Sunday, June 25, 2017

Xi Jinping’s Swiss visit to present positive Chinese message: ambassador

Chinese President Xi Jinping's upcoming Swiss visit will present a confident, open, responsible and positive Chinese voice to the world, Ma Zhaoxu, China's Permanent Representative to the United Nations Office at Geneva (UNOG) and Other International Organizations in Switzerland, wrote in a signed article published on People’s Daily on...

China’s Xi to promote globalization at Davos, not war and poverty

China's President Xi Jinping will promote "inclusive globalization" at this month's World Economic Forum (WEF) in Davos and will warn that populist approaches can lead to "war and poverty", Chinese officials said on Wednesday. This year's forum, from Jan. 17-20, is expected to be dominated by discussion of a surge...

China Reserves Hover Above $3 Trillion on Government Support

China's foreign currency holdings remained above $3 trillion in December even as the yuan capped its steepest annual decline in more than two decades. Reserves fell $41.08 billion to $3.01 trillion, the People’s Bank of China said in a statement Saturday. That matched a $3.01 trillion estimate in a Bloomberg survey...

China Considers Options to Back Yuan, Curb Outflows

China has studied possible scenarios for the yuan and capital outflows this year and is preparing contingency plans, according to people familiar with the matter. The offshore yuan surged the most in a year. The authorities have used stress tests, models and field research, said the people who asked not...

The Coming War on China

When I first went to Hiroshima in 1967, the shadow on the steps was still there. It was an almost perfect impression of a human being at ease: legs splayed, back bent, one hand by her side as she sat waiting for a bank to open. At a quarter...

Malaysia-China sign historic 14 agreements worth RM144b

PM Najib Razak says it is the biggest ever recorded with his official visit overseas and a historic achievement for both countries. Malaysian and Chinese companies made history today with the signing of 14 agreements worth RM144 billion. Prime Minister Najib Razak said the amount was the biggest ever recorded in...

Malaysia to award $18.3b KL-Kelantan rail project to China

Malaysia is awarding a RM55 billion (S$18.3 billion) rail project to China Communication Construction Company (CCCC), just two weeks after Prime Minister Najib Razak made public the plan to build the Kuala Lumpur-Kelantan line. The 620km mega project will be the third involvement of China firms in major projects in...

China, Malaysia pledge to narrow differences on South China Sea

Kuala Lumpur also agrees to buy four Chinese naval vessels as part of Najib Razak’s visit to Beijing. China and Malaysia vowed to deepen cooperation on the ­disputed South China Sea on Tuesday as Malaysian Prime Minister Najib Razak met Premier Li ­Keqiang in Beijing. Li called on Malaysia and China...

Philippines open for business with China, says finance minister

Opportunities for the two countries to cooperate on infrastructure, says Carlos Dominguez. The Philippines' new government plans to court Chinese investment to fund an ambitious infrastructure programme, the latest sign of warming ties between the two nations that have been at loggerheads over territorial claims in the South China Sea. “The...

IMF Officially Gives China A Seat at the Adult Table of World Economies

China has the world’s second-largest economy, but its currency, the renminbi, has long been kept out of the International Monetary Fund’s elite club of the world’s strongest national tenders. That changed this weekend. After years of liberalization reforms, the IMF announced Saturday the renminbi would join the bank’s group of...

Ethiopia has a lot riding on its new, Chinese-built railroad to the sea

ADDIS ABABA, Ethi­o­pia — The sleek, white train glides through the hilly Ethiopian countryside, the first to travel this route in nearly a decade. The contrast is stark as the new, Chinese-made electric train passes horse-drawn carriages, oxen hauling plows and crowds of curious village children. But soon it crosses...

China facing full-blown banking crisis, world’s top financial watchdog warns

China has failed to curb excesses in its credit system and faces mounting risks of a full-blown banking crisis, according to early warning indicators released by the world’s top financial watchdog. A key gauge of credit vulnerability is now three times over the danger threshold and has continued to deteriorate, despite pledges by Chinese...

Obama: Failure to Pass TPP Benefits Beijing

President Barack Obama on Friday painted the Trans-Pacific Partnership, the massive but faltering trade deal between 12 Pacific nations, as a simple choice: Either the U.S. will write the trade rules in Asia or China will. It’s an argument the president has made before. But this time, he did it...

China Is About to Get Serious With Bad Debt

China's banks, which dialed down fundraising efforts this year even as bad debts swelled, are making up for lost time. Both lenders and the companies set up to acquire their delinquent assets are bolstering their finances. China Citic Bank Corp. last month announced plans to raise as much as 40...

China to lead way with landmark SDR bond offerings

HONG KONG/SINGAPORE, (IFR) - China is pushing for a landmark offering of bonds denominated in Special Drawing Rights, the International Monetary Fund's synthetic reserve currency, ahead of the renminbi's official entry into the SDR basket in October. The World Bank and China Development Bank are actively preparing to issue SDR...

Biggest China Banks Grind Out Meager Profit Gains as Loans Sour

China's biggest banks are grinding out meager profit gains as they grapple with pressure from loans going bad. Agricultural Bank of China Ltd. on Friday posted a 0.5 percent increase in net income in the second quarter from a year earlier. China Construction Bank Corp. reported earlier in the week...

It’s Time for China Analysts to Stop Talking Past One Another

What exactly is going on in the People's Republic? Even with good data, experts can't agree. On August 12, the International Monetary Fund (IMF) issued its annual report card on China's economy and gave the country mixed grades, finding that its “economic transition will continue to be complex, challenging, and...

Song Xin: Increase Gold Reserves And Join SDR

The Chairman of the China Gold Association and General Manager and Party Committee Secretary of China National Gold Group Corporation, the latter being China's largest gold mining enterprise, is Song Xin and happens to be one of my favorite commentators in China. This gentleman made waves in July 2014...

What China’s SDR Bond Issue Really Means

This is the first step toward one world currency. They promised, they delivered. The World Bank will issue a $2.8 billion SDR bond, or Special Drawing Rights bond, in China in August. Separately, the China Development Bank will also issue between $300 million and $800 million of SDR notes. China, the...

Trillions in Murky Investments Could Rock China’s Economy

A Shanghai investment firm is offering a fat return of up to 10 percent a year, handily beating both the local stock market and the paltry payouts from bank accounts. It requires a minimum deposit of about $15, making it accessible to just about anyone. Investors can pull out...

SDR bonds are China’s next step to take yuan global

SHANGHAI -- With the yuan set to enter the Special Drawing Rights currency basket in October, China looks to create a market for SDR-denominated bonds as a step toward internationalizing the country's currency. The government-linked China Development Bank as early as this month will issue $300 million to $800 million...

China to stick to stable yuan against currency basket, says central bank chief

Zhou Xiaochuan underscores Beijing’s ongoing commitment to keeping currency's value steady. The value of the yuan would remain stable against a basket of currencies, central bank chief Zhou Xiaochuan said on Sunday on the sidelines of the G20 meeting of finance ministers and central bankers in Chengdu. Speaking to the South...

How China’s Currency Manipulation Enhances the Global Role of the U.S. Dollar

But it's not quite that simple. In fact, Beijing benefits from the dollar’s dominance. On April 16, Zhou Xiaochuan, the governor of China’s central bank, the People’s Bank of China, once again set off alarm bells during a speech at the International Monetary Fund (IMF). “Starting from this April,” he...

Security Is Only as Good as Your Fastest Computer

China now dominates supercomputing. That matters for U.S. national security. China has, for the seventh time in a row, taken the top prize as the global leader in supercomputing. The Sunway TaihuLight, at the National Supercomputing Center in Wuxi, a city near Shanghai, has clocked a theoretical peak performance of...

Chinese fund eyes Glencore’s gold mine in Kazakhstan

China's Silk Road Fund, a US$40 billion pool set up to invest along the ancient trade routes with Central Asia, is discussing a joint bid for Glencore Plc’s gold mine in Kazakhstan. The fund is partnering with China National Gold Group Corp on a possible joint offer for the Vasilkovskoye...

China Bank Bailout Calls Grow Louder as Markets Seen Vulnerable

Predictions of a Chinese banking system bailout are going mainstream. What was once the fringe view of permabears and short sellers is now increasingly being adopted by economists at some of the world’s biggest banks and brokerages. Nine of 15 respondents in a Bloomberg survey at the end of last month,...

China’s Pivot to Putin’s Friends

The Moscow-Beijing partnership is stalling. But Xi is winning over the Russian president’s inner circle with favorable loans and sweetheart energy deals. When Gennady Timchenko — a Russian oligarch and close friend of President Vladimir Putin — was appointed chair of the Russian-Chinese Business Council, an association of more than...

SCO alignment of regional cooperation with Belt and Road Initiative – Chinese Commerce Minister

TASHKENT, June 24 (Xinhua) -- The Shanghai Cooperation Organization (SCO) will enter a new phase of aligning regional economic cooperation with fulfillment of the "Belt and Road" initiative, on the basis of great contribution in the past, a senior Chinese official said here Thursday. During the past 15 years since...

Potential U.S. Consequences of China’s Capital Account Liberalization

In recent years, the United States has had positive net international income (e.g., stock dividends and bond coupon payments) despite being a net debtor to China. China, however, has had negative net income, despite being a lender to the United States. Recent policy changes in China could end this...

Xi, Putin meet on promoting SCO’s regional role

TASHKENT, June 23 (Xinhua) -- Chinese President Xi Jinping and his Russian counterpart Vladimir Putin met here Thursday on enhancing bilateral ties and promoting the Shanghai Cooperation Organization (SCO)'s role in regional development and security. The two heads of state met briefly late Thursday ahead of the 16th SCO summit...

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