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Media Report
January 06 , 2017
  • The Wall Street Journal：China Doubles Down on Defending Its Currency
    The Wall Street Journal reports: "China continued to squeeze the global market for the yuan Friday, sending the cost of borrowing the currency in overseas markets soaring to a near-record high. Investors and analysts say the nosebleed rates are likely to continue as China's central bank battles to keep the country's currency from weakening too far and fast. The rate that banks charge each other in Hong Kong's overnight lending market for the yuan jumped to 61.3% on Friday--the highest in a year and the second-highest level on record. That rate was 38.3% on Thursday, and has remained above 10% since Dec. 30...Although the PBOC has kept the currency stronger than 7.0 yuan to the dollar for now, many market watchers say a weaker level is inevitable...That means the PBOC will likely continue to tighten offshore liquidity and send investors running out of negative yuan bets in the next few weeks, as well as bolster the currency against a wave of outflows as residents exchange yuan for foreign cash."
  • Quartz：Beijing is playing down its pollution problem
    Quartz comments: "On Dec. 30, the city of Beijing was put under an orange smog alert, the second-highest warning level issued for smog pollution...things did not go as expected, and so Beijing extended the same warning again—now, officials say, things should get better by Jan. 7. But the current pollution level already qualifies for a red alert—the highest warning. A red alert, according to official standards, should be issued when the air quality index (AQI) is over 200 for four consecutive days, among which two days are above 300. (A red alert should also be issued if AQI reaches 500 on a single day.) Even an AQI above 100 is considered unhealthy...It's not just semantics. There are real public health consequences of avoiding issuing a red alert: under an orange alert, primary and middle schools are advised to suspend classes, while it is compulsory under a red alert."
  • Reuters：Bitcoin extends losses, slides another 12 percent on China warning
    Reuters reports: "Bitcoin plunged another 12 percent on Friday after China's central bank urged investors to take a rational approach to the digital currency, which has is on track for its heaviest two-day falls in two years. Bitcoin had gained more than 40 percent in two weeks to hit a three-year high of $1,139.89 on Wednesday, just shy of its all-time record of $1,163 on the Europe-based Bitstamp exchange. But the digital currency - which has shown an inverse correlation to the Chinese yuan in recent months - plunged as the yuan soared on Thursday, falling as much as 20 percent at one point, before closing the day around 10 percent down on the day. On Friday it fell to $887, having lost almost a quarter of its value since Wednesday's peak. Bitcoin prices had showed abnormal fluctuations, the Shanghai head office of the People's Bank of China (PBOC) said in a notice. It stressed bitcoin is not a currency and cannot be circulated as a real currency in the market."
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