Chinese residents may be transferring money via cryptos
Approximately $50 billion worth cryptocurrency have been transferred from digital wallets that are located in China to various parts of the world in 2020. This fact indicates that Chinese investors may have started to transfer more money than allowed out of the country according to a new statement.
Chinese residents are only permitted to purchase up to $50,000 of foreign currency through a year at a financial organization. Previously in the past rich residents have bypassed the limitation through foreign ventures in real estate and other assets. However, the administration has broken down these systems, according to a statement by Chainalysis, a blockchain forensics firm. The report said.
“Cryptocurrency could be picking up some of the slack though”
“Over the last twelve months, with China’s economy suffering due to trade wars and devaluation of the yuan at different points, we’ve seen over $50 billion worth of cryptocurrency move from China-based addresses to overseas addresses,” Chainalysis said.
U.S. stock futures rose
U.S. stock futures surged today while traders seem to close a positive week with the market reaching a record level.
Dow Jones Industrial Average futures exchanged 101 points higher. S&P 500 and Nasdaq 100 futures rose 0.3% each.
Earlier this week, the S&P 500 broke above its latest top and notched a fresh all-time high. The Nasdaq Composite scored a record yesterday. The S&P 500 closed yesterday up 0.4% for the week while the Nasdaq was up 2% week to date.
Oil prices rose
Oil prices rose today and seem to be on course for a third continuous weekly profit, moved above by major oil producers’ attempts to hold back production due to concerns regarding economic improvement from the coronavirus pandemic.
U.S. West Texas Intermediate crude futures climbed 13 cents, to $42.95 per barrel.
Brent crude futures rose 17 cents, at $45.07 per barrel, rising 0.5% for the week.
Gold seems to be recovering
Gold rallied on Thursday from a fall of more than 3% in the last trading session, after U.S. jobless claims topped one million again and the Federal Reserve minutes reemphasized anxieties covering economic improvement.
Spot gold increased 0.6% to $1,940.14 per ounce. U.S. gold futures settled down 1.2% to $1,946.50.
The above content is considered to be market commentary information and shall not be perceived as independent investment research or investment advice.