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Global Stocks Higher As China Lowers Rates
The People’s Bank of China has lowered its interest rate for the fifth time since November boosting European stocks higher in afternoon trading. The one-year lending rate has been reduced by 25 basis points to 4.6%, which is record low for China, according to Bloomberg. Lu Ting, chief economist at Huatai Securities Co. said the … Continue reading
Chinese Stock Markets Crash One More Time And Extend Biggest Losses Since 1996
“Chinese shares plummeted to extend the steepest four-day rout since 1996 on concern the government is abandoning market support measures,” Bloomberg reports. According to the news agency: The Shanghai Composite Index tumbled 7.6 percent to 2,964.97 at the close, sinking below the 3,000 level for the first time in eight months. The gauge has … Continue reading
What China’s Currency Devaluation Means For Chinese Stability
China’s staggeringly long history reaches back well at least 3,000 years, and possibly more, depending on who’s asked. If any single pattern can be pulled from so much history, it’s this: no Chinese dynasty lasts forever, and when they fall, it’s always catastrophic for China in general. Chinese political thinkers underpin much of their … Continue reading
China Conducts Fifth Test Of Hypersonic Glide Vehicle
Originally posted on Global Geopolitics:
? Maneuvering missile takes evasive actions China this week carried out another test of a new high-tech hypersonic glide vehicle, an ultra high-speed missile designed to deliver nuclear weapons and avoid defenses. The latest test of what the Pentagon calls the Wu-14 hypersonic glide vehicle was carried out from the…
Chinese Yuan Will Join IMF Reserve Currency Basket Earliest After September 2016
“The International Monetary Fund pushed back until Sept. 30, 2016, the date that China’s yuan could be included in its basket of reserve currencies,” Bloomberg reports. The news agency said the following: The executive board, which represents the IMF’s 188 member nations, voted Aug. 11 to extend the composition of the fund’s Special Drawing Rights for … Continue reading
China’s Transition To Slower But Better Growth
China is moving to a “new normal” of slower yet safer and more sustainable growth. This involves giving the market a more decisive role in the economy, says the IMF in its annual assessment of the economy. China’s growth is expected to be 6.8 percent in 2015, down from 7.4 percent last year. This slowdown, … Continue reading
Regional Impact Of Renminbi Depreciation: ADB Chief Economist Shang-Jin Wei
The move by People’s Bank of China’s (PBoC) this week to loosen the renminbi (RMB) exchange rate, inducing a depreciation of the RMB against the US dollar by 3.5% in two days, has sparked intense debate among economists, pundits and policymakers. Does the depreciation show the People’s Republic of China (PRC) is moving against or … Continue reading
China’s Stock Index Has Just Made Its Best Week In 2 Months While Yuan Volatility Shakes The Markets
China’s benchmark stock index has just made its biggest weekly gain in two months. Investors bet that the weaker yuan will help to boost the economy. The Shanghai Composite Index rose 0.3% at the close today and this week the index advanced by 5.9%. The yuan lost 3% for the week as a result of Tuesday’s surprise devaluation. Gerry Alfonso, a sales trader at Shenwan … Continue reading
China Rejects $17.6 Billion Construction Projects
“China rejected 17 proposed construction projects involving a total investment of 109 billion yuan (17.6 billion U.S. dollars) for reasons of environmental protection in the first half of 2015,” the Ministry of Environmental Protection (MEP) said Friday, according to Xinhua. According to the news agency: The 17 projects were among 92 examined by the MEP in … Continue reading
Chinese Yuan: More “Significant Work” Is Needed Before Deciding Whether To Grant The Renminbi Reserve Currency Status, IMF Says
“The International Monetary Fund said the yuan trails its global counterparts in major benchmarks and that “significant work” in analyzing data is needed before deciding whether to grant the Chinese currency reserve status,” Bloomberg reports. According to the news agency: IMF staff members also opened the door to a possible delay in any approval with … Continue reading
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