China Financial News

China’s digital yuan adoption drive is now focusing on transport networks. And drivers have been green-lighted to use the token to pay tolls on some of the nation’s busiest highways.

HONG KONG—The strength of China’s economic rebound this year largely hinges on one uncertainty: whether families and large companies are willing to draw down the pile of cash they built up since the start of Covid-19. 

BEIJING — Missing Chinese investment banker Bao Fan is cooperating with a government investigation, his firm China Renaissance said in a filing Sunday.

HONG KONG—The strength of China’s economic rebound this year largely hinges on one uncertainty: whether families and large companies are willing to draw down the pile of cash they built up since the start of Covid-19. 

The Cryptocurrency market just concluded an overall bearish week marking the second retracement so far this year.

debt for distressed economies, the chief of the International Monetary Fund said on Saturday on the sidelines of a G20 meeting, adding that banning private cryptocurrencies should be an option. India's G20 presidency comes at a time when its South Asian neighbours Sri Lanka, Bangladesh and Pakistan are seeking urgent IMF funds due to an economic slowdown caused by the COVID-19 pandemic and the Russia-Ukraine war. China, the world's largest bilateral creditor, urged G20 nations on Friday to conduct a fair, objective and in-depth analysis of the causes of global debt issues as clamour grows for lenders to take a large haircut, or accept losses, on loans. «On debt restructuring, while there are still some disagreements, we now have the global sovereign debt roundtable with consideration of all public and private creditors,» IMF Managing Director Kristalina Georgieva told reporters after the roundtable she co-chaired with Indian Finance Minister Nirmala Sitharaman.

Ai-powered Web3-focused search engine Kaito just raised $5.3 million in a seed fundraising round, according to a recent TechCrunch report. Kaito says the funds will be used to increase the size of the team and speed up product development. 

Sequoia Capital has started screening some investments its China arm is considering in technology companies there for US national security concerns, according to people familiar with the matter, as Washington steps up efforts to stop American money from funding China’s development of sensitive technologies.

In a dispute that originated Feb. 22, decentralized exchanges (DEXs) Onchain Trade and Camelot terminated an agreement for the former's initial fair offering (IFO), with both firms alleging that the opposing counterparty acted in bad faith. An IFO, whilst still an emerging concept, typically involves promises made by developers consisting of no venture capitalist involvement, no whitelist, no presale, and vast majority of income going to token holders, on top of a traditional initial coin offering. 

SÃO PAULO—Brazil, the world’s largest beef exporter, halted shipments of meat to China after confirming a case of mad-cow disease, raising concerns among farmers over a drawn-out beef ban from the country’s biggest trading partner.

Citigroup has bolstered its European technology team by hiring a new managing director, part of a broader build-out of dealmakers focused on the sector at the Wall Street lender.

UBS is preparing to apply for a mutual-fund license in China, according to people familiar with the matter, becoming the latest Western bank to take advantage of Beijing’s relaxed rules on foreign financial institutions.

BEIJING — The business story of ChatGPT right now is more about what isn't known.

Cryptocurrency exchange Gate.io is gearing up to launch a presence in Hong Kong following the local government's planned $6.4 million (50 million Hong Kong dollar) cash injection into Web3 as per the city’s 2023-24 budget.

Despite the hype around AI and China, the GameFi narrative is yet to take off in 2023. Yet one unlikely project is poised to shake up the sector – RobotEra.

According to a press release on Feb. 22, Tencent Cloud, the cloud computing branch of Chinese internet giant Tencent, announced that it had concluded multiple agreements with blockchain firms to support the active development of the Web 3.0 ecosystem. Firstly, Tencent Cloud signed a memorandum of cooperation with decentralized blockchain infrastructure provider Ankr to jointly develop a series of blockchain API services for remote procedure call nodes. The new service will be deployed on Tencent Cloud's infrastructure and will provide connections to mainstream blockchains building on Web 3.0 games and applications. 

Bitcoin (BTC) hodlers need to watch the central banks of China and Japan as well as the United States as BTC/USD battles “huge” resistance.

As altcoins explode on the back of Bitcoin's impressive push to $25,000, Cryptonews cut through the narratives to find the altcoins with the best potential returns on the market today.

In line with the Chinese city’s plans to establish itself as a leading crypto hub in Asia, Hong Kong’s authorities have unveiled plans to set aside HK$50 million (US$6.4 million) in the territory’s 2023-2024 budget with the aim to boost the capacities of its Web3 sector.

The price of Ether (ETH) rallied 18% between Feb. 13 and Feb. 16 but has since been range trading near the $1,700 level. Despite the recent price improvement, Ether derivatives metrics remain neutral-to-bullish ponder the investors the tighter regulatory environment and the potential impact of Ethereum’s Shanghai upgrade.

The Shenzhen Municipal Committee announced the release of the “Interim Measures for the Administration of Data Property Rights Registration in Shenzhen” to standardize the registration of data property rights. It would promote the open flow, development, and utilization of data as a factor of production.