The Commodity Futures Trading Commission has urged a US court to deem My Big Coin cryptocurrency a commodity subject to CFTC regulation. The CFTC argues the virtual currency, which is at the center of a $6 million fraud lawsuit, is no different from gold. Reuters (14 Jun.)
Indicators show the Chinese economy is cooling, with declines in fixed-asset and property investment, construction, industrial production and retail sales in May, including drops to record lows. Economists cite weaker credit growth and tighter financing conditions, especially for local governments. South China Morning Post (Hong Kong) (14 Jun.)
President Donald Trump has approved tariffs of 25% on about $50 billion worth of Chinese goods, sources said. A Chinese official said China will retaliate immediately. Nikkei Asian Review (Japan) (tiered subscription model) (15 Jun.)
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