Coming to you soon. The fastest growing social media platform in #China. Xiaohongshu, or Little Red Book (I'm not joking). The Tik Tok killer will be another Chinese app. Ironic. https://www.bloomberg.com/opinion/articles/2024-10-21/xiaohongshu-social-media-app-defying-china-s-tech-slump?srnd=homepage-asia&sref=lgMFFI0d

This - right here - is the only “number go up technology” I care about. #hashrate And a +4% upward adjustment coming tomorrow. @Clark Moody

If this isn't a coincidence, it most certainly demonstrates that fate does have a very twisted sense of humor. The BRICS event is happening this week, the very same week that the IMF/World Bank are holding their annual meeting. One in Washington DC and the other in Kazan, Russia. This is a great piece by the SCMP highlighting the moment in time for which we are living. Tagging @gladstein because, well it just makes sense.

South China Morning Post

Macroscope | Brics summit vs IMF-World Bank meetings: the global divide is clear

The West and its institutions are deluded if they think ignoring the Global South’s demands and preserving the status quo will work.

Totally expected, but the PBoC formally moved to lower the benchmark lending rate this morning. Just a reminder that up to this point, all #China has done in terms of simulative measures have been via the monetary route. There has been zero formal shift fiscally. I remain doubtful that there will be any material fiscal support provided by Beijing and the Ministry of Finance. If you do see headlines making claims of fiscal measures, look deeper into the details. The expectation would be for Beijing to announce the issuance of large scale government bonds. The proceeds, however, of that issuance will more than likely be directed at addressing local government debt. In short, central government bonds will be used to retire local government bonds. A net zero impart to the economy.

CNBC

China cuts benchmark lending rates by 25 basis points

The move was expected. China's central bank governor indicated last week that the loan prime rates would be lowered.

As markets go, #China is a genuine anomaly. It is the world’s second largest economy. It also exhibits the very same risks of any emerging market. There’s nothing else like it and there has been, and will continue to be, excess volatility.

#China GDP for Q3 is out and it came in slightly better than expected at 4.6%. It’s all optics mind you and basically everyone just focuses on the topline data point without looking too much into the details. We are still watching play out the back and forth battle over whether the central government will finally announce some fiscal support. I remain very doubtful.

CNBC

China reports third-quarter GDP growth of 4.6%, slightly beating expectations

Beijing has faced public scrutiny over its ability to meet its own annual growth target of "around 5%."

Over the years I’ve come to understand that the word “duty” is actually better defined as one’s own nature. Not what it is that you are supposed to do, but what it is that you are inherently meant - dare I say destined - to do.

This is nonsense and quoting Blade Runner is just on a whole new level of disgusting. #China is doing the opposite of Japan. There’s been a two+ year process of aggressive deleveraging. A pain point has been reached and the foot is being eased off the break. For now. It will last only for so long.

I’m curious. Are there people out there who honestly think HODL originated as an acronym for Hold On for Dear Life?

There truly is nothing like a night out with the Chinese.

Seriously??!! What is all of this nonsense. It’s all because of China. Um, try harder.

Even after so many years, I never grow tired of this city. And the energy is finally returning.

When in search of a reason might as well pick one at random. That said, hard to connect the dots between China and price action of the King.

Not to beat the dead horse but after the Ministry of Finance press conference in #China yesterday, the below survey came out. Some truly fascinating findings here. @xiangcai

Here is the one thing I appreciate the most about Nostr. Authenticity. With the rarest of exceptions, everyone here is their truest self. I pray this continues.