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RMB Has Strongest Single-Day Gain In 15 Years VS The USD

RMB Has Strongest Single-Day Gain In 15 Years VS The USD

Week In Review

  • The Wall Street Journal pointed out this Monday that China has steadily increased its purchases of US crude oil since May.
  • Bloomberg announced this Tuesday that Singaporean sovereign wealth funds, GIC and Temasek will participate in the Ant Group IPO, with the former reportedly making a $1 billion investment.
  • It was reported this Wednesday that over 400 million Chinese are vacationing domestically during the Golden Week holiday. Thus, it is no surprise that consumption plays are performing well this week.
  • On Thursday, Ping An Insurance-backed company Lufax Holdings filed for a New York Stock Exchange listing under the ticker LU.

Key News

Let’s not bury the lead: THE STRONGEST SINGLE DAY OF PERFORMANCE FOR THE RENMINBI VERSUS THE US DOLLAR IN 15 YEARS! The renminbi (RMB) moved $0.09 versus the USD last night! You might remember how China “devalued” its currency back in August 2015. Last night’s move was almost the same magnitude as 2015, but the other way around! Regardless, back then the headlines SCREAMED about the “devaluation” for weeks. Don’t get me wrong, Summer 2015 was awful as China’s Mainland stock market fell and then the currency drop left a Grand Canyon-sized wrinkle in between my eyebrows. However, with such a strong move to the upside, I would have expected at least a few headlines covering the RMB’s historic positive move last night… (For my friends in Europe & UK, the appreciation wasn’t as pronounced versus the Euro or Pound.)

While I have your attention, I will point out the growing disparity between MSCI’s
MSCI
definition of Chinese A-Shares and domestic indices such as the CSI 300. MSCI added mid-cap stocks to its definition of A-Shares in November 2019. My colleagues and I have been pounding the table about how the mid-caps gave MSCI’s

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New Analysis Shows Contract Pharmacies Financially Gain From 340B Program With No Clear Benefit to Patients

New Analysis Shows Contract Pharmacies Financially Gain From 340B Program With No Clear Benefit to Patients

New Analysis Shows Contract Pharmacies Financially Gain From 340B Program With No Clear Benefit to Patients

PR Newswire

WASHINGTON, Oct. 8, 2020

WASHINGTON, Oct. 8, 2020 /PRNewswire/ — Today, the Berkeley Research Group (BRG) published an analysis of historical trends in 340B contract pharmacy arrangements. The findings conclude that the growth in the number of these arrangements is fueling explosive growth in the program at large and driving the 340B program farther and farther away from its original intended goal of providing discounted medicines to safety-net entities treating uninsured and vulnerable patients. 

New Analysis Shows Contract Pharmacies Financially Gain From 340B Program With No Clear Benefit to Patients
New Analysis Shows Contract Pharmacies Financially Gain From 340B Program With No Clear Benefit to Patients

Congress created the 340B program to help safety-net providers, including certain qualifying hospitals and federally-funded clinics, access discounts on prescription medicines for low-income or uninsured patients. In 2010, a Health Resources and Services Administration (HRSA) policy opened the door to allow all 340B entities to contract with an unlimited number of for-profit retail pharmacies (e.g., CVS, Walgreens) to dispense 340B medicines. While this policy may have been intended to improve patient access to needed medications, it had the misguided effect of creating an opening that allowed for-profit vendors, pharmacies and pharmacy benefit managers to exploit the program and make a profit on 340B sales – sales intended to benefit low-income and vulnerable patients.

“It is clear that contract pharmacies have leveraged market power to drive unprecedented program growth and siphon money out of the program and away from vulnerable patients,” said Stephen J. Ubl, president and chief executive officer of the Pharmaceutical Research and Manufacturers of America (PhRMA). “I urge lawmakers to consider the results of this analysis and pursue policies that ensure the 340B program benefits vulnerable patients rather than just line the pockets of for-profit corporations.”

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