Regular updates: After a dramatic arrest, the son of drug lord “El Chapo” is transported to Mexico City.
Traders are left in the dark by China’s central bank’s new renminbi strategies. Cheng Leng and Hudson Lockett Hong Kong Analysts and traders claim that China is altering its RMB strategies, moving away from overt direct involvement and toward covert, indirect techniques to influence the market. Read more el chapo news
The currency fell versus the rising dollar by approximately 8% last year.
But Beijing avoided its more customary heavy-handed intervention by the People’s Bank of China and smoothed out that fall using techniques like the so-called “invisible reserves” maintained by state banks.
Traders trying to predict the renminbi’s next move and foreign exchange market participants find Beijing’s new approach to currency control challenging.
The overarching structure for managing foreign exchange in China has altered, according to Becky Liu, head of China macro strategy at Standard Chartered. Read more
China uses a controlled currency float.
The PBoC sets a trading range for the renminbi each day against the dollar, but over the medium term, it is subject to market pressures, which in 2022 were mostly driven by an increase in the value of the US dollar.
To limit the flow of money into and out of the nation, China also implements capital controls.
In an effort to protect itself against a hypothetical Chinese invasion, Taiwan is enticing investors to help develop a domestic satellite communications service, inspired by the role Elon Musk’s Starlink has played in the conflict in Ukraine.
According to three sources with knowledge of the issue, Taiwan is in preliminary discussions with a number of domestic and foreign investors to generate money for the project, which the country’s space agency, known as TASA, wants to spin out of an existing satellite branch.
The Silicon Valley venture capital firm Draper Associates was one of the investors contacted for funding.
Ovidio Guzmán, the son of drug lord Joaqun “El Chapo,” was apprehended by Mexican authorities, which sparked a wave of cartel gunmen’s retaliation attacks in the northern city of Culiacán.
Gunmen opened fire on security personnel after a violent night, blocking roads with burning cars and firing at army helicopters and police planes delivering reinforcements to the city.
After Guzmán, a senior player in the Sinaloa cartel since the arrest of his father, was taken into custody in the city early on Thursday, fierce combat reportedly continued for hours.
Soldiers from the national guard were seen looming menacingly against the sky. Join this united kingdom news forum to discuss more about the el chapo.
