Slow Motion Crash: De-dollarization Continues as States Ditch the USD & Trade in Local Currencies

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China Renaissance Crashes as Trading Resumes After Bao Fan Exit​

• Shares resume trading in Hong Kong after 17-month suspension
• Ex-chair Bao was replaced amid unspecified government probe

By Lulu Yilun Chen
September 9, 2024 at 9:43 AM GMT+8
Updated on
September 9, 2024 at 11:07 AM GMT+8
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China Renaissance Holdings Ltd.’s shares fell as much as 73% after resuming trading in Hong Kong on Monday, 17 months after the stock was suspended following the detention of its former Chairman Bao Fan.

The company said it has fulfilled requirements for the trading resumption, releasing its earnings for the first half and for last year and 2022.

The company replaced Bao in February, a year after he vanished from the public eye due to an investigation by Chinese authorities. Shares of China Renaissance were down 63% as of 11:00 a.m., wiping out about HK$2.6 billion ($334 million) of its market value.

 

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China’s Deflationary Spiral Is Now Entering Dangerous New Stage​

• Prices seen as falling through 2025 as wages, demand languish
• Long-term deflation could be major setback to China’s economy

“We are definitely in deflation and probably going through the second stage of deflation.”
Photographer: Qilai Shen/Bloomberg
By Bloomberg News
September 9, 2024 at 6:30 PM GMT+8
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Deflation stalking China since last year is now showing signs of spiraling, threatening to worsen the outlook for the world’s second-largest economy and raising calls for immediate policy action.

Data released Monday confirmed that apart from food costs, consumer price growth barely registered in large swathes of the economy at a time when incomes are sagging.

 

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