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On June 9, Foreign Ministry Spokesperson Lin Jian hosted a regular press conference. A foreign journalist asked, "Taiwans Ministry of Foreign Affairs stated that on June 8, three South Korean parliamentarians from both the ruling and opposition parties met with the Director-General of Taiwans Ministry of Foreign Affairs, exchanging views on responding to geopolitical challenges, political, economic, and cultural exchanges, and the development of the semiconductor and AI industries. How does China view this exchange?" Lin Jian emphasized, "Taiwan is part of China, and there is no such thing as a Ministry of Foreign Affairs there." He stressed that China has consistently and firmly opposed any form of official exchanges between countries that have diplomatic relations with China and Taiwan. Lin Jian pointed out that since the beginning of this year, South Korea has publicly reiterated on multiple occasions that its position of respecting the one-China principle remains unchanged. China has lodged a strong protest with South Korea on this matter. We urge South Korea to proceed from the overall interests of China-South Korea relations, honor its commitments, earnestly adhere to the one-China principle, refrain from any form of official exchanges with Taiwan, avoid being exploited by "Taiwan independence" elements, and refrain from sending wrong signals to "Taiwan independence" separatist forces, and take concrete actions to safeguard the healthy and stable development of bilateral relations.June 9th - While the national rental market is consolidating, first-tier cities are showing a different trend. In May, the average rent for ordinary residential properties in first-tier cities rose 0.16% month-on-month, marking the third consecutive month of increase. Year-on-year, in the first five months of this year, the average rent in first-tier cities ended two consecutive years of adjustment, turning to a slight increase of 0.21%. Beijing, Shanghai, and Shenzhen have become the "leaders" in this round of rental market stabilization. Since the peak rental season began in March, residential rents in these three cities have continued to rise. First-tier cities, relying on high-quality industrial resources and a young working population, are leading the way in stabilizing their rental market fundamentals.On June 9th, the State Taxation Administration completed its 2026 tax payment credit evaluation of business entities. The evaluation results show that in 2026, tax authorities evaluated 54.669 million business entities, an increase of 4.903 million from the previous year. The tax payment credit of business entities in my country continues to improve. Specifically, the number of trustworthy business entities nationwide reached 47.111 million, a year-on-year increase of 8.6%. Notably, the number of business entities proactively repairing their credit increased by approximately 30% year-on-year. 18.154 million business entities proactively corrected their errors and repaired their credit, an increase of 4.178 million from the previous year, representing a year-on-year increase of 29.8%. Among them, 3.881 million business entities achieved an upgrade in their credit rating after repairing their credit.On June 9, Foreign Ministry Spokesperson Lin Jian held a regular press conference. On June 1, the China Coast Guard vessel Daishan flotilla conducted law enforcement patrols in the waters east of Taiwan. A reporter from the Japanese newspaper Asahi Shimbun asked about this at the conference. "Regarding the lawful law enforcement patrols conducted by the China Coast Guard flotilla in the waters east of Taiwan, the China Coast Guard Bureau has already released relevant information," Lin Jian reiterated. He emphasized that China possesses an exclusive economic zone and continental shelf in the waters east of Taiwan, and that Japan and the Philippines, bypassing China, have unilaterally initiated so-called "maritime boundary negotiations," which seriously violates international law, including the United Nations Convention on the Law of the Sea, and the basic norms of international relations, and severely infringes upon Chinas maritime rights and interests. China will never allow this.On June 9th, a gold merchant at the Shuibei Market in Shenzhen stated that when gold prices were rising, they could sell 2 kilograms a day, generating approximately 2 million yuan in sales. However, with the recent continuous decline in gold prices, many consumers are "just looking but not buying." Some merchants revealed that many of their peers have sold off their gold inventory and switched to other businesses.

California’s DFPI Investigating Multiple Crypto Lending Companies

Jul 14, 2022 14:28

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The California Department of Financial Protection and Innovation (DFPI), which regulates the activities of state-licensed financial institutions such as banks and premium finance businesses, has announced that it is investigating whether businesses that suspended customer withdrawals and transfers broke any laws.


More specifically, the government is looking at a number of cryptocurrency businesses with U.S. headquarters after some reputable lenders permanently stopped allowing transfers and withdrawals between user accounts.

Accounts for crypto assets that pay interest

In particular, the Department of Financial Protection and Innovation is concentrating on "multiple companies" that provide customers with interest-bearing crypto asset accounts, also known as crypto-interest accounts, as well as service providers who "may not have adequately disclosed risks customers face when they deposit crypto-assets onto [lenders'] platforms."


To ascertain if they are breaking any laws that fall within the purview of the Department is the main goal of the inquiry.


The DFPI previously emphasized that providers of crypto-interest accounts are not subject to the same regulations and safeguards as banks and credit unions, which is particularly concerning in light of some platforms' restrictions on customers' ability to withdraw money from and transfer funds among their accounts.


Because of this, the agency has advised customers to proceed with "great care" before answering any inquiries about investments or financial services.


Also pointing to two cease and desist orders it recently sent to BlockFi and Voyager Digital to suspend their sales in California, DFPI has shown how certain crypto-interest account providers have been promoting unregistered securities.

securing customer property

Following Voyager Digital, the second well-known cryptocurrency business to file for Chapter 11 bankruptcy in recent weeks, DFPI made its statement. The Toronto-based company calculates that it has between $1 and $10 billion in assets, over 100,000 creditors, and liabilities of the same amount.


According to Voyager Digital, the action is a part of a "Plan of Reorganization" that intends to provide customers access to their accounts once again. Customers will have the option of receiving cryptocurrency, money recovered from Three Arrows Capital, common shares in the newly reorganized business, and Voyager tokens.


Due to worries about liquidity, Celsius (CEL) has stopped withdrawals and transfers since June 12. There are rumors that the management of the firm has been discussing Chapter 11 bankruptcy with attorneys.


As it faces with the potential of bankruptcy, the business is presently seeking restructuring guidance from the advising firm Alvarez & Marsal.


Additionally, the turbulent market circumstances last week caused the Singapore-based cryptocurrency platform Vauld to stop operations. The business instantly halted all trading, deposits, and withdrawals, and said that, up until further notice, it would only accept client deposits for its collateralized loans product.


Currently, numerous platforms have had client money frozen for many weeks while the future of their depositors' assets is still unknown.