On Monday, Bitcoin dropped low as China intensified its crackdown on cryptocurrency mining. According to data from Coin Metrics, on Monday morning, the world’s largest digital currency fell $31,766, dropping below $33,000 for the first time since the beginning of June. It was trading at $32,473 at 4:00 p.m. ET, down 9% on this day. …
Bitcoin Sank as China Intensified Crypto Mining Crackdown Read More »
China said on Thursday that the government plans to strengthen its scrutiny of the commodity market and fight against inflation. However, it will cause China to issue new regulations on commodity and service price indices. The National Development and Reform Commission (NDRC) announced on its official WeChat account. According to NDRC, these measures will take effect on …
China Will Apply New Rules for Commodity Price Indexes Read More »
The Asian Giant, China, has long been home to more than half the world’s bitcoin miners. However, now, the country wants them out ASAP. As we remember, in May, the government called for a severe crackdown on Bitcoin mining and trading. This set off what is in crypto circles as the great mining migration. This …
China Wants Over Half the World’s Bitcoin Miners Out ASAP Read More »
Driven by soaring commodity prices, China’s imports grew at the fastest rate in 10 years in May. However, exports rose less than expected. It is possibly due to the disruption caused by the Covid-19 case in the country’s southern main port. Exports in U.S. dollars in May rose 27.9% year-on-year, lower than the 32.3% growth …
On Tuesday, June 1, Asian stocks smashed the market a month high over US jobs data and China’s Caixin PMI report. Earlier in the day, investors absorbed the freshly released Chinese economic data as they are waiting for the US key economic figures due later in the day. This anticipated report will help in gauging …
Asian Stocks Smashed Over China’s Caixin PMI & US Jobs Data Read More »
On Monday, May 31, Asia Pacific stocks mainly were down over China’s manufacturing Purchasing Managers’ Index (PMI) plunged to 51.0 from 51.1 last month. PMI indications over 50 constitute expansion, while readings below that level represent contraction. Due to this reading, investors are now digesting the possibility of a falloff in the Chinese economic recovery …
Asia Pacific Stocks Crashed Across China’s Mixed Data Read More »
The U.S. dollar firmed on Friday as traders waited for U.S. inflation data to decide the currency’s direction. The U.S. dollar index climbed up by 0.1% at 90.78 in the late Asian and early European session. On Monday, the United States and Britain have a public holiday. So, the greenback’s gains could be attributed to month-end demand. …
U.S. Dollar Steadied Friday While Chinese Yuan Hit High Read More »
In two weeks, the cost of steel products rose by more than 1,600 yuan (US$250) per ton. It has attracted the attention of the highest levels of the Chinese government. Chinese Premier Li Keqiang said that the government’s high-frequency response peaked on Monday. He said that it is necessary to avoid passing commodity price increases to consumers. …
China’s Steel Prices Experience a Roller-Coaster Since May 1 Read More »
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