China Market Update: Largest Southbound Connect Buying EVER In Hong Kong: Alibaba & Tencent Significant Benefactors [Forbes]
TENCENT HLDGS UNSP/ADR (TCEHY)
NASDAQ:AMEX Investor Relations:
tencent.com/en-us/investor.html
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Source: Forbes
the fun due to "Araw ng Kagitingan", which celebrates the heroism of Filipino and American soldiers in World War II. This morning, China's government reciprocated the US government's tariff increase by increasing tariffs on US goods to a whopping 84%. Is not being at the US' level of 104% a sign of willingness to cooperate? The offshore Renminbi (CNH), which trades during US hours, is stable this morning at 7.37 CNH per USD, after rising to 7.42 yesterday and from last Monday's 7.26. Is China devaluing its currency to offset US tariffs? No, as the US 10-year Treasury Yield has risen from Friday's 52-week low of 3.99% to 4.45% this morning, which causes the US dollar to strengthen, especially versus Asian currencies, which are export-dependent. To offset the 104% tariffs would require devaluing the CNY by 104%. Making the Chinese people poorer is counterintuitive. Remember, less than 3% of China's GDP is comprised of US exports to China. Hong Kong and Mainland China opened signific
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