A whole bunch of stuff is happening in the world of equities, with more evidence that Those in Command want to stop Chinese companies going to market in the US as much as many US politicians want to. Chinese companies that hold the data of more than 1 million users will need to pass a security review before issuing shares on overseas stock exchanges, the country’s internet regulator said. But interestingly, HK listings are expected to be exempt from cyber security reviews. It’s the next phase of the great decoupling. What else? The FT reported that global holdings of Chinese stocks and bonds have risen 40% to 800 billion in the past year, which gives ToC (Those in Command) a lot of leverage in the financial world.
Meanwhile, economic growth in Q2 slowed but still hit a solid 7.9%—again bouncing off the weird pandemic numbers of last year. And speaking of pandemic, China distributed 500 million vaccine doses to the world in the first half of this year. An own-goal for the West. Forget Tennessee and build trust elsewhere.
Have a good weekend.