Tag Archives: China

IMF Approves Reserve-Currency Status for China’s Yuan

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“The IMF will add the yuan to its basket of reserve currencies, an international stamp of approval of the strides China has made integrating into a global economic system dominated for decades by the U.S., Europe and Japan.  It’s the first change in the SDR’s currency composition since 1999, when the euro replaced the deutsche mark and French franc. It’s also a milestone in a decades-long ascent toward international credibility for the yuan, which was created after World War II and for years could be used only domestically in the Communist-controlled nation. The IMF reviews the composition of the basket every five years and rejected the yuan during the last review, in 2010.”

http://www.bloomberg.com/news/articles/2015-11-30/imf-backs-yuan-in-reserve-currency-club-after-rejection-in-2010

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Goldman’s BRIC Era Ends as Fund Folds After Years of Losses

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“The bank’s asset-management unit folded its money-losing BRIC fund, which invests in Brazil, Russia, India and China, and merged it last month with a broader emerging-market fund. Goldman Sachs pulled the plug on the nine-year-old product because it doesn’t expect ‘significant asset growth in the foreseeable future,’ according to a filing to the U.S. Securities and Exchange Commission.  The downfall of the BRIC fund, which had lost 88 percent of its assets since a 2010 peak, also underscores how the strategy of bundling disparate countries into a single investment theme is losing its appeal among investors.”

http://www.bloomberg.com/news/articles/2015-11-08/goldman-s-bric-era-ends-as-fund-closes-after-years-of-losses

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Pentagon: 50% more drone flights by 2019, adding China, Russia coverage

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“The military is doubling down on drones. The expansion would give the Pentagon even more reconnaissance data, expanding capacity in new programs from the Army and special contractors.  Only a vanishingly small percentage of the flights involve actual strikes, but they’ll provide a crucial first step for strikes in new regions, which will require reconnaissance feeds for targeting and command support. Notably, many of the future reconnaissance efforts are intended to monitor operations in Ukraine and the South China Sea. Thus far, drone strikes have been largely confined to Yemen, Somalia, Afghanistan, and Pakistan.”

http://www.theverge.com/2015/8/17/9164577/pentagon-drone-mission-increase-2019

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U.S. navigation moves in South China Sea will continue

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“In October, a U.S. guided-missile destroyer, the USS Lassen, challenged territorial limits around one of China’s man-made islands in the Spratly archipelago with a so-called freedom-of-navigation patrol.  China claims most of the South China Sea, through which more than $5 trillion in global trade passes every year. Vietnam, Malaysia, Brunei, the Philippines and Taiwan have rival claims.  The United States is responding to China’s moves by putting its ‘best and newest’ assets in the Asia-Pacific and investing in space, cyber, missile defense, and electronic warfare, he added.”

http://www.reuters.com/article/2015/11/08/us-southchinasea-usa-carter-idUSKCN0SW0SL20151108

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This $21,700 Land Rover Lookalike to Go on Sale in China

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“A sport utility vehicle that bears an uncanny resemblance to the Land Rover Evoque will go on sale in China this week at a third of its sticker price.  More than 5,500 people have put down deposits for the Landwind X7, which will be available in dealerships from Thursday at a starting price of 135,000 yuan ($21,700). The Evoque, which is Jaguar Land Rover’s best-selling model worldwide, retails from 398,000 yuan. Both models feature similar broad fenders, recessed door panels and a sloping roof. Jaguar Land Rover Chief Executive Officer Ralf Speth railed at what he called the the rise of Chinese ‘copy-and-paste‘ jobs earlier this year at the Shanghai auto show.”

http://www.bloomberg.com/news/articles/2015-08-04/this-21-700-land-rover-lookalike-to-go-on-sale-in-china

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Alibaba Revenue Misses Expectations; $4 Billion Stock Buyback Planned

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“A year ago, executives of the Chinese e-commerce company Alibaba were preparing a roadshow that paved the way for one of the biggest initial public offerings of stock in history.  Since then, the company’s situation has changed drastically. Alibaba is now grappling with an economic slowdown in China, which has been made more volatile by the devaluation this week of the country’s currency.  Investors who bought into Alibaba’s growth promise during the roadshow are also more skeptical — and less forgiving of any stumbles, especially as turbulence in China’s stock market spreads to Chinese companies listed in the United States.”

http://www.nytimes.com/2015/08/13/business/international/alibaba-q1-earnings-stock-buyback.html?_r=0

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China stuns financial markets by devaluing yuan for second day running

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“With the bank having said on Tuesday that that day’s action was a ‘one-off depreciation’, the rapid two-day drop in the value of the currency of about 4% dealt a blow to investors. They fear a prolonged currency war that could damage world trade should the US and Japan retaliate and drive down the value of the dollar and yen.  The prices of key industrial and construction metals – nickel, copper and aluminium – hit six-year lows.  The International Monetary Fund said China’s move to make the yuan more responsive to market forces appeared to be a welcome step and that Beijing should aim to achieve an effectively floating exchange rate within two to three years.”

http://www.theguardian.com/business/2015/aug/12/china-yuan-slips-again-after-devaluation

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Australia and China work together to deport officials suspected of corruption

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“This April, the Central Anti-Corruption Coordination Group of the Central Commission for Discipline Inspection (CCDI) launched a new initiative called ‘Skynet’ to hunt down officials suspected of corruption and those accused of economic crimes that have fled overseas. Unlike the ‘Fox Hunt’ operation launched last year, which targeted fugitives hiding in Asia or Africa, the Skynet list directly targets people in Western countries. The US, Canada and New Zealand have 40, 26 and 11 fugitives respectively and Australia was the 4th popular hideout with 10 people.  Most of the officials and economic criminals on the run in Australia chose to live in big cities, like Sydney or Melbourne.”

http://www.globaltimes.cn/content/936535.shtml

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The powerful countries that are buying up much of the world’s land

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“China, home to 20 percent of the world’s population but only 8 percent of the world’s arable land, has gone abroad in search of farmland.  In Africa alone, Chinese ‘friendship farms’ grow cabbages in the Democratic Republic of Congo, raise fish in Angola, or harvest sesame seeds, cashews and peanuts in Mozambique.  These purchases are often described as a kind of neocolonialism unique to China.  So it might surprise you that the U.S. and the U.K. are basically on par with China when it comes to buying and leasing land in other countries.  Most of the world’s countries had bought or sold land internationally as of 2012. But the trade is dominated by China, the U.K. and the U.S.”

http://www.washingtonpost.com/news/wonkblog/wp/2015/05/21/rich-countries-are-buying-up-farmland-from-poorer-ones-around-the-world/

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Beef, big bucks and buy-ups: are Chinese investors changing the face of Australia?

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“The arrival of the Chinese as serious buyers into Australian agriculture coincides with the Abbott government dramatically raising the scrutiny of their farmland purchases.  It has slashed the threshold for Foreign Investment Review Board screening of agricultural land acquisitions by Chinese from $248m to $15m, which has focused new attention even on deals at the modest end of this space. The government has also tasked the tax office with collecting all data on foreign ownership of farmland, with a view to compiling a register next year.  These moves come well on the heels of Europeans, Americans, Japanese and Koreans acquiring great swaths of Australian agriculture.”

http://www.theguardian.com/australia-news/2015/aug/06/beef-big-bucks-and-buy-ups-are-chinese-investors-changing-the-face-of-australia

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