5/8/2021 Financial News: CITIC Bank “Block” Cryptocurrency; CCP’s Greater Bay Area’s Cross-Border Wealth Management Plans

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1.China CITIC Bank: No institution or individual is allowed to use the account of China CITIC Bank to recharge or withdraw bitcoin or other transaction funds

China CITIC Bank issued a statement recently, saying that from now on, no institution or individual is allowed to use the account of China CITIC Bank for the transaction fund recharge and withdrawal of Bitcoin and Litecoin, purchase and sell the relevant transaction recharge codes, or transfer the relevant transaction funds through the account of China CITIC Bank. Once found, China CITIC Bank has the right to take measures such as suspending the transactions of relevant accounts or cancelling relevant accounts.

2.Greater Bay Area’s Cross-Border Wealth Management Plans

Draft regulations released on Thursday outline plans to allow residents of a southern economic powerhouse now taking shape to invest as much as 1 million yuan ($154,800) in cross-border wealth management products through a connect program. The cross-boundary with management connect (WMC) pilot program will allow residents of CCP’s mainland cities in the Guangdong-Hong Kong-Macao Greater Bay Area (GBA) to invest in certain wealth management products sold by banking institutions in Hong Kong and Macao.

Who can invest? According to the draft, mainland residents of the nine Guangdong cities in the GBA can participate. Those residents should either have household registration, or “hukou,” in those cities or have paid for social insurance or personal income tax in the cities for five consecutive years. Have more than 2 years of investment experience, and satisfy that the month-end balance of household financial assets in the last 3 months is not less than 1 million yuan, or the month-end balance of household financial assets in the last 3 months is not less than 2 million yuan.

3.P2P platform Mavericks Capital was seized more than 1,000 properties

New progress has been made in the case of the hundreds of billions of P2P platform Mavericks Capital suspected of illegally absorbing public deposits. Mavericks Capital was seized by the police as many as 1,056 sets of real estate. 140 million yuan of illegal funds were recovered. According to the official website of Maverick Capital, it was established in 2012, headquartered in Shenzhen, and its legal representative is Peng Tie. It is a comprehensive financial technology service group.

On May 6, “Shenzhen Nanshan Public Security” WeChat public Issued to Mavericks Capital Group Limitedthe company (Hereinafter referred to as “Maverick Capital”) The second report on suspected illegal deposits. According to the announcement, a total of 663 accounts involved in the case have been frozen, more than 140 million yuan of funds have been recovered, 1,056 sets of real estate involved have been seized, and 99.91 million shares of the company involved have been frozen. In addition, some people involved in the case and affiliated companies have successively returned illegal profits, and now continue to urge relevant personnel and units to voluntarily return illegal funds to the Maverick Capital project account.

4.ICBC’s latest notice, such bank cards will be cleared!

On May 7, ICBC issued the “Announcement on Cleaning up Personal Bank Accounts of Long-term Immobility” stating that starting from July this year, the personal bank accounts (debit cards and current passbooks) that users have not used for a long time will be cleaned up. Recently, the clean-up actions of stock banks including  China Everbright Bank, China CITIC Bank, Ping An Bank, Industrial and Commercial Bank of China, and China Guangfa Bank have also been further launched.

Some “sleeping accounts” with no transactions and no funds for a long time, as well as excess accounts under the same customer’s name, will be cancelled by the bank. As of June 30, 2021, no active transactions such as cash deposits, cash withdrawals, and transfers have occurred for more than three consecutive years (including three years), the account balance is 0, and there is no credit card agreement repayment, personal loan repayment and other contractual borrowing Debit cards, quasi-credit cards, and current passbook accounts are all within the scope of clearance.

5.Communist China’s “May Day holiday” property market will continue to decline

During the Communist China’s May Day holiday, there were 230 million people who made domestic trips, which exceeded the level of the same period before the epidemic. Coupled with the CCP’s intensive control of the property market from January to April, nearly 200 regulatory policies have been issued and implemented in various places, and the property market continued to trend downward in April. This year’s “May Day” holiday, 58 monitored cities’ total turnover of 1.88 million square meters of new homes, down 6%.

6.S&P 500, Dow hit record highs as weak jobs data eases rate worries

The S&P 500 and the Dow hit record highs on Friday, while the Nasdaq recovered along with heavily weighted growth stocks as U.S. jobs data eased concerns over prospects for rising rates. U.S. job growth unexpectedly slowed in April, likely restrained by shortages of workers, the Labor Department report showed. The report alleviated some concerns about rising inflation and potentially higher U.S. interest rates, which some investors worry would hurt growth companies with high valuations. Heavily-weighted growth stocks such as Microsoft Corp , Apple Inc and Alphabet all rose. The Dow Jones Industrial Average rose 168.97 points, or 0.49%, to 34,717.5 and the S&P 500 gained 24.47 points, or 0.58%, to 4,226.09. Both were on track for their best week since March. The Nasdaq Composite added 87.49 points, or 0.64%, to 13,720.33, but was still set for a weekly decline.

By 【Financial Team – Tracy】
News Collection: Totoro, Tracy

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