China Financial News

SINGAPORE—A gauge of activity in China’s services sector reached its highest level in more than a decade in March, a sign that Chinese consumers are heading back to stores and restaurants, powering an economic recovery following the end of almost three years of strict Covid-19 controls.

WASHINGTON—The Biden administration detailed new criteria for an electric-vehicle tax-credit program, a change that officials said they expect will reduce the number of eligible models. 

Global economic growth rebounded modestly this month, although stubbornly high inflation and banking stresses weigh on the outlook.

Cohen told a Manhattan federal court judge that his 31-year-old client, a founder of the cryptocurrency exchange FTX, was pleading not guilty to new charges lodged against him in recent weeks in what a prosecutor has labelled as one of the biggest frauds in American history. But Cohen quickly added that although he was pleading not guilty to the new charges, Bankman-Fried was not acknowledging that he can be tried on them. He didn't elaborate and left the courthouse quickly just before his client was ushered to a waiting vehicle. Earlier this week, a rewritten indictment charged Bankman-Fried with a new conspiracy count, alleging that he violated the anti-bribery provisions of the Foreign Corrupt Practices Act by directing the payment of $40 million in bribes to a Chinese official or officials to free up $1 billion in cryptocurrency that was frozen in early 2021. FTX filed for bankruptcy on Nov. 11, when the global exchange ran out of money after the equivalent of a bank run. He has remained free on a $250 million personal recognizance bond that requires him to stay with his parents in Palo Alto, California. His trial is tentatively set to begin in the fall.

Regulators in the United States have a fresh target on their radar: Binance. The Commodity Futures Trading Commission (CFTC) has sued the world’s biggest crypto exchange by trading volume for regulatory violations. Accusations range from insider trading to concealing office locations around the world to evade authorities’ oversight. 

The show Macro Markets, hosted by crypto analyst Marcel Pechman, which airs every Friday at 12 pm ET on the Cointelegraph Markets & Research YouTube channel, explains complex concepts in layman’s terms and focuses on the cause and effect of traditional financial events on the day-to-day crypto activity.

Bitcoin’s dominance over the crypto market, which represents its share of market capitalization relative to the total cryptocurrency market capitalization, rose steeply from around 44% to highs of 48% in March. 

The Web3 gaming sector is growing fast, accounting for half of the entire blockchain industry in terms of on-chain activity. Asia Pacific is leading the trend, with China alone having over 700 million players ready to adopt blockchain-based games.

TOKYO—Japan said it would restrict the export of advanced semiconductor equipment, a measure that could hamper development of China’s industry and marks a further cooling of relations after the detention of a Japanese pharmaceutical-company employee in Beijing.

Disgraced FTX founder Sam Bankman-Fried has pleaded not guilty to five additional charges brought against him in federal court in the US.

On March 23, the world watched as United States lawmakers questioned TikTok CEO Shou Chew at a House Energy and Commerce Committee hearing in Washington. In the hearing, lawmakers grilled the CEO over suspicions that the Chinese government is gathering user data through the app. 

WASHINGTON—The Biden administration detailed new criteria for an electric-vehicle tax-credit program, a change that officials said they expect will reduce the number of eligible models. 

Central bank digital currency (CBDC) adoption continues apace in China – where the digital yuan is breaking new ground in the worlds of import taxation and cross-border commerce.

Global economic growth rebounded modestly this month, although stubbornly high inflation and banking stresses weigh on the outlook.

SINGAPORE—A gauge of activity in China’s services sector reached its highest level in more than a decade in March, a sign that Chinese consumers are heading back to stores and restaurants, powering an economic recovery following the end of almost three years of strict Covid-19 controls. 

A new world order could be emerging as economic powerhouses increase their efforts to distance themselves from US dollar hegemony.

BO'AO, China — China's small banks have problems — but they don't carry the same risks as those exposed by the collapse of Silicon Valley Bank, said Zhu Min, vice president of the China Center for International Economic Exchanges, a state-backed think tank.

Japan's Finance Ministry is planning to establish an expert panel in April to explore the feasibility of introducing a digital yen, Japanese news outlet NHK reported. 

The United States Federal Reserve has been “too heavy-handed” in taming inflation, said pro-Bitcoin (BTC) Tesla and Twitter CEO Elon Musk.

Lawyers for former FTX chief executive officer Sam Bankman-Fried have entered a not guilty plea for five additional charges since his December 2022 arraignment, including allegations of bribery.

Global economic growth rebounded modestly this month, although stubbornly high inflation and banking stresses weigh on the outlook.