Another Financial Crisis Looming in Asia?

Recently, in Asian economies, currencies have devalued and the stock prices have plunged sharply,a situation similar to that immediately prior to the 1997 financial crisis. Many are wondering whether a crisis of a similar nature is once again on the Asian horizon.     

CLAIMING THEIR PLACE

正In a move away from the U.S.dollar as the international reserve currency, the BRICS members agreed to extend loans within the group in local currencies.Leaders of the five major emerging economies-Brazil,Russia,India,China and South Africa-reached the agreement at the Fourth BRICS Summit in New Delhi on March 29.     

China Faces the Eurozone’s “Currency War”

SINCE mid 2014 the Eurozone has joined what is popularly known as"currency wars"–to use terminology made famous by Brazil’s former fina nce minister Guido Mantega.Between the beginning of June 2014 and the beginning of March 2015 the Euro’s exchange rate dropped by 18percent against the US dollar.The Euro therefore followed the same path of sharp devaluation earlier pioneered among major currencies by Japan’s yen–     

Risks in Emerging Markets

Emerging markets’ economies have been rising and falling since the second half of 2011.Their economic growth has slowed;foreign capital has started to flee;and their currencies continue depreciating against the U.S.dollar.Even leading emerging markets like the BRICS(Brazil,     

Internet Security Is a Global Issue

The losses inflicted by cyber crimes have been mounting in the country. A spokesperson from the Ministry of Industry and Information Technology told Xinhua that China is firmly against hacking. It has written specific laws to that effect and joined several international protocols in the fight against cyber attacks.     

Inching Toward Internationalization

The yuan is on the way to becoming a global currency,but plenty of work remains Australian Prime Minister Julia Gillard’s April visit to China was quite fruitful.Besides developing closer political and diplomatic ties,economic cooperation was a major highlight.The two countries agreed to allow direct conversion between the yuan and Australian dollar,which began on April 10,and the exchange rate between the two currencies will be unpegged from the U.S.     

Lehman Brothers Predicts Slowdown for China in 2009

China cannot be inoculated against the world economic downturn the global investment bank Lehman Brothers stated recently at a press conference on 2008 Asian market liquidity, It predicts a slowdown in Asian economies, although it also believes the region＇s rapid growth will continue China＇s GDP growth is expected to decline to 9.8 percent this year, and fall to 8 percent in 2009. However, the crucial issue for the nation is coping with the excess production capacity that has been created by a much more rapid growth in investment than consumption,     

Exchange Rate in Focus

China announced the reform of its decade-old RMB exchange rate regime last July, linking the RMB to a basket of currencies rather than the U.S. dollar alone, and allowing the RMB to appreciate 2 percent against the U.S. currency. Since then, different viewpoints on the new regime have been voiced. The People's Bank of China, the central bank, said in a statement in late March that it would further improve the system, broadening the foreign exchange market, increasing the flexibility of the RMB exchange rate and maintaining the basic stability of the currency. In a recent interview with Caijing magazine, Wu Xiaoling, Deputy Governor of the People's Bank of China, talks about issues related to the RMB exchange rate. Her main ideas follow:     

The Yuan Under the Spotlight

正Despite depreciation,the renminbi is on its way to becoming an international currency The central parity rate of China’s currency weakened to 6.8796 against the U.S.dollar on November 18,an eight-year low,according to data from the China Foreign Exchange Trade System(CFETS),triggering market worries that the currency could be about to tumble.     

Off the Chinese Press

Repayment Ability StrongAccording to the State Administration ofForeign Exchange, China's foreign debts addedup to US $147.63 billion at the end of June.This figure represents a decrease of US $4.2billion, or 2.8 percent, from that of last year.The reduction is mainly attributable to thefluctuation of exchange rates in the international market. For example, the depreciation of theeuro and the Japanese yen has directly reducedChina's debts in these currencies whenexchanged for US dollars…     

The U.S. Should Welcome the AIIB

<正>The announcement by another major U.S.al y that it would join the China-led Asian Infrastructure Investment Bank(AIIB),and the disgruntled response from Washington,amounted to free advertising for the forthcoming bank.Founding members of the AIIB plan to discuss the institutional arrangement of the bank in the following months,with official operations slated to begin by the end of the year.So far,in addition to Asian countries,several major European economies including France,Britain,Germany and Italy have also expressed interest in the Asian bank,signaling that the AIIB will be a dynamic     

'Lab Leak,' a Politically Poisoned Theory

正The pandemic has stoked great upheaval. The appearance of new variants is causing problems and preventing countries from returning to normal life. The global battle against COVID-19 is far from finished. But, if the pandemic has taught us anything, it is that in a world of increasing connectivity seemingly disparate issues are intrinsically and intricately linked.     

So Much to Learn

One of the main reasons that China sought to host the 2010 Expo, aside from showcasing the country's ancient cultural glory and recent economic miracle, is to learn from other countries, developed and developing ones alike. Shanghai, the host city, is the "best student" among Chinese regions, which is always ready to learn from foreign experience and follow trendy fashions in the world.     

What's Next for Russia?

As the United States proceeds with its missile defense plan in Eastern Europe, Russia is left with few options In May 2007, the United States launched a plan to deploy an anti-missile system in Eastern Europe, including 10 inter- ceptor missiles in Poland and a radar station in the Czech Republic. Although the system allegedly is being built to counter the threat of a ballistic missile-equipped Iran, the plan has met with vehement opposition from Russia, which insists that the system is directed against it.     

A Nation Hot for English

English "fever" started in the 1970s, and reached its climax in the new century, and the whole nation -- from children to the elderly, and from students to military men -- is now crazy for English.THE door to China that had been so firmly closed since 194…     

AFreer Currency

<正>China advances its foreign exchange reform—short-term pain and long-termgain China has changed its central parity system to better reflect market development in the exchange rate between the Chinese yuan against the U.S.dollar.The move is another step toward market forces determining the value of the currency.The yuan fell sharply in value     

Decisive Measures

While China is progressing in its battle against the novel coronavirus disease(COVID-19),China and the Chinese people are being stigmatized in some parts of the world.Some Chinese and Asians are being discriminated against,harassed and even physically assaulted in some countries.These behaviors are contemptible,as China is making huge sacrifices to guarantee people’s health and safety and prevent the epidemic from spreading outside.     

‘Whatever It Takes'Despite European leaders’ efforts to address fears over the euro, there is no quick solution to the crisis

While most of Europe goes on holiday or sits glued to the London Oympics,the euro sovereign debt crisis continues to preoccupy policymakers.In the last week of July,it appeared as if the crisis had reached Olympian proportions as the Spanish Government looked set to follow its banks and seek a bailout from the EU.Dealing with Greece is one problem.Dealing with Spain,and potentially Italy,are problems of a vastly different dimension.As rumors grew of a Spanish bailout request,markets fell and the euro dipped against the dollar.     

Cappmg Sky-high Salaries

US president Barack Obama was outraged that Wall Street firms paid out US $18.4 billion in bonuses to executives, despite receiving multi-billion dollar bailouts from the govemment to save the companies from collanse in the face of the worst financial crisis in decades.