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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