The Group of Seven (G7) countries are discussing ways to counter China’s “economic coercion” against other nations, U.S. Treasury Secretary Janet Yellen has shared. Noting that Canada, France, Germany, Italy, Japan, the U.K., and the European Union share similar concerns, she emphasized that any action by the U.S. will be “narrowly scoped and targeted at…
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Inflation in China registered an increase of 0.1% year-over-year in April, according to numbers from the National Bureau of Statistics of the country, falling below expectations. Some analysts are already warning about the dangers of deflation, even calling on the Chinese government to deliver cash handouts in order to push consumer demand. Low Inflation Numbers…
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Companies attracted by the plan to turn Hong Kong into a hub for digital assets should expect strict regulations, the region has indicated. Authorities are preparing new licensing rules for service providers working with cryptocurrencies and guidelines for banks interacting with crypto firms. Crypto Hub Hong Kong Has No Intentions to Adopt ‘Light-Touch’ Regulations Hong…
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The top Democrat on the House Intelligence Committee has warned that China and Russia would seek to exploit the chaos resulting from a U.S. default. He further cautioned that the U.S. dollar’s reserve currency status could be eroded if the U.S. defaults on its debt obligations. U.S. Lawmaker’s Debt Default Warning Congressman Jim Himes (D-CT),…
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Chinese tech company iFlytek recently made waves with the launch of its “Spark Model,” an AI system it says will surpass ChatGPT by the end of the year. A state-subsidized Chinese artificial intelligence (AI) company recently announced the launch of “Spark Model,” an AI system designed to compete directly with OpenAI’s ChatGPT. The launch by…
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Alleged fake news poster becomes the first person in China arrested for using artificial intelligence platform ChatGPT. A suspect identified only as “Hong” was detained by local authorities and arrested in the Gansu district of China after allegedly using ChatGPT to generate fake news stories. According to a report from the South China Morning Post, Hong…
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U.S. sanctions have limited China’s access to the latest chip technology to develop AI, but local companies are not letting this stop them. The race to develop artificial intelligence (AI) continues as China pushes forward the development of home-grown AI without utilizing the latest technology from the United States due to current sanctions. According to…
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Beijing has said ‘no’ to crypto, but that doesn’t seem to affect a number of Chinese citizens who have continued trading digital coins since the ban – reportedly, on exchanges including Binance, FTX, OKX, and Huobi. According to a Bloomberg report, some portion of the country’s 1.4 billion people are seeking alternatives to traditional…
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Neil Tan, chair of the FinTech Association of Hong Kong, says the opening of the financial industry to digital assets is “just a natural progression.” Crypto-friendly Hong Kong is still gung-ho about giving its citizens access to crypto trading despite other jurisdictions “taking a step back,” claims the chair of the FinTech Association of Hong…
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Crypto developments in Hong Kong do not mean China has softened or will soften its approach to regulating Bitcoin. Despite Hong Kong steadily progressing with cryptocurrency adoption, mainland China has not changed its anti-crypto stance in terms of local regulations. Some Chinese state-affiliated banks have increasingly opened bank accounts to serve crypto clients in Hong Kong.…
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