5 Important things happened in China this week


Apparently, the World has been focussing more on what is happening in Europe as well as Ukraine-Russia was, however, there are quite a few interesting things happening in China this week.

1) SocGen cuts exposure
To reduce counterparty risk in the country, $80 billion has been slashed by The French bank in China’s futures exchange. SocGen aims to replicate those contracts elsewhere in Asia.

2) Alphabet’s retreat
Alphabet shuts down Google Translate app for China due to low usage. The app now displays an error message instead. Censorship by China led Google to pull out Google’s search engine from the Chinese market in 2010.

3) Virgin Atlantic leaves Hong Kong
The Virgin Atlantic airline is canceling its routes to the city for good, ending a 30-year history. Some 46 jobs will be impacted. Virgin Atlantic has not operated flights since last December to Hong Kong.

4) Huawei’s loophole
a chip-making facility by a Chinese startup PXW could help Huawei get away with US sanctions. If Huawei is indeed a client, the US might tighten the export rules further.

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