2/5/2021 Financial News: More Than 3,300 Mainland Chinese Stocks Fell, Bohai Life Can Hardly Get Rid of The Burden of Loss

Image source: https://www.epochtimes.com

1.The Stock Indexes Shows More Than 3,300 Mainland Chinese Stocks Prices Fell

On February 4, the three major stock indexes of Communist China: Shanghai(securities)Composite Index, Shenzhen Component Index and Growth Enterprise Market(GEM) all fell, and 3,300 stocks in the Shanghai and Shenzhen stock markets fell. As of the close, the decline has narrowed. The Shanghai(securities)Composite Index reported 3,501 points, dropped 0.44%; the Shenzhen Component Index reported 10,170 points, dropped 0.9%; the GEM Index reported 3,200 points, dropped 0.72%.


2.Bohai Life Can Hardly Get Rid Of The Burden Of Loss

Established at the end of 2014, Bohai Life Insurance Company has been profitable for three consecutive years in the second year after its establishment. Since 2018, the company’s net profit has fallen into a loss, and the loss has continued to expand in the past three years. In 2020, Bohai Life has a total net loss of RMB 1.859 billion. In addition, its comprehensive risk rating has also been rated as substandard and solvency issues will follow.

Comment: The bankruptcy and reorganization of HNA Group has brought more uncertainty to Bohai Life, who was an ally of the HNA.


3.The Central Bank Of The CCP And SWIFT Jointly Established A New Digital Currency Company

On January 16, 2021, 5 institutions including the Central Bank of China (ratio of shareholding is 34%), SWIFT (ratio of shareholding is 55%), and the Central Bank Digital Currency Institute (ratio of shareholding is 3%) jointly established a data processing financial company. This shows that the CCP is advancing the internationalization of the digital RMB, impacting the low level of international payments in the US dollar.

4.The Ministry of Commerce Report The Total Value Of Imports and Exports Of Services In 2020 Will Dropped 15.7% Year-on-year.

CCP’s Ministry of Commerce: In 2020, affected by various factors such as CCP virus, the total value of Communist China’s imports and exports of service will drop by 15.7% from last year. However, the CCP claims that its service export growth rate in December hit the highest rate of the year, and the service trade deficit dropped significantly.

Comment: The CCP has created the virus, falsified data, deceived people, and has no credibility.


5.Biden Commerce Pick Sees ‘No Reason’ to Lift Huawei Curbs

President Joe Biden’s nominee for Commerce secretary, Gina Raimondo, said she knows of “no reason” why Huawei Technologies Co. and other Chinese companies shouldn’t remain on a restricted trade list in the reply of the written questions from Senate Republicans on January 4. “I understand that parties are placed on the Entity List and the Military End User List generally because they pose a risk to U.S. national security or foreign policy interests,” said Raimondo.


6.Dollar Set for Best Week In Three Months As Pandemic Recoveries Diverge

The dollar headed for its best weekly gain in three months on Friday, lifted by growing confidence that the U.S. economic recovery will outpace global peers. The dollar index touched a new two-month high in Asian trade amid signs of resilience in the labour market, with closely watched nonfarm payroll figures due later in the global day.The greenback also renewed highs versus the euro and yen.


By 【Financial Team】

News Collection: Wendy 、文罡、Sharon

Translation & Writer: 雪梨Cheli

Proofreading: Tracy

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