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tv   Bloomberg Technology  Bloomberg  September 4, 2017 11:00pm-12:00am EDT

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support for a multilateral system. it is all about north korea. inwe heard from yvonne mann seoul, korea and taking a measure on the street, the average citizen there, it is business as usual. let's dive in deeper to see what kind of play we have here. 69 17, in white, the msci korea consumer discretionary index. below that korean index,r an sentiment showing the average korean consumer feeling pretty high about things, but we are not seeing that play out in the consumer discretionary index. perhaps this is an opportunity to buy when foreign investor outflows, an opportunity for
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domestic buyers. that is what we are hearing from one analyst, taking advantage of that fear from foreign investors and buying in, especially if your currency of choice is the won. let's check the latest on the markets with sophie kamaruddin. it is still about north korea. investors assessing potential risks, weighing on the down .1%, consumer stocks among the decliners despite the discounted valuations across the kospi. gaining, building momentum following that report that pyongyang may be moving an icbm ahead of a potential launch this saturday. the yen at 109 point 33, the swiss franc the rise along with gold, and treasuries catching a bit, the 10 year yield sliding
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towards 2.13%, while the dollar is set for a fourth day of losses. the aussie moving towards $.80 ahead of the rba decision. we are seeing weakness for the , snapping a seven-day advance their. the offshore rate losing .3%, halting a 14 day rally, even in the face of a stronger pboc fixing. we are seeing chinese stocks tick up momentum, the large cap up .1%, with financials leading gains in shanghai. asia'snghai composite is best in dollar terms. the latest caixin read has been a boost to the outlook for china's economy. alas look at the hang seng, gaining .2%, snapping a three day drop as gains for developers are offsetting losses in the casino stocks.
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i want to look at what is going on with the yen. demonstration show a dropping to a low, but there may be signs the currency is losing that haven a lower. 632 three, gold has outperform -- yen as a haven assets are 632 three, gold has outperformed the yen as a haven assets. >> xi jinping was speaking to leaders of the brics summit. he called for innovations and reforms and emerging economies and offered $500 million in aid to developing nations. the latest private gauge of china's economy saw an uptick in august with the caixin pmi hitting a six month high. the reading was up from 51 point
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nine in the previous month, growth in the services sector accelerated to a three-month high at 52.7. a reading above 50 shows an expansion. >> it is saying growth is firm, domestic demand is robust. the external demand is not very bad. i would say with domestic and external demand firm, this is the macroing environment has been quite stable and policies may not have to support it more. bitcoin tumbled the most in two and a half years after china said i ceos are illegal. asked for all fundraising activity to be halted immediately and said there will be harsh punishment for any offerings in the future as well as the ones already completed. fell 14% on monday, the
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most since january 2015. united technologies is to buy rockwell collins for $23 billion. the deal his $140 a share in cash and united stock. united technologies says it is funding the cash portion through debt issuance is an cash on hand. andof the biggest deals aviation history is expected to close by the third quarter of 2018. global news 24 hours a day powered by more than 2700 journalists and analysts in more than 120 countries. this is bloomberg. a says theth korea' north is moving in icbm for a possible launch before saturday.
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earlier, the u.s. ambassador to saidnited nations pyongyang was begging for war. korea live in seoul, ahead of saturday. is it still business as usual? on the ground it feels that way, but there is a feeling that things are a little bit different this time around. the news that just hit about an hour ago is raising tensions that wein in these days have been here after that nuclear test. these reports locally saying movingrth korea has been this potential icbm during the night here. it seems to be possibly launching this before saturday. 9e significance of september
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is north korea's founding day. the ruling party establishment 10, and those were the two key days that south korean intelligence officials have been looking for. we continue to see that the faience of kim jong on, working at a faster pace than south korea expected. this a couple of hours after we got confirmation that the president moon and south korea was just on the phone with president trump, flexing military muscle and agreeing to the maximum pressure on north korea and the military capabilities. saw that president allowed south korea to put have your weapons on to its ballistic missiles, the first time in 38 years they have lifted those restrictions as well as allowing buy billions of dollars of weapons and military
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equipment from the u.s. as well. as we see these two nations working together, we are seeing north korea working on the sidelines here. a markedis is difference from when president moon came into power, when he was ushered in he said it is all about diplomacy and he wants peaceful negotiations and peaceful talks. does this mark a change in his policy here? yvonne: he's still wants dialogue. of what we heard from the defense ministry, they had a meeting earlier this morning and he mentioned that they are still keeping this policy on the de-nuclear station of the korean the defenseo minister was referring to the possibility that there is some speculation they will bring u.s. nuclear weapons to south korea, something that has not happened since the early 1990's when the
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u.s. with drew the nuclear weapons out of the area. i guess you read between the lines, that they are maintaining that policy at the moment, but we see some tweaks when it comes from the policy, slightly leaning towards military options until they can get pyongyang to start talking. they still want some type of peaceful treaty moving forward. a proposal on this dialogue-based say is based on the fact of easing military tensions in the area. to find some type of resolution in this humanitarian crisis as well. , that is wheread we see a dramatic shift from president moon, who has been against this policy before. that up to four of these anti-ballistic missile launchers could be deployed in the area pretty soon.
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angie: thank you for that. continuing to be live in seoul, korea as we monitor the latest in north korea, the latest's report citing an unofficial military source that north korea is preparing and moving and moving in icbm ahead of saturday for a possible launch. let's check the action on the markets right now. let's start with safe havens. we saw gold and yen maintaining gains. which haven assets of the ones to watch at this point? be extremely to popular, having a very good run. gold is outperforming the yen as a haven of choice. to some degree that is not surprising because the north korean dispute seems to be going into new territory. japan is one of the countries who is close to the action, so
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why the yen should be such a strong safe haven does not make so gold is taking away some demand from the yen. we have also seen the chinese currency performed pretty well, so it is not the obvious havens in the past. the u.s. dollar is not performing that well either, so it seems to be a mixture of things. people are choosing a variety of currencies to hold, including gold, may be not just picking one as they had done in the past. interesting that the yuan is becoming a safe haven play, but with the pboc strengthening and widening that trading band is it going to be a one-way street until the party congress in october, so should investors be wary of that move?
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today withseen that the fixing between the dollar and the yuan. the pboc seem to put the brakes on it a little bit, maybe concern that the yuan has strengthened to quickly and the last few days, so they slowed it down today with today's fixing, but it does not mean they want to weaken the yuan. is still based on strong fundamentals in china is going in the right direction, so they may slow down the pace and be happy to see it on the strong side and probably will remain so right through a over. to makehe rba expected its rate decision, forecast to remain on hold, but should we expect hawkish signals? >> it would be brave of the rba to turn to hawkish now. they will probably just be neutral. mark cranfield, we will leave it there.
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you can follow mark and all of his colleagues and our ,onversation there on mliv and there is commentary and analysis from bloomberg's expert editors. do check it out, mliv . we will talk more about the latest tensions. we will be joined by an investor who says stocks are headed for a big selloff. later on in the show, we look at digital token sales, which have raise billions of dollars globally, but why is china putting a stop to that we ask whether other countries will follow suit. this is bloomberg. ♪
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♪ getven as world leaders more alarmed with the nuclear
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tests, they are not aligned. there are many forces who do not want direct conflict. they are looking at the fact it will be no conflict, just more sanctions, so they are getting along with the traits that will are in them some money. >> the tensions have clearly risen and are potentially a black swan risk for china equities and global asset classes over all. part of the reason why the market has not reacted as much as people audit might is because notle realized that it is in any parties interested to behave in an irrational manner, so the markets are betting that nothing will come of it in terms of actual combat. it wouldere to happen, be incredibly negative, but the next thing we have to watch for are the china-u.s. relations. >> we have been down this road before.
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the risk sentiment to return, and that should play favorably into the dollar-yen trade and the short yen position would benefit from that. isthis kind of situation lyrical noise. it will not affect the , growthtal economics and the prospect of markets and the profitability of companies comes of this political noise can give an investor the opportunity to do bottom fishing. >> what are we talking about more specifically? tipsbelieve the market has and we can buy into it, for example, tencent, some of the sop reforms stocks, as well as domestic consumption stocks in china. e reform stocks, as
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well as domestic consumption stocks in china. angie: with me is that head of capital dynamic markets. you have some cash burning a hole in your pocket? it is costly to hold cash at this level. holding it in u.s. dollars, or which affects are you preferring? come at when it comes to currencies, our cash levels are much higher than the neutral levels we have. it is costly to hold cash, but it is a relative value game. have't think markets priced in any uncertainty, so on the currency side, we have started to hold more u.s. dollar. the pessimism, it is amazing how we have on from extreme optimism at the start of the year and now
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everyone sees the u.s. dollar going down. i'm not saying we are right in the market is wrong, that when sentiment make such a u-turn and underneath things are not as bad, i think we are adding to our u.s. dollar exposure at the ,xpense of emerging markets fx which is a hedge against a potential market selloff. of the day,e end you do have the federal reserve staying fat on the rate -- rate increase, but everyone is still point about the global economy. why do you the markets have not seeing aswhat you are a meltdown of global equity markets and moving away from this asia story, this long bull run we have been seeing? >> fundamentally, i agree.
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things are starting to look better, but global growth is synchronized for the first time since 2007, but the equities markets is not always correlate with stronger growth. when we talk about a correction, i'm not talking about an end to the bull market. i'm talking about corrections we have not seen for 12 months. look at the fundamentals underneath u.s. equities in particular earnings, we had a strong earnings quarter just recently. if you look at the market response to every company that beat expectations versus companies that disappointed, it was quite lopsided. the markets punished the ones that missed more than rewarding the ones that the, so that tells already pricing
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in the good news. we have seen a massive rise in metals prices on the back of demand, which is good, but also supply concerns around china. with the lag, you look at corporate profits, costs going up, prying power still low, so this will cause margin pressures until pricing power increases and cpi comes back in. on the earnings side, there is room for disappointment. you bought gold, but at these levels, very expensive. 1349, surging to high. that safety haven play commission people still buy in at these levels? >> i agree. you look at cold at these levels and by itself it looks expensive , but if you do the same chart, gold versus s&p 500, you will
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see on a relative performance basis that cold is not as expensive as the s&p 500 if you normalize that over a time horizon. if you look at the late stage and commodities prices as a a hedgend gold is benefit against geopolitical tensions. very quickly, 20 seconds, if the market does meltdown, 30% cash, how will you put it to work? >> i would continue to work towards sectors like energy and financials. this is a move from quantitative reasoning -- easing to quantitative tightening. angie: very good. one feature on the bloomberg we bring to your
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attention is our interactive tv function where you can see previous interviews and dive into the securities are functions we talk about. this is for bloomberg subscribers per check it out at tv . this is bloomberg. ♪
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♪ a check of the business flash headlines. the head of the world's second-biggest online travel p is open to acquisition targets in brics countries. they must be number one or number two in the market. are disciplined in terms of investment strategy. we all three criteria. related toe closely our core business, which is travel. the second is the verticals we are looking in, we always invest in number one or number two bank. we try not to invest in number three are number four.
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the further criteria is that valuation needs to be reasonable. >> we are still looking for could potential deals that fit that criteria? >> yes. japan postal announces plans for a share sale as early as september 11. we are told the ministry of finance plans to offer between nine alien dollars and $12 billion -- $9 billion and 12 a.m. dollars by the end of the month. founder and former chairman has been barred from serving as the company director and hong kong for eight years. he wasrt ruled that involved in misconduct related to the running of the former solar giant. directors werent banned for between 3-4 years. he briefly became china's richest man in 2015 before hne gy shares plunged
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47% in one day. blackstone has received bids on its 10 shopping centers. this is bloomberg. ♪
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♪ korea has started moving in icbm for a possible launch before saturday's foundation day holiday. a report cites an unidentified intelligence official. south koreans military is mulling various options for what it calls a realistic solution. the u.s. ambassador to the united nations said kim jong-un appeared to be begging for war. september 21 may be the date that prime minister theresa
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may gives the much anticipated brexit speech. is due to give a follow up to the january speech on brexit with negotiation stalling and the government having lost its parliamentary majority. the u.s. house of representatives will vote wednesday on hurricane harpy relief though that one contain language aimed at staving off a default on government debt. republican leaders are for now battling to demands of conservative members and won't combine legislation which would raise the u.s. debt ceiling. the harvey bill would provide almost a billion dollars in aid. global news 24 hours a day powered by more than 2700 journalists and analysts in more than 120 countries. this is bloomberg. sophie: a check of the markets, asia.d session in
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the nikkei leading losses when it comes to the laggards. nikkei 225 deepening declines as the dollar yen trade set a new intraday high at 109.22 or dollar. the u.s. 10 year yield closer to 2.13%, while gold is trading $1336.130 a pickup when it comes to the risk momentum. one analyst saying that while jitters will likely , geopolitics has not determine the markets when it comes to korea's performance. is under pressure despite a stronger pboc fix this morning. financials and china leading the advanced there. aussie shares extending the drop
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on monday, but the aussie dollar is knocking on $.80 a dollar there. not jawbone the aussie lower this afternoon in the session. angie: thanks. china's central bank says initial coin offerings are illegal, asking for all related fundraising activity to halt. bitcoin tumbled on the news come although now it has leveled off. we have also got to guess with us now. cover and why ban is it happening now? all ico's callista so now you can no longer raise ico's or continue trading them.
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banks have been prohibited from offering services. if you have already phrase money through an ico, you will be asked to refund it, so you have to liquidate and return funds. we saw that happened today and late yesterday, so it is a comprehensive hand. the timing coincides with the ico's of scams related to . china accounts for about a fifth of all the ico's globally, about $2 billion, and i think that activity has been increasing, so the authorities decided to step in now before things got even ,orse to slow the market down so for now the market is frozen. angie: let's bring in our gadfly columnist here. unsuccessful.is why du suppose china is doing this now?
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is it to protect the stability ultimately of people's expectations when it comes to investments? >> i agree. it is about scam alerts. thing raisedico's in china and around the world are not necessarily scams, but projects that will go nowhere. it is like a vc funding model. someone has an idea and they want to raise money to build that project, so instead of going to vc's, they are using this as another funding method. most will go down the tubes. not because they were scams, but they were projects that did not have any long-term viability. that happens a lot. we accept that. the problem with ico's is they are so unregulated and china is concerned about stability as more money pours into this system, so there is concern a
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lot of people could be losing their money and cause instability. comesk that is what it down to her china wants to make sure it is stable and they don't see ico's as stable, so they banned them totally. angie: we have seen this incredible run-up of bitcoin and other cryptocurrencies, but we heard the warning from mark mobius on bloomberg markets: asia yesterday. he warned about intensifying regulation that could put a crimp on things could take a listen. treasury trying to shut down terrorist financing and access to two banking -- two banking, the terrorists, drug lords, and others are moving in other directions in order to have some liquidity and some ways of moving money around. these cryptocurrencies are ideal because there is no traceability , so that governments with definitely crackdown on these.
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angie: what are the implications for cryptocurrencies in the short-term? prettyink short-term is negative. it hit something like to 70 overnight, 330, and now back down again. in the short-term when the world's second-largest economy says we don't want this, and keep in mind ico's are the main usability case for a theory him erium, it becomes bleak short-term. if everyone else takes a hard stance, it will be very grim. to protecting the consumers and investors, and in china that is a hot topic, so i don't think other regulators would be as strict, but that is something to watch in the long-term i think. >> i agree on the point of
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etherium and ico's. etherium has been a real challenge to bitcoin because of ico's. bounceback because one of the reasons it is used for ico's because the fundamental technologies in etherium lend themselves well to's pot contracts. two spot markets -- to spot contracts. there still may be a reason for etherium to have fed you, and a different way than bitcoin is considered to have value. there is also that the upside that there is something behind .t
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angie: thank you. you to breaking news coming out of taiwan. just coming across the bloomberg terminal, the taiwanese president is holding a news conference right now after the country's premier quit ahead of elections next year. these are live pictures from taipei. mandarin, butg in has named the taiwanese president, has named william ly is the next premier. this is integral. what we are learning is this tsai's ability to lead in the polls ahead of local elections next year. again, holding a briefing on the premiers position and naming the new premier.
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we are joined by our east asia government editor here. what is the significance of this reshuffle? is it the local elections that are critical to the president next year? >> yes, this is a tried and true offtical strategy to cap the early part of your administration after having gotten done the toughest things, to take ref, take stock, and rebuild support for those alienated by some of those proposals. a little bit more year into her administration, she is changing premiers, changing the leader of her government, giving her a chance for a fresh start and to pull love her approval ratings before elections, which come in the later part of next 23r when all of taiwan's
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heads of cities and counties go up for reelection. it is a big test that she will have to deal with the consequences of. there there is no doubt will be political fallout from those policy fights with china, her approval rating sinking below 30%. does this reshuffle give tsai tweetpening to policies and gain some that popularity she is losing? will sweepbroom clean to some extent. we are not looking at a major reversal of everything. we still have the same president, the same ruling party , the democratic progressive party, which came in promising these types of overhauls to a statement economy over the past what wers, so i think have in the case of william ly
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is a chance to tweet around the edges and soften some of the harder elements of some of the things she did come at such as establishing a hard six-day preventing people from working anything more than six days and some pension reforms. some.ay have alienated also, maybe showing a new direction on policy elements like energy, which has become a severeic after a blackout left 6 million households without power late last month. often discussed those rolling blackouts and the power pressures impacting the theomy here, but over all, economic outlook for title i remains strong do to the export picture, so what do policies
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need to do to sustain growth here? fatelot of taiwan's 's efforts to reduce dependence on it is due to china. china seems to have stabilize its own slowdown, so taiwan's fate will likely follow that. in terms of independently moving on, the big thing now will be billionct of a $3 infrastructure bill that the government just got through, so that will be the plan for now, but i would not be surprised if brings some proposals pot forsweeten the voters going into these midterm the stageand setting for the presidential election two years after that. angie: thank you for that. coming up, a virtual reality
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start up that has attracted interest from big-name tech players like softbank. we will hear from and probables -- improbable's ceo about how he raised money. this is bloomberg. ♪
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♪ angie: a quick check of the business flash headlines. boeing has won the backing of the wto and a long-running trade dispute over tax incentives to x jetliner.777 the wto overruled an earlier byding that tax incentives washington state broke subsidy restrictions. the eu has been claiming unfair competition. two other cases are still spending.
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ofhiba is discussing details the contract with western digital as it seeks to reach a decision on the sale of its chip business this week. ithiba said last week that remains in talks with three groups, including one that includes western digital. company are wary of selling the business to the u.s. company, but it's lenders are pressuring for a decision. alphabet is something for workers in china, showing it still has ambitions in the world's biggest internet market. beijing-based positions are advertised on the company's career site. it is also hiring in shanghai and guangdong. in china, android dominates mobile software. one u.k. startup this hoping to solve the problem of limited computing in the gaming world. has developed
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software that normally break subtasks of done by one server to several servers. we have the improbable ceo joining us now in the studio. softbank led a $500 million investment. you have the backing of li ka-shing and a number of huge sovereign funds as well. why are they excited about improbable here? what is your value proposition? we are trying to accomplish is complementary to the big changes in the world, aia, automation, or the move towards interesting gaming experiences. it is an operating experience for all applications, massive simulations or virtual worlds, the technology we are working on will be really important. angie: to give our audience a sense of what you're talking
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about, usually it is just one server or hiring one company to provide that server capability. what you are proposing with spatial os is an army of , and then servers utilizing that is a powerful way. >> we primarily focus on cloud is toes, but the goal enable tens of thousands of machines to work on problems. so imagine online worlds in which people can currently inhabit which are richer and detailed. angie: the commercial aspect is gaming. it is a huge industry. it continues to grow by leaps and bounds. which gamers or gaming companies are interested in spatial os right now? > no just independent
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or smaller developer >>, but also larger companies as well. angie: aaa publishers? >> we recently announced a partnership where they are beginning to build a new application on top of spatial, so we are seeing updates from companies that have dominated the space. angie: what about asia? >> i can't talk in specific terms, but we are always looking for partnerships. taking the strategic investment from backers was to open up the asian market for us. why are they talking to you considering that they will have to build their world that is already established. why would they be interested in doing that? >> we open up completely new
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possibilities that have never been possible in gaming before, from worlds where their actions soter within that world -- one of the first games built on spatial os is a small independent project, but they managed to make the world that is thousands of kilometers in size and has its own detailed physics, which previously would have been computationally impossible to run on a single server. they can interact with and ecology. angie: what are the implications for medicine, cybersecurity, to automated cars? the same technology can become the basis of modeling huge real world systems. last year we showed the simulation on the internet which is being used in conjunction with the government to think about the security implications, failure, and vulnerability of networks. about diplomatic
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game. , like north korea? >> i think that might be even beyond our capabilities. angie: it is an interesting space in the. good luck with the rest of your meetings here. waiting to here from those aaa publishers you will sign up with here in asia. >> thank you. angie: that is the improbable ceo joining us. coming up, disconnect in australia as businesses are investing, but also still struggling with stagnant wages. how will the central bank address that when they release policy later? we will get the details from sydney next. this is bloomberg. ♪
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♪ ♪ gettingndian markets under way. this is how they are performing against a mixed picture across
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asia recovering after yesterday's fall and volatility jumping off of north korea. the nifty climbing higher and the sensex also seeing gains. , itss the region, hong kong looks like we are seeing that optimism regaining ground as well. still playingn is hard on exporters outlooks, and that is weighing on sentiment and japanese equities, down .7% in tokyo. in seoul, pressure just to the north, word now by official military source in south korea that north korea and pyongyang possibly aheadbm of some sort of saturday action. in sydney, we have the rba
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decision in the next hour. steady,pected to remain on hold at the low of 1.5%. in fact, the reserve bank of australia does announce its cash rate decision and 30 minutes. again, all economists surveyed expect no changes. let's get it over to paul allen in sydney. the rbabe difficult for to ease or tighten in the current circumstances we are seeing right now, right? paul: that's right. the rba in a bind in many respects. a number of things that would be good to hear, particularly the labor market. up 2% and ads pick nearly 200,000 jobs added over the past asked months, and the quality has been good as well, a lot of full-time jobs being created, so the issue of underemployment seems to be
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receding. on top of that, non-mining investment has been encouraging. the day question is, where is the wages growth? it is simply not there, a problem similar to what a lot of economies are experiencing, weighing on consumer sentiment. we also have household debt as recordlowing out to a 190% of income, so the rba cannot very well be putting up the cash rate in this kind of environment. is thathe scary thing percentage hearkens back to the subprime numbers we were seeing in the u.s. ahead of the global financial crisis. the rba is looking at it very the rba so when mike joined the global tightening cycle? the governor himself has said the rba feels no pressure to ease. traders have no rate increases
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priced in for 2017, and just at 50% chance of an increase in 2018, so we are on the watch, particularly around issues of wages growth, jobs, and household debt to get some kind of clue on when the next move might the. -- might be. angie: paul allen added sydney. in half an hour, we will break that announcement for you. bloomberg markets: middle east at the top the hour. yousef gamal el-din standing by. what do you have today? unfortunately the time only allows a bit of a preview. we will pick up where you left off in terms of the main theme for markets, the ongoing standoff and tensions with north korea, what is happening with the un security council, what is happening with key analyzing key players, from russia to china to the united states.
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joining us is david fernandez from barclays, weighing in on the implications of the geopolitics and some of the key calls for other asset classes here at that and many more topics of the top of the hour. -- classes. that in more of the top the hour. this is bloomberg. ♪
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yousef: market jitters persist over north korea. one report says pyongyang is preparing a new icbm launch within days. >> a giant in the sky. united technologies snaps up rockwell collins in one of the biggest deals in aviation history. yousef: biting into bitcoin. the cryptocurrency tumbles as china central bank declares it illegal. >> and saudi aramco

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