2023-11-10 03:20

The People's Bank of China (PBOC) has reaffirmed its commitment to prudently internationalize the yuan and liberalize the financial market, as stated on Thursday. The central bank is set to increase the use of the yuan in global transactions, a move that supports global investors' asset allocation and encourages more overseas central banks to issue panda bonds. PBOC's macro-prudential management bureau aims to enhance bilateral currency swaps and local currency settlement cooperation with foreign central banks. The focus of these efforts will be primarily on ASEAN nations. These measures are expected to increase yuan asset liquidity and enrich risk hedging tools, thereby promoting better foreign transactions. In addition, the PBOC plans to strengthen supervision of cross-border yuan transactions and refine the cross-border capital flow assessment system. This move is in line with their agenda to promote an orderly institutional opening. The bank's efforts have already resulted in 29 bilateral local currency swap agreements with global central banks, boosting trade and investments significantly. There has been a noticeable increase in cross-border yuan settlements for trade with neighboring countries and participants in the Belt and Road Initiative. These developments mark a significant step towards PBOC's goal of increasing global yuan usage, providing a more conducive environment for international trade and investment. https://www.investing.com/news/forex-news/pboc-plans-to-enhance-yuan-internationalization-and-financial-market-liberalization-93CH-3229880

2023-11-10 01:12

Copyrighted Image by: Reuters. Investing.com-- Oil prices inched lower in Asian trade on Friday, and were headed for a third straight week of steep losses as persistent concerns over slowing demand and resurgent fears of rising U.S. interest rates battered crude markets. Crude prices saw a series of steep losses this week, following a string of disappointing economic readings from top importer China, as well as the euro zone. Hawkish signals from Federal Reserve officials also weighed, especially as the dollar rebounded on renewed expectations of U.S. interest rates remaining higher for longer. Fed Chair Jerome Powell reiterated this outlook when speaking on Thursday, and also warned that rates had more room to rise. Signs of global economic weakness, coupled with the prospect of higher U.S. rates, raised concerns over just how strong oil demand will remain in the coming months. This was also accompanied by data showing a massive weekly jump in U.S. crude stockpiles, as domestic production ramped up. Brent oil futures fell 0.1% to $79.85 a barrel, while West Texas Intermediate crude futures sank 0.3% to $75.53 a barrel by 20:11 ET (01:11 GMT). Oil heads for third week in red, prices near 4-mth lows Brent and WTI futures were both trading near their weakest levels since late-July, and were set to lose between 5.8% and 6.3% this week- their third straight week of losses. Crude markets were on a selling spree as diminished concerns over the Israel-Hamas war saw traders pricing in a smaller risk premium from the conflict, which did not appear to be disrupting oil supply from the Middle East. Adding to the pressure were weak economic signals from China, with recent data showing that the country re-entered disinflation territory in October, as business activity contracted and exports continued to plummet. Signs of increased U.S. and Iranian crude production also indicated that oil markets may not be as tight as initially expected, even as major producers Russia and Saudi Arabia signaled that they will maintain their supply cuts until the end of the year. Saudi Energy Minister Prince Abdulaziz bin Salman said on Thursday that oil demand was not weakening, and that speculators were behind the commodity’s recent price decline. Dollar rebound weighs on crude after Powell comments A rebound in the dollar also dented crude markets, especially as Fed Chair Jerome Powell warned that interest rates could still rise further as the central bank moves against inflation. The dollar rebounded sharply from six-week lows this week, given that Powell’s comments were preceded by similar, hawkish signals from a string of other Fed officials. This saw markets reassess their expectations that the Fed was done hiking rates, and also spurred bets that rates will remain higher for longer. Such a scenario is expected to pressure global crude demand, especially as monetary conditions in most major economies remain tight. https://www.investing.com/news/commodities-news/oil-prices-dip-set-for-third-week-of-losses-as-fed-demand-fears-weigh-3229829

2023-11-10 01:12

Copyrighted Image by: Reuters. Investing.com - It’s not everyday that you get to read a Phil Flynn note that’s virtually bearish on oil. But to hear one of the market’s loudest oil bulls admit that people have been fleeing the long crude game like rats abandoning a sinking ship should be a wake-up call to those who kept drumming for a return to $100 pricing in recent weeks. “The petroleum buyers are gone, unless you are talking oil call options, as supply and demand take a back seat to rising macroeconomic fears,” Flynn wrote as crude futures headed for a third straight week of losses despite rising over the past two sessions after Thursday’s four-month lows. “Maybe the buyers of oil have been taken away from the mother ship or maybe they have just ridden off into the sunset, but the reality is we are seeing a short oil position of epic proportions as the market seems to remove the risk of ever rising again.” New York-traded West Texas Intermediate, or WTI, crude for December delivery, settled at $77.17 per barrel, up $1.43, or 1.9% on the day, adding to Wednesday’s 0.5% rise. For the week though, WTI was down 4.1%, after prior back-to-back weekly losses 6% and 3%. That came after the US crude benchmark 11% tumble for October. As WTI settled, UK-origin Brent crude’s most-active January contract was at $81.66, up $1.65, or 2.1% after Thursday’s 0.6% gain. For the week, Brent was down 3.8%, after back-to-back weekly losses of 6% and 2%. Prior to that, the global crude benchmark lost 11% in October. With the US 10-YearTreasury yield rebounding over the past two sessions, the Fed may have to offer much higher rates to get investors interested in US bonds — adding to market unease that the central bank’s rate hikes may not be over, said Flynn. “Underneath it all, the crash in the price of oil is either a very ominous sign for the state of the global economy or a sign that it is being driven by fear and not on supply and demand fundamentals,” he added. “The oil market swing in mood has gone from pricing in the biggest threat to global oil supply since the Arab oil embargo 50 years ago to almost a record short position in the history of the oil futures markets.” Pierre Andurand, one of the most closely-followed hedge fund managers in oil, also pointed out that, “net long speculative positioning in oil (crude products, options delta futures) is fast approaching the lowest since this data exists (2011). The managed money category in the COT (representing hedge funds) sold about 400 barrels in the last 6 weeks. Most worthy was Andurand’s question on “what drives this selling?”, said Lynn. The hedge fund said it was “hard to identify a clear reason”, adding: “There have been macroeconomic worries for a while now. However, demand growth has consistently been revised up during the year, and mobility data shows an acceleration in demand and demand growth. Some point to softness in the physical market.” And while producer alliance OPEC+ is having an all-important meeting on Nov. 26 that could again introduce a tighter oil supply mentality, for now its exports are rising. Latest data from the cartel shows an expected seasonal rise of 180,000 barrels in shipments, led by Iraq and Iran. https://www.investing.com/news/commodities-news/oil-3rd-losing-week-one-of-markets-loudest-bulls-admits-buyers-have-vanished-3229829

2023-11-09 20:14

Binance Australia Derivatives, operated by Oztures Trading Pty Ltd, is set to pay $13.1 million in restitution payments to its patrons following regulatory breaches identified by the Australian Securities and Investments Commission (ASIC). The breaches, primarily related to the misclassification of users and failure to provide necessary protections, resulted in net trading losses and fees that will now be reimbursed to the clients, as announced by ASIC on Thursday. The restitution follows a series of events that have seen Binance face increased scrutiny from regulatory bodies globally. In April 2023, after ASIC's focused examination and a notice of hearing, Binance Australia Derivatives opted for voluntary license cancellation, which led to subsequent raids on its Australian facilities. The regulatory issues have also led to a mass exodus of banking partners in Australia for Binance. Notable financial institutions such as Cuscal and Westpac have terminated transfers to Binance entities. The ASIC announcement echoed global regulatory warnings against Binance, emphasizing a lawsuit by the Commodities Futures Trading Commission. The restitution payment is seen as part of the ongoing efforts by regulatory bodies to ensure the protection of investors in the volatile cryptocurrency markets. It underscores the importance of compliance with local regulations for companies operating in these markets. https://www.investing.com/news/cryptocurrency-news/binance-australia-derivatives-to-reimburse-131-million-following-regulatory-breaches-93CH-3229529

2023-11-09 20:13

Copyrighted Image by: Investing.com In a significant development, Celsius Network LLC, the bankrupt cryptocurrency lender, has received approval from Judge Martin Glenn to transition into a creditor-owned Bitcoin miner. The decision was made with the aim of repaying customers with frozen accounts using cryptoassets and company stock. The company managed to secure sufficient support from creditors to proceed through Chapter 11, despite allegations of CEL token manipulation against its former Chief Executive Officer, Alex Mashinsky. The CEL token is used by the company for distributing assets and stock to creditors. However, this transformation is not without its hurdles. The company's change in business model faces skepticism from customers and regulatory challenges. It needs swift approval from the Securities and Exchange Commission (SEC) or it risks liquidation. Following a multi-week trial, customers have argued that the bankruptcy plan undervalues the CEL token. This new development in the Celsius Network's bankruptcy proceedings indicates a novel approach to resolving insolvency issues within the cryptocurrency industry. The move towards becoming a Bitcoin miner signifies an attempt to leverage the assets and infrastructure already in place at the company to provide a return for creditors, while also navigating the complex regulatory landscape surrounding digital currencies. https://www.investing.com/news/cryptocurrency-news/bankrupt-celsius-network-gains-approval-to-become-creditorowned-bitcoin-miner-93CH-3229528

2023-11-09 20:03

Today, Ex-OneCoin official Irina Dilkinska pled guilty to wire fraud and money laundering in a Manhattan federal court. The charges stem from her involvement in the notorious OneCoin pyramid scheme that originated from Sofia, Bulgaria in 2014. The scam leveraged a multi-level-marketing network to defraud victims globally, generating €4.037 billion in sales revenue and €2.735 billion in profits between 2014 and 2016. Dilkinska, who served as the 'Head of Legal and Compliance' for OneCoin, played a pivotal role in laundering millions of dollars of illicit profits. She notably transferred $110 million in fraudulently obtained proceeds to an entity in the Cayman Islands. Each charge against Dilkinska carries a maximum potential sentence of five years. Her sentencing is set for February 14, 2024. OneCoin's fraudulent operation resulted in substantial investor losses, with Dilkinska's actions contributing to $4 billion in damages. The company used aggressive multi-level marketing strategies to amass three million investors but was ultimately exposed as a scam selling counterfeit cryptocurrency packages. The case also underscores the ongoing search for co-founder Ruja Ignatova, aka ‘the Cryptoqueen.' After being charged with related fraud and money laundering charges in 2017, Ignatova disappeared following a flight from Sofia to Athens. The FBI has since listed her on the Top Ten Most Wanted List and offers a $100,000 reward for information leading to her arrest. The fallout from the OneCoin scandal has prompted calls for better oversight and consumer protection in the cryptocurrency market. This case serves as a stark reminder of the potential for fraud within the sector and emphasizes the necessity for stringent cryptocurrency regulation. https://www.investing.com/news/cryptocurrency-news/onecoin-official-pleads-guilty-to-fraud-money-laundering-charges-93CH-3229517