China’s yuan is destined to become a global reserve currency rivaling the dollar and the euro, as the nation’s economic power increases the currency’s allure, said Jim O’Neill, chief economist at Goldman Sachs Group Inc.
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RECENT renewed American calls for China to revalue its currency have so far fallen on deaf ears. China has rejected accusations that America's huge trade deficit with it is caused largely by an artificially weak yuan, which has been pegged to the dollar since July 2008.
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We're likely going to be hearing about these nine Young Turks in the coming months and years.
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Please, let the water torture stop.
Until Beijing revalues its currency, the drip, drip of monetary tightenings will continue. As with Tuesday's nervous market response to talk that Chinese banks had halted lending for the rest of January, market participants will read every measure as a sign of more to come.
read more »China needs to keep its economic policies flexible to fight against excessive surges in asset prices and hot money inflows, a central bank adviser said over the weekend. China must watch closely for liquidity-driven asset price rises, though high inflation is unlikely next year, Fan Gang, academic member of the People's Bank of China's monetary policy committee, told a financial forum.
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China's bold rise this decade took many forms. The Beijing Olympics. The billions of dollars lent to the U.S. The rip-roaring economic growth. And then there were the missing manhole covers...
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The website CHINA-BRIEFING published an article on Feb 18, 2009 with CBRC Chairman’s photo and opinions. This caused major market fluctuations for the Yuan and U.S. Dollar. But the CBRC made a statement that no CBRC officials have been interviewed by this media or by the author of this article. The interview was called "a pure fabrication".
read more »The offer: 6,000 yuan ($878) for five days. The reason: to present her before his parents in his hometown of Xuzhou, Jiangsu province, to stop them from pestering him to find a girlfriend and get married. Nearly 400 applicants have responded within three days, he says. "Many girls have contacted me and want to meet me."
read more »Seriously, anyone who goes to China should know what they are getting in to, but this complaining about making "only" 10 times as much as the average Chinese person, or occasionally having to work a 6-day work week, because you have a week-long vacation strikes me as whiny and petty. Am I alone in this opinion?
read more »The two largest job seeking groups in China are university graduates and migrant workers. When interviewed, some graduates have lowered their salary expectation to around 1500 RMB a month which is what the most experienced migrant workers are now demanding, an increase over previous average migrant wages.
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