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Pre-commercialization actions: George Soros denounces the “Chinese blunder” of BlackRock

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“Dumping billions of dollars into China now is a tragic mistake,” he wrote. “This risks costing BlackRock customers money and, more importantly, damaging the national security interests of the [United States] and other democracies. “

Break it down: Soros highlighted Xi’s recent repression on private affairs, which he sees as proof that “the regime views all Chinese companies as instruments of the one-party state.” He also referred to “a huge crisis that is brewing in China real estate market“, and Xi’s efforts to redistribute wealth. These trends, he said, “do not bode well for foreign investors.”

Soros also believes the BlackRock initiative is a threat to democracies because “the money invested in China will help support President Xi’s regime, which is repressive at home and aggressive abroad.”

BlackRock declined to comment. In the past, CEO Larry Fink has made it clear that he sees the Chinese market as a huge opportunity that should not be missed.

“Rapid economic development and the accumulation of wealth in the world’s second-largest economy have propelled the growth of China’s asset management industry to $ 9 trillion,” he told analysts in July. “We are now well positioned to extend the breadth of our investment solutions and knowledge to all of our customer segments across China and help more people transfer their savings to investments in China. “

Overview: Soros is a longtime critic of Xi. Still, it does reveal very real concerns among investors about what Beijing’s latest abuses against companies like Alibaba and Didi mean for long-term investment prospects.
For now, his warnings have been dismissed. My CNN Business colleague Laura He recently reported that major global investment firms remain loyal to China despite the ruling Communist Party’s tremendous efforts to limit the power of top tech and education companies.
In addition to BlackRock, Fidelity, Pictet and Goldman Sachs (SG) advise clients to remain invested in the Chinese market, albeit with caution.

“The case for China in the long run is intact,” Luca Paolini, chief strategist at Pictet Asset Management, told Laura.

The S & P / BNY Mellon China Select ADR Index, which tracks US deposit receipts from major Chinese companies listed in the US, rose 8% last week, although it was still down 19% over the past week. the last three months. But as Xi’s campaign against private companies continues, voices like Soros may start to gain weight.

It’s “Bitcoin Day” in El Salvador

El Salvador became the first country to adopt bitcoin as legal tender in a risky attempt by President Nayib Bukele to boost the country’s economy.

The latest: since Tuesday, bitcoin is an officially recognized method of payment in El Salvador alongside the US dollar. Bukele announced Monday evening that his government now holds 400 bitcoins, worth nearly $ 21 million at current trading levels.

El Salvador buys 200 bitcoins as digital currency becomes legal

Bukele, a right-wing populist who came to power in 2019, is working to make “Bitcoin Day” a national holiday. Salvadorans will be able to download the “Chivo Wallet,” a government-created app that will provide people with $ 30 worth of bitcoins to promote its use.

“The #Bitcoin process in El Salvador has a learning curve,” Bukele tweeted. “Every step towards the future is like this, and we won’t achieve everything in a day, or in a month. But we have to break the paradigms of the past.”

The rationale: Cryptocurrencies are held in digital wallets rather than traditional bank accounts. This could give residents of the poorest communities in El Salvador, which the World Bank says suffers from “consistently low levels of economic growth”, better access to their finances.

The country’s government is also betting that its bitcoin approach will attract foreign investment.

That said: Bitcoin’s massive volatility is cause for concern. While the digital currency has recovered lost ground after a dramatic crash earlier this year, it remains well below its record high of nearly $ 65,000 set in April.

In a blog post published in July, the International Monetary Fund said the use of crypto as a national currency was “one step too far.” He warned that such a policy would generate economic instability and wild prices, and could trigger a surge in financial crime.

Regulators fear Kim Kardashian and crypto FOMO

Regulators are concerned about everyone who plugs cryptocurrency online. This includes Kim Kardashian, beauty and fashion mogul and influencer extraordinary.

Charles Randell, chairman of the UK Financial Conduct Authority, called Kardashian in a colorful speech On Monday.

He began by suggesting that the internet was full of dung.

“The Augean stables had not been cleaned for 30 years when Hercules was commissioned to clean them. For 30 years 3,000 animals did in these stables what 3,000 animals have to do,” said Randell. “The first website was released 30 years ago last month. And like the Augean Stables, over the past 30 years the internet has filled with a lot of…

He then turned his attention to Kardashian, who he noted recently hooked up “Ethereum Max” to 250 million Instagram followers.

“As per Instagram’s rules, she revealed it was a #AD,” Randell said. “But she didn’t have to reveal that Ethereum Max not to be confused with ethereum was a speculative digital token created a month before by unknown developers, one of hundreds of such tokens filling crypto exchanges.”

Recoil: Randell admitted that he couldn’t tell if this particular token was a scam. But he stressed that regulators need to do more to curb this type of online activity. Platforms like Facebook, Twitter and TikTok, he said, must also “step up”.

“The hype around [cryptocurrencies] generates a powerful fear of missing out on some consumers who may have little understanding of their risks, ”said Randell.

And he had a clear reminder to potential consumers: “These tokens are not regulated by the FCA. … If you buy them, you should be prepared to lose all your money.”

Following

Gains of GameStop (GME) and Lululemon (LULU) arrive wednesday.

Sources

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2/ https://www.cnn.com/2021/09/07/investing/premarket-stocks-trading/index.html

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