Week In Review

• The Wall Street Journal pointed out this Monday that China has steadily increased its purchases of US crude oil since May.
• Bloomberg announced this Tuesday that Singaporean sovereign wealth funds, GIC and Temasek will participate in the Ant Group IPO, with the former reportedly making a $1 billion investment.
• It was reported this Wednesday that over 400 million Chinese are vacationing domestically during the Golden Week holiday. Thus, it is no surprise that consumption plays are performing well this week.
• On Thursday, Ping An Insurance-backed company Lufax Holdings filed for a New York Stock Exchange listing under the ticker LU.

Key News

Let’s not bury the lead: THE STRONGEST SINGLE DAY OF PERFORMANCE FOR THE RENMINBI VERSUS THE US DOLLAR IN 15 YEARS! The renminbi (RMB) moved $0.09 versus the USD last night! You might remember how China “devalued” its currency back in August 2015. Last