The Best Reads of the Week From Caixin

Platforms that host initial coin offerings (ICOs) and trade cryptocurrencies are still in the eye of a regulatory storm. Following a ban on ICOs — the world’s first — cryptocurrency fundraising platforms shuttered, and China’s second-largest bitcoin exchange announced it will halt operations by the end of the month. A central bank official stressed that the government is targeting illegal fundraising, not blockchain, the technology behind cryptocurrencies.

Central Bank Breaks Silence on Cryptocurrency Fundraising Ban

Senior official says move shouldn’t deter future blockchain research

The price of bitcoin has steadied in the wake of its biggest drop since June as investors and speculators reappraised the outlook for initial coin offerings (ICOs). In China, ICOs have surged in popularity this year, raising $398 million worth of new virtual currencies during the first half of 2017. Photo: Visual China

A Chinese court put an end to a massive scam run by now-defunct online peer-to-peer lender Ezubo, handing down harsh jail terms and penalties to dozens of company staff members and executives.

Court Sentences Former Executives of Online Lender to Life Imprisonment

Ezubo leaders, operators found guilty of scamming investors, smuggling precious metals

Chinese authorities have stepped up their rhetoric in a bid to limit the yuan’s recent strengthening. After suspending a requirement on financial institutions that will supposedly encourage investors to buy more of the U.S. dollar — and sell the yuan — the foreign-exchange regulator piled on and added that the yuan’s flexibility will be increased in the future.

China Relaxes Some Yuan Curbs After Currency Rises

Central bank suspends foreign exchange risk reserve ratio, signaling intention to slow pace of appreciation after strong gains

The People's Bank of China has taken measures that analysts say signal the government's intention to slow the pace of the yuan's appreciation against the dollar. Photo: Visual China

The country’s internet regulator is taking aim at online chat groups, clamping down on illegal activity such as pornography, gambling and discussion of sensitive topics in the booming number of online groups.

Latest Online Cleanup Targets Chat Groups

Explosion of self-formed, ad hoc chat rooms on popular platforms like WeChat and Weibo prompts call for better policing from Cyberspace Authority

The Cyberspace Administration of China's heightened oversight of online chat groups extends a recent broader crackdown on a wide range of activity the government considers illegal. Photo: IC

Last but not least, China is one step closer to meeting its carbon emission targets. It is joining the U.K. and France with plans to end sales of fossil fuel-powered vehicles as it works to develop new policies to promote new-energy vehicles and phase out existing incentives by 2020.

China to End Sales of Fossil-Fuel-Powered Cars

No dates set for ambitious program, which would follow similar ones in Britain, France

Currently, only a tiny portion of China’s vehicle sales come from new energy cars, such as the electric cars (above) charging their batteries in East China’s Anhui province on Aug. 9. Photo: Visual China

These are the five stories this past week that I don’t want you to miss. Please share your comments on The Weekender section and on our other coverage at news@caixin.com.

Kind regards,

Deb Price

Managing editor, Caixin Global