China

[Iridescence]

Not referring to the stripper chicks... And, well, not medicinally out of focus but WHY is China not a subforum within the forum? I may personally have a bit of understanding toward carpathean men and, well... Enjoy the imagination of others, however, on a serious note... WHAT THE HELL ARE WE NOT DOING? *Really*? I get the Latino flavor.... Bring it.

 

[Iridescence]

Oh, I apologize, I should have named this one of 'Witchcraft's finest' for the moment.

Currency:U.S. Dollar (USD)

ugh... and to be further aware that apparently wiki and educational sources have *apparently* and *obviously* unified... (personal *note*)

A Weak Dollar Benefits Chinese Exports - Seeking Alpha

For those readers who tire of charts: enjoy!


As the "news" continues to trumpet the decline/collapse of the U.S. dollar, many observers seem to have forgotten that the U.S. dollar is the de facto "shared currency" of the world's largest economy and its biggest rising-star economy. Yes, the U.S. and the PRC--China. China's currency (officially the renminbi, a.k.a. yuan) is transparently pegged to the U.S. dollar at about 6.8 yuan to the dollar, down from 8+ a few years ago.


GLOBAL WARMING IN CHINA - China | Facts and Details

China is the largest producer of greenhouse gases and the largest emitter of carbon dioxide. It was not supposed to overtake the United States as the world’s leading producer of greenhouse gases until 2020 but a study by a Dutch government-funded group released in June 2007 determined that China was already the world’s No. 1 emitter of carbon dioxide then. It surpassed the United States in 2006 when it produced 7.5 percent more of these gasses than the United States compared to 2 percent less in 2005. In August 2008, Germany’s IWR Institute concluded that China’s carbon dioxide emissions in 2008 were 6.8 million tons—the most of any nation and 178 percent higher than the 1990 level. The United States and China together account for 40 percent of the world's greenhouse gases  most of which is derived from coal.

 

[waltky]

China don't wanna give up it's cheap currency advantage...

China lashes out against U.S. bill aimed at currency manipulators
October 4, 2011 | China on Tuesday blasted a proposed U.S. bill that would punish countries for undervaluing their currency by saying it would undermine the global economy and potentially lead to a trade war.

China’s central bank and ministries of commerce and foreign affairs released separate statements criticizing the bill, which is being championed by Democratic lawmakers who hope to protect U.S. jobs by slapping tariffs on Chinese imports. Such a move “seriously violates rules of the World Trade Organization and obstructs China-U.S. trade ties,” said Foreign Ministry spokesman Ma Zhaoxu in a statement posted on the Chinese government’s official website.

China’s central bank said the attention given to China’s currency, known as the yuan or renmenbi, deflects Washington from the real issues plaguing the American economy. “The yuan bill passed by the U.S. Senate will not solve its problems, such as insufficient savings, high trade deficit and high unemployment rate, but it may seriously affect the whole progress of China's reform of its yuan exchange rate regime and may also lead to a trade war, which we would not like to see,” the bank said on its website, according to a translation by Reuters.

The yuan’s value is set daily by China’s central bank, not by free markets. Critics of China’s currency policy contend the yuan is undervalued by as much as 40% to give the world’s second-largest economy an unfair trade advantage. Labor advocacy groups in the U.S. such as the Economic Policy Institute say this has fueled a trade deficit with China that has cost Americans 2.8 million jobs between 2001 and 2010. Debate still rages over whether targeting China’s currency will return jobs to the U.S., as manufacturing could shift to another low wage country such as Vietnam.

The yuan has edged up about 10% against the dollar since it was de-pegged from the greenback in June, 2010. Experts say the central bank is in favor of faster appreciation to combat inflation, which is running at a three-year high. A stronger yuan would make imports cheaper. But the Ministry of Commerce, which oversees trade, and officials in coastal manufacturing provinces are against more aggressive appreciation for fear it will bankrupt factories, sap taxes and leave millions out of work.

Source

 

[waltky]

Senate gonna level the playin' field...

US Senate forges ahead with bill on Chinese currency
Fri, Oct 07, 2011 - Defying long odds and opposition from China, the US business community and the White House, the US Senate was determined to press ahead yesterday with a measure to punish Beijing for its alleged currency manipulation.

The bill, which calls for retaliatory tariffs on Chinese goods if the yuan is found to be unfairly “misaligned,” faced a critical procedural vote set for 10:30am in which it needed support from 60 senators to survive. However, even then it would need a final ballot in the Democratic-led Senate — and would face an uphill fight in the Republican-held House of Representatives, where Speaker John Boehner has signaled the “dangerous” legislation will die. Aides say it could return to life if China’s currency somehow became a core dispute as US President Barack Obama faces off with his as-yet undetermined Republican foe ahead of next year’s elections.

That contest is sure to turn on deep voter anger at the sour economy’s sluggish recovery from the global meltdown of 2007 and 2008, with stubbornly high unemployment of more than 9 percent a drag on Obama’s bid for a second term. Known to oppose the bill in private, the White House on Wednesday said it was lobbying Congress to address “concerns” that the legislation could violate US obligations under international trade rules. However, spokesman Jay Carney said that the White House shared the view that China’s currency needed to appreciate to what Washington says is a fairer value and agreed US workers needed a “level playing field.”

Few in Washington challenge the charge that China keeps the yuan unfairly low against the dollar, giving its goods as much as a 30 percent edge over comparable US products, widening the US trade deficit and costing US jobs, but the measure’s opponents say it risks sparking a trade war with China, and say a rise in the yuan will boost manufacturing and therefore jobs in countries like Vietnam or Malaysia — not in the US. The People’s Daily slammed US lawmakers on Wednesday for touting the bill as a cure-all for economic troubles they have failed to address.

“Faced with the discontent of the American people, some US lawmakers are using the Chinese currency to pass the buck over their political incompetence,” the newspaper said, echoing angry denunciations from Chinese officials all week. Those attacks drew a scathing response Wednesday from Democratic Senator Sherrod Brown, the legislation’s top champion, who compared decision-makers in Beijing to a “pack of dogs” yelping in anger at the bill. “Where I come from, they say when you throw a rock at a pack of dogs, the one that yelps is the one you hit,” he said in a speech on the Senate floor. “Of course the Chinese are going to yelp because they don’t like this.”

US Senate forges ahead with bill on Chinese currency - Taipei Times

 

[Iridescence]

I am sincerely worried.... so few of Americans even recognize the potential power China has... and IF we are not wise, it will be power OVER US.

 

[High_Gravity]

I like Shrimp Fried Rice.

 

[pgm]

ugh... and to be further aware that apparently wiki and educational sources have *apparently* and *obviously* unified... (personal *note*)

A Weak Dollar Benefits Chinese Exports - Seeking Alpha

For those readers who tire of charts: enjoy!

The weak dollar benefits Chinese exports, but it hurts China overall because it fuels the inflation problem that it already has.

Given that Japan is the world's second-largest economy by most measures, and that the yen is informally pegged to the U.S. dollar (trading in a band of 90-110 yen for years on end), then it could be argued that the world's three largest economies all "share" the U.S. dollar.

This shows how old (and possibly irrelevant) this article has become. The yen's at 76.76 right now.

 

[Iridescence]

Old, indeed... it is as though there is a conspiracy as to who and how news media can print things regarding competitive superpowers.

Is America bound? That is it? We are bound by something that prevents us from being able to successfully recognize let alone address our root issues?