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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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World

Why Accidents Involving Self-Driving Cars Are So Complex

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The last two decades have seen technological advancements and innovations improve tremendously. Technologies like video calling and driverless cars, which were only possible in Sci-Fi movies, are now a reality. 

Unlike some other technology faults, driverless car errors can be a matter of life and death. While there is no doubt that driverless cars are the future of driving, a lot still needs to be done before the technology can be considered safe.

They May Not Be As Safe

In the past few years, there have been several stories about vehicles on autopilot causing an accident. Some of these situations would be easily avoidable for a human driver, bringing to question the safety of autonomous features. While accidents involving cars on autopilot usually result in less severe injuries than driver-operated vehicles, a recent study shows that their rate of getting into an accident is slightly higher. 

On average, there are 4.1 crashes per 1 million miles traveled for driver-operated vehicles compared to 9.1 per 1 million miles traveled for vehicles with autonomous driving features.

Misleading Terminologies

Currently, there isn’t much regulation on autonomous driving allowances. Most autonomous car makers capitalize on the loopholes in the law to create misleading terminologies regarding vehicles’ capabilities, making determining liability a complex issue. 

For example, Tesla refers to its advanced driver-assist feature as autopilot, which drivers can interpret as entirely autonomous. On its website, Tesla states that autopilot is an advanced driver assist feature meant to complement perceptive human drivers, not replace them. Unfortunately, many semi-autonomous car drivers get a sense of false security from the misleading terminology, resulting in devastating accidents. 

Accidents that happen under such circumstances can result in Tesla having liability. Recently, a court in Germany found the “autopilot” tag on tesla vehicles misleading. This means that Tesla could be liable for damages resulting from reliance on the feature. 

Technology Malfunction

Autonomous car makers could also be liable for an accident if a malfunction in their system causes an accident. Malfunctions can result from system failure or even cyber-attacks. 

In 2015, a planned hacking test was conducted on a Jeep. Surprisingly, the hackers were able to access the jeep remotely and stop it while traveling at 70 mph. Accidents that result from system hacking could see car manufacturers having liability because system hacks are outside the driver’s control. 

Driver Liability

In January of 2022, a 27-year-old Tesla driver was charged with vehicular manslaughter for hitting and killing two occupants of a Honda Civic at an intersection while on autopilot. This case marked the first time an American was facing criminal charges for autopilot-related accidents, which could set precedence for future accidents involving autopilot features. 

“Autopilot cannot and should not replace attentive driving,” says car accident attorney Amy Gaiennie. “All drivers should keep their attention on the road and only use any self-driving assistive technology to complement their safe driving practices.”

According to the NHTSA, vehicle control lies with the driver irrespective of how sophisticated its technology is. This means that accidents that result from a driver not playing their part in operating the vehicle can see the motorist carrying liability for the accident.

As it stands, vehicles cannot be considered entirely autonomous, but technology is headed there fast. But until then, the driver must play a significant role in operating a vehicle failure to which they could be liable for damages. 

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