Reuters reports the chorus of disapproval at the state of Western nations’ finances from Chinese state media including the People’s Daily and Xinhua: “It must be understood that if the U.S., Europe and other...
Another day, another milestone for the yuan appreciating against the dollar. For the first time, the People’s Bank of China has fixed the value of the yuan at less than $6.50. From Reuters: The People’s Bank of China...
After six continuous days of increases, the Chinese yuan has reached a new high of about 6.54 yuan to 1 dollar, closing the week off at a record high. From Wall Street Journal: China’s yuan rose to a fresh high against the...
Columnist Robert J. Samuelson writes in the Washington Post: China disclosed the other day that its foreign exchange reserves had increased to about $2.4 trillion in 2009, up $453 billion for the year. These stupendous figures...
The Independent published an allegedly “exclusive report” by Robert Fisk that several countries, including China, Russia, Japan, France and Gulf states had met secretly to find ways to stop using the U.S. dollar as...
The New York Times has two op-ed pieces today looking at the power of the renminbi versus the U.S. dollar. From Nouriel Roubini (professor of economics at the New York University Stern School of Business and the chairman of an...
From the Council on Foreign Relations blog: At key points then, China shied away from the decisions that would have allowed it to avoid accumulating so many reserves. China’s leaders probably didn’t intend to accumulate $2...
Following release of an essay by People’s Bank of China governor Zhou Xiaochuan calling for a new international reserve currency to replace the U.S. dollar, U.S. Treasury Secretary Timothy Geithner sent the value of the...
China has proposed a new international reserve currency, indicating its doubts of the dollar’s strength. From Financial Times: China’s central bank on Monday proposed replacing the US dollar as the international reserve...
From The Financial Times: The flotation of Blackstone in June 2007 has already gone down as one of the symbolic events in America’s financial bubble – the end-of-an-era deal when some of Wall Street’s savviest insiders decided...
Stephen King, managing director of economics at HSBC, explains why the world is following China’s lead by buying dollars, and what China should have done instead. From The Independent: […] the only stuff that is...
From the Los Angeles Times: Liu Keli couldn’t tell you much about South Carolina, not even where it is in the United States. It’s as obscure to him as his home region, Shanxi province, is to most Americans. But Liu...
Wang Tao, an economist from Bank of America, writes on slowing foreign exchange inflows, the weakening dollar and Yuan rate revaluation. From Caijing.com.cn: By closely linking the yuan with a sharply declining U.S. dollar,...
From the Financial Times: “The dollar fell to new lows on Friday on rumours that China might shift some of its currency reserves away from the greenback, highlighting the dollar-related jitters in financial markets. The fragility in currency and bond markets has centred on fears that Asian central banks might dump US assets to avoid […]
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