Wednesday, June 19, 2019

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:...

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...

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)...

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...

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, Pursuing Strategic Interests, Builds Presence in Antarctica

HOBART, Tasmania — Few places seem out of reach for China’s leader, Xi Jinping, who has traveled from European capitals to obscure Pacific and Caribbean islands in pursuit of his nation’s strategic interests. So perhaps it was not surprising when he turned up last fall in this city on the...

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...

China’s investment/GDP ratio soars to a totally unsustainable 54.4%. Be afraid.

“Once upon a time, Western opinion leaders found themselves both impressed and frightened by the extraordinary growth rates achieved by a set of Eastern economies. Although those economies were still substantially poorer and smaller than those of the West, the speed with which they had transformed themselves from peasant...

US anger at Britain joining Chinese-led Investment Bank AIIB

US statement says of UK membership that it is ‘worried about a trend of constant accommodation’ of China, in a rare public breach in the special relationship. The White House has issued a pointed statement declaring it hopes and expects the UK will use its influence to ensure that high...

Obama, Republicans push anti-China trade pact

Both the US Senate and House of Representatives have begun action on legislation to grant President Obama Trade Promotion Authority, also known as “fast-track” authority, which would enable the US government to finalize the Trans-Pacific Partnership, a trade agreement with 11 other countries in Asia and the Americas. The Senate...

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...

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...

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,...

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’s Yuan May Draw $1 Trillion on Getting IMF Reserve Status

At least $1 trillion of global reserves will switch into Chinese assets if the International Monetary Fund endorses the yuan as a reserve currency this year, according to Standard Chartered Plc and AXA Investment Managers. People’s Bank of China officials have called for the IMF to include the yuan 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...

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...

China’s Defiance Before the IMF: Incorporate the Yuan into the Special Drawing Rights

China is ready to counterbalance the dominance of the dollar in the International Monetary System through the yuan. In 2009, Zhou Xiaochuan, the governor of the People’s Bank of China, called for a transformation in the global reserve system; the violent fluctuations of the dollar demanded more stability and...

IMF’s Executive Board Completes Review of SDR Basket, Includes Chinese Renminbi

The Executive Board of the International Monetary Fund (IMF) today completed the regular five-yearly review of the basket of currencies that make up the Special Drawing Right (SDR). A key focus of the Board review was whether the Chinese renminbi (RMB) met the existing criteria to be included in...

Chinese Commodity Crash Continues, But Pigs Are Flying

When it comes to keeping track of China's economy, one can listen, and ignore, the official goalseeked and made-up-on-the-fly data released by the government, or one can simply observe the price dynamics of the all-important Chinese commodities sector (because with fixed investment accounting for well over 50% of GDP,...

How Beijing Is Responding To A Soaring Dollar, And Why QE In China Is...

While the topic of China's slowing economy has been a prominent fixture over the past week, first with the latest Chinese rate cut last weekend, followed by the announcement that China is once again lowering it target growth rate to 7% for the 2015 and onward, coupled with a...

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 —...

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...

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...

Japan, Philippines to hold first naval drill in South China Sea

Japan and the Philippines will hold their first joint naval drill this month in the South China Sea near a disputed shoal claimed by Beijing, sources in Tokyo and the Philippines said. The May 12 maritime safety exercise, which will practice the code for unplanned encounters at sea, known as...

China Cuts Interest Rates, Takes Number Of Central Banks Easing In 2015 To 21

And then there were 21. Hours ago on Saturday, the country whose currency is largely pegged to the dollar which itself is now anticipating a rate hike in the coming months, surprised the world by confirming its economic slowdown yet again following a recent rate cut just this past November...

China has right to seek regional influence, says Modi ahead of trip

NEW DELHI: India's Prime Minister Narendra Modi has played down fears over China's growing regional clout ahead of his landmark trip to Beijing, saying the rival Asian powerhouse has a "right" to seek greater influence. While ties between the nuclear-armed nations have long been strained over a bitter border dispute,...

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...

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...

US govt bans Intel from selling chips to China’s supercomputer boffins

Xeon, Xeon Phi processors slapped on trade block list. The US government has blocked Intel from shipping high-end Xeon processors to China's supercomputer builders – and other American chip giants are banned, too. Intel confirmed to The Register last night it was refused permission to sell the chips to the Middle Kingdom's defense...

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