Fallen crypto hero offers apology to his former FTX colleagues
As calls grew louder from analysts and investors for further measures from Beijing to support the economy, China’s central bank on Thursday completed its largest weekly injection of funds into the financial system in seven months — a move traders saw as a substitute for a cut in banks’ required reserve ratio.
The HSBC Flash China manufacturing purchasing managers index, or PMI — a preliminary read-out that provides an early peek at data for August — fell to 47.8 this month, its lowest level since November and well down from July’s final figure of 49.3.
“Inventory numbers are the highest on record. Orders to inventory are the lowest since December 2008. Foreign orders to inventory are the lowest since January 2009. It’s very hard to put a positive spin on anything within the data,” said Robert Rennie, chief currency strategist at Westpac Bank In Sydney. “Bottom line — a very poor update with some very poor China data to come.”
Falling demand from debt-ridden Europe, China’s single biggest export market, has put the Chinese economy under pressure, with the ripples now being felt throughout east Asia. Sixth consecutive quarters of slowing Chinese growth have also taken a toll on commodities markets, with falling prices and an uncertain outlook prompting miner BHP Billiton to shelve a $20 billion expansion project in Australia.
Fallen crypto hero offers apology to his former FTX colleagues
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