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News on China cryptocurrency and more reforms

Schulte Research | Paul Shulte | Aug 21, 2019

China coin crypto - News on China cryptocurrency and more reformsChina is barreling forward on reforms and rolling out the crypto currency. It will be the first central bank to do so.  This will give added momentum to Libra.

Libra could become a new anchor market for global IPOs. Take this seriously. Join if you can.  I’m pretty sure I’m right that it has backing from the very top of the US govt.

1. Cryptocurrency — The China coin is due to be rolled out in November. I hear that the distribution of the coin will be limited to 7 players:

  • The big banks: CCB, ICBC, BOC, ABC.
  • Alibaba and Tencent.   Positive momentum,,,
  • Union Pay.   Interesting — to keep this alive.

All others will be secondary.  The PBOC head did on SUnday make an explicit reference to Libra. As I suspected, China rightly sees Libra as a challenge to China’s early commanding lead in e commerce and payments in all of Asia and through the Silk Road. It clearly is.   Interestingly, HSBC and Stan Chart are cut out. No foreign banks in the consortium.    No foreign firms in Libra (except, weirdly,  Mercato Libra from Arge).

2. China yesterday doubled the size of the free trade zone in Shanghai and has allowed partial capital account convertibility in Shanghai.  This is big and a challenge to HK.  It will also drop duties in Shanghai.

3. ALibaba has cancelled the secondary listing in HK until further notice due to the instability. Big negative for HK.

4. Singapore has suspended all university exchange programs between Singapore and Hong Kong for this year due to the instability.  SO, people are stuck in Singapore to finish programs.

Check out Paul Schulte's new book: AI & Quantum Computing for Finance & Insurance: PRC VS US.



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