China is demanding North Korea release a Chinese fisherman captured in Chinese Waters. These cases are happening more and more often. Can North Korea even control its own borders anymore? Is the threat of a NATO attack on the hermit kingdom nothing more than a
Want China Times As international gold prices plunge again, a number of people have been caught trying to smuggle gold from Hong Kong into mainland China. One woman was caught on May 10 with three kilos of gold bars hidden in her bra at the
China has now convicted 4,170 people for economic crimes revolving around illegal fund raising with several of them getting the death penalty. By contrast, the U.S. economic criminals have been giving QE money to invest in the stock market. A Chinese court sentenced 39-year old
China is allegedly developing a secret “space bomber” to compete with America’s Boeing X-37 reusable unmanned spacecraft, reports Duowei News, an outlet run by overseas Chinese. Sources say people who reported UFO sightings on March 13 in the Chinese cities of Chongqing, Kunming, Chengdu, Wuhan,
A Taiwanese fisherman named Hung Shih-cheng was shot dead by the Philippine coast guard on May 9, sparking strong anti-Philippine sentiment across Taiwan. Cyberwar has begin, militaries are being deployed. A summary of recent headlines. (1) Taiwan and Philippines in cyber war over fatal shooting
Unknown submarine detected in Okinawan waters A submarine from unknown nation was detected by a P-3C patrol aircraft from the Japan Maritime Self Defense Force on May 12 near the Kume islands, Okinawa according to the Tokyo-based Kyodo News. Source from the Japanese defense ministry
A newly designed Chinese stealth drone is ready for its first flight test after completing its taxi test last December at an unknown airfield in the southeastern province of Jiangxi, reports Duowei News, an outlet operated by overseas Chinese. Designed jointly by the Hongdu Aviation
So much for the Chinese property bubble. CNBC China’s property investment rose 21.2 percent in the January-April period from the year earlier, government data showed on Monday.
Many areas of the world are still called developing..meanwhile the U.S. is held up as the most powerful, productive economy on the planet. For anyone who has actually spent time outside of the U.S. in the last 2 decades this just doesn’t make sense anymore.
(Reuters) – Chinese gold imports are likely to swell further after rising strongly for a second straight month in March, as investors seek safety from economic uncertainty and after prices plunged to a two-year low last month. “Physical demand picked up significantly over the last
China is demanding North Korea release a Chinese fisherman
captured in Chinese Waters. These cases are happening more and
more often. Can North Korea even control its own borders anymore?
Is the threat of a NATO attack on the hermit kingdom nothing
more than a last ditch effort to keep control of the country?
Chinese fisherman captured
Yu Xuejun, who wasn’t aboard the boat, first publicized the seizure on
his microblog late Saturday saying that North Koreans seized his boat
on May 5 in Chinese waters and that they demanded a 600,000 yuan
($100,000) ransom. Yu, posting on a verified Tencent Weibo account,
said he was asking for help from Internet users and China’s Foreign
Ministry. His post was reposted and commented on more than 12,000 times.
In another plea for help on Monday, Yu wrote on his blog that he
received another call from “the North Korean side” on Sunday night,
still demanding money.
North Korean Missile test
North Korea fired another short-range missile into the sea off its
eastern coast on Monday, extending its series of launches to five
missiles over the last three days, South Korea’s defense ministry said
“The North Korean armed forces’ exercises to suppress nuclear war
threats from the U.S. and the South Korean puppets are an uncontestable
legal right of a sovereign country. Despite that, the U.S. and the
puppets are running wild on using the rocket launch exercises on the
18th and 19th against the Republic (of North Korea),” the Korean Central
News Agency said in a dispatch attributed to a body that handles inter-
Want China Times
As international gold prices plunge again, a number of people have
been caught trying to smuggle gold from Hong Kong into mainland China.
One woman was caught on May 10 with three kilos of gold bars hidden
in her bra at the Shatoujiao customs on the border at Shenzhen.
Many mainlanders rushed to Hong Kong to buy gold after international
prices tumbled to US$1,321 per ounce on April 12. Gold prices have
declined again since May 10 following a brief rise and closed at
US$1,374.90 per ounce on May 17, according to the state-run China
The woman who was stopped at Shatoujiao, surnamed Yu, had placed
three .999 kg bars of gold bullion in her bra. Staff members found
her body movements and facial expression suspicious and asked her
to go through a metal detector, followed by a physical check which
uncovered the bars. A maximum of 50g of gold may be carried through
Hong Kong customs.
Customs officials have stepped up inspections amid a spate of
similar smuggling attempts. A Hong Kong man was discovered trying
to pass through customs at the Luohu border crossing with 4kg of
gold bullion hidden in his shoes on May 8. In other cases, gold was
found sewn into the hem of skirts.
China has now convicted 4,170 people for economic crimes
revolving around illegal fund raising with several of them
getting the death penalty. By contrast, the U.S. economic criminals
have been giving QE money to invest in the stock market.
A Chinese court sentenced 39-year old Lin Haiyana, a businesswoman
to death after prosecutors accused her of running a Ponzi scheme
that defrauded investors of about $70 million.
The women was a Wenzhou business women with her own informal banking
network in a city well-known for shadow financing.
The WSJ reported that as of the end of April, 1,449 people had been
“seriously punished”–a designation that includes the death penalty
and more than five years imprisonment—for illegal fundraising since
2011, said Miao Youshui, a senior judge on the People’s Supreme Court,
China’s highest judicial body, at a recent news conference.
In total, 4,170 people were convicted over the same period for similar
economic crimes, he said.
“I’m not optimistic” about controlling the spread of illegal fundraising,
said Du Jinfu, the head of discipline inspection at China’s banking
regulator, and a member of a task force set up to tackle economic crimes.
“One factor is the high frequency of cases. Also, the scope is broadening,
with cases appearing in most cities…It affects the employed and retired,
the rich and the poor.”
China is allegedly developing a secret “space bomber” to compete
with America’s Boeing X-37 reusable unmanned spacecraft, reports
Duowei News, an outlet run by overseas Chinese.
Sources say people who reported UFO sightings on March 13 in the
Chinese cities of Chongqing, Kunming, Chengdu, Wuhan, Changsha,
Zhaoqing and Haikou actually saw a top secret rocket being tested
by the government. This coincides with an announcement on the
website of China’s National Space Science Center the same evening
which declared that scientists had successfully conducted a
high-altitude scientific exploration test.
Various reports claim that China upped its space program following
the successful launch of the US X-37B reusable unmanned spacecraft
in December last year. Sources say China has been developing a
mysterious space shuttle codenamed “Shenlong,” meaning “Divine
Dragon” in Chinese, a stealth space bomber that will significantly
boost the country’s space warfare capabilities.
Chinese military websites began “leaking” alleged photos of the
Shenlong project in 2007, with a spacecraft appearing to be suspended
from a Xian H-6 strategic bomber. In January 2011, a television
station in northwest China’s Shaanxi province reported the successful
test of an aerosphere vehicle. However, precise details of the
Shenlong have remained secret, with most online reports about the
project deleted by censors.Last June, media in central China’s Hubei
province said that the Shenlong is similar in purpose to the X-37B
in that it is an unmanned spacecraft, and claimed that the country’s
scientists have achieved four major technological breakthroughs on
the project in the last two years. Speculation from alleged photos
puts the Shenlong’s size at around 1m high and 5m-6m in length, which
would make it roughly a third the size of the X-37B. Others sources
have estimated the Shenlong at around 1.1m high, 12m long and 4m wide.
According to speculative reports, the Shenlong is designed to be
launched at 10,000m in the air from a Xian H-6 jet. The first phase
engine will boost the 13-tonne Shenlong up to an altitude of 490 km
within eight minutes, while the second phase will take it to height
of 600 km. In the third phase, a 50 kilogram satellite will be
launched into orbit before eventually descending back to Earth.
A Taiwanese fisherman named Hung Shih-cheng was shot dead by the Philippine
coast guard on May 9, sparking strong anti-Philippine sentiment across
Taiwan. Cyberwar has begin, militaries are being deployed. A summary of
(1) Taiwan and Philippines in cyber war over fatal shooting
Taiwan and Philippines are in cyberwar. On Sunday morning, the websites
of Taiwan’s Presidential Office, Department of Defense, Coast Guard
Administration and Ministry of Economic Affairs were shut down after
experiencing a cyber attack authorities say originated from the
Sources have confirmed that as of 8:40pm on Saturday more than 10
governmental websites from the Philippines crashed after experiencing
multiple denial-of-service attacks by hackers. The affected sites include
the home pages of the Philippine President’s Office, Ministry of Foreign
Affairs, Coast Guard, National Police Force, Ministry of the Interior,
and the Philippine News Service.
(2) Taiwan’s five major cities suspend exchanges with Philippines
All five major municipalities of Taiwan have suspended exchange activities
with the Philippines amid heightened tension between the two countries
over the death of a Taiwanese fisherman at the hands of Philippine personnel.
The municipalities involved are: Taipei, New Taipei, Taichung, Tainan and
Kaohsiung. They account for some 60% of Taiwan’s population of 23 million.
(3) Taiwan’s navy to extend patrol area southward to Bashi Channel
Taiwan’s navy will extend its patrol area by 100 nautical miles southward
to the south of the Bashi Channel and go beyond the current ROC Air Defense
Identification Zone, deputy minister of defense Andrew Yang said at a
legislative session Monday. Navy chief of staff vice admiral Hsu Pei-shan
said that the Navy is adjusting its patrol area and hopes that amendments
to related regulations can be completed by the end of this month.
In the future, the Navy will be allowed to freely carry out activities in
the area if it does not enter waters within 24 nautical miles of the Batan
islands in the Philippines, Hsu said. After the patrol area is expanded
southward, it will encompass all the waters of Batanes from the original
Eluanbi sea, according to a defense ministry official.
Yang said after the adjustment, the navy’s patrol missions will be moved
southward to the south of the Bashi Channel in response to the Coast Guard
Administration’s plan to strengthen patrols in waters near the Philippines
following public outrage over the shooting of a Taiwanese fisherman by
Filipino coast guards.
In addition, the Navy and the Coast Guard will hold a joint exercise in
waters south of Taiwan on May 16 when Kidd-class destroyers and Chengkung-
class frigates will be mobilized to escort coast guard vessels in the exercise.
Unknown submarine detected in Okinawan waters
A submarine from unknown nation was detected by a P-3C patrol
aircraft from the Japan Maritime Self Defense Force on May 12
near the Kume islands, Okinawa according to the Tokyo-based
Source from the Japanese defense ministry told Kyodo News that
the submarine was in all likelihood deployed by China’s PLA Navy.
Chinese warships began to conduct naval exercises in the waters
around Okinawa after the Japanese government nationalized the
disputed Diaoyutai (Diaoyu or Senkaku) islands last September.
On Jan. 31 this year, a missile destroyer and two missile frigates
from the PLA Navy penetrated the waterway between the islands of
Okinawa and Miyako after conducting drills in the Yellow Sea.
The Chinese defense ministry stated that the the PLA vessels are
only conducting routine training in the Okinawan waters without
targeting any country in the region as their enemy.
The appearence of a Chinese submarine near Japanese territorial
waters can still be very sensitive from the perspective of Japan,
especially in light of a recent article from China’s party mouthpiece
the People’s Daily challenging Japanese sovereignty over Okinawa.
The source told the Kyodo News that the unknown submarine was
detected close to the Japanese territorial waters, though the
vessel did not cross the border.
A newly designed Chinese stealth drone is ready for its first flight
test after completing its taxi test last December at an unknown
airfield in the southeastern province of Jiangxi, reports Duowei
News, an outlet operated by overseas Chinese.
Designed jointly by the Hongdu Aviation Industry Group and Shenyang
Aviation Corporation, the Lijian (“sharp sword”) is China’s first
stealth drone and the third in the world after the X-47 designed by
Northrop Grumman of the United States and France’s Dassault neuron.
The Lijian program was launched in 2009 and the drone’s ground test
was conducted on Dec. 13 last year.
China Aviation News reports that the Lijian is now ready for flight
testing. The drone is set to be used by the PLA Air Force and Navy
Air Force for combat missions, and also for tracking and reconnaissance
The prototype means China is ahead of several nations in the development
of stealth drones, including Britain. Russia, India, Sweden, Italy,
Iran and Israel, which also have their own stealth unmanned aerial
vehicle (UAV) programs.
So much for the Chinese property bubble.
China’s property investment rose 21.2 percent in the January-April
period from the year earlier, government data showed on Monday.
Many areas of the world are still called developing..meanwhile the U.S.
is held up as the most powerful, productive economy on the planet.
For anyone who has actually spent time outside of the U.S. in the last
2 decades this just doesn’t make sense anymore. The American GDP continues
to rise as cities continue to crumble. Stock markets hit new highs as food
stamp usage also hits records.
The American illusion that debt,credit,and money printing policies of
the government have created prosperity is only seen in Wall Street and D.C.
For the rest of us…well, you be the judge.
Detriot, Cleveland, American Train System, Beijing, Chengdu, Chinese Trains)
(Reuters) – Chinese gold imports are likely to swell further after rising
strongly for a second straight month in March, as investors seek safety
from economic uncertainty and after prices plunged to a two-year low
last month. “Physical demand picked up significantly over the last couple
of weeks. Consumers and industrial users tend to see price drops as buying
opportunities,” Zhang Bingnan, secretary-general of the China Gold
Association, told Reuters. “Investment demand should continue to stay strong
through the rest of the year because of limited investment alternatives,”
said Zhang, adding that gold sales and processing volumes both spiked in April.
He said China’s gold consumption in the first quarter probably rose 10-15
percent from 255.2 tonnes in 2012. Net gold flows from Hong Kong to China,
the world’s No. 2 gold consumer after India, rose to 223.519 tonnes in March
from 97.106 tonnes in February, data from the Hong Kong Census and
Statistics Department showed on Tuesday (www.censtatd.gov).
In March, Shanghai gold futures fetched premiums of more than $30 to global
prices, making it cheaper to buy the metal overseas. April could see imports
swell further after the drop in international prices spurred frenzied buying
in Asia, leading to a shortage of gold bars and coins in Singapore as well
as Hong Kong, which is China’s main source for gold imports.
Demand for gold from India and China is a major factor in global prices, with
the World Gold Council saying the two countries account for more than a third
of global appetite. China produced 403 tonnes of gold in 2012, but consumption
was more than double at 832.2 tonnes.
Gold tumbled to around $1,321 an ounce on April 16, its lowest in more than
two years, after a fall below $1,500 and fears of central bank sales led to
a sell-off that stunned investors and prompted them to slash holdings of
exchange-traded funds. It stood at around $1,460 on Tuesday.
“April imports will be stronger than March,” said Ronald Leung, chief dealer
at Lee Cheong Gold Dealers in Hong Kong. “The world was buying gold and China
was no different at all.”
The drop in gold prices has prompted a gold rush in China, with Chinese
shoppers flocking to retailers to buy jewellery and gold bars.
A spokesman for Hong Kong jewellery chain Chow Tai Fook (1929.HK), the world’s
largest jewellery retailer by market value, told Reuters that traffic at its
China stores jumped by 50 percent during the May Day holidays.
The surge in Chinese travellers during the three-day May Day holiday also
drove gold sales in Hong Kong to rise by an estimated 50 percent, with total
gold sales from April 29-May 2 reaching some 40 tonnes, local media quoted
Haywood Cheung, president of the Hong Kong Gold and Silver Exchange, as saying.
The jump in Chinese physical demand also prompted some banks to ship in more
supplies from London and Swiss vaults, traders said with China’s economy still
on shaky ground, investors could increasingly be turning to gold as a so-called
safe-haven investment. China’s annual export growth may have picked up slightly
in April due to a low comparison from a year ago, while import growth probably
eased, a Reuters poll showed, suggesting the underlying momentum for both the
domestic and global economies remains tepid.
Gold exports to China from Hong Kong hit an all time high of 557.478 tonnes in 2012.
(Additinal reporting by Manolo Serapio Jr; Editing by Joseph Radford)
An annual report published for the US Congress by the Department of Defense
on May. 6 entitled “Military and Security Developments Involving the People’s
Republic of China 2013″ indicated that China will be able to construct
several aircraft carriers, according to the Chinese tabloid Global Times.
The Communist Party-run paper said the report focused mostly on the
development of the PLA Air Force and Navy. It is also the first report
published by the US Department of Defense to introduce the territorial
dispute between China and Japan over the Diaoyutai (Diaoyu or Senkaku)
islands in the East China Sea. While the 2011 report paid more attention
to the modernization of the Chinese military, the 2012 report focused
more on the military balance across the Taiwan Strait.
Discussing China’s naval build-up, the report said the country’s first
Type 052D destroyer will enter service in 2014. With the third generation
vertical launching system developed in China, the Type 052D destroyer is
able to launch sea-to-air missiles, cruise missiles, anti-submarine
missiles and anti-ship missiles. The PLA Navy plans to build a total
number of 12 Type 052D ships to replace the older Type 051 destroyers,
according to the report.
The report said China’s navy has about 12 Type 054A frigates in service
with six more under construction. The report also confirmed for the first
time that the PLA is developing Type 095 and Type 096 submarines to replace
its Type 094. The report predicted that the development of the Type 081
amphibious assault ship will be completed in the next five years.
To project air power to other regions of the world, the PLA Navy will have
enough aircraft carriers to form several carrier battle groups in 15 years’
time, the report said.
Things here are not bright, but they are not collapsing either.
In fact, considering you need to pay $12,000 for a license plate and
the country is still selling 20 million cars a year, I would consider
things quite strong. And home transaction and sales are up despite
a new 20% capital gains tax and a total lock-down on the real estate
Notice how Reuters forecast is a full 40% below actual data. The media
powers in the west will continue to try ad sing a “China is crashing song”.
Anything to distract attention away from the real story. The real real story
being A crumbling Western civilization being eaten alive by paper printing
oligarchs and their paid minions in government. An economy built on a war
machine and handouts.
China posted strong trade numbers on Wednesday that helped ease some of
the fears about a slowdown in the Asian giant. Exports jumped by 14.7
percent in April from a year earlier, government data showed on Wednesday,
higher than the 10.3 percent growth forecast by a Reuters poll.
Imports for the month grew 16.8 percent, also surpassing expectations of
a 13.9 percent rise. The country registered a trade balance of $18.16
billion, versus forecast of $15.1 billon.
U.S. Federal Student loan rates going up to 6.8%! So ……
0% rates for Wall Street Gambling houses, and nearly 7% for students.
Rates for student loans to double July 1
By Steve Rosen
Kansas City Star
Now would be a good time to watch interest rates — and Congress —
if you’re planning on tapping into the federal student loan program
to send your incoming freshman to college. That’s because rates on new
subsidized Stafford loans are scheduled to double July 1, from a fixed
3.4 percent to 6.8 percent. Stafford loans, which don’t require
repayment until six months after leaving school, account for more
than a third of federal student aid.
The U.S. Public Interest Research Group, a consumer advocacy
organization, estimates a doubling of interest rates could add $1,000
more to the cost of the loan per year per borrower. There’s some confusion
surrounding the potential impact of a rate increase. It would only hit
students taking out new subsidized Stafford loans from midyear on.
Students with existing subsidized Stafford loans would not to see a
If this sounds familiar, it’s because the same warning over a possible
doubling of rates came last year until Congress — in the midst of an
election year — granted a one-year reprieve on the rate increase.
Make no mistake; 3.4 percent is a great rate. On the other hand, 6.8 percent
is not so good when most interest rates are at historic lows. But Congress
has estimated that the double-down would generate an additional $6 billion
in income to federal coffers.
There may be yet another 11th-hour rescue this spring. President Barack
Obama’s budget plan included a proposal to shift to a variable interest
rate on the Stafford loan program. The variable rate would be pegged to
the government’s cost of borrowing, and it would be reset every year.
I wouldn’t count on anything more than another short-term, midsummer fix
coming out of Congress. Given that college admissions letters and financial
aid packages are starting to land, there’s not much that families in the
graduating class of 2013 can do
From The Detroit News: http://www.detroitnews.com/article/20130506/BIZ01/305060313#ixzz2SZJJ6s5r
Australian Expats Take Note – Inactive Australian Bank Accounts-
Action Required Before the 31st of May 2013
The Government has introduced laws allowing the Australian Securities
and Investments Commission (ASIC) to transfer money from bank accounts
that have had no activity for three years. Banks and other authorised
deposit taking institutions are required to submit to ASIC details of
any bank accounts that have had no activity for the past three years
by 31 May 2013. Under the new laws, ASIC are able to shift the account
balances of inactive accounts to the Government. Some reports estimate
this measure will net the Federal Government over $100 Million this year.
Account holders will be able to reclaim monies from the Government, but
this will no doubt be a time consuming process and small account balance
holders may just ignore it. We expect this may affect a variety of clients
including Australian expats that have funds sitting in Australian bank
accounts. To prevent this from occurring, bank account holders should
review their accounts and ensure some activity takes place before 31 May
2013. For accounts that need to remain open, a small deposit or withdrawal
should be sufficient activity to prevent the Government from transferring
your money. We understand that bank fees and interest are not counted as
activities on the accounts, so some positive action is required by the
account holder. Account holders must take action before 31 May 2013 to
prevent the Government from transferring these balances.
The cost of renting a house in Beijing is predicted to rise by 10% a
year, the state-run China News Service reports on its website.
Citing statistics compiled by local real estate company Home Link,
CNS reported that the average rental price in Beijing is 55.7 yuan
(US$9) per square meter. Renting a 60-square-meter flat will cost
3,300 yuan (US$530) per month, yet the monthly price for a downtown
flat will be 4,500 yuan (US$725). High-end apartments will cost around
167 yuan (US$27) per square meter, and for serviced flats with
facilities similar to those of luxury hotel rooms, the price will be
236 yuan (US$38) per square meter. That equals out to approximately
14,000 yuan (US$2,250) per month for a 60-square-meter space.
The prices are far beyond the means of most of the city’s residents,
but for landlords the monthly returns they currently maker are
insignificant compared to the prices they paid to buy the houses.
One landlord bought an 80-square-meter apartment for 3 million yuan
(US$483,000), and rents it out for 5,500 yuan (US$900) per month.
He makes roughly 50,000 yuan US$8,000) from his apartment per year,
with the remaining money going to a housing agency which finds tenants,
and on taxes and utilities.
“That return is only 1.7% of my total investment in the house and less
than the interest rates paid by banks on deposits. It would take me
60 years to get real returns on my investment,” said the landlord.
As a result rents have risen by 13%, 19% and 11.1% over the past
three years, from 2010 to 2012, and it is predicted that rents will
continue to increase 10% annually in the near future, far more than
the rate at which wages are expected to rise.
Nearly 300 kilograms in gold bars caught the glare of the sun — and
the eye of shoppers — as the yellow brick road leading the way to a
jewelry store in Guangzhou. The store was laying its intentions bare
for the Labor Day holiday, Chinese media reported.
The building authorities used 252 gold bars, each 1 kilogram, to pave
the front of the building for almost 5 meters. Dozens of gold ingots,
each weighing 10kg, were also displayed on the fourth floor of the
building. The building’s initiative was widely criticized as a grand
waste. The Guangzhou jewelry was apparently not alone in its decadent
decor. A jewelry store in Shandong also went with the gold standard,
going with 1,000 bricks of gold, each 1 kg, for its store front display.
Both buildings assured critics of adequate security when asked about
the safety of broadcasting their bling. The stores were apparently
bringing attention to the all-time low price of gold on the world market.
Want China Times
Tourists from the mainland flooded into Hong Kong to turn the May 1
Golden Week holiday into gold-buying week. Investors kept up their
gold-buying craze which began after international prices tumbled
on April 12, Hong Kong’s Wen Wei Po reports
Hong Kong gold retailers have reported seven-fold surges in their
business over the past month, and demand grew some 30%-40% on the
eve of the recent holiday, with one mainland buyer reportedly
buying one Chinese jin, or 500 grams of gold, for HK$200,000
While prices have rebounded recently after the mid-April tumble,
they are still markedly lower than the pre-drop levels, which have
fed into a continued gold-buying craze in Hong Kong. With the
addition of mainland tourists, stores in Hong Kong had people
lining up in the streets, the report said.
A clerk in Wing On Co in Wan Chai said he hasn’t seen a buying craze
like this in years, but the company prepared early for the holiday
weekend and was meeting buyers’ demand. The sale price of gold tumbled
to a low of HK$13,980 (US$1,800) per tael from HK$16,500 (US$2,125).
It recently rebounded to HK$15,750 (US$2,020) which is still cheaper
than the price before the collapse, he said. One tael equals
approximately 38 grams.
One man from Shenzhen took advantage of the holiday to buy gold in
Hong Kong and eventually spent HK$30,000 (US$3,900) on a gold chain
for himself, but couldn’t buy one for his wife because they were sold
out. Another man from Jilin didn’t buy anything because the style of
the remaining jewelry wasn’t to his liking, and prices had rebounded
enough that he lost much of his interest, he said.
USD/RMB at a record high of 6.15 and as we have written about in our
“Rise of the RMB” articles the Chinese currency is in full growth
mode on its way to countering the U.S.D.
A press release from the Society for Worldwide Interbank Financial
Telecommunication (SWIFT) shows that the value of payments using
Chinese Yuan currency grew by 171 percent between January 2012 and
January 2013. In January 2013 alone, payments in the Chinese currency
grew in value by 24 percent from December, pushing the Yuan past the
Russian Rouble to the thirteenth slot for world currency payments.
This 24% spike is nearly double the 13% increase recorded across all
currencies. The SWIFT “RMB Tracker” (RMB is short for Renminbi or Yuan)
was launched in September 2011 and provides monthly reporting on the
progress made by the Yuan towards becoming an international currency.
The latest RMB Tracker report, released on April 25, shows that global
Yuan payments gained 32.7 percent in value for the month of March,
reaching an all-time high market share of 0.74%. This increase compares
with an average monthly increase of just 5.1% across all currencies.
According to the press release, the Yuan “continues to ascend the ranks
as a major international payments currency.”
Want China Times
Diaoyutai warplane escort was a message to US: Duowei
China demonstrated its resolve to assert its sovereignty claim to the
disputed Diaoyutai (Diaoyu or Senkaku) islands against the challenge of
Japan and the United States when it sent a fighter escort of 40 fighters
to accompany eight naval vessels to ward off a landing by Japanese
nationalists on Apr. 23, says Duowei News, an outlet operated by overseas
As the incident took place during the visit to Beijing by General Martin
Dempsey, chairman of the US Joint Chiefs of Staff, the deployment of
advanced fighters such as the Su-27, Su-30 and J-10 was a message to the
United States that China will not make any concessions on what it sees as
a core issue of territorial integrity. Dempsey was invited by China’s
Central Military Committee to visit between Apr. 21 and 25 to discuss
tensions on the Korean peninsula. Beijing also took the chance however
to bring the issue of the disputed islands in the East China Sea to the
While Dempsey reasserted that the United States takes no position
regarding the sovereignty of the islands, he reiterated that the US is
bound by the Treaty of Mutual Cooperation and Security with Japan to
defend Japanese-held territory. Chinese officials said the heightened
tensions with Japan were initiated by Tokyo when it nationalized the
islands last September.
Duowei News believes the new US secretary of state, John Kerry, will
take a different approach to his predecessor Hillary Clinton, a firm
supporter of Japanese control over the islands. Kerry on a recent visit
to Tokyo maintained that the United States recognizes that the islands
are currently under Japanese control but blamed both Tokyo and Beijing
for the recent conflict. The US opposes any unilateral or coercive action
that aims to change the status quo on the Senkaku islands, Kerry said.
With his use of the word “unilateral,” Kerry was criticizing the Japanese
government for upsetting the balance of power in the region through
nationalizing the islands, Duowei said, while the use of the term “coercive”
meanwhile was a warning to the Chinese government not to attempt to reclaim
the islands by force. Kerry’s attitude shows that the United States will
no longer show undue favor to Japan, according to Duowei