Kaohoon Morning Brief – 27 September 2021

1) China put more heat in banning cryptocurrencies

The People’s Bank of China stated on its website that cryptocurrency-related transactions in China are illegal. This includes services provided by offshore exchanges, order matching, token issuance and derivatives for virtual currencies as well.

 

2) Evergrande’s silence on $83 million dollar bond interest

The Chinese top property developers Evergrande Group is still silent on its $83 million dollar bond interest that was due last Thursday. The company also announced over the weekend that it will not proceed with the plan of issuing RMB shares.

 

3) Meng Wanzhou returns home

Meng Wanzhou, Huawei’s executive, resides in Canada and is being charged with bank and wire fraud charges back in December 2018. A U.S. district judge accepted the deferred prosecution agreement, which will last until December 1, 2022, as the Chinese firm executive affirmed the accuracy of a statement of facts and agreed not to commit other crimes.

 

4) Oil extends gains to 3-year high

Oil extends its rally, with WTI crude topping $75 a barrel and Brent hitting the highest level since October 2018 as global output disruptions, especially in the Mexico Gulf, have forced energy companies to pull large amounts of crude out of inventories.