3/15/2021 Financial News: SAFE Issued Huge FX Fines; 17 Financial Institutions Violate Consumer Rights

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1. SAFE Issued Huge FX Fine of $6.55 M

On March 10, the information from the State Administration of Foreign Exchange (SAFE) showed that the Hainan branch of Communist China Development Bank was imposed a warning and a fine of 42.66 million yuan ($6.55 M) for the illegal fact of providing unauthorized external guarantees. The reporter noted that as of February 3, a total of 14 branches of banks had been fined more than 53 million yuan ($8.14 M) for violating the PRC Foreign Exchange Administration Regulations.

2. 17 Financial Institutions Violate Consumer Rights

(Jiemian.com) On the occasion of World Consumer Rights Day, according to the reporter’s statistics, a total of 17 financial institutions have been named by regulation involving consumer rights violations since March 15 last year, including 8 banks, 5 insurance companies, 3 insurance intermediary companies and 1 consumer finance company.

3. Xiaomi’s Market Cap Lost Over $40 Billion After Being Listed on the U.S. Blacklist

After Communist China’s smartphone maker Xiaomi was blacklisted by the U.S in January this year, its share price has continued to fall. On January 4,2021, its share price was 35.9 HKD($4.62) per share and its market capitalization exceeded 900 billion HKD  ($115.93 billion). Its latest market capitalization is 573 billion HKD ($73.81 billion), a drop of 327 billion HKD ($42.12 billion) during the year. It is also reported that a U.S. judge on Friday ordered Xiaomi to be temporarily removed from the blacklist.

4. Consumer Trap: Manufacturing Fake Moutai Liquor Nearly Semi-Industrialized

(Yicai.com) Due to its high value, Moutai has become a “financial product” and luxury gift, and it is also the target of counterfeiters. The reporter found that as of March 13, 2021, a search with the keyword “fake Moutai” could retrieve 223 adjudication documents. Counterfeiters use a large number of “Moutai” trademark logos, anti-counterfeit chips, bar codes, “Moutai” bottles, capping machines, electric drills, air pumps, bulk liquor and recycled empty Moutai bottles to process and manufacture counterfeit ” Moutai “, which has formed a semi-industrialization.

5. Massive Broken Payments May Arise if Inflation Continue to be High

(Caijingzhenxiang) According to the video, the interest rate written on the Industrial and Commercial Bank of Communist China (ICBC) mortgage contract is 5.39%, but the actual implementation rate for the two years 2014 and 2015 was 7.2%. For contracts using LPR floating rates, as long as the inflation rate continues to rise this year, the central bank will have to passively increase interest rates, and by then there will be massive broken payments.

6. US Reaffirming the Unbreakable U.S.-Japan Alliance

On March 14, the U.S. issued a statement titled “Reaffirming the Unbreakable U.S-Japan Alliance.” The statement said that the Biden administration is working to strengthen the relationship with alliances. Secretary of State Antony J. Blinken and Secretary of Defense Lloyd J. Austin III will travel to Tokyo, Japan, March 15-17 to reaffirm the United States’ commitment to strengthening our alliance and to highlight cooperation that promotes peace, security, and prosperity in the Indo-Pacific and around the world.

7. India to Propose Cryptocurrency Ban

(Reuters)  India will propose a law banning cryptocurrencies, fining anyone trading in the country or even holding such digital assets, a senior government official said. The bill would criminalise possession, issuance, mining, trading and transferring crypto-assets, and would give holders of cryptocurrencies up to six months to liquidate.

By 【Financial Team – Rosy Cloud】

News Collection: Totoro、Rosy Cloud

Proofreading: Tracy

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29 days ago

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