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China’s renminbi weakens

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Beijing: The central parity rate of the Chinese currency, the renminbi (yuan) weakened by 137 basis points to 6.5169 against the US dollar on Tuesday, according to the China Foreign Exchange Trading System.

The yuan hit its lowest level in more than four years in both onshore and offshore trade on Monday, as bad news about the country’s manufacturing activity unnerved investors, Xinhua reported.

The Caixin General China Manufacturing Purchasing Managers’ Index (PMI), an indicator of manufacturing activity, edged down to 48.2 in December from November’s 48.6 percent. The reading was the lowest since September.

A reading above 50 indicates expansion while a reading below 50 represents contraction.

The yuan has largely been trending down since China’s central bank revamped its foreign exchange mechanism last August to make the currency more market-based.

The yuan has been losing ground as the Chinese economy hit its slowest pace in a quarter century due to outstanding issues such as housing overhang and excess capacity.

Meanwhile, the US raised its interest rates in December and more hikes are expected in 2016.

The PBOC said in August that there is no basis for steady depreciation of the yuan. (IANS), (image courtesy: fortunedotcom.files.wordpress.com)

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Dating Apps Face Restrictions in China After Their Growing Success

A mobile application, which allows wealthy older people to connect with young lovers, is facing restrictions in China after a surge in popularity in the country, state media reported on Friday.

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The study by global cyber security company Kaspersky Lab showed that many dating apps do not handle users’ sensitive data with sufficient care. (Source: File Photo)

A mobile application, which allows wealthy older people to connect with young lovers, is facing restrictions in China after a surge in popularity in the country, state media reported on Friday.

SeekingArrangement, which was the most downloaded app on Apple Store China this week and also registered high numbers on Android, has been banned from WeChat — a popular Chinese messaging service similar to WhatsApp — Efe news reported citing the official newspaper China Daily.

The move came after the state-run Global Times — linked to the Communist Party of China — urged the government to shut down the app’s operations in the country for promoting “sugar dating”, a practice in which wealthy older suitors are matched with younger people in exchange for economic benefits or gifts.

The company would also provide day-one support for Windows Server 2019 to deliver virtualised apps with XenApp.
Citrix Workspace will unify apps, pixabay

Lawyers cited by official media warned that the services offered by such websites could be classified as prostitution, which is illegal in China.

How safe are online dating apps?

The app was founded in 2006 by entrepreneur Brandon Wade, who has defended it by saying “love is a concept invented by poor people”, and has its Chinese headquarters in the Shanghai Free Trade Zone, which has fewer legal restrictions than the rest of the country.

Male members pay a monthly fee of $60, while females use the app for free or pay $15 to access more functions and are required to list their annual income, which should be higher than $47,000 to use the services. (IANS)

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