Dan Celia: A Win for the Administration After China Flinches
PHILADELPHIA—Nationally syndicated host and biblical investing authority Dan Celia said today that the possibility of a military strike on Syria is giving investors a bit of a pause, which could stretch through the end of the week. Celia is discussing these and other global and economic headlines on his daily, three-hour “Financial Issues” program, heard on about 650 stations nationwide.
“Trade concerns continue to linger,” Celia said. “Consumer inflation numbers are coming out soon, and the markets will be paying attention. And we must believe that the Left is absolutely hating this, but we are seeing another win for this presidential administration. China’s central bank governor pledged to expand foreign access to the country’s banking system securities and the insurance sector this year, and is opening up trading links between Shanghai and London stock exchanges. This is a monumental move—something that has been talked about for a long time—but it is obvious that China is feeling a bit of pressure.
“Foreign ownership caps on Chinese securities and life insurance are currently being raised to 51 percent from 49 percent,” Celia added. “And China is saying this will be totally abolished in three years. China is also expanding the permitted business scope for foreign insurance agencies and will quadruple the daily quota allowed for foreign investors to buy mainland traded stocks, as well as for Chinese investors to purchase Hong Kong traded stock. All of this is a monumental move, and not all of it is good for the U.S. markets. But most of it is positive for synchronized global growth, which will inevitably be good for the American economy moving forward.”
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