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Read previewWestern countries are lining up to call out China for its barrage of cheap exports that are flooding the world's markets. "We will continue to monitor the potential negative impacts of overcapacity and will consider taking steps to ensure a level playing field, in line with World Trade Organization (WTO) principles." China pushes back on criticism, industrial profits rose in AprilBeijing has consistently resisted the West's criticism that it is dumping cheap goods on the world market. Chinese authorities say the West's accusations are protectionist and aimed at containing China's economic growth. In April, profits at China's industrial companies rose 4% from a year ago, reversing a drop in March, according to official statistics released on Monday.
Persons: , Janet Yellen, Olaf Scholz, Bruno Le Maire, Yu Weining, Joe Biden, Biden, Josh Lipsky, Lipsky Organizations: Service, Business, EU, Bloomberg, World Trade Organization, China's Commerce Ministry, European Commission, International Monetary Fund Locations: China, France, Stresa, Italy, Beijing, United States
It’s a very different matter in Europe — by far the biggest export market for Chinese EV manufacturers. EU tariffs could backfireAccording to Citi, the EU accounted for 36% of Chinese EV exports last year, more than the next five largest markets combined. By contrast, the United States currently receives just 1.1% of China’s EV exports. For BYD, China’s biggest EV maker, the tariffs would likely have to be even higher to be effective, they add. “I’d say we are entering a very tense period in terms of trade interactions and trade defense,” she added.
Persons: Joe Biden, “ I’m, ” Biden, Joseph Webster, Agatha Kratz, Kratz, That’s, Oliver Zipse, , Tu Le, , Josh Lipsky, Juliana Liu Organizations: London CNN, United, EV, European Union, Atlantic Council, EU, CNN, Citi, Capital Economics, BMW Locations: China, America, Europe, United States, It’s, Brussels, “ Brussels, Beijing, subsidization, EU, States, Italy, Hong Kong
REUTERS/Dado Ruvic/Illustration//File Photo Acquire Licensing RightsLONDON, Oct 22 (Reuters) - A milestone move by the European Central Bank toward launching a digital euro within a few years means the time has come for the newest incarnation of money to prove its worth. A few countries have introduced central bank digital currencies (CBDCs), China is trialling a prototype yuan with 200 million users, India is gearing up for a pilot and some 130 countries representing 98% of the global economy are exploring digital cash. Commercial bankers fret about the costs and possible deposit bleeds as customers could move money into central bank accounts, while developing countries worry that an easily accessible digital dollar, euro or yuan could cause havoc in their systems. DEFINING A GLOBAL STANDARDA key unknown is whether the U.S. Federal Reserve or Bank of Japan will launch retail CBDCs. "The current adoption level of eNaira has been reflective of the early stage of CBDC awareness," the country's central bank said in a written response to questions, adding it had been "consistent" with expectations.
Persons: Dado Ruvic, Josh Lipsky, Fabio Panetta, couldn't, Lee Braine, Bo Li, Atlantic Council's Lipsky, Lipsky, Marc Jones, MacDonald Dzirutwe, William Mallard Organizations: REUTERS, European Central Bank, Reuters, Atlantic Council, Facebook, ECB, Barclays, Bank of, U.S . Federal Reserve, Bank of Japan, International Monetary Fund, Atlantic, Thomson Locations: China, India, Western, Nigeria, U.S, Canada, Bahamas, London, Lagos
IMF Managing Director Kristalina Georgieva did not mention the new conflict at opening events. The inability to respond extended to chair's statements issued by the Group of 20 major economies and the IMF and World Bank steering committees, which failed to mention the conflict. "You know, without peace, it's hard for people to get stability, growth, look after their children, get jobs," he said. But conflicts remain the biggest challenge to the global economy, said Josh Lipsky, a former IMF official who directs the Atlantic Council's GeoEconomics Center. "Geopolitical shocks are economic shocks now and economic shocks are geopolitical shocks - and they're trying to detach the two."
Persons: Kristalina Georgieva, that's, Rachel Nadelman, Joe Biden, China's Xi, Ajay Banga, Josh Lipsky, Andrea Shalal, David Lawder, Giles Elgood Organizations: Global, International Monetary Fund, World Bank, IMF, West Bank, Reuters, Research Center, Group, GeoEconomics, Thomson Locations: MARRAKECH, Morocco, Israel, Gaza, Lebanon, Ukraine, United States, China, Bali, Africa
The Group of 20 major economies did reach consensus on an official communique but omitted any mention of the Israel-Hamas war. Senior World Bank Group officials were more pointed in a statement to staff, saying they were "shocked and appalled by the unprecedented escalation of violence in Israel and Gaza." "We condemn terrorism in all forms, including the abhorrent targeting of innocent civilians and kidnapping," the leaders of the World Bank, the International Finance Corp and the Multilateral Investment Guarantee Agency, said in an internal statement seen by Reuters. "Geopolitical shocks are economic shocks now and economic shocks are geopolitical shocks - and they're trying to detach the two." Reporting by Andrea Shalal and David Lawder; Editing by Giles Elgood and Stephen CoatesOur Standards: The Thomson Reuters Trust Principles.
Persons: Kristalina Georgieva, that's, Rachel Nadelman, Joe Biden, China's Xi, Ajay Banga, Josh Lipsky, Andrea Shalal, David Lawder, Giles Elgood, Stephen Coates Organizations: Global, International Monetary Fund, World Bank, IMF, West Bank, Reuters, Research Center, U.S, Treasury, Bank Group, International Finance Corp, Multilateral Investment Guarantee Agency, GeoEconomics, Thomson Locations: MARRAKECH, Morocco, Israel, Gaza, Lebanon, Ukraine, United States, China, Africa
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailChina president Xi's absence from this year's G20 summit is a big deal, says Josh LipskyJosh Lipsky, Senior Director of the Geoeconomics Center at the Atlantic Council, discusses his expectations for this year's G20 Summit.
Persons: Xi's, Josh Lipsky Josh Lipsky Organizations: Email China, Geoeconomics, Atlantic Council
WASHINGTON (AP) — Treasury Secretary Janet Yellen is facing growing skepticism from some leading rich and developing nations as the residual impact of sanctions against Russia is deepening divisions among the Group of 20 countries. Russia and China, meanwhile, have declared a “no limits” partnership of their own. And the economic bloc of Brazil, Russia, India, China and South Africa — known as BRICS — is trying to increase its use of local currencies instead of the U.S. dollar. Russia is hoping it can use its power over Ukraine’s Black Sea exports as a bargaining chip to reduce Western sanctions. That may be difficult as G20 nations increasingly gravitate into blocs and with some leaders, including Chinese President Xi Jinping, opting to skip the summit.
Persons: Janet Yellen, , Joe Biden, Yellen, Vladimir Putin, Putin, Rachel Ziemba, , Xi Jinping, Josh Lipsky, Lipsky, Xi, Mark Sobel, ” Sobel, Ziemba Organizations: WASHINGTON, , U.S ., West, Center, New, New American Security, Treasury Department, International Fund for Agricultural Development, GeoEconomics, Fund, Center for Strategic, International Studies, U.S, New Development Bank, Monetary Fund, World Bank, , European Union Locations: Russia, India, U.S, Moscow, Ukraine, United States, China, Brazil, South Africa, New Delhi, New American, Argentina, Australia, Britain, Canada, France, Germany, Indonesia, Italy, Japan, Mexico, Saudi Arabia, South Korea, Turkey
The US even reminded everyone just how influential the buck is when it effectively froze Russia out of the global financial system with sanctions last year. Becoming the issuer of the global reserve currency is about trust. The US has controlled the global reserve currency for 102 years — giving it a special status in the world economy. Still, given that the country controlling the global reserve currency holds that status of an average of 94 years, history seems to indicate it's high time for a successor. Why shouldn't the financial world resemble something closer to the mosaic of cultures, politics, and nations that exists today?
Persons: Chenzi Xu, there's, Xu, , Ron Temple, Gregory Brew, Eurasia's Brew, dollarizing, Stephen Jen, Jen, we've, Stanford's Xu, Luiz Inácio Lula da Silva, Josh Lipsky, " Lipsky, It's, Alexander Wise, Jan Loeys, Loeys, dollarization, Wise, Lazard's Temple, isn't, Phil Rosen Organizations: Stanford, Federal, European Central Bank, People's Bank of China, Lazard, Publishing, Getty Images, International Monetary Fund, Bank of International Settlements, Eurasia Group, Sandman's, Eurizon, IMF, Atlantic Council, JPMorgan Locations: Russia, Israel, France, China, America, Saudi Arabia, Brazil, India, Pakistan, Bolivia, Iraq, South Africa, Beijing
The S&P 500 Index last week entered a bull market, meaning that it notched a 20% rally from its low in October. Moreover, investors appeared calmer than they have in years, after the United States suspended the debt ceiling in time to avoid a default, allowing investors to breathe a sigh of relief. The May Consumer Price Index and Producer Price Index reports, two key inflation prints, are also due the days that the Fed meets. But the United States could still suffer a downgrade to its credit rating, even though it avoided losing its ability to make payments on time. Tuesday: Consumer Price Index report for May and NFIB small business optimism index.
Persons: CNN — Stocks, Price, , JJ Kinahan, there’s, Karim El Nokali, Jerome Powell, ” El Nokali, , Joe Biden, Benjamin Jeffery, Patrick Klein, ” Josh Lipsky, it’s, Olivier d’Assier, “ It’s, George Mateyo Organizations: CNN Business, Bell, CNN, Nasdaq, United, Fed, IG North America, Fitch, AAA, BMO Capital Markets, Franklin, GeoEconomics, International Monetary Fund, Treasury Department, US Treasury, Key Private Bank, Federal Reserve Bank of New York Survey, Consumer, Federal Reserve, Federal, University of Michigan Locations: United States, US
So the Treasury market remains intact in this scenario? JL: The broader US economy will suffer, the stock market will suffer, there will be higher unemployment. So just because the Treasury market ends up doing fine does not mean good news for the US economy. If you think the stock market isn't signaling there's a recession looming, David Rosenberg says otherwise. The AI hype gripping the stock market will resemble a mini dot-com bubble, according to UBS's Art Cashin.
But if it does, it could make the 2008 global financial crisis feel like a walk in the park. The consequences are frightful.”The belief that America’s government will pay its creditors on time underpins the smooth functioning of the global financial system. During the 2011 standoff over raising the US debt ceiling, the S&P 500 index of leading US shares plunged more than 15%. “It’s unclear in a Treasury default crisis whether the Fed could do enough even with the types of efforts it deployed in March 2020,” Obstfeld said. “A default would be a message to investors all around the world of eroding confidence in America,” he added.
Why China and Japan are praying the US won’t default
  + stars: | 2023-05-25 | by ( Laura He | )   time to read: +8 min
China and Japan are the largest foreign investors in American government debt. China was the largest foreign creditor to the United States for more than a decade. The falling value of Treasuries would lead to a drop in Japan and China’s foreign reserves. “If the United States defaults on its debt, it will not only discredit the United States, but also bring real financial losses to China,” it said. Analysts say Beijing has shown little willingness to fully integrate with global financial markets.
CNN —Moscow and Beijing lashed out against the Group of Seven (G7) summit in Hiroshima, where leaders of major democracies pledged new measures targeting Russia and spoke in one voice on their growing concerns over China. Russian Foreign Minister Sergey Lavrov on Saturday slammed the G7 for indulging in their “own greatness” with an agenda that aimed to “deter” Russia and China. G7 member countries are Canada, France, Germany, Italy, Japan, the United Kingdom and the United States. Concern about such incidents was reflected in the G7 statement on ensuring economic security and countering economic coercion, which did not explicitly mention China. “The bottom line is that the G7 has shown it will increasingly focus on China and will try to maintain a coordinated policy approach.
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.
He now faces renewed criticism over his agenda at the Fed, where he oversaw efforts to reduce regulations on regional banks. U.S. regional banks are expected to pay higher rates to depositors to keep them from switching to larger lenders, leaving them with higher funding costs. In 2008, regulators had to contend with billions of dollars in toxic mortgages and complex derivatives sitting on bank books. Currently, regional banks below $250 billion in assets have simpler capital, liquidity and stress testing requirements. "SVB is not a very complicated bank," said Dan Awrey, a Cornell Law professor and bank regulation expert.
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