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On April 6th, following the "Science and Technology Exchange Connect" initiative, the Shenzhen Branch of the State Administration of Foreign Exchange launched another foreign exchange facilitation measure, the "Science and Technology Salary Connect" pilot program. This program focuses on providing convenient two-way foreign exchange services for the salaries of employees of key state-supported units such as high-quality enterprises, universities, and research institutions. This facilitates the cross-border flow of talent in the Guangdong-Hong Kong-Macao Greater Bay Area and supports the construction of Shenzhen as an international science and technology innovation center. It is understood that qualified employees can, through public-private partnerships with their employers, avoid submitting or repeatedly submitting documents when processing salary purchase and settlement transactions at pilot banks. This model integrates relevant foreign exchange facilitation policies, leverages corporate credit enhancement, and significantly improves the efficiency and convenience of cross-border salary processing for employees with foreign work experience, providing high-quality foreign exchange services to support Shenzhens talent attraction efforts.April 6 - Israels Homeland Defense Command announced early this morning that it had detected missiles launched from Iran towards Israel and was attempting to intercept them. Air raid sirens sounded in several parts of central Israel.Market news: Iran launched a ballistic missile toward central Israel.On April 6th, according to the Qingdao Daily, nine departments, including the Qingdao Municipal Bureau of Industry and Information Technology and the Qingdao Municipal Development and Reform Commission, jointly issued the "Qingdao Automobile Industry Stabilization and Growth Work Plan," clarifying the industry development goals and key areas of focus for 2026. The plan proposes that Qingdaos total vehicle production will remain stable at around 1 million units in 2026, with new energy vehicle production reaching 450,000 units, further addressing shortcomings in core supporting technologies such as the "three-electric" systems (battery, motor, and electronic control), automotive chips, and intelligent cockpits. In terms of projects, Qingdao will promote the construction of 57 automobile industry projects with investments exceeding 100 million yuan, accelerate the completion of 16 projects with a total investment of over 100 million yuan (totaling 14.2 billion yuan) by 2025, including FAW Forging, Jiefang Commercial Vehicle, and Chery KD projects, which are expected to generate an additional 12.8 billion yuan in output value in 2026; and promote the construction of 28 ongoing projects with a total investment of 15.8 billion yuan, with 27 projects expected to be completed in 2026, generating an additional 13.5 billion yuan in output value upon full production.Shares of South Korean companies Samsung Electronics rose more than 3%, while SK Hynix rose 0.5%.

Crypto Prices Slump Over the Weekend

Skylar Shaw

May 09, 2022 09:59

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The Bitcoin market dropped over the weekend, matching the stock market's decline.


According to CoinDesk pricing, the world's biggest cryptocurrency, bitcoin, plummeted to $34,656 on Sunday afternoon, down 3.9 percent from Friday evening. Bitcoin fell below $34,000 earlier this afternoon, about half of its all-time high of $67,802 set in November.


Ethereum, the second-largest cryptocurrency, was trading at about $2,565 on Sunday afternoon, down 5.1 percent from Friday at 5 p.m. EDT.


Bitcoin and other cryptocurrencies are notorious for their wild price volatility. 


For years, individual investors dominated the market, but institutional investors, such as hedge funds and money managers, have begun to take control.


The market has become more aligned with regular markets as more professional investors trade crypto. Many institutional investors that acquire cryptocurrencies see them as high-risk investments, akin to equities in the technology sector. During periods of market turmoil, investors prefer to flee to safer areas.


Last week, the stock market fell the day after the Federal Reserve issued a half-point rate hike, the largest since 2000, to combat inflation. Additional rate hikes are possible this summer, according to Fed Chairman Jerome Powell. 


Some of the central bank's $9 trillion asset portfolio is also being unwound.


The Nasdaq Composite, which is heavily weighted in technology, fell to a 52-week low of 12144.66 on Friday. It is down 22% so far this year.


For most of 2022, cryptocurrency prices remained flat as investors braced for higher interest rates. According to CoinMarketCap, the crypto market was busy over the weekend, with $112 billion in market volume in a 24-hour period. The total value of the cryptocurrency market is currently $1.59 trillion.

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