Oil Futures to be launched in China

Shanghai Crude oil contract has been finally launched to roll out yuan denominated oil futures
26 March 2018   1080

This key trading event took place on Shanghai's International Energy Exchange. Trading volumes of the main contract achieved 13.4 billion yuan.

The chairman of the China Securities Regulatory Commission, Liu Shiyu claimed at the launching ceremony that the start of the contract completely corresponds to the orders from the government work report. This country is known as the biggest oil importer in the world. In 2017 China produced over 600 million tons of oil. Approximately 70 percent of it was imported. China can receive benefits from its own standard trading in yuan, that would bring it greater influence over pricing by the 2 established benchmarks - the Brent crude (London) and West Texas Intermediate (New York).

Wang Kong, a finance professor at the China Europe International Business School, declared that the third alternative benchmark will be able to enlarge the oil futures`liquidity as well as the efficiency of the oil market in the whole. China will become a part of the global oil price institution. Middle Eastern oil has been more costly in Asia than in Europe: it was termed by economists as the “Asian Premium”. China was in lack of a benchmark which would better display market conditions in Asia. It is supposed that the new contract will help to address this situation.

This is the first in China yuan-denominated futures contract which is open to foreign companies (investment funds, trading houses, and petroleum firms). JP Morgan, the investment bank joins the exchange in order to provide brokerage services for traders.

According to the analysts, the new benchmark will soon have to pass its first examination - the lack of liquidity. The Chinese government has started to let non-state establishments to participate in crude oil imports in recent years, but the sector remains strongly dominated by the state giants.

About 413 organizations were presented in the trading on Monday, and more international players are expected to come in and trade. Analysts demand that China would need to deal with other countries to figure out regulatory points, as the contract should become more attractive to the international players. So the new standard will take time to grow and strengthen.

China to Finance Hacker Attacks on Exchanges, - FireEye

Experts believe that the victims of APT41 are industry participants, the development of which is a priority in the current Chinese five-year period
08 August 2019   388

The hacker group APT41 attacks companies in the areas of healthcare, telecommunications, fintech, media, and cryptocurrency exchanges. This activity is funded by the Chinese government, according to analysts of cybersecurity company FireEye.

Experts believe that the victims of APT41 are industry participants, the development of which is a priority in the current Chinese five-year period.

Industries Targeted by APT41
Industries Targeted by APT41

At the same time, APT41 pursues its own goals, extracting financial benefits from attacks, which is unusual for other groups under the Chinese government, according to FireEye.

APT41 is known to include at least two people with the pseudonyms Chzan Xuiguan and Wolfji. The group probably has connections with other hacker organizations like BARIUM and Winnti.

FireEye also evaluated at what time of the day the APT41 attacked the gaming industry (its core target) and businesses from other areas. It turned out that this was happening outside the framework of a standard working day - probably these people, among other things, have the main job.

APT41 Operational Times
APT41 Operational Times

According to the UN Security Council, hackers under the DPRK government stole about $ 2 billion from banking institutions and cryptocurrency exchanges.