Thursday, January 18, 2018

Why the US Is Trying to Squash China’s New Asian Infrastructure Investment Bank

The U.S. has been lobbying Asian nations to persuade them to reject China’s Asian Infrastructure Investment Bank. The U.S. has been working behind the scenes to kill a Chinese proposal for a regional infrastructure bank in Asia, according to the New York Times. As The Diplomat has reported in the past,...

Chinese leader in Belarus to sign multibillion dollar deals

MINSK, Belarus (AP) — Chinese President Xi Jinping traveled Sunday to Belarus for a three-day trip to sign deals worth billions of dollars as Beijing looks to build greater inroads into Europe's economy. Xi said Sunday that Belarus could become a key hub for China's much-vaunted Silk Road vision —...

U.S. urges allies to think twice before joining China-led Asian Infrastructure Investment Bank

(Reuters) - The United States urged countries on Tuesday to think twice about signing up to a new China-led Asian development bank that Washington sees as a rival to the World Bank, after Germany, France and Italy followed Britain in saying they would join. The concerted move by U.S. allies...

Greece seals sale of biggest port Piraeus to China COSCO

ATHENS, (Reuters) - Greece is to sell its biggest port Piraeus Port Authority to shipping group China COSCO Shipping Corporation, marking the second major privatization for the country since late last year. The port sale had been halted by the leftist government of Alexis Tsipras when it won elections in...

China GDP Tumbles To Lowest In 6 Years Amid Quadruple Whammy Of Dismal Data

A month ago we warned "Beijing, you have a big problem," and showed 10 charts to expose the reality hiding behind a stock market rally up over 100% in the last year. Tonight we get confirmation that all is not well - China GDP fell to 7.0% (its lowest in 6 years)...

Turmoil in Hong Kong, Terrorism in Xinjiang: America’s Covert War on China

China is facing increasing pressure along two fronts. In its western province of Xinjiang, terrorists have been stepping up destabilization and separatist activities. In China’s southeast Special Administrative Region of Hong Kong, protests have disrupted normality in the dense urban streets, with protest leaders seeking to directly confront Beijing while...

Obama’s quiet nuclear deal with China raises proliferation concerns

It seemed like a typical day for President Obama. He taped a TV interview on trade, hosted the champion NASCAR team on the South Lawn and met with the defense secretary in the Oval Office. Not so typical was something that didn’t appear that day on the president’s public schedule: notification to...

Japan Says It Could Join China-Led Asian Infrastructure Investment Bank

Australia to decide Monday; concerns about governance, transparency remain. Japan indicated it could join a China-backed development bank, despite territorial and economic rivalry between the two neighbors, and another U.S. ally, Australia, signaled it is ready to join the bank Washington has expressed concerns about. Australia was to decide Monday, and...

In Odyssey for Chinese, Greece Sells Its Fabled Port of Piraeus

With the sale, China’s state-owned COSCO aims to turn a once-sleepy port into the “dragon’s head” of the New Silk Road. Beijing’s ambitions to build a modern-day “Silk Road” connecting China, Central Asia, and Europe took a big step forward Friday when Chinese state-owned shipping giant COSCO finally sealed a...

Australia Caught in Middle of US-China Power Tussle

Canberra could struggle to balance its interests as tensions rise over the AIIB and TPP. Tensions between the United States and China over the Chinese-led Asian Infrastructure Investment Bank (AIIB) are the next embodiment of a hard and soft power battle for economic and political dominance in the Asia-Pacific, and...

Apec summit backs Beijing roadmap to vast Asia-Pacific free trade area

China’s Xi Jinping calls Apec endorsement of US-backed Trans-Pacific Partnership a 'historic step'. The Apec summit has endorsed a Beijing-backed route towards a vast free trade area in the region, its host Xi Jinping said on Tuesday, calling it a “historic” step. The Asia-Pacific Economic Cooperation meeting also saw a flurry...

Foreign Ministry Spokesperson Hua Chunying’s Remarks on the US Defense Department’s Report 2015

Q: The US Department of Defense issued a report of Military and Security Developments Involving the People's Republic of China 2015, which once again plays up "China's military threat and the lack of transparency in military strength", and expresses concerns about China's military development. It also accuses China of...

IMF, ADB add to supporters for China-led development bank

BEIJING (Reuters) - China received critical support from the International Monetary Forum and Asian Development Bank on Sunday for its goal of establishing a new Chinese-led multilateral lender, adding to a growing wave of endorsements that has worried the United States. Leaders of the IMF and ADB, speaking at a...

China Goes Prospecting for World’s Gold Mines

Hunt by Chinese companies for overseas deals could make China an even bigger player in the global gold market. Chinese gold miners are aggressively scouting for overseas acquisitions, encouraged by historically low gold prices that could help them scoop up assets cheaply. Though gold prices have risen by more than 16%...

Japan tops China in US govt debt holdings

WASHINGTON — There’s a new king of U.S. government debt. Japan edged China in February as the largest foreign holder of U.S. government securities, the Treasury Department reported late Wednesday. The agency released its monthly report on foreign holdings of U.S. government longer-term debt and it showed that Japan in...

China’s Shadow Banking Grinds To A Halt As Bad Debt Surges Most In A...

It is probably not a coincidence that just as we learn that "China’s bad loans jumped by the most since 2005 in the third quarter, fueling concern that a cooling economy will be further weakened as banks limit lending to avoid credit risks" that we also learn that in...

Obama just made a quiet nuclear deal with China

It seemed like a typical day for President Obama. He taped a TV interview on trade, hosted the champion NASCAR team on the South Lawn and met with the defense secretary in the Oval Office. Not so typical was something that didn't appear that day on the president's public schedule:...

With Development Bank, China Challenges Japan’s Role in Asia

Support for the Asian Infrastructure Investment Bank is growing, but Japan remains wary. China’s plans for a new development bank to fund infrastructure in Asia pose a challenge to Japan, which has been a major donor in the region and controls a decades-old institution with a similar remit. Beijing’s efforts to...

China Readies $46 Billion for Pakistan Trade Route

Beijing plans to pour $46 billion into infrastructure projects, open new trade routes. Chinese President Xi Jinping is set to unveil a $46 billion infrastructure spending plan in Pakistan that is a centerpiece of Beijing’s ambitions to open new trade and transport routes across Asia and challenge the U.S. as the dominant...

Behind China’s Infrastructure Bank

The world is awash with money yet in most places economic growth is decelerating and deflation threatens. It’s a confusing time for investors, with both global equity and bond markets looking overpriced, as all of that demand for a return overwhelms the supply of true earnings growth. Yet there is one...

Pentagon weighs sending planes, ships near disputed South China Sea reefs

The Pentagon is considering sending U.S. military aircraft and ships to assert freedom of navigation around rapidly growing Chinese-made artificial islands in the disputed South China Sea, a U.S. official said on Tuesday. Defense Secretary Ash Carter requested options that include sending aircraft and ships within 12 nautical miles (22...

Taiwan to Apply to Join China-Led Development Bank

Questions over Taiwan’s membership name could complicate any deal; Japan, Canada allow deadline to pass. TAIPEI—Taiwan said it would opt in while Japan and Canada stayed on the sidelines as a deadline passed Tuesday for joining a China-led development bank, though signals from Taiwanese officials that Taipei would set conditions...

Venezuela receives $5 Billion funding from China

Cash-strapped Venezuela has received $5 billion in financing from China, President Nicolas Maduro announced Sunday as his country struggles with an economic crisis. "We just received $5 billion more in financing for development," Maduro said in a radio and television address. He did not provide further details on the loan from...

China: Global Political Shift

I have been to China over the years more than a dozen times. I have spoken with people at all levels of policy-making, and one thing I have come to realize is that when Beijing makes a major policy change, they make it carefully and with great deliberation. And...

The IMF just approved the Chinese yuan as a major world currency

What comes next is political. Monday afternoon, the International Monetary Fund’s (IMF) Executive Board voted in favor of allowing China’s currency — the yuan (or renminbi) — to join the ranks of the world’s most elite monies. On Oct. 1, 2016, the yuan will officially be added to the IMF’s Special...

Japan, Sticking With U.S., Says It Won’t Join China-Led Bank

TOKYO — Japanese leaders indicated on Tuesday that their nation would not become a founding member of a new Chinese-led Asian development bank but instead remain loyal to the United States, which has urged its allies to refrain from joining. The officials cited concerns about the management of the new...

China’s Offering a World Bank Alternative – and U.S. Allies Are Signing Up

Beijing is only too happy to offer an alternative to Western-dominated international finance. What's more surprising is that leading Western economies are signing up. “With friends like this, who needs enemies?” This must be what Washington policymakers muttered to themselves following the decision by their allies in London, Paris, Rome, and...

China has crossed a major investment threshold that is going to change the entire...

Back in October, the Financial Times wrote that China's outbound investment will soon surpass the amount invested inside the country, marking a new step in the rise of this new economic power. "This is just a matter of time; if it doesn’t happen this year then it will happen in...

China’s Renminbi Is Approved by IMF as a Main World Currency

HONG KONG — The Chinese renminbi was anointed as one of the world’s elite currencies on Monday, a milestone decision by the International Monetary Fund that underscores the country’s rising financial and economic heft. The move will help pave the way for broader use of the renminbi in trade and...

Britain Joins China’s Asian Infrastructure Investment Bank Despite U.S. Concerns

In Face of Interest, Alliance Sometimes Fragile. Despite concerns voiced by its close ally the United States, Britain, a conventional Atlantic force, will become the first major Western economy to join a China proposed financing mechanism, which will explore investment opportunities in, mainly, Asia. Downing Street believes its decision to apply to...

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