China Financial News

China’s Central Bank Digital Currency (CBDC) — the digital yuan, or eCNY — has received upgrades giving it smart contract functionality alongside a series of newly unveiled use cases.

HONG KONG—China’s housing market flipped from being a growth driver to an economic drag in 2022, with sales slumping, prices falling and widespread job losses. The prognosis for this year isn’t much better, compounding Beijing’s efforts to get its economy back on firmer footing.

WASHINGTON—U.S. Treasury Secretary Janet Yellen will meet with senior Chinese official Liu He this week as the two superpowers try to rekindle a relationship that accounts for much of the world’s economic activity but has grown tense over technology access, trade policy and Taiwan. 

SINGAPORE—China’s economy grew at one of its slowest rates in decades last year as repeated lockdowns hammered households and businesses, emphasizing the high cost of zero-tolerance Covid-19 policies that Beijing abruptly abandoned at the end of 2022.

Monday

ZURICH—Treasury Secretary Janet Yellen will travel to China soon, the Treasury Department said, a step aimed at rebuilding a U.S.-China relationship that has deteriorated in recent years. 

Bitzlato processed more than $700 million in illegal funds, from activities including drug deals, illegal gambling, and ransomware attacks, according to the US Justice Department.The US, alongside several European partners, has also acted to seize Bitzlato’s servers and cryptocurrency, effectively shutting the exchange down.Deputy Attorney General Lisa O Monaco says: "Overnight, the Department worked with key partners here and abroad to disrupt Bitzlato, the China-based money laundering engine that fueled a high-tech axis of cryptocrime, and to arrest its founder, Russian national Anatoly Legkodymov. "Today’s actions send the clear message: whether you break our laws from China or Europe - or abuse our financial system from a tropical island - you can expect to answer for your crimes inside a United States courtroom."Legkodymov is charged with conducting an unlicensed money transmitting business.

ZURICH—Treasury Secretary Janet Yellen will travel to China soon, the Treasury Department said, a step aimed at rebuilding a U.S.-China relationship that has deteriorated in recent years. 

China’s rapid shift to reopen its economy following lengthy Covid-19 lockdowns should help oil demand rise to a record level this year, the International Energy Agency said.

HONG KONG—The export boom that carried China’s economy through much of the Covid-19 pandemic has lost momentum, adding urgency for Beijing to seek growth drivers elsewhere as the global economy struggles.

SINGAPORE—China’s economy grew at one of its slowest rates in decades last year as repeated lockdowns hammered households and businesses, emphasizing the high cost of zero-tolerance Covid-19 policies that Beijing abruptly abandoned at the end of 2022.

Monday

WASHINGTON—U.S. Treasury Secretary Janet Yellen will meet with senior Chinese official Liu He this week as the two superpowers try to rekindle a relationship that accounts for much of the world’s economic activity but has grown tense over technology access, trade policy and Taiwan. 

Both Bitcoin (BTC) and Ethereum (ETH) have been on a prolonged uptrend and have been gaining popularity, with BTC breaching $21,000 and ETH crossing the $1,500 mark recently.

After 66 agonizing days, Bitcoin (BTC) price finally broke above the $20,000 psychological resistance on Jan. 14. At the same time, the current $400 billion market capitalization gives BTC a position in the top-20 global tradable assets, surpassing giants like Walmart (WMT), Mastercard (MA) and Meta Platforms (META).

The United States Securities and Exchange Commission, or SEC, has reportedly leaked the names and email addresses of many crypto miners connected to blockchain firm Green.

Monday

HONG KONG—The export boom that carried China’s economy through much of the Covid-19 pandemic has lost momentum, adding urgency for Beijing to seek growth drivers elsewhere as the global economy struggles.

WASHINGTON—U.S. Treasury Secretary Janet Yellen will meet with senior Chinese official Liu He this week as the two superpowers try to rekindle a relationship that accounts for much of the world’s economic activity but has grown tense over technology access, trade policy and Taiwan. 

Get your daily, bite-sized digest of cryptoasset and blockchain-related news – investigating the stories flying under the radar of today’s crypto news.__________

Mike McGlone, Bloomberg's senior commodity strategist believes Bitcoin (BTC) could be developing a  "bottom" in the same way it did prior to 2019's bull run but said there is a major difference this time around.