China’s African Odyssey
The Wall Street Journal has published a Caixin interview with former Chinese ambassador to South Africa and current special envoy for African affairs, Zhong Jianhua. Zhong discusses the shifting triangle of...
yuan
Currency Agreement Signals Baby Steps
Japan and China announced a package of financial agreements during new Japanese Prime Minister Yoshihiko Noda’s visit to Beijing late last week, pacts that will ultimately give the yuan a greater role as an international...
China Calls Rapid Yuan Rise Impossible
The Ministry of Foreign Affairs on Wednesday commented that yuan appreciation in the near term is out of the question. While the yuan has risen around 30% against the U.S. dollar, Foreign Ministry spokeswoman Jiang Yu asserts...
China Official Media: U.S. Woes Threaten Global Recovery
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...
Record Yield Premiums Spur Best Yuan Gains in Three Months: China Credit
With the Chinese yuan rising 0.41 percent versus the dollar in the last two weeks, China’s five-year notes and comparable U.S. Treasury issues was at a record high yesterday. The growing strength of the yuan was boosted...
Chinese Inflation Likely Above 5% in May
The Chinese government has set an inflation target of 4% for the year but it is likely that China’s inflation rate may be above 5% for the month of May. From Market Watch: China’s inflation will likely be above 5% in...
China Sets Stage With New Yuan-Clearing Process
From Wall Street Journal: As the U.S. and European Union move toward having central counterparties clear over-the-counter derivative products, China is making similar changes to its foreign-exchange spot market, a move that...
Russia Says Yuan Could be Reserve Currency in Decade
Russian Finance Minister Alexei Kudrin has announced that the Chinese yuan could become a world reserve currency over the next ten years: “I think the shortest route would be if China liberalised its economy and allowed...
Opinion: Geithner Is Exactly Wrong on China Trade
Bret Swanson writes in The Wall Street Journal that incoming Treasury Secretary Timothy Geithner, who recently accused China of manipulating its currency, has things backwards: The new consensus is that America failed to react...
China Warns on Fake Yuan Currency
Chinese officials are telling people to be wary of circulating fake currency notes. From BBC: A People’s Bank of China statement said low-quality counterfeit detectors did not always manage to spot the fakes. But it said...
Olympics Replace Mao on New 10-Yuan Bill
As reported by the Associated Press: To commemorate the Beijing Olympics, China’s central bank is issuing a new 10-yuan note, according to a report by Monday’s official Xinhua New s Agency. The note is worth $1.45,...
China Eases Forex Controls, Lets Companies Keep Money Made Abroad – AP
From the International Herald Tribune: China has scrapped rules requiring domestic companies to convert a portion of foreign earnings into Chinese currency, the government said Tuesday, in a move that could ease pressure on Beijing’s foreign exchange system. Chinese companies will now be allowed to decide on their own how to use money earned abroad, […]
Paulson to Visit China for Talks – Benton Ives-Halperin and Elizabeth Price
U.S. Treasury Secretary Henry Paulson will leave for China on July 30th to meet with President Hu and Vice Premiere Wu Yi to try to resolve the recent China-U.S. currency problems. From the Wall Street Journal: Treasury Secretary
China Foreign-Exchange Reserves Reach $1.33 Trillion – Nipa Piboontanasawat and Lee Spears
From Bloomberg: China’s foreign-exchange reserves, the world’s largest, climbed to a record $1.33 trillion at the end of June, increasing pressure on the government to allow faster yuan gains. “China’s foreign reserves are too big and mopping up the liquidity that fuels inflation and asset bubbles is an administrative headache,” said Simon Derrick, chief currency […]
Yuan’s Drop Suggests China Wants to Stop Speculators – Bloomberg
From Bloomberg (link) The yuan’s decline today may signal China’s intention to thwart speculators betting on a gain before President Hu Jintao visits Washington, said ABN Amro Holding NV. A repetition of yesterday’s gains, which took the yuan to within 0.03 percent of 8 against the dollar, would have breached that level. The central bank, […]
People’s Daily: No rush on yuan reform: China
From the People’s Daily Online: China said on Saturday it will not rush to reform its exchange rate. Senior officials attending the World Economic Forum said currency reform steps would come eventually but the world would have to wait for China to take them at its own, gradual pace. For over a year now, top […]
Katie Hunt: Currencies Steady; China in Focus
From The Reuters, via Washington Post: “Uncertainty ahead of a Group of Seven and key emerging nations meeting next week hemmed major currencies in recent ranges on Friday, with speculation over China’s yuan policy taking center stage. The yen fluctuated sharply as comments from Chinese central bank officials stirred talk on whether or not China […]
China premier wants stable economy for yuan reform
From the Reuters: “Chinese Premier Wen Jiabao signalled the country was in no rush to reform the yuan, and questioned why more hadn’t been done to stop the dollar’s slide, the strongest words yet of concern by Beijing about the weakening U.S. currency. China needed a stable economy and healthy financial system before reforming its […]
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