CX Daily: The Murky World of High-Frequency Futures Trading in China

Futures /

In Depth: The murky world of high-frequency futures trading in China

There is a mysterious force at play in China’s futures market — high-frequency traders.

They are mostly very low-profile inside China, operating under the guise of trade companies that buy and sell physical goods and are said to be making huge profits. But outside China, they are associated with big-name high-frequency traders.

Industry experts estimate that total profits generated by high-frequency trading in China’s futures market amounted to about 5 billion yuan ($725 million) in 2019, and approximately 60% of that money was taken by foreign businesses. The top three high-frequency traders with the most advanced technologies took at least 2 billion yuan between them.

Russia-Ukraine /

Moldova takes in Chinese students from neighboring Ukraine as war rages

The first 400 Chinese students were successfully evacuated from war-torn Ukraine Tuesday, entering neighboring Moldova by bus, according to the Chinese embassy in Ukraine.

The students were evacuated from Odesa and will be transported to the Moldova capital Chisinau with the assistance of the local embassy and consulate. An additional 200 Chinese students in the capital Kyiv are on their way to leaving the country, the Chinese embassy in Ukraine said.

The embassy has begun helping Chinese citizens leave Ukraine as the war rages on. More than 6,000 Chinese nationals havefor evacuation.

FINANCE & ECONOMY

PMI /

China manufacturing recovers after weak January, Caixin PMI shows

Activity in China’s vast manufacturing sector returned to expansionary territory in February as output and new orders grew and the employment picture improved, a Caixin-sponsored survey showed Tuesday.

The Caixin China General Manufacturing Purchasing Managers’ Index (PMI), which gives an independent snapshot of the country’s manufacturing sector, rose to 50.4 in February from 49.1 in January. A number above 50 signals expansion, while a reading below that indicates contraction.

Covid-19 /

Hong Kong residents scramble for supplies amid lockdown reports

Hong Kong residents emptied store shelves in a scramble to prepare for a reported lockdown of the city later this month, when officials will carry out a mandatory testing drive intended to contain a snowballing Covid outbreak.

Restrictions on movement within the city will be enforced to ensure the testing effort is effective, the Sing Tao Daily and other domestic media reported Tuesday. Testing of the financial hub’s 7.4 million people will start after March 17, Sing Tao said, citing people it didn’t identify.

Quick hits /

Ping An’s fintech unit files for Hong Kong share trading

Hong Kong tycoon’s FWD files for Hong Kong IPO

BUSINESS & TECH

A real estate complex in Fuzhou Feb. 25. Photo: VCG

Property /

China's property market gets bleaker despite policy support

China’s real estate market continued to cool last month as data showed sales were nearly halved from a year ago despite regulators relaxing financing policies in an attempt to restore confidence.

The country’s top 100 developers sold property worth 401.6 billion yuan ($63.6 billion) in February, down 47.2% and an even deeper contraction than the 39.6% decline recorded in January, according to data published Monday by property think tank China Real Estate Information Corp. (CRIC).

More cities expand easing measures to bolster housing market

Blood slave /

Cambodia ‘blood slave’ case was made up, country’s authorities say

The case of a Chinese national kidnapped and forced to work as a “blood slave” by an online gambling fraud gang in Cambodia is “pure fabrication,” China’s embassy in Cambodia said Monday, citing local police.

The man, named Li Yayuanlun, was smuggled into the Southeast Asian country (link in Chinese), where he sought help from a local social organization for his poor liver condition, the Chinese embassy said, citing a statement on the case’s initial investigation by the Cambodian police.

Chips /

China’s car chip supply still falling short, industry official says

China’s acute shortage of car chips is gradually easing as chipmakers ramp up production, but demand still outstrips supply, a senior industry official signaled Monday.

That could continue to affect production schedules for cars and their parts, Xin Guobin, vice minister of Industry and Information Technology (MIIT), said at a briefing (link in Chinese) Monday.

Quick hits /

Gazprom paves way to new China gas deal as sanctions hit Russia

Tech Insider /

Didi rides on in Russia, Tencent buys Polish game firm

Energy Insider /

Ukraine war threatens shortage of sailors

GALLERY

Building Hong Kong’s makeshift Covid-19 hospitals

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