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 by Staff Writers Beijing (AFP) May 15, 2020
Chinese police have seized counterfeit notes with a face value of 422 million yuan ($59 million) in the largest haul since the 1949 founding of the People's Republic of China. Sixteen members of a counterfeiting ring spanning from southern Guangdong province to Heilongjiang province in China's far northeast were arrested in a joint police operation, the Ministry of Public Security said in a statement Thursday. None of the six tonnes of counterfeit currency ended up in circulation, it said. Police also seized counterfeiting equipment and raw materials. Physical currency is becoming obsolete throughout China as more and more consumers use mobile payment systems such as WeChat Pay and Alipay in daily life.
Asia stocks down as Powell warning adds to second wave fears Hong Kong (AFP) May 14, 2020 Asian equities sank Thursday following another sell-off in New York after the head of the Federal Reserve warned of "lasting damage" to the economy from shutdowns caused by the coronavirus, compounding worries about a second wave of infections. US accusations that Chinese hackers were trying to steal potentially lucrative COVID-19 vaccine research added to the downbeat mood across trading floors as a weeks-long market rally shows signs of coming to an end. On top of that, the World Health Organi ... read more
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