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Xinhua: Weighing International Settlement in Chinese Currency RMB

Outlook Weekly, a magazine by Xinhua News, reported on China’s effort to restructure its international financial strategies. The core strategy is to reduce the dependency on the US dollar. This strategy consists of three aspects: internationalization of RMB, currency and financial cooperation within East Asia and international currency system reform.

The Chinese State Council decided on April 8 that Shanghai and four cities of Guangdong Province will start a trial on international settlement in RMB. Another action taken by the Chinese government was currency exchange with six countries or administrative regions.

Source: Outlook Weekly, April 15, 2009.

Xinhua: Cautious about RMB Internationalization

Outlook Weekly, a magazine by Xinhua News, published an article suggesting that “there is a strongly rising public opinion that the Chinese currency RMB should become an international currency to match China’s world power status.”

The article cautioned that although the world suffered the damage brought by the US Dollar monopoly in recent years, there are still a great deal of risks for RMB internationalization. Risks mentioned in the article are: reduced capability for the central government to control Chinese macro economy, lowered stability of the economy, much heavier international responsibilities.

Source: Outlook Weekly, April 4, 2009.

China’s Steel Industry Set For Tough Times

Xinhua reported that China’s steel exports were a mere 1.91 million metric tons in January, a drop of 54.6% from a year earlier. Exports in February went down further to 1.56 million metric tons. China Iron and Steel Association warns that China may soon import more steel than export. Slack domestic demand, reduced international orders, trade barriers in the West and competition from other countries are said to have contributed to the downturn.

On April 8, 2009, seven US steel companies and trade unions filed an anti-dumping petition against Chinese steel products with the US government. On the same day, the European Commission announced its decision to impose anti-dumping duties ranging from 15.6% to 24.2% on Chinese seamless steel pipe.

Source: Xinhua, April 14, 2009

China’s Exports Declined 17% in March Compared to Last Year

China’s General Administration of Customs announced on April 10, 2009 that China’s total amount of imports and exports was $162 billion in March, 2009, a decrease of 20.9% from last year. Among that, exports were $90.3 billion, a decrease of 17.1% and imports were $71.7 billion, a of 25.1% decrease. The trade surplus was $18.6 billion, an increase of 41.2% over the previous year.

Source: BBC Chinese, April 10, 2009

More than Half of Australians against Chinese Acquisition of Australian Mining Industry Assets

BBC Chinese reported from Australia that according to a recent poll, more than half of Australians are against the Chinese acquisition of Australian mining assets. Yet, nearly an equal amount of people polled are for or against keeping close ties with China.

The media played an important role in bringing the heated debate between the ruling party and the opposition to the general public.

“Communist China” was frequently used in reference to China in the report.
Source: BBC Chinese, April 6, 2009.

Bank of China to Enter the News Industry

Bank of China is set to enter the news industry and make it a key sector of the bank’s 2009 operational plan, according to Wang Zhaowen, the spokesperson of Bank of China. Bank of China foresees the news industry as a potential sector with growth opportunities and wishes to provide comprehensive services including banking, security, insurance, investment and financial consulting.

Source: Securities Daily, March 23, 2009

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