Tag Archives: china

China moves one step closer to replacing the dollar

Obama wine China

From Filip Karinja, for Birch Gold Group The rise of China on the global economic stage got another boost this week. While discussing the potential that the Chinese renminbi (also known as the yuan) will be added to the IMF’s Special Drawing Right (SDR) basket of currencies, Christine Lagarde, the chief of the ...

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China is almost ready to replace the US dollar

Chinese Yuan world reserve currency

From Filip Karinja As the US dollar’s reign as global reserve currency appears to be ending, are we seeing the beginning of a new dawn in the east? Throughout history, global reserve currencies have proven to last for only so long. Before the United States’ currency reigned supreme, the currencies of ...

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Russia starts dumping US treasuries, China follows suit

China Russia president shots

Back in December, Socgen spread a rumor that Russia has begun selling its gold. Subsequent IMF data showed that not only was this not correct, Russia in fact added to its gold holdings. But there was one thing it was selling: some $22 billion in US Treasuries, a record 20% of its total holdings, bringing ...

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China and Russia launching new credit rating agency in 2015

Flag China Russia

The new Universal Credit Rating Group (UCRG) is being set up to rival the existing agencies Moody’s, S&P and Fitch, and its first rating will be issued this year. The setting up of UCRG is in its final stages, ready to challenge the ‘Big Three’ that currently dominate the industry, ...

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China becomes world’s second largest stock market, overtaking Japan

China stock market

The capitalization of the Chinese stock market increased 33 percent in 2014 reaching $4.48 trillion, which makes the market second only to the US. Japan’s stock market declined 3.2 percent to $4.46 trillion in 2013, according to Bloomberg analysts. The Chinese market surge came hot on the heels of allowing ...

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China opens up $4.2 trillion stock market

Chinese stock exchange Hong Kong

The Chinese mainland is now open for business, at least in terms of its $4.2 trillion capital market. The Shanghai and Hong Kong stock exchanges are now linked giving foreign investors access to the tightly-controlled Chinese capital markets. Stock Connect debuted on November 17, and for the first time, stocks ...

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China hoarding gold to challenge the US dollar

China gold dragon

In a world filled with fiat currencies, how important is gold‘s role in the financial system? Proponents often view the precious metal as a hedge against economic chaos, while critics typically claim gold is hardly more than an unproductive rock. Interestingly, some countries appear to believe gold is quite important, ...

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US trade deficit with China hits record high

China imports

Americans bought record amounts of goods from China in September, pushing the trade gap between the world’s largest economies to a historic high, according to U.S. Commerce Department data published Tuesday. September imports from the Asian giant hit $44.9 billion, up nearly 13% on the month, as the U.S. economy gained steam. The import and ...

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China passes law to protect whistleblowers who expose corruption

Whistleblower China

Chinese authorities have said, for the first time, that whistleblowers will receive legal protection amid the country’s ongoing fight against corruption. The Supreme People’s Procuratorate, the country’s top prosecuting body, said in a Tuesday statement that new regulations outline legal rights for those exposing corruption and other malpractice. It urged ...

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China, 20 others launch World Bank rival in Asia

China AIIB World Bank rival Asia

China has launched the $100 billion Asia Infrastructure Investment Bank (AIIB). Australia, Indonesia and South Korea were absent following hidden pressure from Washington concerned about the new challenge to the World Bank and Asian Development Bank. The memorandum of understanding was signed on Friday in Beijing. The development bank was ...

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