Vulture Capitalism: Grace Blakeley’s new book is smart on what has gone wrong since the 1980s 
Bitcoin is halving again – what does that mean for the cryptocurrency and the market? 
Ukraine war: $60 billion in US military aid a major morale boost but no certain path to victory 
FxWirePqro- Gold Daily Outlook 
FxWirePro- Gold Daily Outlook 
Why doesn’t my digital music feel like ‘mine’? Three ways digital possessions reduce our sense of ownership 
Why the government’s haste in changing the health system could come back to haunt it 
Nervos network- Multi-layered blockchain 
Earth Day 2024: 4 effective strategies to reduce household food waste 
Unstable employment while you’re young can set you up for a wage gap later in life – even if you eventually land full-time work 
China’s new world order: looking for clues from Xi’s recent meetings with foreign leaders 
Key drivers of CNY view:
CNY depreciation risks have been reduced considerably. NIIP (net international investment position) data suggest corporate deleveraging has advanced significantly, while purchases of offshore assets have scope to slow down this year.
We expect FX outflows driven by the corporate sector will be more gradual in 2017, as mismatches in the balance sheet have adjusted sharply in recent years
Bearish CNY scenarios:
1) Fed hikes more aggressively than expected;
2) Downside risks to China’s growth emerge earlier than expected.
Bullish CNY scenarios:
1) Benign US inflation sees the Fed deliver a softer rate hike path;
2) The growth momentum and trade surplus in China pick up further in the second half of 2017, diminishing expectations on CNY depreciation;
3) The counter-cyclical adjustment factor remains biased towards CNY appreciation. We believe downside optionality offers the best value and vol would go lower with the spot.
A USDCNH 3m put strike 6.75 RKO 6.60 costs around 0.18% (vanilla is about 0.36%) and covers the period preceding the leadership changes in 4Q’2017.
