3/30/2021 Financial News: China State-Owned Banks Are Pushing Digital RMB, CCP Education Stocks Collapsed

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1.Big state-owned banks are pushing digital RMB, subways and shopping malls can use it

Recently, the reporter visited a number of outlets of major banks in Shanghai and confirmed that state-owned banks such as ICBC, CCB, BOCOM, BOC and PSBC have started to promote digital RMB wallets. In these bank outlets, users do not need to carry certificates or bank cards. They just need to fill in information, apply for a white list, open a wallet, and participate in the digital RMB test. Some observers have pointed out that the six major state-owned banks, as operating institutions, have developed from the initial “internal invitation system” to the “extensive invitation system” in the test of digital RMB personal wallet, and the state-owned banks are still the main operators. With the continuous development of pilot projects, it is believed that the comprehensive mode of central bank app unified supervision + sub wallet of each bank operation has emerged, and may be the final form.

2.New Oriental, Tal Education and GSX collective collapsed, the market value has evaporated by 100 billion!

Shares of three of Communist China’s best-known publicly traded education stocks, TAL Education Group (NYSE:TAL), New Oriental Education (NYSE:EDU), and GSX Techedu (NYSE:GSX), were in freefall. As of night EDT on 26 March, TAL stock is down 18%, New Oriental has fallen 22%, and GSX is down worst of all 25%.

The plummet of education stocks is related to a document circulating in the market. This document mentions that in order to earnestly implement the spirit of the important instructions of the main leaders of the central government, and earnestly solve the students’ excessive schoolwork burden, family education expenditure and the corresponding energy burden of parents, etc.. The Ministry of Education took the lead in drafting the Opinions on Further Reducing the Homework Burden of Students in Compulsory Education and the Burden of Off-campus Training.

3.The shortage of automotive chips exceeds expectations

On March 26, Weilai Automobile said that due to a shortage of chips, Weilai will temporarily suspend production for 5 working days. NIO’s delivery volume in the first quarter will be affected as a result. Relevant departments have begun to pay attention to the shortage of chips.

Xin Guobin, deputy minister of the Ministry of Industry and Information Technology, said that the recent shortage of automotive chip supply is not only a global common problem, but also reflects the deep-seated contradiction of my country’s insufficient independent supply capacity. It is necessary to strengthen analysis, research and judgment, and earnestly study and solve it.

4.Ren Zhengfei: product lines that have not been able to dominate in a few years will be closed

Ren Zhengfei said that research and development should not tell stories, but budget. To make excellent product lines, product lines that have not been able to dominate in a few years should be closed. We must give full play to our advantages and form a “sharp knife.” The parts that are not good can be combined by introducing others. Prior to this, the terminal has gained some experience in implementing the “one-point two-sided, three-three system, four groups and one team”, which is correct and successful. Focus on the point of success and don’t spread the surface too much.

5.Communist China’s 60,000 tea companies are not as good as Lipton

On February 20, 2021, the official website of the Securities Regulatory Commission once again disclosed the application draft of the prospectus for the IPO of China Tea Co., Ltd., which means that the company’s IPO process has accelerated and it has entered the pre-disclosure update stage. However, the proportion of China Tea’s self-produced raw materials is less than 10%, and the key links are restricted by others. Among its single category market share, the highest is only 1.67%. Its IPO fundraising project is only to increase production capacity rather than focusing on industry integration. China Tea is more like a brand marketing company gathered by COFCO to promote the listing of tea businesses.

6.Visa allows paying off credit card bill with cryptocurrency

Visa said Monday that it will allow the use of cryptocurrency USD Coin to settle up transactions in its payment network, the latest indication of the growing acceptance of digital currencies by the mainstream financial industry. Visa has launched the pilot program with payment and crypto platform Crypto.com, and the company said it plans to offer the option to more partners later this year.

Visa’s latest step, which will use the ethereum blockchain, negates the need to convert digital coins into traditional money in order for the transaction to be settled, the firm said. Visa’s move comes as major financial firms, such as Mastercard, BlackRock and BNY Mellon, have also accepted digital coins, which has caused some to predict that cryptocurrencies will become a regular part of investment portfolios.

By 【Financial Team – Tracy】

News Collection: Wendy; Lingken; Sharon G

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17 days ago

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maria-harris21
17 days ago

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