CCTV Script 15/08/18

— This is the script of CNBC's news report for China's CCTV on August 15, 2018, Wednesday.

Let's have a look over the recent actions from Turkey. First, Minister of Treasury and Finance of Turkey Albayrak is about to hold a teleconference with investors from US, EU and Middle East on Thursday, with around 1000 people will attend that, this is the 1st teleconference since he take office. The signal from this action is Turkey is willing to listen to overseas investors. And this action comforts the investors. Then another action is that Turkey president Erdogan said Turkey will against electronics from the US, as well as launches a domestic crackdown on fake news.

From 12, a gossip about Turkish government will launch capital regulation spreads on social media, and confiscating foreign currency, as well as compulsive settlement of exchange also caused panic among investor. However, the Istanbul attorney general's office released an announcement later, saying they will investigate the people who disturb Turkish economy and social stability, Turkey's financial crimes commission will also investigate fake news aimed at manipulating the economy.

This series of actions relief crisis in Turkey causing many emerging market currencies and global stock market buoyed on Tuesday.

On Tuesday, Turkish Lira against US dollars jumped 8% to 6.4172, even though it declined to 6.5440 later, it still had a 5% gain.

Meanwhile, The South African rand rose more than 2% against the dollar on Tuesday, The Brazilian real followed the Turkish lira, rebounding by more than 5% against the dollar, the Russian ruble rose by 2.15% against the dollar and the Argentine peso edged up by about 0.73% against the dollar.

[David Dietze] "Investors are taking a core assessment that saying you know, this type of behavior on the part of Turkey is not typical of all emerging markets countries Therefore, lets not go overboard in terms of our concerns, therefore we saw the lira advancing today, and of course we saw stock market rebound after 4 down days."

At the same time, at the stock market front, global stock market rally and investors return to risk market prudently after currency crisis in Turkey relief.

At the US stock front, DJ was up 0.45%; S&P500 gained 0.64% and a 0.65% increase was seen in NASDAQ overnight.

We will keep an eye on this issue.