Tag Archives: China

U.S. to overtake Russia as top oil producer: IEA

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“The prediction comes only days after estimates by the U.S. government showed the United States, the world’s largest oil consumer, has ceded its ranking as top global oil importer to China, thanks to the shale revolution cutting import needs.  The U.S. resurgence as an oil producer is already reshuffling the cards in the game of world energy diplomacy, playing it a new hand in relations with long-term ally and top OPEC producer Saudi Arabia. Major producers such as Russia are now forced to invest billions of dollars into new pipelines towards Asia as they can no longer rely on demand from the West, and have to deal with increasingly assertive Beijing.”

http://business.financialpost.com/2013/10/11/u-s-to-overtake-russia-as-top-oil-producer-iea/

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China’s State Press Calls for ‘Building a de-Americanized World’

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“Key among its proposals: the creation of a new international reserve currency to replace the present reliance on U.S. dollars, a necessary step to prevent American bumbling from further afflicting the world, the commentary suggests.  ‘The cyclical stagnation in Washington for a viable bipartisan solution over a federal budget and an approval for raising the debt ceiling has again left many nations’ tremendous dollar assets in jeopardy and the international community highly agonized,’ says Xinhua. ‘The world is still crawling its way out of an economic disaster thanks to the voracious Wall Street elites,’ it adds.  It’s not a new refrain.”

http://www.businessweek.com/articles/2013-10-14/chinas-state-press-calls-for-building-a-de-americanized-world

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The sun is setting on dollar supremacy, and with it, American power

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“Britain emerged from the devastation of the First World War an irreparably damaged economic and military power, with crushing debts and a deeply impaired manufacturing sector.  The dollar was able quickly to usurp the pound’s position. Final defeat for sterling came with Britain’s decision to leave the gold standard in 1931 – an economically sensible decision but a psychological turning point for sterling from which it never recovered.  Lack of any credible alternative means it won’t happen so quickly with the dollar. For all the progress of the last 30 years, China for now remains a much smaller economy than the US and in any case is nowhere near ready financially to assume such a role.”

http://www.telegraph.co.uk/finance/comment/jeremy-warner/10378666/The-sun-is-setting-on-dollar-supremacy-and-with-it-American-power.html

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China warns US to ‘stop manufacturing crises’ and raise debt ceiling

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“Premier Li Keqiang added his voice to concerns that the world’s biggest economy could default on its debt.  Mr Li told John Kerry, US secretary of state, that China was paying ‘great attention’ to the issue of raising America’s $16.7 trillion (£10.5 trillion) debt ceiling.  China is the largest foreign owner of US debt, holding more than $1.277 trillion in Treasury bills.  Mr Li’s remarks, published by the state-owned Xinhua News Agency, follow comments by vice finance Minister Zhu Guangyao on Monday that ‘the clock is ticking’ and any US default would have global repercussions.  Mr Kerry [is said to have] made clear to Mr Li that President Barack Obama was ‘committed to resolving the issue.'”

http://www.telegraph.co.uk/finance/economics/10368979/China-warns-US-to-stop-manufacturing-crises-and-raise-debt-ceiling.html

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China’s Gold Fever Rises, Showing No Signs Of Abating

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“One traditional narrative on why Chinese consumers buy gold is that it is used heavily for weddings, festivals and gifts. But there are also less-cultural factors, the OpenMarkets report notes.  Gold as a secure haven of wealth and protection against inflation is one motivation, according to the Reuters GFMS research. Rising wealth and urbanization, along with scarce investment options in the countryside, also promote gold hoarding, predominantly by women, according to the research.  Similarly, tight government control over real estate, low interest rates and poor stock markets turn gold into an attractive alternative.”

http://www.ibtimes.com/chinas-gold-fever-rises-showing-no-signs-abating-golden-week-holiday-kicks-1413202

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Jumping Chinese gold imports on pace to 1,000 tonnes

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mineweblogo4

“China has imported through Hong Kong 129 tonnes of physical gold in July, from the 113 tonnes it imported in June.  This is the second highest import level on record in a month and a year-over-year increase from 76 tonnes in July 2012. The July imports are also over and above the 518 tonnes of gold imports the nation already brought in the first six months of 2013, according to available data.  The country continues to buy at record levels, importing on an average, over 100 tonnes of gold every month for the last five months. The largest gold ETF in the US holds 919 tonnes of physical gold, and China has imported over two thirds that amount in just seven months.”

http://www.mineweb.com/mineweb/content/en/mineweb-gold-news?oid=204726&sn=Detail

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China signs its second-biggest yuan swap line with European Central Bank

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“China accelerated plans to internationalize its currency on Thursday by agreeing to swap euros and yuan with the European Central Bank in a deal that is set to be China’s second-largest to date.  The bilateral currency swap agreement between the European Central Bank (ECB) and the People’s Bank of China (PBOC) is valid for three years and has a maximum size of 350 billion yuan, or 45 billion euros ($60.8 billion).  The deal is the latest of a string of currency swaps that China has created with other nations to promote usage of the yuan in global commercial and financial transactions, with the ultimate goal of rivaling the dollar as a reserve currency.”

http://www.reuters.com/article/2013/10/10/us-ecb-china-swap-idUSBRE9990A220131010

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A Paradigm Shift in Latin American Stocks

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“With the sole exception of Mexico, whose stock market has traditionally traded closer to the S&P 500, the rest of Latin equities have lost their glow. Latin stocks have registered a seventh consecutive month of investor outflows, and it does not look like the trend is going to reverse any time soon. The next winning theme will be foreign-currency earners (mainly exporters) and, more important, stocks with little or no debt held in a foreign currency—and especially with no debt in foreign currency if it has no foreign currency income to match the servicing of that debt. Those are the characteristics you want to look for in a solid Latin American investment.”

http://www.caseyresearch.com/cdd/a-paradigm-shift-in-latin-american-stocks

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Japan ‘takes issue with Google maps’ over disputed islands

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“Japan has asked local authorities and state-run universities not to post Google maps on their websites because some of them use non-Japanese names for disputed islands, reports said Sunday. The disputed territory includes the South Korean-controlled islets in the Sea of Japan (East Sea) called Takeshima in Japan and Dokdo in South Korea, and the Japan-held Senkaku islands in the East China Sea, claimed by China as the Diaoyus.  It said the government recommends that public bodies use maps compiled by the Geospatial Information Authority of Japan, but it was unclear if they have followed the request because Google maps are apparently more convenient.”

http://www.rawstory.com/rs/2013/09/29/japan-takes-issue-with-google-maps-over-disputed-islands/

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A Tale of Two Giants: The Elephant and the Dragon

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“China and India are developing countries with vast growth potential. However, amid a liquidity boom, they over-marketed their potential, and nurtured and enjoyed a bubble ride. Their governments felt lucky and hoped that they could grow out of all their problems. Of course, bubbles cover up problems for a time and make them bigger after.  As the global liquidity boom unwinds, investors need a better story to stay in emerging markets. Too much money around was good enough before. Now China and India need to convince investors that they can revive growth without a global liquidity boom.”

http://english.caixin.com/2013-09-05/100578323.html

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