CX Daily: China’s Tightening Rules Put Foreign High-Frequency Futures Traders in Limbo
TOP STORIES
Trading?/
High-frequency futures traders in China have seen the viability of algorithmic strategies come under pressure as costs have ballooned.
Some were set up as goods trade companies by big-name foreign firms to evade restrictions on overseas investment in the country’s commodities futures market, and have operated in a regulatory gray area for years.
They earned huge returns with advanced algorithms that enable them to execute vast numbers of transactions in the blink of an eye. ?
Education?/
A Sino-U.S. partnership university has hosted dozens of American students in response to President Xi Jinping’s pledge to welcome more exchanges and comes amid rising geopolitical tensions and lingering impacts of Covid-19 that have kept foreign students away.
More than 70 students from top U.S. universities travelled to China earlier this month for a 10-day exchange program at Duke Kunshan University (DKU). ?
FINANCE & ECONOMY
Property?/
Chinese banks have committed 1.4 trillion yuan ($196 billion) in loans to support more than 5,000 real estate projects that qualify for a financing support program aimed at reviving the struggling housing sector.
The funding was approved under a financing coordination mechanism launched in January, designed to ensure viable projects can secure the finance needed to complete construction and deliver new homes to their owners. ?
Temasek?/
A wholly owned subsidiary of Singapore state investor Temasek Holdings (Pte.) Ltd. has offered 2.7 billion yuan ($378 million) worth of offshore Chinese yuan-denominated bonds, according to a statement published Wednesday on the Singapore Exchange.
Temasek Financial (I) Ltd.’s offering consists of a 1 billion yuan 10-year bond and a 1.7 billion yuan 30-year bond, the statement showed. Both bonds will be guaranteed by Temasek. ?
Corruption?/
领英推荐
Ding Wei, a former vice president of China Merchants Bank Co. Ltd. (CMB), has been placed under investigations for suspected severe violations of law and discipline, China’s anti-graft watchdog said Wednesday.
Ding, 67, joined the CMB in 1996 and served as head of the bank’s branches in Hangzhou and Nanchang. He was named vice president in May 2008, a position he held until May 2017. Before CMB, Ding had spent more than a decade in the Industrial and Commerce Bank of China Ltd., the country’s largest state-owned lender by asset. ?
Quick hits?/
BUSINESS & TECH
Dairy?/
China’s latest move to probe European Union dairy imports won’t have much of an impact on the already oversupplied domestic market, but rather on the bloc, which could face challenges in finding export alternatives, Chinese industry analysts said .
On Wednesday, the Ministry of Commerce launched the anti-subsidy investigation that will cover dairy products including fresh and processed cheese, the latest development in a tit-for-tat trade dispute between Beijing and Brussels. ?
EVs?/
Nio Inc., the electric carmaker, unveiled an ambitious plan Tuesday to build battery charging stations in each of the more than 2,800 counties across the Chinese mainland by the end of June 2025.
Nio also expects its battery swap service to be available in more than 2,300 counties by the end of 2025, with the remaining regions to be covered after 2026, though the company did not specify a completion date. ?
Quick hits?/
Energy Insider?/
Long Read?/