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Daily Archives: June 16, 2022

Chart: China’s Youth Unemployment Rate Set New Record in May 2022

China’s youth unemployment rate in urban areas in May was the highest since records began in 2018 as Covid-19 lockdowns restricted mobility and weighed on the labor market, with the government warning the situation could get worse as millions of fresh graduates start looking for work.

The surveyed urban unemployment rate among workers ages 16 to 24 — which captures graduates from high school and college — climbed to 18.4% in May from 18.2% in April, according to figures released Wednesday by the National Bureau of Statistics (NBS).


Source : Caixin

Chart: Sales by China’s Top 100 Developers Plummeted in May 2022

Source : Bloomberg

Music Video: Everything Is Beautiful

Apple May Have Just Announced the End of Passwords

Albert Bassili wrote . . . . . . . . .

Apple intends to roll out passwordless access for their major devices by September, potentially bringing the era of headache-inducing passwords to a timely end.

When passwords first came into the world they were both useful and simple. With a password of just eight characters long, you could secure your account or device, and you didn’t even need to worry about special characters like exclamation marks. But as technology and time progressed, passwords started needing to be more and more complex, with the ideal password length now lying at around 15 or 16 characters.

This has ended up with passwords becoming weaker over time simply because people can’t be bothered to come up with a 15-character unique password for each thing that needs it. Thankfully, there is a solution in the form of passwordless login, a way for users to log into their account without needing a password but instead using something like Face or Touch ID through their phone. In essence, it moves the onus of login from a password on a computer to a button on a mobile device.

In fact, one of the biggest security alliances, the FIDO Alliance, has been working on this problem for the past few years, and It seems a breakthrough has finally been made. As such, many large corporations, Apple included, have committed to accelerating the availability of passwordless logins. In Apple’s Worldwide Developer Conference (still ongoing), Apple announced that they would be rolling out passwordless logins for their iPhones, iPads, Macs, and Apple TVs by September. That means that a passwordless future is very much on the horizon — at least for Apple users.

Once the new system rolls in, signing up on a website or service will just require Face or Touch ID authentication to create a passkey. Then, any subsequent time you wish to log on, you can use the same authentication technique rather than having to log in using a password.

Of course, even with the new system, there are still some growing pains. For example, how widespread is passwordless login going to be? Will a majority of websites support it when Apple releases it in September, or do we still have to wait several years down the road to see universal compatibility?

Either way, this is a step in the right direction for passwordless login, and as the major companies like Apple, Microsoft, and Google start implementing it, passwords may very well be a thing of the past in a couple of years.


Source : SFGATE

China’s Internet Watchdog Tightens Mobile App Rules for National Security, Requires Promotion of ‘Core Socialist Values’

Iris Deng wrote . . . . . . . . .

China’s internet watchdog has updated its rules regulating mobile app development with stricter requirements for content and data protections, a move that could deal a fresh blow to the country’s developer community after more than 2 million apps disappeared from the market in a three-year span.

The Cybersecurity Administration of China (CAC) on Tuesday published the revised version of the Provisions on the Administration of Mobile Internet Applications Information Services, which will take effect on August 1, doubling the document’s length over the previous version published in 2016.

The CAC said the new rules will promote the “healthy development” of the industry. “With the rapid development and wider use of mobile apps, new situations and problems continued to emerge, which requires [the rules] to be revised and improved to adapt to new developments,” the agency said.

Included in the new rules is a requirement for app providers and distributors to promote “core socialist values” and adhere to the “correct” direction of politics, public opinions and values. App developers are responsible for content showcased in the app, and should not produce or circulate illegal information.

A combination of fierce competition and China’s crackdown on content and data irregularities has contributed to a steep fall in the number of apps available in Chinese app stores in recent years. The total number of apps available in April 2020 was 2.31 million, half of the 4.49 million available at the end of 2018, according to data from the Ministry of Industry and Information Technology.

However, China still has a vibrant community of app developers, which Apple CEO Tim Cook recently praised for their contribution to its global ecosystem. The country’s 5 million app developers “have always been at the cutting edge”, he told a Chinese media outlet at the Worldwide Developers Conference last week.

After China tightened regulations on cybersecurity and data handling practices last year, the new rules for app developers further highlights cybersecurity and user privacy protection. The CAC document stipulates that app developers not “endanger national security and public interest” when processing data. Security flaws and loopholes must also be reported and amended soon after they are spotted.

App providers are required to be “fair” in their handling of user data, without forcing users to agree to data processing activities or refusing to provide service to those who disagree. All new technologies, applications and functions that can influence public opinion or “mobilise society” must go through a security review process.

The legal basis for the revised regulation include three new laws that went into effect last year: the Personal Information Protection Law, Data Security Law, and the revised Minor Protection Law.

In January, the CAC also announced a new rule that requires companies operating internet platforms with the data of more than 1 million users to undergo a security review before listing on a stock exchange overseas. Another law that went into effect in March tightened control of algorithms used by Big Tech firms to recommend new content.


Source : Yahoo!

Charts: Selected Economic Data of China in May 2022

香港金管局8次出手,累计买入430亿港元

  6月15日,香港金管局在香港交易时段买入117.75亿港元。这是本周第三次买港元、卖美元,也是此轮买入规模最多一次。随着香港金管局出手,至6月17日,香港银行体系结余将跌至2945.62亿港元。

  5月12日,港元触及7.85弱方兑换保证,香港金管局宣布在市场买入15.86亿港币,该操作是中国香港金管局近3年来首次行动。此后,又继续多次操作,累计8次操作,买入金额达到430.11亿港元。

  瑞穗银行亚洲首席外汇策略师张建泰认为,美联储的加息压力可能在未来三个月蔓延至港元市场。而由于联系汇率制度,香港金管局需跟随美联储激进的紧缩周期,因此香港的加息步伐可能快于亚洲其他新兴市场。目前3个月期港元银行同业拆息(Hibor)上涨10个基点至1.04%,为两年来最高水平。

  6月15日,财政部在香港特别行政区发行2022年首期75亿元人民币国债,包括2年期、3年期和5年期各25亿元。据了解,今年全年,财政部将在香港特别行政区总共发行230亿元的人民币国债。从发行情况来看,2年期国债收益率最高为2.44%,3年期国债收益率最高为2.55%;5年期国债最高收益率为2.75%。

  今年财政部将在香港特别行政区分四期发行230亿元人民币国债。在港持续常态化发行人民币国债,奠定了中资机构海外发债融资成本基准,建立了可供中资企业境外发行债券参考的‘锚’,有利于企业更好利用国际金融市场进行融资,合理控制融资成本。

  值得注意的是,6月15日,当天香港金管局发布公告,中国人民银行将通过香港金融管理局发行50亿元人民币的6个月期人民币央行票据。将于6月21日进行投标,6月23日交收。

  发行央票会收紧香港市场人民币流动性,同时稳定离岸人民币汇率。与在岸人民币相比,离岸人民币更为明显反映出市场的情绪。6月15日,在岸人民币对美元汇率价格为6.7070,离岸人民币同期最高触及6.7136。


Source : Sina and Bloomberg