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Forex Traders in China are having a Difficult Time Due to Stringent Vigilance

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Following US President Donald Trump’s decision to impose a high tariff on Chinese imports, Chinese authorities are strictly carrying out vigilance on the forex traders in China. This has made it difficult for foreign trading companies operating in China to facilitate capital flow outside of the country. Over the last few years, local authorities such as the State Administration of Foreign Exchange (SAFE) and the People’s Bank of China (PBoC) have increased the pressure on forex broker companies in China by carrying out stringent vigilance over the capital flows.

Various foreign brokerage companies in the Chinese market are searching for ways to take their money out of the country. The government is working on closing loopholes and it is building pressure on WFOEs (Wholly Foreign-Owned Enterprises) to prevent violation of capital control laws. And with Donald Trump’s recent decision to escalate tariffs on Chinese imports, the pressure on foreign companies in China is not going to reduce by any amount.

Due to the intensifying trade war between China and the US, the Chinese authorities are trying their level best to maintain the value of yuan to a certain level. Hence, all the measures to prevent capital flight outside of the country are being taken to retain US dollars in China. Even after the continuous battle between brokers and regulators in China, several Forex brokers are enjoying a solid client base in the country.

Many Australian based brokers such as ASIC Australia Forex brokers are operating in China. Due to the lucrative client base and business growth, the forex brokers are trying their level best to deal with their challenges in China.

Jenny is one of the oldest contributors of Bigtime Daily with a unique perspective of the world events. She aims to empower the readers with delivery of apt factual analysis of various news pieces from around the World.

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Russian Lawmakers Plan to Restrict the Email Access Using Telephone Verification

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Russian lawmakers have proposed to make it mandatory for internet users to verify their identity with phone numbers before gaining access to email. The State Duma has already made such a rule that put the same restrictions on the use of all instant messengers. The team of lawmakers led by senators Andrey Klishah and Alexander Bashkin, have also proposed to make it mandatory for email services to block messages containing any information that is banned in Russia. This action needs to take place within 24 hours from the time the state authorities notify of the issue.

The draft law’s explanatory note claims, “The adoption of this legislation will significantly reduce the number of false terrorist messages distributed through email services, create the legal conditions for bringing criminals to justice, and reduce the economic damage from such communications.”

The new email verification law will stop cyber crimes in the country and will provide hassle-free Internet service to Russians. Russia’s RuNet isolation law was also passed earlier this year. Senates Klisha and Bashkin were the co-authors of this law. The legislation is now allowing Russia’s federal authorities to command and take control over Russia’s Internet exchange points with the outside world. Russia can not create an infrastructure with the help of this theoretical law to make the country’s internet operate in isolation from the rest of the world. Russia government’s official censor, Roskomnadzor is authorized for running sustainable and safe internet services in the country.

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