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Posts Tagged ‘Currencies’

Ruble-yuan settlements booming, set to reshape global finance

Posted by Ram Kumar Shrestha on May 12, 2015

Russian President Vladimir Putin (L) and Chinese President Xi Jinping (RIA Novosti / Michail Metcel)                    Russian President Vladimir Putin (L) and Chinese President Xi Jinping (RIA Novosti / Michail Metcel)
Settlements in local currencies between Russia and China now account for 7 percent of the bilateral trade, but the potential for growth is tremendous, experts tell RT. Yuan-ruble trade in Russia has grown 700 percent in a year.

Growing cooperation between Russia and China has become one of the hottest topics in the global economy. It is signaling the emergence of a strong alliance of one the world’s richest and strongest economies, which is expected to reshape the existing western-dominated economic model.

While energy deals between the resource – rich Russia and resource – hungry China look natural, bringing the countries’ finances closer looks like a real challenge to the US dollar system, experts agree, although the transition won’t be quick. Read the rest of this entry »

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‘EU’s actions could lead to revolutions in Greece and Portugal’

Posted by Ram Kumar Shrestha on October 16, 2011

The expanded bailout fund will not help if Italy or Spain is dragged into the economic crisis, and the austerity packages are driving Greece and Portugal to revolutions, warned British European Parliament member Nigel Farage.

“They are having austerity packages pushed upon them, which is forcing them into downward deflation, which in my opinion could lead to revolution in Greece and possibly in Portugal, too,” Farage told RT. “What we are doing is stupid, and very, very dangerous indeed.”

“If Italy goes down, they would need a couple of trillion to bail it out,” he said. “And what it the point of bailing these countries out anyway? Are these bailouts helping people in Greece or Portugal? No, they’re not!”

“What they are actually doing,” he continued, “is giving money to these countries to give back to our banks, who over-lent to them in the first place. I mean, the whole thing is mad. What these countries trapped inside this economic prison called the Eurozone need is to devalue.” Read the rest of this entry »

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China threatens US with trade war over currency bill

Posted by Ram Kumar Shrestha on October 5, 2011

A woman exchanges money at a currency exchange shop in Hong Kong on September 15, 2011. (AFP Photo / Laurent Fievet)

Anger is erupting out of Beijing this week after lawmakers in Washington are aiming to force Chinese currency to rise to put both nations on level ground with trading.

Politicians on Capitol Hill are hoping that a proposed bill could keep currency in China from getting any lower and thus giving what they say is an unfair advantage to business in the Far East. China, however, has responded that the legislation would just be Washington’s way of putting the rest of the world’s economies at risk.

Before Congress this week, Senate Majority Leader Harry Reid said that China’s “deliberate actions to devalue its current gives its good an unfair competitive advantage in the marketplace.”

Earlier this summer, solar panel manufacturers Solyndra filed for bankruptcy after they revealed that they could no longer generate a profit in an industry in which foreign competition, particular that in China, can create goods at a cheaper cost. The downfall of Solyndra came despite heavy backing by governmental loan guarantees. They were one of several related companies to recently close its doors.

In a response to the proposed legislation, China’s central bank and its ministries of commerce and foreign affairs all said that DC lawmakers are “politicizing” currency issues. Read the rest of this entry »

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“Chinese and US interests increasingly not coinciding”

Posted by Ram Kumar Shrestha on January 19, 2011

The Chinese President Hu Jintao is in the US for a four-day state visit. The leaders of the world’s two biggest rival economies held a private welcome dinner on Tuesday night at the White House.

Among the business at hand are economics, trade and human rights policies.

The recent events over the last year suggest that China is not interested in strategic partnership with the US but wants to establish some priorities of its own, particularly in the region around its borders, believes Simon Tisdall, an Assistant Editor and foreign affairs columnist at Britain’s Guardian newspaper. Read the rest of this entry »

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Economy and currency wars on G20 table

Posted by Ram Kumar Shrestha on November 11, 2010


G20 leaders are gathering in South Korea, and the one thing on their minds is money. Those ruling the world’s major economies are confronted with preventing a recurrence of the financial nightmare of 2008.

The summit kicked off with a business forum and Russian President Dmitry Medvedev urged the G20 to create a favorable environment for medium and small businesses, which he believes would help global recovery. Read the rest of this entry »

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