» 03/16/2010, 00.00
CHINA – JAPAN
Beijing, Tokyo drop US Treasury bills as China faces inflation and bad debt
China cuts its US assets by US$ 5.8 billion; Japan drops US$ 300 million. Wen Jiabao wants the US to give assurances over China’s dollar holdings; Washington wants Beijing to stop manipulating the yuan exchange rate, which is penalising the rest of the world economy. A majority (51 per cent) of Chinese fear inflation will rise. Bad debt is growing as the government’s aid package ends.
World Bank announces debt reduction, new loans to restart Myanmar's economy
The bank inks a new deal to provide fresh loans to the former Burma. As the Japan Bank for International Cooperation pledges a bridge loan, Japan lines up to take advantage of the country's potential. The Asian Development Bank does the same. Aung San Suu Kyi insists both China and the United States remain Myanmar's friends, also notes that corruption and freedom of thought are challenges to its development.
Russian leaders exploit crisis to increase their power
Heavy subsidies, especially for state-run companies already controlled by the leaders, and greater presence of the government, which is "buying" participation or key posts in business. But if the crisis continues, Moscow could have problems.
23/06/2009 ASIA – ITALY
Securities seized in Chiasso still between a wall of silence and a flow of disinformation
Neither Italian nor US authorities have officially said whether the seized US Treasury bills worth US$ 134.5 billion are real or fake. A US Treasury spokesperson said they were fakes, but acknowledged that he only saw them in a photo on the internet. For Italy’s financial police, if they are forgeries, they are practically indistinguishable from the real stuff. Both the US Federal Reserve and the Bank of Japan have an interest in denying their authenticity.
08/08/2011 CHINA – UNITED STATES – ASIA
China sees its own downfall as US credit enters twilight
The People’s Daily and Xinhua publish harsh commentaries about US politicians, their useless democracy, and US military adventurism. They are also a sign of fear that, as the US dollar goes, so will China with its US$ 1.16 trillion in US treasury bills. Beijing pleads for action.
Manufacturing growth slows down as inflation speeds up
Exports contract, domestic consumption grows and the yuan hits historic record against US dollar. The People’s Bank of China raises reserve ratio for banks, drawing fire from critics who believe this will deprive it of necessary flexibility without touching inflation.
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