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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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Ethiopia’s App Based Taxi Service ZayRide Expands into West Africa

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Ethiopia’s first app-based Taxi Service, ZayRide is increasing its reach beyond Addis Abada. The company has decided to expand into West Africa with the help of Liberian web solutions firm Hak Technologies. This is a major step by the taxi service unit to offer smart transportation option to people with the replacement of old cabs from the region.

Over the last few years, three taxi services namely RIDE, ZayRide and ETTA have come into existence in the African nation. These three transportation entities have played a crucial role in easing the life of native people by providing them with excellent transportation services. Launched in 2016, ZayRide will see a big move in the near future as its founder, Habtamy Tadesse has announced that around 200 cars will be introduced in this Ethiopian on-demand taxi service.

Ethiopia which enjoys over 100-million people has remained out of reach of the private sector operations because the government had instituted a centralized economic model in this region. Because of the restrictions on private sector entities, the landlocked region has failed to grow well. Habtamu launched the taxi service, ZayRide after he failed to hail a taxi on demand but he faced a lot of opposition from regulators as they were confused between registering it as a transport company or software company.

All over the globe, the taxi industry is evolving at a massive rate as people don’t want to ride in their own vehicle due to increasing congestion on the roads. Even for a long ride, people consult taxi services as they want to have a comfortable journey. People usually hail a taxi from the airport to travel for a long distance. This has contributed to the growth of the taxi industry on a large scale. Long Distance Taxi JFK Airport is one such service which has got benefitted due to the increasing demand for a taxi for long distance from airports.

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