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Posts Tagged ‘Trade’

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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Can a Stronger Chinese Currency Save the U.S. Economy?

Posted by Ram Kumar Shrestha on October 5, 2011


Give Charles Schumer credit for persistence. The New York Senator first introduced legislation that targeted Chinese currency in 2003, and has been a leading congressional advocate of the view that China keeps the value of its currency, the renminbi, artificially low, giving its exporters an unfair advantage when competing against U.S. manufacturers. On Monday a bill co-sponsored by Schumer that would allow for duties on goods from countries found to be currency manipulators won a Senate vote to open debate 79-19. If it passes a full Senate vote later this week it faces tougher odds in the House, where Speaker John Boehner has called the legislation “dangerous.” The White House has also so far not said where it stands on the bill.

On Tuesday China’s Foreign Ministry, Ministry of Commerce and central bank all slammed the bill, warning that it could set off a trade war and harm the global economy. Schumer responded Tuesday on the Senate floor by suggesting the Chinese position was a bluff, as a trade war would harm China more than the U.S. “They won’t cut their nose to spite their face,” he said. “They may take a few sanctions in response, but they’re not going to create a trade war.”  It is much the same argument Schumer put to me while on a visit to China in March 2005. But in the past five-and-a-half years, a few key numbers have changed. Most significant is U.S. unemployment. In March 2005 the unemployment rate was high at 6.1%, but this August it stood at 9.1%. That added economic misery in the U.S. will add to the political pressure to punish China. Read the rest of this entry »

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U.S.-China Trade: How Long Will the U.S. Be China’s Doormat?

Posted by Ram Kumar Shrestha on August 25, 2010

See and wait and wait and see.
Read the Article at HuffingtonPost

Posted in International | Tagged: , , , , , , , | Leave a Comment »

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