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Media Report
October 10 , 2017
  • CNBC：Chinese yuan strengthens in a sign of 'overriding stability' ahead of the key 19th Communist Party Congress
    CNBC reports: "The Chinese yuan strengthened in early Asian trade on Tuesday in what analysts see as the country's attempt to engineer market stability one week before a key political gathering in Beijing. The U.S. dollar/yuan pair was trading around 6.597 at 10:10am HK/SIN, compared with 6.6147 at the close of the previous session. The yuan's climb came after the central bank guided the currency's midpoint higher before the market opened on Tuesday — the first time it has raised that guidance in two weeks, according to Reuters. The People's Bank of China (PBOC) fixed the official midpoint at 6.6273 per dollar, firmer than Monday's fixing of 6.6493 per dollar. The strength of the Chinese currency contributed to overall weakness of the greenback, with the dollar index trading 0.2 percent lower. 'The driving force behind the dollar sell-off on Tuesday was the climb higher in the yuan,' said Stephen Innes, APAC head of trading at OANDA. With the 19th party Congress expected on Oct. 18, China's central bank was likely attempting to provide 'overriding stability' in the market and a better platform to encourage foreign investment into China, he added."
  • Bloomberg：Fake News Isn't Just for U.S. as China Gets Billions of Claims
    Bloomberg reports: "It turns out the Chinese have a problem with fake news too. From Facebook's Alex Stamos to Steve Ballmer, American tech executives have sought in recent days to dispel the notion there's a swift solution to the proliferation of spurious or insidious information on the internet, a phenomenon critics say wields an outsized and unhealthy influence on public discourse and elections. In an interview with Bloomberg Television, Baidu Inc. President Zhang Yaqin says China faces similar challenges, despite operating one of the world's largest and most sophisticated online surveillance machines. Companies in China, where freedom of speech is curtailed by censorship programs, have long used a mix of advanced technologies and human cybercops to police the internet. Baidu, China's largest search engine, employs technology to spot potentially false information before turning to local agencies such as the cyberspace administration to verify items. One of the country's three largest internet players, it checks out 3 billion claims of fake news every year -- an issue it calls a global challenge. 'Every year we see somewhere around 3 billion claims, requests that we need to verify that might turn out to be fake news,' Zhang said. 'We're using a combination of technology and content authorization to minimize the fake news'... The country's social media employ technology and armies of vetters to scour its services for undesirable content, which in China's case goes beyond rumors and unsubstantiated claims to include any and all information deemed harmful to social stability. Yet even the best-funded online operators have difficulty keeping up: the nation's cybercops fined Tencent, Weibo and Baidu as recently as September for carrying illegal content."
  • CNN：'Chess in an impenetrable black box': Who really holds the power in China?
    CNN comments: "Unlike the gossipy, open democracies of Western societies, it is almost impossible to know who truly holds power in the opaque world of Chinese politics. The country is ruled by the Chinese Communist Party, in a one-party system, making whoever occupies the highest positions in the party among the most powerful. Power isn't just held by the politicians either -- influential businessmen and entrepreneurs, the pioneers of China's economic rise, are also fighting for a seat at the table. As Beijing gets ready for the biggest event in China's political calendar, the 19th National Congress of the Communist Party on October 18, we polled 10 experts, asking them to pick who they thought were the top five most powerful people in China... When contacted for our piece, Jeffrey Wasserstrom, professor of history at University of California, Irvine, said he wasn't able to pick five different power players in China. 'The five most powerful people are the head of the party, the president, the commander in chief, the author of the book that gets the best display spots in the bookstores these days, and the guy the People's Daily hails as China's most astute commentator on globalization -- in other words Xi, Xi, Xi, Xi, and Xi,' Wasserstrom told CNN... Analysts say Xi is already the country's most powerful leader since Paramount Leader Deng Xiaoping in the 1980s and 1990s. Now with the upcoming Party Congress set to further cement his hold over the Communist Party, Xi's power is only set to grow."
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