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☆ China's quest to turn the yuan into a global currency isn't actually driven by domination. It's about sanctions.
▼ + stars: | 2024-05-30 | by ( Huileng Tan | ) www.businessinsider.com time to read: +4 min

"Expanding the use of the renminbi in trade is less challenging than increasing its status as an international reserve currency," Liu wrote. The yuan faces challenges in its globalizationWhile the US and China's strategic competition points to a possible race for currency supremacy, the Chinese yuan is far from ready — and even Beijing knows that. AdvertisementHowever, capital controls are not necessarily a dealbreaker for the broader adoption of the yuan in trade, wrote Liu. It also shows it's not so easy to displace the mighty US dollar as the world's top reserve and trading currency of choice. A recent global survey of 1,660 enterprises showed that there is just not enough interest in using the yuan to trade.

Persons: —, Zoe Liu, Liu, Russia —, Xi, it's Organizations: Service, China Studies, Council, Foreign Relations, Business, Monetary, Financial, China's Bank of Communications, Renmin University Locations: China, Taiwan, London, Russia, Beijing, East Asia, Southeast, Central Asia

☆ China wants to turn the yuan into a global currency out of fear of sanctions, not domination
▼ + stars: | 2024-05-30 | by ( Huileng Tan | ) www.businessinsider.com time to read: +4 min

Beijing's goal now is to minimize any impact from potential sweeping sanctions from the West in "extreme geopolitical scenarios," such as a military conflict over Taiwan, which China claims as its territory, wrote Liu. "Expanding the use of the renminbi in trade is less challenging than increasing its status as an international reserve currency," Liu wrote. AdvertisementHowever, capital controls are not necessarily a dealbreaker for the broader adoption of the yuan in trade, wrote Liu. It also shows it's not so easy to displace the mighty US dollar as the world's top reserve and trading currency of choice. A recent global survey of 1,660 enterprises showed that there is just not enough interest in using the yuan to trade.

☆ U.S. Defence Chief Reaffirms Support for Philippines, Chides 'Dangerous' Chinese Conduct
▼ + stars: | 2024-03-27 | by ( March | At P.M. | ) www.usnews.com time to read: +1 min

MANILA (Reuters) - U.S. Defense Secretary Lloyd Austin has reaffirmed Washington's commitment to a mutual defense treaty with the Philippines and criticised as "dangerous" China's use of water cannon and disruption of a Philippine resupply mission last week. In a phone call on Wednesday with his Philippine counterpart Gilberto Teodoro, Austin "reaffirmed the ironclad U.S. commitment to the Philippines" following Chinese obstruction at the Second Thomas Shoal "of a lawful Philippine resupply mission," said a statement from the Pentagon. Austin emphasised support for the Philippines in defending its sovereign rights and jurisdiction, it said. The Philippines routinely sends boats to the Second Thomas Shoal to deliver supplies to a small group of its soldiers posted to guard a warship that was intentionally grounded on a reef 25 years ago. The Philippines has been furious over what it calls repeated aggression by China's coastguard around disputed features located inside Manila's 200-mile exclusive economic zone.

Persons: Lloyd Austin, Gilberto Teodoro, Austin, Thomas, Neil Jerome Morales, Martin Petty Organizations: . Defense, Philippine, Pentagon, China's coastguard Locations: MANILA, Philippines, Philippine, China, United States

☆ Angry Chinese people are using a US embassy social-media page to dodge censors and vent about its slumping economy
▼ + stars: | 2024-02-05 | by ( Mikhaila Friel | ) www.businessinsider.com time to read: +4 min

Advertisement"The US government, please help Chinese stock investors," one person wrote in a repost of the Weibo article, according to CNN. Some commenters used humor and sarcasm to get around the country's strict social media restrictions. China has one of the world's most censored media industries, with digital news and social media use heavily restricted throughout the country. Some social media platforms, such as Facebook and Instagram, are prohibited and the government monitors social media platforms that are allowed, such as Weibo. Meanwhile, top officials have publicly spoken about the importance of elevating the "bright prospects of China's economy," according to the Journal.

Persons: — Organizations: Service, Reuters, Bloomberg, CNN, People's Daily, Facebook, The New York Times, Street Journal, China's Ministry of State Security Locations: Weibo, Africa, China, Hong, Beijing

☆ China Launches Powerful Jielong-3 Rocket, Paves Way for More Commercial Missions
▼ + stars: | 2024-02-03 | by ( Feb. | At A.M. | ) www.usnews.com time to read: +3 min

BEIJING (Reuters) - A small but powerful Chinese rocket capable of sending payloads at competitive costs delivered nine satellites into orbit on Saturday, Chinese state media reported, in what is gearing up to be another busy year for Chinese commercial launches. It was the third launch of the rocket, developed by China Rocket Co, a commercial offshoot of a state-owned launch vehicle manufacturer, since December 2022. The cost is similar to the launches of other Chinese small-lift rockets including the Long March 11, but their payload sizes are significantly smaller. Other commercial companies in the Chinese vehicle launch sector includes Galactic Energy, whose Ceres-1 rocket made its debut flight in November 2020. Ceres-1 is capable of delivering a 300 kg payload to a 500 km sun-synchronous orbit.

Persons: Xi Jinping, Ryan Woo, Jacqueline Wong Organizations: China, Co, Geely Holding, CAS Space, Chinese Academy of Sciences, Galactic Energy Locations: BEIJING, Yangjiang, Guangdong, Guangzhou, Lijian, Ceres, Beijing, Shandong

☆ The decline in China's US Treasury holdings isn't as big as it seems
▼ + stars: | 2023-11-26 | by ( Matthew Fox | ) www.businessinsider.com time to read: +3 min

The ongoing decline in China's US bond holdings is not as big as it seems, according to Ned Davis Research. "Although China's holdings of US debt are down, after some adjustments, it's a lot less than the headline implies," NDR said. "The rationale for using these conduits is that when added to China's Treasury holdings, they closely track China's foreign exchange reserves." "Although China's holdings of US debt are down, after some adjustments, it's a lot less than the headline implies," Kalish said. AdvertisementOne person who's not concerned about China reducing its Treasury holdings is US Treasury Secretary Janet Yellen.

Persons: Ned Davis, —, Joseph Kalish, Kalish, who's, Janet Yellen, Xi Organizations: Ned Davis Research, NDR, Service, US, Treasury Locations: China, Beijing, Belgium, Luxembourg, San Francisco

☆ Philippines denounces China for 'unprovoked acts of coercion' to block resupply mission
▼ + stars: | 2023-11-10 | by ( ) www.reuters.com time to read: +4 min

REUTERS/Damir Sagolj/File Photo Acquire Licensing RightsMANILA/BEIJING, Nov 10 (Reuters) - The Philippines on Friday condemned China's coast guard for "unprovoked acts of coercion and dangerous manoeuvres," including its use of a water cannon against one of its boats in an attempt to disrupt a resupply mission in the South China Sea. China's coast guard said two small Philippine transport ships and three coast guard ships entered the waters without the permission of the Chinese government and urged the Philippines to stop infringing on Beijing's sovereignty. Japanese Prime Minister Fumio Kishida said during his visit to Manila on Saturday that his country, the Philippines and the United States were cooperating to protect the freedom of the South China Sea. China's use of water cannons followed a series of incidents in the South China Sea, including the collisions between China's vessels and two Manila ships on Oct. 22. The Philippines accused China coastguard of "intentionally" colliding with its vessels.

Persons: Carlos Dominguez, Gao Hucheng, Damir Sagolj, Thomas, Thomas Shoal, Wang Wenbin, Fumio Kishida, Neil Jerome Morales, Bernard Orr, Christopher Cushing, Gerry Doyle, Christina Fincher Organizations: Philippine, China's, REUTERS, South China, Official Development, China coastguard, Beijing, Thomson Locations: Beijing, China, MANILA, BEIJING, Philippines, China's, South China, South, Manila, Ayungin, Philippine, Thomas Shoal, United States, Japan, Japanese, Washington, Hague

☆ China's US envoy urges 'practical' steps to help restore ties
▼ + stars: | 2023-09-28 | by ( ) www.reuters.com time to read: +2 min

FILE PHOTO-Xie Feng, China's new ambassador to the U.S., addresses the media as he arrives at JFK airport in New York City, U.S., May 23, 2023. REUTERS/Brendan McDermid/File Photo Acquire Licensing RightsBEIJING, Sept 28 (Reuters) - China's ambassador to the United States said the Biden administration could help restore fraught relations by starting with "practical" steps, such as renewing a decades-old pact on science and technology. "We must start from me, start from now, and start from practical things that benefit the people of the two countries," Ambassador Xie Feng said at an embassy reception on Wednesday, ahead of China's National Day on Oct. 1. "The China-U.S. Science and Technology Agreement (STA) is mutually beneficial and win-win," added Xie, who took up his posting in May. This week, the United States said Beijing had allowed a U.S. soldier being expelled by North Korea to stop over in China before continuing home.

Persons: Xie Feng, Brendan McDermid, Biden, Xie, Ryan Woo, Clarence Fernandez Organizations: REUTERS, Rights, . Science, Technology, Treasury Department, Thomson Locations: U.S, New York City, Rights BEIJING, United States, Beijing, Washington, Taiwan, China, North Korea

☆ Philippines urges fishermen to keep up presence at China-held shoal
▼ + stars: | 2023-09-27 | by ( Neil Jerome Morales | ) www.reuters.com time to read: +3 min

MANILA, Sept 27 (Reuters) - The coastguard of the Philippines urged the country's fishermen on Wednesday to keep operating at the disputed Scarborough Shoal and other sites in the South China Sea, pledging to step up patrols there despite an imposing Chinese presence. Philippine vessels were unable to maintain a constant presence but were committed to protecting the rights of fishermen inside the country's exclusive economic zone (EEZ), coastguard spokesperson Commodore Jay Tarriela said. China's response has been measured, with its foreign ministry advising Manila on Tuesday to avoid provocations and not cause trouble. Close to shipping lanes that transport an estimated $3.4 trillion of annual commerce, control of the shoal is strategic for Beijing, which claims sovereignty over most of the South China Sea. "The Scarborough Shoal is closer to the Philippines," said fisherman Pepito Fabros who had come ashore in the province of Zambales between trips to sea.

Persons: Jay Tarriela, Gilbert Teodoro, Tarriela, Pepito Fabros, Neil Jerome Morales, Adrian Portugal, Enrico dela Cruz, Martin Petty, Clarence Fernandez Organizations: coastguard, Beijing's, China's coastguard, Thomson Locations: MANILA, Philippines, Scarborough, South China, Bajo de Masinloc, Philippine, China, Beijing, Manila, Hainan, United States, Zambales

☆ How China became the king of new nuclear power, and how the U.S. is trying to stage a comeback
▼ + stars: | 2023-08-30 | by ( Catherine Clifford | In Catclifford | ) www.cnbc.com time to read: +11 min

That is two and a half times more nuclear reactors under construction than any other country. China was just getting started as the United States nuclear industry began to take a back seat. Power follows demand, so the new nuclear reactors tend to be built where fast-developing economies need power to fuel their growth. For the United States to win the export business, it must prove it can put steel in the ground in the United States. "We and our close nuclear energy allies are at what I think is just the start of a fierce competition for supremacy in global nuclear energy export markets," Kotek said.

Persons: Jacopo Buongiorno, Kenneth Luongo, Luongo, John F, Kotek, they've, Buongiorno, Westinghouse, Trump, Biden Organizations: Plant, China National Nuclear Corporation, China Huaneng, Changjiang, China News Service, Getty, International Atomic Energy Agency, United, Massachusetts Institute of Technology, CNBC, Partnership for Global Security, World Nuclear Association, Chicago Tribune, Tribune, Service, IAEA, Organization for Economic Cooperation, Development, OECD, U.S . Energy Information Administration, Nuclear Energy Institute, International Energy Agency, France, Visual China, Georgia Power, Westinghouse Locations: China, Changjiang Li Autonomous County, Hainan Province, India, Turkey, United States, Georgia, Byron , Illinois, France, Russia, HUIZHOU, CHINA, Huizhou, Guangdong Province of China, Europe, Eastern Europe, U.S

REUTERS/Aly Song/File Photo Acquire Licensing RightsHONG KONG/AMSTERDAM, Aug 24 (Reuters) - Global investors fleeing China have one simple message for the country's leadership: put prudence aside for a short while, and start spending big. "At this point there is confusion and, as long as there is confusion, then there's lack of credibility and that means investors are more likely to stay away," said Seema Shah, chief global strategist at Principal Global Investors in London. Prominent examples are heavy Chinese government spending during the 2008 Global Financial Crisis and its swift intervention during the 2015 market crash. But the subsidies need to come from local governments, many of which are cash-strapped or even drowning in debt and unable to pay their civil servants. The lack of concrete stimulus measures now is prompting many China watchers to downgrade their growth estimates for the next few years.

Persons: Aly, China's, Seema Shah, Chen Zhao, Zhao, hasn't, Frederik Ducrozet, Ducrozet, Principal's Shah, Yan Wang, Xi Jinping's, we’ve, Lorraine Tan, Dhara Ranasinghe, Davide Barbuscia, Yoruk, Xie Yu, Ankur Banerjee, Tom Westbrook, Li Gu, Vidya Ranganathan, Kim Coghill Organizations: REUTERS, Global, Global Investors, policymaking Politburo, Pictet Wealth Management, Local, UBS Bank, Federated Hermes, Foreigners, Asia, Morningstar, Thomson Locations: Huangpu, Shanghai, China, HONG KONG, AMSTERDAM, London, Beijing, Japan, United States, New York, Amsterdam, Hong Kong, Singapore

☆ China's economy is showing signs of serious trouble — and the problems are still mounting
▼ + stars: | 2023-08-12 | by ( Phil Rosen | ) www.businessinsider.com time to read: +9 min

Deflation — the trend of prices falling throughout the economy — presents a particularly dangerous trajectory for China, which carries a massive amount of debt. The main components of GDP on the demand side — consumption, investment, net exports — they all have serious problems right now." A shaky property marketMost of China's economic troubles tie directly into its property market. Roughly a quarter of China's population works in agriculture — well above the 3% mark in the US — and that presents its own productivity limitations. From an unstable, debt-ridden property market to anti-business policies and demographic issues, Beijing has plenty to tackle if it hopes to match the same growth as decades past.

Persons: David Dollar, Biden, Dexter Roberts, Roberts, Terry Group, it's, Xi Jinping Organizations: Service, China's National Bureau of Statistics, People's Bank of, Federal Reserve, Brookings, Bloomberg, JPMorgan, Financial Times, China's, Global, US Census Bureau, Atlantic Council, Communist Party, Garden Holdings, Beike Research Institute, Terry Locations: Beijing, Wall, Silicon, China, People's Bank of China, China's US, Western, Russia, Asia, Ukraine, Mexico, China cratered, Rocky

☆ Ukraine colonel dismisses reports that Russians are poorly equipped as 'more TikTok propaganda than reality'
▼ + stars: | 2023-05-20 | by ( Sarah Al-Arshani | ) www.businessinsider.com time to read: +2 min

A Ukraine colonel told The New York Times that reports of Russian shortages are "TikTok propaganda." Col. Biletsky detailed Ukraine's counteroffensive in Bakhmut, where Ukraine has regained ground. But it has more recently lost some of those gains to a Ukraine counteroffensive. He said Ukrainian soldiers advanced on Russian forces as they were rotating units, allowing them to gain an upper hand. 1 task was to push back the enemy on the flanks of Bakhmut," Biletsky told the Times.

Japan takes center stage on Friday, with the April consumer price inflation report grabbing the data spotlight and the Group of Seven leaders summit in Hiroshima stealing the global political and economic limelight. The broad Topix index hit that milestone this week, and the Nikkei 225 index came within 0.5% of reaching it on Thursday. As Phil Suttle, a former World Bank economist, wrote on Thursday: "Japan is back!" G7 leaders begin a three-day summit in Hiroshima on Friday, with world market attention focused most on what they say about China. Here are three key developments that could provide more direction to markets on Friday:- Japan CPI inflation (April)- G7 leaders summit (Japan)- Fed Chair Jerome Powell speaksBy Jamie McGeever; editing by Deepa BabingtonOur Standards: The Thomson Reuters Trust Principles.

WASHINGTON/PARIS, May 17 (Reuters) - The longest shadows at the Group of Seven (G7) leaders' summit this week will be cast by two countries that weren't even invited to the Hiroshima gathering: China and Russia. The G7 countries -- the United States, Japan, Germany, the United Kingdom, France, Canada and Italy -- are all closely tied economically to China, the world's second-largest economy and a key global manufacturing base and market. "Everything is part of the great power competition that is taking place between the United States and Russia, and the United States and China." A woman walks past a “G7 Hiroshima” flower installation near the Peace Memorial Museum, ahead of the G7 summit, in Hiroshima, Japan, May 17, 2023. The United States is at the forefront in pushing for stronger investment controls, yet Germany is more cautious, given its heavy reliance on trade with Beijing.

The G7 countries -- the United States, Japan, Germany, the United Kingdom, France, Canada and Italy -- are all closely tied economically to China, the world's second-largest economy and a key global manufacturing base and market. "Everything is part of the great power competition that is taking place between the United States and Russia, and the United States and China." A woman walks past a “G7 Hiroshima” flower installation near the Peace Memorial Museum, ahead of the G7 summit, in Hiroshima, Japan, May 17, 2023. The G7 is looking to draw closer to members of the "Global South" to counter China's role on the global stage. The United States is at the forefront in pushing for stronger investment controls, yet Germany is more cautious, given its heavy reliance on trade with Beijing.

While the communique made no mention of the U.S. debt ceiling stalemate, it figured constantly in discussions. "We need to remain vigilant and stay agile and flexible in our macroeconomic policy amid heightened uncertainty about the global economic outlook," they added in the communique after the meeting. G7 central bank chiefs vowed to combat "elevated" inflation and ensure expectations on future price moves remained well-anchored, a sign many of them will not let their guard down against stubbornly high inflation. CHINA AND SUPPLY CHAINSSeeking to reassure investors after recent U.S. bank failures, the G7 finance chiefs retained an April assessment that the global financial system was "resilient". In the communique, the finance leaders set a year-end deadline for launching a new scheme to diversify global supply chains.

☆ Exclusive: G7 summit statement to target China's 'economic coercion'
▼ + stars: | 2023-05-13 | by ( Trevor Hunnicutt | ) www.reuters.com time to read: +5 min

The main G7 statement is set to include "a section specific to China" with a list of concerns that include "economic coercion and other behavior that we have seen specifically from the [People's Republic of China]," the official said on Friday. A separate "economic security statement will speak more to tools" used to counter coercive efforts from any countries responsible, including planning and coordination, the person said. The joint statement issued by all the G7 leaders every year is intended to signal that the powerful countries are aligned on a range of political and economic issues. CHINA TESTS G7 ALLIANCEThe G7 meeting will be a test of how much the members, all rich democracies, can agree on a common approach to China, the world's second largest economy. Traveling for the G7 finance meeting in Japan, U.S. Treasury Secretary Janet Yellen said on Thursday that China had clearly used economic coercion with Australia and Lithuania.

☆ Vast China-Russia resources trade shifts to yuan from dollars in Ukraine fallout
▼ + stars: | 2023-05-11 | by ( Chen Aizhu | ) www.reuters.com time to read: +7 min

[1/2] Model of natural gas pipeline, Russian and Chinese flags and Yuan and Rouble banknotes are seen in this llustration taken, September 7, 2022. "For now, and for the foreseeable next few years, I think the trade using RMB will predominantly be used for commodity and energy trade." Russian President Vladimir Putin has said that two-thirds of trade between Beijing and Moscow is now settled in roubles or yuan. Surging commodity imports pushed China's trade deficit with Russia to $38 billion last year, although the gap has narrowed in the first four months of 2023. Gazprom, which said last September it had agreed with CNPC to settle gas trade in roubles and yuan, did not respond to requests for comment.

☆ Why have the United States and Philippines issued defence treaty guidelines?
▼ + stars: | 2023-05-04 | by ( Martin Petty | ) www.reuters.com time to read: +3 min

May 4 (Reuters) - The United States and the Philippines have agreed on new guidelines for their 1951 Mutual Defense Treaty, following multiple requests by Manila to make clear the conditions under which Washington would come to its defence. Though the United States has reassured the Philippines their defence partnership is "ironclad", Manila has argued the seven-decade-old treaty needs updating to reflect a different global security environment. Guidelines issued by the Pentagon now specifically mention that mutual defence commitments would be invoked if there were an armed attack on either country "anywhere in the South China Sea". Another addition specifies that coast guard vessels are among those protected. Some analysts have argued the Philippines and United States were better served by a more ambiguous mutual defence treaty.

Ambassador to China Nicholas Burns said on Tuesday Washington was very concerned about China's recent "punitive" action toward some U.S. companies, and that foreign firms are delaying investments in the country due to uncertainty about the openness of its economy. "If you put that together with some of the punitive actions that the government here in Beijing has taken against several American companies recently, we're very concerned about this," Burns said, adding: "We intend to have a full discussion with the government here about it." China's foreign ministry said at the time Mintz was suspected of engaging in unlawful business operations. Burns said a lot of foreign firms were delaying making major investments until they could see some consistency in messaging from China. He said he had warned American companies to carefully abide by a U.S. law that prohibits importing goods from China's Xinjiang region over concerns about forced labor by Uyghurs and other Muslim ethnic minorities.

[1/2] A logo of Airbus is seen at the entrance of its factory in Blagnac near Toulouse, France, July 2, 2020. REUTERS/Benoit TessierPARIS, April 3 (Reuters) - European planemaker Airbus (AIR.PA) is negotiating a new round of plane orders with China, coinciding with a visit by French President Emmanuel Macron to the economic superpower later this week, government and industry sources said. The potential deal for dozens of jets comes amid worsening relations between Washington and Beijing, which have seen China's usually balanced airplane imports tilt towards Airbus in recent years. Airbus also has an industry presence in China including an assembly plant. Macron is due to conduct the state visit to China on April 5-7, with a delegation of company chiefs from France-based companies, expected to include Airbus CEO Guillaume Faury.

☆ At a high-stakes meeting in Moscow, China has to decide whether Putin's failure in Ukraine means it's time to cross a red line
▼ + stars: | 2023-03-20 | by ( Tom Porter | ) www.businessinsider.com time to read: +5 min

Some analysts believe China is poised to escalate its support for Russian in Ukraine. China's Xi Jinping at a welcoming ceremony at Moscow's Vnukovo airport on March 20, 2023. China has sought to portray the war in Ukraine as a result of Western meddling, citing the massive influx of Western weaponry to Ukraine's armed forces. But China may now be preparing so cross the same line and offer weapons of its own to Putin's Russia. If that dynamic continues, Ward said China may decide to risk the wrath of the West and openly provide lethal aid.

☆ U.S. will create at least two semiconductor manufacturing clusters by 2030, Commerce Secretary Gina Raimondo says
▼ + stars: | 2023-02-23 | by ( Chelsey Cox | ) www.cnbc.com time to read: +3 min

Commerce Secretary Gina Raimondo testifies before a Senate Appropriations Subcommittee on Commerce, Justice, Science, and Related Agencies hearing on Capitol Hill in Washington, D.C., U.S., February 1, 2022. WASHINGTON — The U.S. will use funds from the $52 billion CHIPS and Science Act to create at least two large-scale logic fabs for the manufacture of semiconductors, along with multiple high-volume advanced packaging facilities, by 2030, Commerce Secretary Gina Raimondo announced Thursday. U.S.-based manufacturing plants, known as "fabs," will produce advanced memory chips "on economically competitive terms," Raimondo said. "This is fundamentally a national security issue," she said. The Commerce secretary reiterated the government's plans to invest $11 billion in what it calls a National Semiconductor Technology Center.

☆ Philippines, U.S. to hold biggest war games in years
▼ + stars: | 2023-02-15 | by ( ) www.reuters.com time to read: +2 min

MANILA, Feb 15 (Reuters) - The Philippines and the United States will this year carry out their biggest joint military drills since 2015, Manila's army chief said on Wednesday, against a backdrop of growing tensions with China in the South China Sea. President Marcos on Tuesday summoned China's ambassador to express "serious concern" over the intensity and frequency of China's activities in the South China Sea, most of which China claims as its territory. China's use of a laser against a Philippine vessel on Feb. 6, which its foreign ministry insists was legal, has sparked expressions of concerns and support from Australia, Japan, and the United States. The Philippines has granted Washington greater access to its military bases as part of the latter's efforts to deter China's increasing assertiveness in the South China Sea and tension over self-ruled Taiwan. In 2015, more than 11,000 troops from both countries participated in the joint military exercises.

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