11/6 Financial News: The ‘rollercoaster’ ride for RMB exchange rate, Australia has accused CCP breaching public pledges

Image source: https://www.globaltimes.cn/

1.The Dow Jones Industrial Average rose 1.95% and the S&P 500 gained 1.95%. The Nasdaq Composite added 2.59%, lifting the tech-heavy index to its highest close since early September when it peaked. Alibaba shares were marked 2.7% lower after posted second quarter earnings in Nov 5th. Ant Group’s IPO is suddenly on hold in both Shanghai and Hong Kong in Nov 4th caused a sell-off of Alibaba shares, and equity in sister-company Alibaba is off around 8%.

2.The Morrison government has accused CCP of heightening trade risks and breaching Xi Jinping’s own public pledges as a range of Australian export sectors brace for new disruptions as soon as Friday. Australian wine and lobster exporters have suspended shipments to CCP.

3.Four South American countries: Chile, Colombia, Ecuador and Peru have joined forces in a bid to combat illegal fishing by huge CCP fleets off their coasts. They have threatened measures “to prevent, discourage and jointly confront” illegal fishing near their exclusive economic zones in the Pacific.

4.The US general election is stalemate, and the CCP financial technology giant Ant Group, which has frozen capital of up to trillions, has temporarily suspended its IPO. This will affect the demand for RMB funds in the market and increase the uncertainty of investment toward CCP. The ‘rollercoaster’ ride for the RMB exchange rate.

5.Ant Group will begin this week refunding Shanghai investors. The Shanghai Stock Exchange said that the company may no longer meet disclosure requirements after changes in regulations. Ant Group then cancelled its listing in Hong Kong. The fintech giant will issue refunds to Shanghai investors beginning Friday until Monday, according (in Chinese) to a Shanghai Stock Exchange statement on Thursday, but didn’t specify the method.

6.An US information company found conclusive evidence that Dahua Technology involvement in repressing, detaining and surveilling Uighurs.

By 【G-Translators – Financial and Law Team-Tracy】

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