11/16/2020 Financial News: CCP may use RECP to reset its One Belt One Road


Source: Bloomberg
  1. The 15 Asia-Pacific countries signed the Regional Comprehensive Economic Partnership (RCEP) on the 15th, which may have an impact on the petrochemical, textile, and steel industries. These 15 countries including China, Japan, South Korea and ASEAN Although the actual tax reduction list has not been announced, it is preliminary estimated that there is little difference from the FTA content of ASEAN-China and ASEAN-Japan. Besides, the CCP may take this opportunity to enhance the “Belt and Road” strategy.
  2. Charlie Gaspario, said on Tucker Show last night that CNN is facing crisis. It is said that AT&T is considering selling CNN to relief its $150 bn debt, and it is also said that Jeff Bezos shows interest.
  3. Despite China’s Golden-week Boost in Oct, its retail sales disappoint. The year-over-year sales, rising 4.3% YoY vs. 5.0% expected. Bloomberg reports the retail sales break down shows petroleum was down 11%. Seems the consumer failed to live up to economists’ expectations.
  4. Facing a potentially calamitous liquidity shortage, China buckled and despite hawkish commentary from its central bankers, moments ago the PBOC announced that it would offer a whopping 800 billion in MLF, which was not only vastly greater than the CNY 200BN whisper number, but was 200 billion more than the currently maturing MLF amount of 600 billion, indicating that what PBOC Deputy Governor Liu Guoqiang said recently when he warned that exiting easing measures was “a matter of time” and “necessary,” was just a jawboning placeholder, and with China finding itself in a funding scramble, the PBOC not only delivered but left quite a bit of liquidity on top.
  5. A cancer charity started by Joe Biden gave out no money to research, and spent most of its contributions on staff salaries, federal filings show. The charity took in $4,809,619 in contributions in fiscal years 2017 and 2018, and spent $3,070,301 on payroll in those two years. The group’s president, Gregory Simon, raked in $429,850 in fiscal 2018 (July 1, 2018 to June 30, 2019), according to the charity’s most recent federal tax filings.

【G Translator / Financial and Law Team】

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