Tag Archives: china

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 people to file their reports via official channels and do ... Read More »

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 proposed a year ago by Chinese President Xi Jinping, and ... Read More »

China wants to strengthen military ties with Iran

Iran and China military alliance

China wants to strengthen its military ties with Iran, the nation’s Defense Minister said today, confirming Beijing’s commitment to expand diplomatic and political connections with Tehran despite concerns over the Islamic Republic’s nuclear program. The Defense Minister of the People’s Republic of China Chang Wanquan said that the two nations’ militaries have practiced “good cooperation on mutual visits, personnel training, ... Read More »

China’s central bank to inject $81b stimulus into top 5 banks

Chinese central bank

China‘s central bank is injecting 500 billion yuan ($81 billion) into the country’s five major state-owned banks as it moves to counter slower-than-expected growth in the world’s No. 2 economy, according to a senior Chinese banking executive. The move contributed to a rise in Asian markets early Wednesday, but falls short of a more sweeping effort, such as an interest-rate ... Read More »

Russia & China sign currency swap deal worth $25 billion

Yuan China

The central banks of China and Russia have signed a 3-year ruble-yuan currency swap deal up to $25 billion, in order to boost trade using national currencies and lessen dependence on the dollar and euro. On Monday, China’s Central Bank announced the 150 billion yuan (815 billion ruble) currency swap between the Russian ruble and Chinese yuan. In terms of ... Read More »

Air pollution in China reaches hazardous levels

China Beijing pollution smog

Beijing raised its pollution alert from yellow to orange, the second highest, Friday as pollution levels reached 20 times recommended limits. By 4pm Friday the Air Quality index in Beijing reached 470, with anything over 300 considered severe pollution, while in neighboring Hebei province Dangerous PM2.5 particles climbed above 500 micrograms per cubic meter, forcing the Chinese authorities to issue ... Read More »

IMF: China overtakes US as world’s largest economy

China vs USA

Sorry, America. China just overtook the US to become the world’s largest economy, according to the International Monetary Fund. Chris Giles at the Financial Times flagged up the change. He also alerted us back in April this year that it was all about to happen. Basically, the method used by the IMF adjusts for purchasing power parity, explained here. The simple logic is ... Read More »

Chinese renminbi is now directly tradable with the euro

USD dollar Renminbi China

The Chinese central bank, People’s Bank of China, issued a press release announcing the authorization of direct trading between the renminbi and the euro on the inter-bank foreign exchange market. This is huge. The euro is the second most traded currency in the world, after the US dollar. The European Union is already China’s biggest trading partner and this is a major ... Read More »

Hong Kong protests escalate as police use force

Protests Hong Kong

Hong Kong police have fired repeated volleys of tear gas to disperse pro-democracy protests and baton-charged the crowd blocking a key road in the government district after official warnings against illegal demonstrations. Student groups are spearheading a civil disobedience campaign along with democracy activists to pressure Beijing into granting full democracy to Hong Kong. The city’s central district descended into ... Read More »

Argentina and China sign $1b currency swap deal

currency swap China Argentina

Argentina will receive the first tranche of yuan worth up to $1 billion in a massive currency swap with China before the end of this year. The deal will boost the troubled economy’s foreign reserves. It comes as part of a loan worth $11 billion signed in July by Argentina’s President Cristina Fernandez de Kirchner and Chinese counterpart Xi Jinping ... Read More »