) data showed, slower than a 10.2% rise in the first two months.

source: Reuters: https://www.reuters.com/world/china/chinas-first-quarter-industrial-profits-rise-slower-pace-2024-04-27/

The latest data suggests that China’s underlying demand remains weak and that the economy is likely being boosted by government-subsidized investment in new technologies. Meanwhile, Chinese prices are flirting with deflation, producer prices are falling, inbound foreign investment has weakened, and households are increasing savings to offset the loss of wealth due to declining property prices.

Source and full article: Deloitte: https://www2.deloitte.com/us/en/insights/economy/global-economic-outlook/weekly-update.html

The yield on Chinese bonds has hit a record low, reflecting growing concerns over the country’s struggling economy. As confidence wanes, investors are closely watching the ripple effects across global markets.

Stay informed and keep an eye on how this could impact your trading strategy on Binance!

#ChinaEconomy #BondMarket #GlobalTrading #Binance #MarketUpdate

**Chinese Government's Alleged Crypto Sell-Off: Fact or Fiction?**

On Thursday, August 8, Bitcoin experienced a sharp rebound, surging above $57,000 after a deep plunge, while Ethereum decoupled and spiked back to the $2,460 level. This market activity coincided with alarming rumors suggesting that the Chinese government had suddenly begun liquidating a significant amount of Ethereum. These rumors quickly stirred up the crypto community, leading to concerns about a potential market downturn.

The chain data analysis platform Lookonchain initially fueled these fears with a now-deleted post on Twitter, alleging that wallets linked to TokenPlus had transferred approximately 789,533 ether, valued at nearly $2 billion. However, this claim was met with skepticism and further investigation by the Chinese blockchain analyst EmberCN, who stepped in to clarify the situation.

EmberCN's analysis revealed that the original report was misleading. Most of the ether in question had already been sold back in 2021. Specifically, the investigation traced the bulk of the 789,500 ether to the cryptocurrency exchange Bidesk, located in the British Virgin Islands, with transactions occurring between June and September 2021. In reality, only about 25,757 ether, worth $63.1 million, had been moved in the past 24 hours—far less than the initially reported figure.

Despite Lookonchain deleting their post, they have yet to issue an official clarification. Meanwhile, Arkham Intelligence, another blockchain analysis platform, reported that wallets associated with TokenPlus had transferred around $450 million worth of Ethereum. However, closer examination showed minimal movement from TokenPlus’ main wallet, with just $12 million in ether transferred over the past 12 hours.#chineseinvestors #ChinaCrypto #ChinaEconomy

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A whopping $420 billion in special sovereign bonds could be dropped by China to stimulate its economy, which may lead to a significant impact on the crypto world ¹. This move could potentially lead to a crypto surge, especially with the Fed's dovish tone and potential rate cuts ¹. Here are some key points to consider:

- *China's economy*: China's economy is slowing down, and the government is looking for ways to stimulate it. The $420 billion in special sovereign bonds could be a game-changer for the global economy and crypto markets.
- *Crypto impact*: The anticipated stimulus and dovish Fed could create a perfect storm for a crypto surge. This could lead to increased interest in Bitcoin and other cryptocurrencies.
- *Global focus*: All eyes are on Jackson Hole, Wyoming, where the Fed's Jerome Powell is set to speak. Traders are bracing for dovish tones and potential rate cuts, which could impact the crypto market.
- *Analyst predictions*: Arthur Hayes of BitMex predicts that China's upcoming fiscal stimulus could spark a spectacular crypto bull run next year. Other analysts also expect increased government spending, with a focus on aiding low-income groups.

Overall, China's potential move could have a significant impact on the crypto world, and it's essential to stay updated on the latest developments ¹.

#ChinaEconomy #BinanceLaunchpoolDOGS #MtGoxRepayments #BinanceBlockchainWeek #LowestCPI2021