12/21/2020 Financial News: Bitcoin surges to new record; Taiwan pharmaceutical factory on fire

Image Source: https://www.btc126.com/
  1. On Dec 20, Bitcoin continued its upward surge and cut through $24,000, setting a new record high. At the same time, according to btc126.com real-time statistics, at press time, the total amount of bitcoin “Blow Up” across the network in the last 1 hour exceeded $3 million, and the cumulative capital in the last 24 hours has reached $289 million. And the number of people who have had a “Blow Up” in the last 24 hours has reached 37,735.
  2. On Dec 20, after a massive explosion, a fire broke out in the SCI Pharmtech factory and may not be extinguished until the next day. SCI Pharmtech is a well-known pharmaceutical factory in Taoyuan, Taiwan, which produces hydroxychloroquine APIs and is also the world’s second largest HCQ raw material supplier.
  3. Recently, Hunan, Jiangxi, Zhejiang and other places issued power restrictions notice or “orderly use electricity” (a decent name of power rationing) notice, some other places also confirmed that local areas may have a power shortage during peak hours. The tight power supply situation in some places may last until around next year’s Spring Festival (mid-February).
  4. Iron ore hit a 9-year high; copper prices, thermal coal hit a 7-year high, coke and coking coal prices approaching a 9-year high. And industrial products ushered in a round of price increases.
  5. China Securities Regulatory Commission recently issued the approval for Bank of Chongqing’s A-share IPO, which means that Bank of Chongqing will officially join the team of A-share listed banks. Since 2020, the bank IPO review has been progressing slowly, with 15 banks in the A-share queue so far. Bank IPOs are expected to accelerate slightly next year, while asset quality remains a serious challenge.
  6. Yao Yang, director of the National Development Institute of Peking University, told the media recently that a survey conducted at the end of June showed that the unemployment rate in China was about 20 per cent, and the number of unemployed people is more than 100 million. Yao also mentioned that since 2020, the unemployment rate published by the National Bureau of Statistics has remained around 6%, but this data only includes urban household population, while the official statistics do not show that the non-urban household population, which is the main group of unemployed people.

G Translator / Financial and Law Team/Rosy Cloud

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