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China allows WMPs to buy stocks directly

HONG KONG: Chinese authorities said wealth management products (WMPs) can invest directly in the stock market, as policy makers try to reduce the potential risks associated with WMPs buying third-party offerings.

Commercial banks can now open accounts to invest their WMP assets straight into equities, China Securities Depository and Clearing Corp. said in a statement on its website late Wednesday.

Coinbase denies trading cryptocurrencies for its own account

NEW YORK: Coinbase Inc, one of the biggest US cryptocurrency exchange operators, denied engaging in proprietary trading after New York’s attorney general said the firm accounted for almost 20% of transactions on its own platform.

San Francisco-based Coinbase doesn’t trade for its own account, Mike Lempres, the firm’s chief policy officer, wrote in a blog post on late Wednesday titled “Correcting the record.”  Instead, the transactions are executed on behalf of retail clients who use its Coinbase Consumer service, Lempres wrote.

Liberia probes disappearance of US$100mil in new bank notes

MONROVIA: Liberia banned 15 officials including a former central bank governor from leaving the country as it searches for about $100 million in cash, or the equivalent of almost one-fifth of its budget, that was printed abroad and disappeared after arriving at the port.