Again mixed news which reflects the world that China is affecting.
The Bad News
US regulators have imposed a $180m penalty on Chinese chain Luckin Coffee for altering bank records and creating a false database to fabricate its accounts. This is wrong. China’s Socialism cannot play the same games as United States’ Capitalism. But money can corrupt and China needs its own firm regulators to keep their own companies clean and in check.
The Good News
Banks based outside of China have earned $1.73bn of revenues from dealings in shares in Chinese groups in N York, Hong Kong and China. Goldman Sachs, Morgan Stanley, Bank of America and JPMorgan lead the way. This bumper year revenues with Chinese stocks comes despite the last minute decision by China to halt the $37bn Ant IPO. So whilst Trump tries hard to hurt China by “de-coupling”, US bankers and businessmen are voting with their cheque books – China attracts.