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News on the RMB, the Chinese Currency

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Here we go again…

The renminbi is back in the spotlight, with the Chinese media in a feisty mood
Sep 24, 2010 (WiC 79)

Time to complain again… State news agency Xinhua says the timing of the latest complaint is not hard to fathom: “With US mid-term elections approaching, the renminbi exchange rate issue again becomes the victim of American ...

Of Chinese bondage

Both onshore and offshore, China’s bond market is growing
Aug 27, 2010 (WiC 75)

McDonald’s image is very much burgers and fries rather than financial innovation. But the American fast food chain tested new water last week, when it became the first foreign company outside the financial sector to issue a renminbi-denominated ...

A yen for change

China shifts reserves into Japanese government bonds
Jul 16, 2010 (WiC 69)

Disillusioned by the dollar and exasperated with the euro; are China’s foreign exchange custodians now yearning for the yen? In fact, reserve accumulation in the second quarter was the slowest in 11 years, up by only $7.2 billion. But the ...

Views from the summit

China returns from Toronto with a revalued currency. But no one is allowed to mention it...
Jul 2, 2010 (WiC 67)

Don’t mention the yuan… Our currency policy is our own business, and not a topic for discussion at international summits like the G20, the Chinese media insisted. And as usual, the Global Times was ready with a few home ...

A more flexible note

A lot of ink was spilled over China’s announcement last Saturday that it has broken its 23 month-old peg to…
Jun 25, 2010 (WiC 66)

A big weekend for the forex markets? Last Friday the China Daily ran the headline: “US wrong to blame China for own woes: fresh criticism of yuan off the mark”. State media has long argued that renminbi appreciation ...

Revenge of the baby kissers

Export surge in May triggers more currency tension on Capitol Hill
Jun 18, 2010 (WiC 65)

China’s exports grew by 48.5% in May in year-on-year terms, the biggest surge in six years, and far beyond market expectations. First, the positives from the news. Markets leapt, because it seemed to show that Europe’s financial crisis is ...

Very much appreciated

Who gains and who loses from a stronger yuan?
Apr 16, 2010 (WiC 56)

Apparently a more cordial chapter in Sino-US relations is upon us. After weeks of barbs and brickbats, the mood appears to be mellowing. Currency policy is shaping the new tone: the consensus is now that it is a matter of when (and not if) the ...

Verbal battle over China’s currency heats up ahead of US Treasury report
Apr 1, 2010 (WiC 55)

The focus of the Sino-US debate on the value of the renminbi seems to be one the move – from head-spinning statistics towards hand-wringing dramatics. The rhetoric is definitely hardening. Zhong Shan, vice-minister of commerce, gave a speech ...

Sooner or later… but when?

Did China’s central bank governor suggest a stronger renminbi is on the way? Or was he merely misunderstood?
Mar 12, 2010 (WiC 52)

A change of heart? Not the way the Chinese press reported it. Wen Jiabao’s speech last Friday, in which he said that the renminbi would remain “basically stable”, got most of the attention. And if there was any nuance ...

China’s new money man

Zhu Min’s IMF posting may herald a new world order
Mar 5, 2010 (WiC 51)

No one can exactly say when America’s financial hegemony began in the twentieth century, but for historians a symbolic, and convenient, date is August 16, 1924 when the Dawes Plan was signed. Named after Charles Dawes, the US vice-president, ...

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