After IMF increased the size of Argentina's loans to USD56bn to stop the depreciation of the Argentine peso, the country’s central bank announced it would double the size of the currency swap deal with China to RMB130bn (USD18.7bn). The new deal would advance trade ties between China and Argentina. Argentina and China first engaged in a currency swap deal back in 2009. In other news, Alibaba’s [BABA:US] Ant Financial received approval from the Competition Commission of Pakistan (CCP) to acquire a 45% stake in Telenor’s [TEL:NO] Pakistani unit. The deal would allow for the Chinese e-commerce giant's entry into Pakistan's financial markets. A-share went down today. SHCOMP dropped by 1.39% to 2,598.87, SICOM declined by 0.64% to 7,648.55 and CSI 300 decreased by 1.41% to 3,167.44. ChiNext Price Index saw a 0.51% drop to 1,322.83. The Hang Seng Index fell by 2.39% today to 25,601.92.
Global mining hardware giant, Bitmain, aims to deploy 90,000 Antminer S9 mining machines in Xinjiang to procure advantages in computing power for mining Bitcoin Cash (BCH). On March 31, Britain's pre-IPO investor deck showed that the company has more than 1m BCH on its balance sheet, accounting for nearly 6% of the digital currency circulating supply. In June, Bitmain held USD886.9m worth of digital assets including Bitcoin, BCH, and more, accounting for 28% of its total assets. Within the consumer sector, Ping An Insurance [2318:HK] said it would invest 1% of its annual operating income, around RMB100bn (USD15bn), on tech and medical research over the next ten years, covering AI, blockchain, and cloud computing. Over the past decade, Ping An has invested more than USD7bn in R&D, owning five research institutes, two overseas R&D centers, and more than 23,000 tech professionals.