|Last year, illegal broker PTFX ran away after blowing up all the
accounts of its users, leaving the entire FX market astonished. The
number of victims reached 2 millions very shortly, and many of them
became homeless and debt ridden just overnight. Although PTFX has
crashed, its former staff are still out there relentlessly defrauding
investors under the name of other companies. With PTFX under
investigation, Huang ZhiMing, the NO. 1 scammer of PTFX, has been
exposed to the public.To get more news about Malaysia Dato, you can visit wikifx news official website.|
We learned that while working for PTFX, Huang also signed contracts with several forex companies, including Leighton Futures and JCI. He claimed to have received the title of "Malaysia Dato" while calling himself the “Asia’s No.1 trader”. According to Huang, investors can get 100% profits guaranteed in trading under his help, with a 1% minimum weekly dividend and even greater return proportional to the deposit.
But were his claims real？ Or were they simply tales he used to scam gullible investors across Southeast Asia？
Not long ago, WikiFX revealed that Leighton Futures was a lame Ponzi scheme that has been blocking withdrawals for a long time. The forex investment project launched by the broker was suspected to be a pyramid scheme, and Huang Zhiming was the trader who ran this project. Interestingly, not long after Leighton Futures collapsed, JCI, another forex company which signed contract with Huang Zhiming, also had a large number of customer complaints for much-delayed withdrawals and pyramid schemes. Currently, some victims of JCI have called the police!
Per checking WikiFX, we found that the illegal broker JCI, rated at only 1.06 on WikiFX App, is without any valid regulation and involves pyramid scheme. In addition, the broker doesn’t use MT4/MT5 software and has been in business for less than 1 year, bearing tremendous risks.
We may conclude from the above information that although with different names, Leighton Futures and JCI, together with PTFX, have been defrauding investors with similar tricks. This suggests that PTFX as well as scammers like Huang may still be lurking around, so investors should definitely watch out for them.
So far, WikiFX App has included profiles of more than 17,000 forex brokers around the world, while integrating broker information query, exposure, news feed and other functions, offering better protections for your assets.
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|The recent data from International Monetary Fund shows that in Q4, 2019,
the dollars share in global foreign reserves reported by the IMF
dropped to 60.8% compared to the previous quarter, falling for the
second straight quarter.To get more news about USD’s Proportion, you can visit wikifx news official website.|
As the number of confirmed cases continues to rise, the United States has now become the epicenter of the global coronavirus outbreak. Before the large-scale outbreak in the United States, due to the spread of the virus across the world and the consequent interruption of global supply chain, US stocks promptly responded with a heavy slump that triggered trading curb four times in just a few weeks, with the S&P 500 index tumbling by 20% from the highest point with unprecedented speed.
Under bailout pressure, the Fed took swift actions within a short period by first adopting zero interest rate and then launching large-scale quantitative easing, with a speed and intensity far beyond the interpretation of traditional currency theories and expectations from the market. While the Fed's policies have been somewhat effective in the short term, some experts pointed out that the series of approaches are essentially printing US dollars recklessly which will lead to dollar's depreciation, dividing the cost of market rescue efforts on the world. Experts warn that from historical experience, excessive quantitative easing is currency devaluation which “beggar-thy-neighbor”, boosting hidden risks of global inflation.
In fact, the Feds monetary policies have still failed to achieve satisfactory results, and the US government has no choice but to issue another US$2 trillion fiscal stimulus bill. Obviously, huge fiscal stimulus will seriously threaten the sustainability of US government debt, and as the number of unemployed people increases, the extreme gap between rich and poor will greatly reduce US society's resilience to economic shocks.
Some analysts pointed out that after this round of crisis, the US dollar's share in the international currency reserve may decline further.
On the other hand, data previously released by the IMF showed that while the share of the dollar has fallen, the share of the Renminbi in global foreign exchange reserves has risen. In the fourth quarter of 2019, global foreign exchange reserves increased to US$11.829 trillion, up 1.5% from the previous quarter and more than 3% from the fourth quarter of 2018. These include RMB assets worth of about US$202.79 billion, accounting for 1.89% of the global official foreign exchange reserve assets and surpassing the share of Aussie dollar (1.62%) and Canadian dollar (1.84%).
With previous epicenters Wuhan and Hubei Province ending their lockdown restrictions, China is accelerating resumption of production; the Chinese government has relatively greater fiscal space, and coupled with significant reduction in leverage over the past four years, the RMB assets' overall performance is relatively stable, showing the characteristics of safe-haven assets.
Analysts pointed out that China's current national bond yields are higher, therefore more attractive to international investors, and the RMB exchange rate will remain on the track of appreciation in the long-term.
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