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Tag: China

Crackdown in China causes Bitcoin to dip

Crackdown in China causes Bitcoin to dip

Technology
A crackdown on initial coin offerings (ICOs) in China has caused the value of Bitcoin to drop below the $ 5,000 mark.ICOs have been declared illegal by the People's Bank of China, the autocratic nation's securities regulator, due to concerns regarding financial fraud and general criminal activity.The phenomenon of ICOs has become extremely popular in recent months, with rampant speculation in competing cryptocurrencies driving up the value of their primogenitor, Bitcoin, briefly over the $ 5,000 (£3,850) mark.As the change in law was announced, Chinese holders in ICO tokens began to sell off their assets, driving the value of Bitcoin back down to roughly $ 4,400 or £3,400.Bitcoin's value has shot up rapidly in recent years having hit a low of $ 213 (£138) in August 2015, and briefly hit it
North Korea: China urges Trump not to worsen situation

North Korea: China urges Trump not to worsen situation

World
Media playback is unsupported on your deviceChina's President Xi Jinping has urged Donald Trump and North Korea to avoid "words and actions" that worsen tensions, state media say.Mr Trump and North Korea have been exchanging hostile rhetoric, with the US president threatening to rain "fire and fury" on the North.But China, North Korea's only major ally, has been urging restraint.A White House statement said the US and China agreed North Korea must stop "provocative and escalatory behaviour".Long-standing tensions over North Korea's nuclear programme worsened when it tested two intercontinental ballistic missiles in July.The regime was also angered by last week's UN decision to increase economic sanctions against it.According to Chinese state media, Mr Xi told Mr Trump in a phone call that ...
Tillerson doubles down as China takes new hard line on North Korea

Tillerson doubles down as China takes new hard line on North Korea

World
Secretary of State Rex Tillerson is on the offense at a summit here as he tries to increase the pressure on, and isolation of, North Korea after the U.N. Security Council imposed new sanctions against the country's rogue regime. Tillerson is in Manila for an annual summit hosted by Southeast Asian countries collectively known as ASEAN. He’s meeting with regional partners, including Russia and China, just days after North Korea tested its second intercontinental ballistic missile in a month. The new sanctions were drafted by the U.S. in consultation with China and passed unanimously at the U.N. Saturday. They block North Korean sales of coal, iron and iron ore, lead and lead ore, and seafood. The sanctions also halt any expansion of North Korea’s guest worker programs in other countries.
North Korea: China urges neighbour to stop missile tests

North Korea: China urges neighbour to stop missile tests

World
China's foreign minister has told his North Korean counterpart that Pyongyang should stop carrying out nuclear and missile tests, hours after fresh sanctions were agreed by the United Nations Security Council.Wang Yi said he urged Ri Yong-ho to abide by UN resolutions in a meeting on Sunday in the Philippines.He did not say how Mr Ri replied. Saturday's resolution banning North Korean exports and limiting investments in the country was passed unanimously.Mr Wang said sanctions were needed, but "are not the final goal", and he urged dialogue. He said he told North Korea to remain calm, and not provoke the international community with more tests.The Chinese envoy also urged the US and South Korea not to increase tensions, saying that the situation was at a "critical point", but also a junctu...
China: Intercept of U.S. surveillance plane was 'legal, necessary'

China: Intercept of U.S. surveillance plane was 'legal, necessary'

World
July 25 (UPI) -- China on Tuesday said a weekend encounter between two Chinese fighter jets and a U.S. reconnaissance plane over the East China Sea was "legal, necessary and professional."The Chinese ministry of defense issued a statement defending the incident, which the United States said nearly caused a collision.The Pentagon said the two Chinese J-10 aircraft intercepted the U.S. Navy P-3 surveillance plane while it was operating over international waters."The aircrew deemed the intercept unsafe and unprofessional," Pentagon spokesman Lt. Col. Christopher Logan said.A U.S. official said one of the Chinese planes flew beneath the U.S. plane and maneuvered to reappear 300 feet ahead.The intercept caused the U.S. pilot to "take evasive action to avoid collision," the official said, also n...