Conversation
09.22.15
Xi Jinping’s Message to America
China’s President Xi Jinping addressed an audience of more than 700 American businesspeople in Seattle on Tuesday evening on the first stop on his first state visit to the United States. Regular ChinaFile Contributors who watched the speech offer...
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09.21.15China Market Rout Doesn't Reflect Economy, Top Diplomat Says
Bloomberg
“Some movements on the stock exchange in China should not equal the whole picture of the Chinese economy.”
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09.09.15One Thing China Got Right
Bloomberg
Stocks plunged, monetary policy wavered, but Beijing finally fixed the "fixing."
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08.28.15How My Presidency Would Deal With China
Wall Street Journal
Approaching Beijing on the basis of strength and example, not weakness and appeasement.
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08.25.15China’s Complexity Problem
Project Syndicate
The challenge for Xi Jinping is to prioritize plentiful political will in a way that keeps China on the course of reform and rebalancing.
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08.25.15China Cuts Interest Rates Amid Mounting Concerns Over Economy
New York Times
The cut followed a global stock market rout in which China led with a 7.6 pct plunge Tuesday to its lowest level this year.
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08.25.15US, European Markets Bounce Back, China Crisis Continues
Guardian
Dow Jones rises more than 300 points in first 2 minutes after opening following 3 days of market losses that erased close to $3 trillion globally.
Conversation
08.25.15
Is the Bloom Off the Rose of China’s Economic Miracle?
On Monday, August 24, the Shanghai Composite Index dropped 8.5 percent, its second such steep fall since late July, and its worst since 2007. On Tuesday, stocks fell an additional 7.6 percent. The steep slide translates into more than $4 trillion in...
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08.24.15Why is China’s Stock Market Falling and How Might it Affect the Global Economy?
Guardian
Concerns about inflation, shares and interest rates raised after ‘Black Monday’ wiped billions off global markets.
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08.24.15Great Fall of China Sinks World Stocks, Dollar
Reuters
A near 9-percent dive in China shares and a sharp drop in the dollar and major commodities sent investors rushing for the exit.
Caixin Media
08.24.15
How to Solve China’s Currency Parity Puzzle?
Boosting exports, controlling outbound capital flow and supporting the Chinese currency’s bid for Special Drawing Rights (SDR) status are just some of the reasons cited by analysts for the yuan's unexpected devaluation in mid-August.The yuan...
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08.21.15China Shares Brush New Low Since Depth of Selloff
Wall Street Journal
Shanghai Composite closes down 4.3%, a fraction above July 8 low.
Conversation
08.18.15
How Should the U.S. Conduct the Xi Jinping State Visit?
As tensions increase between China and the United States over the value of the yuan, human rights violations, alleged cyber attacks, and disputed maritime territories, among other issues, how should the Obama administration conduct the upcoming...
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08.13.15China Seeks to Calm Markets as It Devalues Currency for 3rd Consecutive Day
New York Times
Since Tuesday, the currency, the renminbi, has fallen 4.4 percent, the biggest drop in decades.
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08.11.15Bearish Bets Multiply as China Slows
Financial Times
A slowdown in China is harder for its trading partners and manufacturing competitors than it is for China itself.
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06.05.15ChinaFile Recommends
02.24.15Spooked by Yuan Drop: China’s Top 1%
Wall Street Journal
Fears the megarich will take flight puts a floor under the currency’s slide against dollar.
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02.05.15Is China Preparing for Currency War?
Bloomberg
As China grapples with its slowest growth in 24 years, President Xi Jinping is under pressure to stimulate the economy.
Caixin Media
11.04.14
Cai Jinyong: A Chinese Voice at the Top of the IFC
Three top executives serving in recent years at the World Bank and its emerging markets financing arm International Finance Corp. (IFC) have called China home.Economist Cai Jinyong became the fourth in October 2012, when he was named IFC's...
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07.24.14China Manufacturing Gauge Rises to 18-Month High on Stimulus
Bloomberg
A Chinese manufacturing gauge rose to an 18-month high in July, bolstering the government’s chances of meeting its 2014 economic-growth target of about 7.5 percent.
Conversation
07.09.14
The U.S. and China Are At the Table: What’s At Stake?
U.S. Secretary of State John Kerry and Treasury Secretary Jack Lew are in Beijing this week for the sixth session of the high level bilateral diplomatic exchange known as the Strategic and Economic Dialogue. We asked contributors what's likely...
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05.13.14China Isn’t Overtaking America
New York Times
Twenty-first century rivalry between the United States and China will be as much about economic might as military power.
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05.11.14Follow the Money, China-Style
New York Times
The appreciation of the yuan has failed to convince ordinary Chinese people that their money buys more; on the contrary, they feel it’s worth less.
Conversation
04.30.14
Will China’s Economy Be #1 by Dec. 31? (And Does it Matter?)
On April 30, data released by the United Nations International Comparison Program showed China’s estimated 2011 purchasing power parity (PPP) exchange rate was twenty percent higher than was estimated in 2005. What does this mean? China's...
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04.16.14China Gets First Bitcoin ATM, Skirting Bank Crackdown
Reuters
Strong interest from Chinese speculators drove up global bitcoin prices last year to above $1,000, sparking a crackdown by the People's Bank of China.
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04.15.14Bitcoin’s Status in China Not So Black-and-White
Wall Street Journal
The Chinese government has disseminated what amounts to a “confidential” policy governing the digital currency, which has led to uneven enforcement.
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03.11.14China’s Currency Suddenly Reverses Direction, Stuns World Markets
Time
Some speculate that the reversal is a prelude to currency reform, yet others think that China is purposely pushing the yuan down in value to give its exports a lift amid the nation’s decelerating growth.
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02.11.14Conspiracy Theories Abound About China’s Gold Purchases
South China Morning Post
Huge imports of gold have fueled speculation about the mainland’s intentions, including an alleged bid to launch a global monetary system.
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12.17.13Bitcoin in China
Nation (Thailand)
Bitcoin, a virtual stored-value system not regulated by any country or banking authority, has been a huge phenomenon this year and much of the action has been driven out of China.
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04.25.13Six Reasons Why Chinese People Will Drive The Next Bull Market In Bitcoin
Quartz
The virtual currency’s decentralized and speculative nature, combined with the country’s experience with online currencies and “gold-mining” in the past are all cited as possible factors contributing to Bitcoin’s future take off in China.
Conversation
03.28.13
Will China’s Renminbi Replace the Dollar as the World’s Top Currency?
Patrick Chovanec:This week’s news that Brazil and China have signed a $30 billion currency swap agreement gave a renewed boost to excited chatter over the rising influence of China’s currency, the renminbi (RMB). The belief, in many quarters, is...
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11.29.12Is Capital Flight Taking Place in China?
Institute for New Economic Thinking
Some analysts argue that China's tremendous capital outflow implies many people are losing confidence in China’s economy.
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10.17.12U.S. Presidential Debate Sees Candidates Flex China Muscle
Xinhua
Although the yuan rose nearly 30 percent since 2005, U.S. politicians are still taking jabs at China's currency regime.
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10.15.12American Politics and Chinese Data
Deal Book
In the midst of increasingly heated election rhetoric about China, Beijing has released some important economic data as its currency hits record highs. Both Mitt Romney and his running mate, Paul D. Ryancriticized...
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10.13.12Ryan Criticizes Obama Administration China Policy
New York Times
Romney Republican running mate slams President for delaying report on currency manipulation.
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09.06.12Romney’s Young ‘China’ Hand
Forbes
Mitt Romney’s old China hand is more young than old, more Taiwan than China.Lanhee Chen, 34, is Romney’s policy wonk and one of Romney’s brains on China policy. The California born policy director for the Romney campaign said that when it...
Caixin Media
08.25.12Revamping the Landscape of Forex Flow
Capital flows out of China may be accelerating, a phenomenon commonly associated with waning confidence in a nation’s economy. But the foreign exchange regulator says the change is a step in the right direction.In the first six months of the year,...
Caixin Media
05.02.12
Yearning for the Yuan
London is forging ahead with plans for yuan-based financial services by developing an infrastructure and banking services that match its ambitions for the Chinese currency.On April 18, the city welcomed the first yuan-denominated bond issuance...
Reports
11.01.11
The Future of International Liquidity and the Role of China
He Jianan
Council on Foreign Relations
Financial crises in the 1930s and 1970s showed the world that economic instability results when demand for international liquidity allows a small number of countries to run up massive debts in their own currencies. Named for the economist who first...
Reports
11.01.11
Historical Precedents for Internationalization of the RMB
He Jianan
Council on Foreign Relations
The twentieth century saw the rise of the US dollar, the German mark, and the Japanese yen as international currencies. Now the Chinese renminbi is on a similar course toward reserve currency status, but its path is deviating from those of its...
Reports
11.01.11
Internationalizing the Renminbi and China’s Financial Development Model
He Jianan
Council on Foreign Relations
Internationalization was a spontaneous outcome of the marketplace for the rest of the world’s major currencies, but China is breaking with history by making it official policy to steer the renminbi on a path toward reserve currency status. However,...
Reports
09.26.11
China’s Holdings of U.S. Securities: Implications for the U.S. Economy
Peony Lui
Congressional Research Service
Given its relatively low savings rate, the U.S. economy depends heavily on foreign capital inflows from countries with high savings rates (such as China) to meet its domestic investment needs and to fund the federal budget deficit. The willingness...
Reports
07.01.11
The External Impact of China’s Exchange Rate Policy: Evidence from Firm Level Data
International Monetary Fund (IMF)
The authors examine the impact of renminbi revaluation on foreign firm valuations, considering two surprise announcements of changes in China’s exchange rate policy in 2005 and 2010 and employing data on some 6,000 firms in forty-four economies...
Reports
07.01.11
People’s Republic of China: Spillover Report for the 2011 Article IV Consultation and Selected Issues
International Monetary Fund (IMF)
This report discusses the outward effects of China’s economic policies on the rest of the world. The report does not try to capture the full extent and historical significance of China’s new influence on the world economy. Rather, it focuses on a...
Reports
03.24.10
Appreciate This: Chinese Currency Rise Will Have a Negligible Effect on the Trade Deficit
Cato Institute
This report argues that the Obama administration and Congress should consider whether RMB appreciation would even lead to the outcomes they desire—namely, more balanced trade. The evidence does not support their objective. Although the short-term...
Reports
12.07.09
China’s Currency: A Summary of the Economic Issues
Peony Lui
Congressional Research Service
Some Members of Congress charge that China’s policy of accumulating foreign reserves (especially U.S. dollars) to influence the value of its currency constitutes a form of currency manipulation intended to make its exports cheaper and imports into...
Reports
07.16.09
East Asia’s Foreign Exchange Rate Policies
Peony Lui
Congressional Research Service
Financial authorities in East Asia have adopted a variety of foreign exchange rate policies, ranging from Hong Kong’s currency board system which links the Hong Kong dollar to the U.S. dollar, to the “independently floating” exchange rates of Japan...
Reports
01.01.09
Yen Bloc or Yuan Bloc: An Analysis of Currency Arrangements in East Asia
Sara Segal-Williams
International Monetary Fund (IMF)
This paper examines the role of Japan against that of China in the exchange rate regime in East Asia in light of growing interest in forming a currency union in the region. The analysis suggests that currency unions with China tend to generate...
Reports
01.04.07
China’s Trade with the United States and the World
Peony Lui
Congressional Research Service
As imports from the People’s Republic of China (PRC) have surged in recent years, posing a threat to some U.S. industries and manufacturing employment, Congress has begun to focus on not only access to the Chinese market and intellectual property...
Reports
10.01.06
How Robust Are Estimates of Equilibrium Real Exchange Rates: The Case of China
International Monetary Fund (IMF)
Increased attention is being paid to assessments of the actual values of countries' real exchange rates relative to their "equilibrium" values as suggested by "fundamental" determining factors. This paper assesses the...
Reports
11.29.05
China’s Currency: Brief Overview of U.S. Options
Peony Lui
Congressional Research Service
Many are concerned that China’s currency is undervalued and that this injures the U.S. economy. The Chinese authorities say they are not manipulating their currency and they want to move as soon as possible to a market-based yuan. A new exchange...