2/18/2021 Financial News: Communist China’s First Negative Consumption Growth; Bitcoin Hits A New Record High

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1.Communist China’s first negative growth in consumption since 1978

In 2020, due to the influence of the CCP virus and multiple complex factors, the income of residents in Communist China has dropped by about 1.7 trillion yuan. At the same time, as the serious slowdown in income growth, residents ‘ consumption tendency decreased and their savings tendency increased in 2020, Chinese household savings will increase by 1.6 trillion yuan compared with 2019.

Under the double blow of a serious slowdown in income growth and a decline in consumption tendency, final consumption growth in 2020 will be negative for the first time since the reform in 1978.


2.Bitcoin hit a new record high of $52,577.50

NEW YORK/LONDON (Reuters) – Bitcoin surged to yet another record high on Wednesday, a day after the virtual currency vaulted to the $50,000 hurdle, even as analysts warned against the sustainability of such prices amid elevated volatility.
The world’s biggest digital currency, with a market capitalization of over $900 billion, hit a record of $52,577.50, fueled by signs it is winning acceptance among mainstream investors and companies, such as Tesla, Mastercard and BNY Mellon.


3.Communist China’s oil prices has risen seven consecutive times

According to the news released by the Communist China’s National Development and Reform Commission, a new round of refined oil price adjustment window will be opened today (February 18) 24: 00. The detailed oil price adjustments are as follows: gasoline rose by 275 yuan per ton, diesel rose by 265 yuan per ton.

In 2020, domestic refined oil prices experienced 25 rounds of adjustment, ending in “four consecutive rises”. After this round of price adjustments, domestic oil prices are now “three consecutive rises” in 2021, which is “seven consecutive rises” in total.


4.The Central bank’s rare 260 billion yuan reverse repo operation

On February 18, the central bank carried out a 200 billion yuan Medium-term Lending Facility (MLF) operation and 20 billion yuan of 7-day reverse repurchase operation. On that day, 200 billion yuan of MLF and 280 billion yuan of reverse repurchases expired, achieving a net return of 260 billion yuan.


5.The number of Chinese tourists in 2020 drops 52.1% year-on-year

On February 18, the Ministry of Culture and Tourism announced the 2020 domestic tourism data. Data show that in 2020, affected by the CCP virus, the number of domestic tourists was 2.879 billion people, a decrease of 3.022 billion people, a decrease of 52.1% from the same period last year.


6.UnionPay network transaction reached 1.38 trillion yuan during Spring Festival

The latest data provided by Communist China UnionPay shows that in 7 days of the 2021 Spring Festival, UnionPay network transaction reached a new high of 1.38 trillion yuan, an increase of 4.8% year-on-year. This is driven by UnionPay’s promotion to encourage people to celebrate the Chinese New Year locally. The in-place consumption amount accounted for a significant increase. The number of cloud flash payment APP transactions increased by 30.7% year-on-year.

Comment: The CCP’s move to digitize RMB and change people’s way of consumption, aims to monitor your living behaviors more efficiently, which is also a trial run to replace the dominance of the U.S. dollars.


7.Facebook will block news content in Australia

(Reuters) – Facebook Inc will block news content from being read and shared in its news feed in Australia, drawing a line in the sand against a proposed Australian law that would require it and Alphabet Inc’s Google to pay the country’s news publishers for content.

The move, announced in a blog post on Wednesday, represents a divergence in responses among the big tech giants to demands by news publishers, which have blamed the companies for destroying their advertising business. (Blog: bit.ly/3u7EInp)


By 【Financial Team – 小蚂蚁在行动】

News Collection: 文罡、Wendy、Sharon

Proofreading: Tracy

Disclaimer: This article only represents the author’s view. Gnews is not responsible for any legal risks.

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