Wednesday, October 17, 2018

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...

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...

China seeking to link Iran to its New Silk Road

Iran is arguably one of China's closest partners in the Middle East. And with economic sanctions on Tehran set to be eased, DW examines China's latest proposal to integrate Iran into its New Silk Road Initiative. Seeking to capitalize on the easing of international sanctions on Iran, China's railway authority...

China’s Oil Future

Robust industrial growth and increasing domestic living standards have left China with a nearly insatiable thirst for energy. And oil is playing an integral part in meeting that demand. Although coal remains the chief source of energy, oil fuels China’s transportation, plays a crucial role in industry, and is a...

Chinese Stocks in Hong Kong Enter Bull Market; Shanghai Rebounds

China’s Shanghai Composite Index capped its steepest monthly advance in almost a year, while a gauge of Chinese companies trading in Hong Kong entered a bull market amid signs the nation’s economy and currency are stabilizing. The Shanghai Composite rebounded 12 percent in March, led by consumer and technology companies....

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 Just Made Its First Big Move On The Silk Road, In Uranium

Asia’s emerging Silk Road corridor may be one of the biggest developing stories in natural resources. And this week saw one of the first big deals in this space since China announced the initiative earlier this year. That came in Kazakhstan. Where a slate of Chinese companies announced agreements in...

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...

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...

Chinese Censors Rush to Make Panama Papers Disappear

Several Beijing leaders were implicated in the big leak. Reading social media, you’d never know it. On April 3, the Washington, DC-based non-profit International Committee of Investigative Journalists (ICIJ) dropped what struck many as a bombshell: news that a leaked trove of 11.5 million previously secret files from Panama-based law...

China’s is using Islamic finance to expand its new Silk Road

Islamic finance is gaining prominence as a channel for China to expand its economic influence abroad as banks strengthen ties with Muslim-majority countries and Chinese companies start to tap offshore pools of Islamic funds. With a Muslim population of about 20 million, China has little reason to develop Islamic banking...

China’s One Belt One Road Initiative: What we know thus far

President Xi Jinping launched China's “One Belt, One Road” (OBOR) initiative in 2013 with the stated aim to connect major Eurasian economies through infrastructure, trade and investment. The initiative was later specified to contain two international trade connections: The land-based "Silk Road Economic Belt" and oceangoing "Maritime Silk Road." The “Belt” is...

China’s High-Speed Rail Diplomacy

Beijing Sets its Sights on the U.S. Market. A sense of uncertainty hangs over American infrastructure, as the United States muddles through with its aging nuclear plants, careworn bridges, and potholed highways. In past eras, the United States excelled at building major projects; now, it lags behind other countries. That...

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...

Thought the TPP was a big deal? China’s rival free trade pact covers half...

This week, the US and 11 other countries signed up to a free trade agreement spanning the Americas and the Asia-Pacific region. The Trans-Pacific Partnership (TPP) allows countries making up 40% of global GDP to lower or abolish tariffs, making trade cheaper and promoting business in all countries involved. But...

Prime Meridians: A Journey Along Copper’s New Silk Road

China's growing focus on securing copper supplies from the “Silk Road” corridor makes perfect sense. Why not look in your own backyard? It’s the same reason that U.S. mining and exploration firms tend to focus on Mexico, Australian companies specialize in Southeast Asia, and London-based exploration outfits are Africa-savvy.

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...

Yuan Soars Most In A Month Ahead Of National People’s Congress

With all western eyes firmly focused on US payrolls tomorrow, China is preparing for the biggest leadership gathering of the year this weekend. Offshore Yuan (USDCNH) is soaring (up over 5 handles in the last 24 hours) ahead of The National People's Congress as PBOC Deputy Governor hinted at...

China seeks reform, not revolution, of current international order

SINGAPORE - A famed China expert said Tuesday that China is seeking to reform the current US-defined international order, rather than revolutionize it. Zheng Yongnian, director of the East Asia Institute of National University of Singapore, said in a column on the local Lianhe Zaobao newspaper that what China has...

How One Belt, One Road will give China’s developing neighbours easier access to Chinese-made...

China has experienced unprecedented growth, going from an inward-looking agricultural country to a global manufacturing powerhouse. ‘One Belt, One Road’ creates a land and maritime link to China’s developing neighbours and beyond and their demand for Chinese-made products and materials. By Dennis Wong, Sidney Leng and Moritz Rudolf

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...

Gold Fund To Serve The New Strategy Of The Silk Road, Lead The New...

Not surprisingly there is little official documentation on the recently launched Silk Road Gold Fund. However, the translation below (original article published on ifeng) provides an intriguing insight at what this Fund is about. On May 22 Chinese financial policy makers from the PBOC, Chinese gold industry executives from commercial banks, mining companies, the Shanghai Gold Exchange...

BRICS Bank inks strategic cooperation deal with China Construction Bank

The New Development Bank (NDB) launched by the BRICS countries on Wednesday signed a strategic cooperation agreement with China Construction Bank, the country’s second-largest lender. “The NDB, as per its mandate, is building partnerships with major banks in its member countries. Cooperation with CCB is important for us, given the key role it...

Investment floods into China’s One Belt, One Road strategy

HONG KONG — China’s ability to throw staggering amounts of money at projects was on display again this week with the announcement that a state-owned investment giant will pour $113 billion into supporting the One Belt, One Road trade strategy. China International Trust and Investment Corporation (Citic) will invest in...

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...

ICBC buys Barclays’ US$80bn London gold vault

ICBC Standard Bank is buying Barclays' London precious metals vault, giving the Chinese bank the capacity to store gold worth more than US$80bn in the secret location. The vault is one of the largest in Europe, with a capacity to hold 2,000 tonnes of gold, silver, platinum and palladium. It...

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...

China boosts gold reserves by nearly 14 tonnes in October

Slowest pace of purchase since China started reporting mid-2015 Gold reserves at 55.38 million troy ounces at end-October Nov 30 China added nearly 14 tonnes of gold to its foreign exchange reserves in October, the slowest pace of purchase since the central bank started reporting its reserves of the precious metal...

Is China on a Path to Debt Ruin?

There's still a chance to avoid the worst. It depends on how bold the government is willing to be. In the first quarter of 2016, Chinese debt rose to 237 percent of GDP — a level comparable to that of the U.S. or the Eurozone and yet much larger than...

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...

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