Weekly Cryptonews
The first part of the week was more than optimistic for Bitcoin. However, now it is going through the correction phase.
China state planner speeds up approvals for infrastructure projects
China nearly quadrupled the overall value of fixed-asset investment projects officially approved in July in contrast with June because the Chinese government ramped up infrastructure allocations for the purpose of stimulating surge in the world's number two economy.
In July, the Chinese government had 17 fixed-asset investment projects approved. The projects are worth 77.69 billion Yuan. That’s what a representative of the National Development and Reform Commission, Zhao Chenxi revealed on Thursday.
The given outcome definitely differs from June’s 20.8 billion Yuan of approved fixed-asset investment projects.
The Chinese authorities are speeding up plans in order to make huge investments in infrastructure projects because its economy demonstrates signs of deceleration, with investment surge speeding down to a record minimum and Chinese customers getting more cautious.
On Wednesday, the National Development and Reform Commission also promised to keep debt levels under strict control, just one day after China posted surprisingly downbeat economic data because the Chinese government is struggling to achieve a balance between shoring up decelerating surge and also keeping up with the debt crackdown.
As of the end of July the Asian country has signed 1.73 trillion Yuan worth of debt-to-equity swap, although just 352 billion Yuan has been transferred, as Chen Hongwan told, another statesman with the National Development and Reform Commission.
Under debt-to-equity swap schemes, a great number of investors grasp equity stakes in Chinese companies, while these companies are capable of lowering their debt burden. However, the specifics of every deal turn out to be different and complex enough.
It definitely highlighted the difficulty the Chinese government faces when it comes to speeding up market-based debt-to-equity swaps in the multi-year deleveraging campaign despite July's fresh liquidity released by the major financial institution to drastically accelerate the program.
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RBNZ Meeting
The Reserve Bank of New Zealand will hold a meeting at 00:00 MT time on August 9.
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