Today's Opening Belle is brought to you by our partners, Equos and Utrust.

Looking for a crypto exchange? Give Equos a try (they've just released an exchange token too, similar to BNB and FTT...

TMI & Diginex are hosting an event on April 21st: “Crypto Assets: The Questions Every Corporate Treasurer Should be Asking” a panel of leading experts will discuss whether crypto assets and more specifically bitcoin has become a viable treasury asset...

Book your spot 👇

Crypto Assets: The Questions Every Treasurer Should Be Asking | Treasury Management International
In partnership with Diginex Wednesday 21st April 20219am GMT / 10am CET / 4pm SGT Speakers François Masquelier, CEO, Simply Treasury Moderator Eleanor Hill, Editor, TMI Are crypto assets really a viable treasury investment? If so, how can you enter – and exit – the market with the least possible ris…
  • Are crypto assets really a viable treasury investment?
  • If so, how can you enter – and exit – the market with the least possible risk?
  • How does the custody of crypto assets work?
  • What are the accounting and tax considerations?

Want to incorporate crypto payments into your business? Definitely use Utrust 👇

We only work with partners we know, trust and have a strong product.

No exceptions.

China's Deleveraging: "Smaller shadow banking together with deleveraging reform suggests that financial market risks are under control"

That's the quote from ING after today's credit data...

It's fair to say that most are aware of the enormous Chinese debt and many will have seen some variant of this chart at the end of 2020...

Which then brought about the debt-reduction policy response...

Not making much headway on the ratio so far, although they may be reducing the shadow banking sector...

Back to the ING report 👇

Credit data matches deleveraging reform on real estate developers
China's total credit grew by CNY3.34 trillion in March and CNY10.24 trillion in 1Q21, down CNY873 billion from 1Q20.
But yuan loans grew by CNY7.91 trillion in 1Q21, which was an increase of CNY659 billion from 1Q20.
The difference comes from a fall in shadow banking activities, including trust loans, entrusted loans, and less funding raising from corporate bonds and stocks.
The deleveraging reform started with real estate property developers in early 2021, and there have been added regulations on how banks lend to these developers. Together with moves to shrink shadow banking businesses, this deleveraging reform should help real estate property developers to reduce debt.
This is also important to the health of the financial sector in China because real estate property developers have borrowed heavily in the past.

Developers were 27% of China’s record first-quarter defaults via Bloomberg

The problem with shadow-banking is that it's shadowy...

Are the financial risks actually under control?

Or are they hiding in plain sight?

What’s up with China’s property market?
Evergrande, the real estate darling of China. At first glance, it appears like a straight-A student. However, it would take a prudent investor just five minutes of legwork to reveal that this company is, in fact, a troubled child.

🔥 Hot and 🚫 Not

🔥 Nuance Communications: Up by 22%! in pre-market - Microsoft will buy the AI firm in a $19.7 billion deal 💥

(Reuters) Microsoft Corp said on Monday that it will buy Nuance Communications Inc in a $19.7 billion deal, as it looks to bolster its suite of enterprise applications with the artificial intelligence firm’s advanced speech technology.
Microsoft’s offer price of $56 per share is at a premium of 22.86% to Nuance’s last close of $45.58.

🚫 Head & Shoulders patterns on Spanish industrial data 👇

There's been a pandemic of ridiculous charts lately: no vaccine available yet, but David has us covered on what we can learn from them 👇

What can we learn from ‘dumb’ charts?
I think learning from mistakes is in fact the only way that we do indeed learn adequately.But rather than learning from your own mistakes, where you don’t even take on any initial risk, learning from others’ is even better.