Dear Traders,
Who needs Netflix, really, when all the action in the recent US-China tension is drama indeed?
Here are some ‘Kungfu’ moves these two giant nations was recently seen doing:
1) China has announced that they will sanction 11 Americans as a fightback against similar measures taken by the US government. Banks are the ones who are receiving the worst effect from these wars as both Citigroup and Stan Chart in HK are now required to ensure banking compliance to avoid violating US sanctions on officials involved.
2) US has taken a hit against Chinese owned popular app Tik Tok– an act that pulls millions of users who are fans of those aps into the war. Over the course of the breakdown, many of turned fans into entertaining Tik Tok and I am sure would be flabbergasted at this latest move. Here’s a quote via Bloomberg on one 17 year old’s reaction to losing Tik Tok:
“Like, all of a sudden, someone takes the book and burns it and there’s only one copy. (she likens using Tik Tok to writing a memoir). “And it will never come back.” – Katie Feeney, who has 4 million fans on Tik Tok.
Careful, Trump – all of your hard work with your executive announcements and stimulus package could come to nothing if Tik Tok fans do not reelect you. Surely, you wouldn’t want to be known as the president who lost his coveted seat…over Tik Tok?
In terms of currencies, the Yuan is down more than 10% against the dollar and other trading partner currencies. But China is apparently welcoming this as the weaker currency makes its goods more attractive globally.
In terms of the Dollar, it ended slightly higher on Monday – riding on the optimism of Trump’s executive order as well as possibility of a truce between the Democrats and Republicans in deciding the next stimulus package. Against the Asian currencies, it was observed to move broadly sideways.
Wondering what’s next,
Me.
إخلاء المسؤولية: الآراء الواردة هنا تعبر فقط عن رأي الكاتب، ولا تمثل الموقف الرسمي لـ Followme. لا تتحمل Followme مسؤولية دقة أو اكتمال أو موثوقية المعلومات المُقدمة، ولا تتحمل مسؤولية أي إجراءات تُتخذ بناءً على المحتوى، ما لم يُنص على ذلك صراحةً كتابيًا.
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