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China Trading Apps Tank After Official Calls Them ‘Illegal’ — Bloomberg

Summary:
These online brokers are engaged in “illegal financial activities” because they have no “driving licenses” to operate in China, Sun Tianqi, a senior People’s Bank of China official wrote in an article published on the website of Finance 40 Forum. Sun didn’t name the brokers, and added that calling them illegal has nothing to do China’s capital control rules....Yahoo FinanceChina Trading Apps Tank After Official Calls Them ‘Illegal’Bloomberghttps://finance.yahoo.com/news/china-trading-apps-tank-pboc-095623204.h…See also Wall Street On ParadeCongressman Brad Sherman: Wall Street Has Been Underwriting Cayman Islands Shell Companies and Passing Them Off as the Real Chinese CompaniesPam Martens and Russ

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These online brokers are engaged in “illegal financial activities” because they have no “driving licenses” to operate in China, Sun Tianqi, a senior People’s Bank of China official wrote in an article published on the website of Finance 40 Forum. Sun didn’t name the brokers, and added that calling them illegal has nothing to do China’s capital control rules....
Yahoo Finance
China Trading Apps Tank After Official Calls Them ‘Illegal’
Bloomberg
https://finance.yahoo.com/news/china-trading-apps-tank-pboc-095623204.h…

See also

Wall Street On Parade
Congressman Brad Sherman: Wall Street Has Been Underwriting Cayman Islands Shell Companies and Passing Them Off as the Real Chinese Companies
Pam Martens and Russ Martens
https://wallstreetonparade.com/2021/10/congressman-brad-sherman-wall-street-has-been-underwriting-cayman-islands-shell-companies-and-passing-them-off-as-the-real-chinese-companies/
Mike Norman
Mike Norman is an economist and veteran trader whose career has spanned over 30 years on Wall Street. He is a former member and trader on the CME, NYMEX, COMEX and NYFE and he managed money for one of the largest hedge funds and ran a prop trading desk for Credit Suisse.

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