Something is amiss…Duh..no shit. Unlimted free money for bankers and importing the poor of Latin America will only collapse what is left of the American middle class. Labor supply goes up…Labor prices go down. Simple economics 101. Americans have been betrayed by their leadership, elite,
A river today became blood red due to illegal dumping of something. Investigation is underway. “Then the third angel poured out his bowl on the rivers and springs, and they became blood. And I heard the angel who had authority over all water saying, “You
With nothing left to offer the world but Vulture funds and IOU’s, the world is walking away from the U.S. The nation of China is upending the global order by creating and funding institutions which will loan and build infrastructure across the global to the
FT Qualcomm became the latest US technology company to suffer a reversal in China, as it warned on Wednesday that a government investigation there had added to its difficulties in collecting licensing fees on new mobile devices. The mobile chipmaker’s shares slid by as much
American firms have now found themselves on the outside of the world’s largest I.T. market, China, thanks to NSA spying. As we reported just after the Snowden leaks became public the Central government in Beijing was shocked at the extent of collaboration of American I.T.
The U.S. has been slowly evolving into the new evil empire and their elites don’t even notice it. A tragedy has occurred with Russian separatists no doubt shooting down a commercial airliner. Instead of questioning the foresight of commercial airlines about trying to save money
Dan Collins CMR Jim Rogers is probably better now known in China now than even the U.S. In this interview on Chinese television he expects Gold prices will struggle, but then skyrocket. He tells the truth that the U.S. government is lying about inflation and
D.Collins CMR Argentina has been under attack by New York Vulture funds for close to a decade. The New York Capital funds have been able to close Argentina out from global capital markets. In a shocking turn of events, Argentina is now walking away from
In Chinese Steel and Solar panels, the firms although in many cases
private, are extensions of their local governments. They are handed
low interest or no interest loans, free land, and subsidised
electricity. It is not free market capitalism, and to the credit of
the U.S. they did finally try and protect some of their industries
recently with tariffs. After decades of being poached by Japanese
and Korean firms, U.S. industrial power is gone. China makes more steel
in 6 weeks than the U.S. will make all year and they will produce twice
as many cars. Of course, the U.S. will continue to hide the bare cupboard
of industrial production in their fake manufacturing numbers which fail to
record “value-add” and count billions of dollars of imported parts as
“locally manufactured”. When numbers don’t add up, the financial pundits
on CNBC , whom have never actually stepped foot on a factory floor,
will reignite theories of robots building stuff which has never
actually happened. Industrial labor is alive and well and has never employed
more people,there just aren’t U.S. workers anymore.
US loses multi-billion dollar court cases against China and India
The World Trade Organization agreed on Monday this week to side with
claims against the United States made by both China and India concerning
US-imposed tariffs on products exported to America.
In both instances, the WTO ruled against the US and decided in favor of
the major BRICs countries, who for two years now have each asked the
organization to intervene and weigh in on America’s use of tariffs to
tax certain imports dating back to 2007.
With regards to both cases, the WTO’s judges ruled that the US acted
“inconsistent with its agreement on subsidies and countervailing duties,”
or taxes imposed on goods sold by “public bodies.”
In China, the panel agreed, US officials improperly levied those taxes
against state-owned enterprises that the WTO does not consider to be
“public bodies.” Instead, the WTO said, those entities were majority-owned
by the Chinese government, but did not perform “government function” or
exercise “government authority,” according to the Financial Times. With
respect to India, the WTO again agreed that the US was wrong to similarly
treat state-owned National Mineral Development Corporation as a public
body, according to the International Business Times.
At issue were billions of dollars’ worth of Chinese steel products, solar
panels, aluminum, paper and other goods shipped to the US after being taxed
as originating from public bodies. The panel’s decision, Reuters reported,
“reflected a widespread concern in the 160-member WTO over what many see
as illegal U.S. protection of its own producers.”
“China urges the United States to respect the WTO rulings and correct its
wrongdoings of abusively using trade remedy measures, and to ensure an
environment of fair competition for Chinese enterprises,” China’s commerce
ministry said in a statement.
As the world cup is over, fans all across China are finally
getting some sleep. With the world cup games going on until
the early morning, tens of millions of fans have been late
for work with reports of hospitalisations and even deaths
from a lack of sleep and excessive drinking at world cup
With China once again, having a soul searching, by missing
the world cup..again…the fans are looking to the next generation.
Chinese Super League teams have now built academies with thousands
of players training at high levels. Even foreign players and
companies are now setting up academies in China.
Presented below is the “11 year old Messi of China” as reported
in the Chinese media. For anyone wanting to follow Chinese football
I suggest to check out the site wildeastfootball.net.
American Oligarchs Press for Open Borders to Collapse
American Wage Structure.
A gambling kingpin, software monopolist, and a crony capitalist walk
in to a bar….I wish this was just a joke,however, it’s not. Sheldon
Adelson, Warren Buffett and Bill Gates have combined to pen an opinion
piece this week in the New York Times called “Break the Immigration
The three men worth a combined $184.3 billion, published the
piece asserting that Americans are getting “shortchanged” by members
of Congress who refuse to bring an immigration bill to the House floor.
I don’t think anyone would argue with that and that is why mainstream
Republicans are being voted out for refusing to tackle debt, endless war,
endless immigration, and joblessness in the country.
So what do the American Oligarchs want? They want amnesty of course and
millions upon million more workers imported into the United States on top
of the 100 million people that have come in since 1965. The country already
has 48 million people on foodstamps and 100 million people of working age not
working or even looking for a job. None on this matters to Oligarchs bent on
adding to their empire at the expense of the American working man.
The policy of unlimited immigration is of course a race to the bottom as a
flood of immigrants come in to distort the national labor market. Importing
brain power is good, but for every brain the country imports they import
10 poor people. Labor is a market like all others, increasing supply drives
down the price and it is this factor which has most contributed to the median
wage of American workers stagnating for 30 years.
Immigration has always been at the forefront of American politics. Protecting
American Labor has been at the forefront of trying to stablize wages for
working class people. Post industrial collapse,however, their is no one
left to defend American labor. Americans will have to get used to third world
wages and unemployment levels.
China is in the process of turning the yuan into a full-fledged global
currency. It is currently clearing the way for a worldwide payments
superhighway in RMB. The China International Payments System (CIPS)
will replace a patchwork of networks and allow hassle-free yuan payment.
The payment system is now scheduled to go live in 2016.
China’s big clearing banks such as Bank of China (601988.SS) (3988.HK)
and offshore centers such as London or Singapore now handle most
international yuan transactions and stand to lose their privileged
position. With the top 4 Chinese banks each making roughly $25 billion
each every year we don’t expect them to cry over spilt milk.
China is the world’s largest creditor and training nation and has by far
the most real productive economy on earth. Food stamps does not make an
economy. China is moving their trade from U.S.D into RMB at a break-neck
pace. Central Banks around the world are stocking up on RMB reserves.
The world needs Chinese manufactured goods and China needs the world’s
economies. The U.S. is no longer competitive in any type of real consumer
good or service. The last bastion of U.S. dominance, which was tech, is
now being pushed out of foreign markets due to NSA spying. We encourage
everyone to own hard assets, precious metals, and RMB. When the U.S. Dollar
resets to reflect real economic realities, the RMB will go up 5 times.
Recent data show that the use of the Chinese renminbi to settle trade between
US and China continues to become more widespread, and US business leaders
expect both their trade volume and RMB settlement to increase in the next
year, according to an HSBC report.
SWIFT data showed that “RMB growth is gaining traction in non-traditional
clearing centers, such as the United States” and that United States RMB
payments value increased 327 percent between April of last year and April
of this year.
“Although the corridor remains dominated by the US dollar, data suggests
that the United States is increasingly using the RMB to support its corporates
that want to reach more suppliers in China mainland. This is good news for the internationalization of the RMB as a world payments currency,” said Michael
Moon, head of payments in the Asia Pacific at SWIFT.
If you want to know the real reason Chinese are leading buyers of
U.S. properties it is ,firstly ,they have the money now. But secondly,
is that fact that Chinese are diversifying their assets to put them beyond
the reach of the Chinese government. In the economic boom from the 90′s
until today, no one has been able to keep their hands clean. Communism is
largely rule by man, and not rule buy law. To get anything done in China,
people had to go around the system. That continues up to today, despite
regulations in China being much easier to navigate. Bribes and kick-backs are
all part of doing business. Wealthy businessman in China cannot risk having
their assets taken if at some point in the future they are indicted in some
type of criminal probe.
A personal story I can share with you is of a gentleman in China who came
into a lawyer friends office in Beijing. He was dressed like a beggar, missing
several teeth. He was in the office to inquire about immigrating to Canada
under an “investor visa” program. As my lawyer friend started to explain to
this poor man that investors for immigration to Canada would need at least $250,000
USD to immigrate, the man with missing teeth and a filthy suit quickly pulled out
his bank book to show a balance of over $4 million USD. It turns out he had made a
fortune smuggling imported cigaretts via Hainan island and it was time to get out
of dodge before the law came down on him.
Want China Times
Many of the nouveau riche in China made their fortunes illegally
Many of China’s nouveau riche class are thought to have earned their
fortunes through illegal means, including exploiting information asymmetry,
selling state-owned companies at low prices, and manipulating stock prices,
reports our Chinese-language sister newspaper Want Daily. Those who have
evaded capture for their crimes, have managed to hold on to their fortunes,
but not everyone was as lucky.
During the 1980s, there was a group of people in China who exploited their
privileges, buying products at low prices in bulk from the companies or
institutions they worked for and then reselling them at high prices on the
market. The most famous of them all was Mou Qizhong, who reportedly made
80-100 million yuan (US$12-16 million) by buying a Tupolev Tu-154 airliner
from the Soviet Union at a low price and then selling it to Sichuan Airlines
later in 1989 at an inflated price.
In the process of China’s privatization of many of its state-own companies,
certain people exploited the opportunity to use the back door to sell state-
own firms at low prices. Gelin Keer Technology Limited’s president and CEO
Gu Chujun, for example, bought China’s largest white goods maker Guangdong
Kelong Electrical Holdings Company in 2001. His businesses expanded rapidly
and Gu bought several companies such as a listed electric appliances chain
and a car rental company in 2003. However, when his companies including Gelin
suffered huge losses between 2002 and 2005, he had his associates falsify
financial data and documents and move one company’s funds to another to cover
up the losses. Gu was sentenced to seven years in prison and fined 6.8 million
yuan (US$1 million) in 2009.
Stock manipulation became another way of accruing illegal gains after China
established the A-share market in 1990s, such as Tang Wanli and his younger
brother Tang Wanxin, who formed Delong International Strategic Investment
Company in 2000. Tang Wanxin then created 40,000 fake accounts to create a
buzz around his company’s stocks, amassing a huge amount of money from issuing
stocks. Delong could not find enough funds to pay for the stocks’ yields,
however, and in May of 2004, the illegal practices came to light. The company’s
stock price plunged and Tang Wangxin was sentenced to eight years in prison
and fined 400,000 yuan (US$64,000).
Smuggling made another group of people in the Chaoshan region of Guangdong
province very wealthy in the 1990s. Lai Changxin founded a company called
Xiamen Yuanhua Group in 1994 and smuggled goods worth over 53 billion yuan
(US$8.5 billion) as well as bribing a dozen senior-ranking officials before
he was caught in 1999. Lai fled to Canada in the same year and was deported
and escorted back to China in 2011 and subsequently sentenced to life in prison.
His personal assets were all confiscated, according to state-owned Central
Television news website.
Suicidal gambler bet it all on Brazil
Police rescued a man lying on a highway in a suicide attempt
after losing everything he owned betting on the World Cup, media
reported on Wednesday. The man was found shirtless on the Baotou-Maoming
highway, according to the Hunan Highway Police.
The gambler told officers he had lost all his property after betting
Brazil would win their semi-final match against Germany. Brazil was
handed an historic 1-7 defeat on July 8. Police talked the man into
getting up from the highway.
Numerous reports of gambling-related suicides have surfaced during
the 2014 World Cup.
A college student in Guangdong Province jumped to his death on June 23,
a suicide suspected to be motivated by gambling losses, said the
Australia ready to introduce Japanese Soryo-class submarines and have Japanese soldiers stationed in Australia
The noose tightens as the partners in the Asian pivot attempt to
encircle China. The indigenous designed Collins class Submarines in
Australia have been a flop and it now appears Australia is going
to adopt Japanese submarines. Will the Japanese really share technology
with Australia? I highly doubt it. They will most likely just be
cheap labor for the Japanese armaments industry.
Want China Times
Australia ready to introduce Japanese Soryo-class submarines
Tony Abbott, the Australian prime minister, will this week sign an
unprecedented defense pact with Shinzo Abe, the Japanese prime minister,
to introduce Soryo-class submarines to Australia from Japan, according
to Brendan Nicholson, a defense analyst from Canberra in an article for
the Australian on July 7.
With the two countries facing China as a common threat in the Asia-Pacific
region, Abe began his visit to Australia on July 7 to discuss closer
defence ties between Tokyo and Canberra. The pact allows Japanese military
personnel to be trained on Australian soil and will see the launch of a
joint submarine construction program. Nicholson said it represents
Australia’s largest ever defense project.
Under Australia’s SEA 1000 project, the Royal Australian Navy will replace
its seven older Collins-class submarines with 12 Soryo-class diesel-electric
submarines. Nicholson said the Soryu-class submarine is is the world’s
biggest and possibly the best diesel-electric submarine. What interests the
Royal Australian Navy most is the Japanese-designed propulsion system which
allows the Soryu-class submarines to spend much less time than other
conventional submarines at or near the surface as it recharges its batteries.
The Soryu-class is now considered the most suitable option for the Royal
Australian Navy to navigate the narrow waterways around Australia.
However, Beijing will be watching Abe’s visit closely, Nicholson said.
Both Canberra and Tokyo are concerned about China’s potential maritime expansion
into the Southern Pacific. For this reason, Japan is providing assistance to
countries like Vietnam and the Philippines, which have territorial disputes
with China in the South China Sea.
China and the BRICS are moving to establish counter-institutions to
unseat the power of the Asian Development bank, the World bank and the
IMF. With $100 billion in capital, the new Shanghai based BRIC bank
will eclipse the Japanese controlled Asia Development bank in capital.
This new BRIC bank could easily get major new funding from China and
Russia and could go on to rival the world bank. The only difference is
this BRIC bank will be getting real capital savings invested into whereas
the World bank is getting printed money from the U.S.
Future U.S. trade deficits will no longer get rolled back into U.S.
Treasuries but can now be put into the BRIC bank deploying Chinese
financial power across the world and getting large infrastructure projects
into Chinese firms while developing the countries soft power.
Mon Jul 7, 2014 2:32pm GMT
BEIJING (Reuters) – The five BRICS nations have reached a broad
consensus on their $100 billion development bank though some differences
remain, a senior Chinese diplomat said on Monday ahead of a summit in
Brazil next week to be attended by President Xi Jinping.
The new bank will symbolise the growing influence of emerging economies
in the global financial architecture long dominated by the United States
and Europe through the International Monetary Fund and the World Bank.
Leaders of Brazil, Russia, India, China and South Africa are expected to
sign a treaty to launch the bank officially when they meet at a BRICS
summit in the northern Brazilian city of Fortaleza on July 15.
Negotiations to create the lender have dragged on for two years, with
some members growing weary of China’s desire to have a bigger stake in
the bank by putting in more capital. A senior Brazilian government official
said in May the five BRICS nations were likely to agree to fund the bank
equally, giving them the same rights. Briefing reporters ahead of the summit,
Chinese Vice Foreign Minister Li Baodong would not be drawn on the specifics
of the share structure, but was optimistic. “On the BRICS development bank, all
parties have extensive consensus on this issue. Of course there are a few
differences and different viewpoints on technical issues,” Li said.
China is quickly liberalising its economy and its currency. An expert
panel at a recent HSBC lunch event in Sydney looked at how Australian
companies can take advantage of the trend by transacting in the renminbi,
That was the key message from the HSBC expert panel at a recent Sydney
lunch event, where local importers and exporters were advised to be
ready to trade in the Chinese currency, known as the RMB.
Although there has been an increase in the number of Australian
businesses transacting in RMB, take up is still low. Those who have
started trading in RMB are forging better relationships with their
Chinese counterparties and discovering new business opportunities,
and some are receiving better prices.
China’s rapid double-digit growth has moderated in the last couple of years,
to a still impressive rate of above 7 per cent. But the Chinese economy is
60 per cent larger than it was just five years ago, and is now a larger driver
of the global economy. In fact, 7 per cent growth in the Chinese economy
today is the equivalent in US dollar demand of 10 per cent growth five years
It’s hard to understate the importance of the Chinese economy for Australia’s
own prospects,” Bloxham told the Sydney audience. “Australia has a lot of
opportunities that will arise from China’s emergence that go beyond the
Chinese authorities are shifting the country’s economic drivers to domestic
consumption over international export-driven trade, and to do so they need a
more efficient financial system. Transforming the RMB from a currency that is
used mainly within China for domestic transactions between Chinese entities,
to one that is one that is used internationally is part of the process.
And this is where opportunities lie for many Australian firms.
Better prices, new relationships
Ken Tay, the head of HSBC Australia’s China desk, told the
audience that he has seen some Australian companies receive
better prices from Chinese suppliers by paying in RMB.
That’s because when foreign buyers pay in US dollars, they create
a foreign exchange risk for their Chinese counterpart, particularly
as most of the counterpart’s expenses are in the local currency.
Many Chinese companies add a “buffer” to their invoices to cover
any currency volatility.
Tay says some Australian companies can potentially receive a 1 to 3
per cent discount when they deal in RMB. He highlighted a Melbourne-
based seafood importer, Oceanic Food, which started paying in the
local currency and pocketed savings of 1 per cent – a significant
boost to the bottom line.
If it comes to war, despite a proud history of combating foreign
invasion I am afraid Vietnam would not last more than a week.
China’s supply chain is on the countries doorstep, not across an
ocean. Advanced GPS targeting systems and hardware of the PLA and
PLAN (Navy) would slice through Vietnam like butter.
Want China Times
Nguyen Phu Trong, the general secretary of the Communist Party of
Vietnam said that the nation is preparing for a potential war with
China to defend its sovereignty claims in the South China Sea,
according to the Hanoi-based Tuoi Tre newspaper on July 2.
Considered as a major pro-Chinese political figure, this is the first
time Trong has discussed the possibility of a war between Beijing and
Hanoi. He said that the Vietnamese government will do its best to
avoid a direct confrontation with China; however, Trong criticized
Chinese leaders for provoking conflict with Vietnam through deploying
an oil platform in the waters off the Paracel islands in May, an
incident that triggered strong anti-China sentiment in the Southeast
The industrial base went first. Along with it went the social
collapse the country has been living through since the 1960′s.
Single-mother households are 80% in the urban centres and not
much better outside them.
While U.S media coverage focuses on a Palestinian boy killed
in Israel or some stores of another war zone, 11 people were
killed in Chicago and over 60 wounded (shot or stabbed) in one
They mainstream media is no longer real media, they have no become
modern versions of French Courtiers ,tripping over themselves to
say something good about the Sun King in hopes of furthering their
personal carrier. 60 shot in Chicago in one weekend does not fit
the narrative of their story.
Collapsing cities and infrastructure are the real inconvenient truths
On this 4th of July, America is in full-on collapse.
The money printing, debt, trade imbalances, and social collapse
of the American country continues at a faster and faster pace.
The world is about to experience a global power vacuum as the
world wakes up to the fact that American power is no longer
providing the lynchpin to global security. America’s trade partners
are rapidly trying to assemble a new world reserve currency which will
be backed by the RMB. Iraq is proving that American foreign policy is
nothing more than boondoggle after boondoggle as American blood and
treasure was spent for no real purpose.
Nothing more illustrates the fact of American collapse than the U.S.
southern border. Mexico and Central American countries continue to
empty there poor into the United States, into a country where already
1 out of 2 households depend on government handouts.
More and more money is allocated to the the trappings of organisation
and government while nothing actually gets done. This is beautifully
highlighted by the clip below where Detriot based reporter Charlie
Leduff watching in amazement as illegals are brought in by jet ski.
His cameraman literally trips over an illegal alien while filming.
The following video talks mainly about materials and the material
processing of rare earth which the U.S. no longer has the technical
know-how to produce. But it gets worse, imagine the U.S.
going up against China in a drawn-out military confrontation.
China produces more steel in 6 weeks than the U.S. does all year.
There is no manufacturing activity in the U.S. anymore, its only
assembly and warehousing. If a confrontation with China happened ,
shelves in the U.S. would go totally empty.
Breaking: China Will Allow Banks to Set Yuan-U.S. Dollar Rates for
Retail Customers People’s Bank of China Will Scrap Bid-Ask Spread
Controls of Dollar-Yuan Trading
What if in this age of instant information instead of being better
informed we become even further deluded to what has taken place in
our world. Each of us relying on information slanted with their views
of history. In Japan, this seems to be quite common with not taking
responsibility for the invasion of China which was the first shots fired
of World War 2.
Masataka Kataoka, a Japanese executive, had to apologise at the Dongguan
Chang’an Rihua Electronics Factory, bowing to all of its workers in an
official apology after his workers went on strike due to remarks he made
about World War 2. The factory makes electronic products and parts for
big-name brands including Hitachi, Panasonic, Sony, Pioneer, Aiwa and
Masataka Kataoka said he would take back his remarks denying the
invasion of China by Japan. In his original remarks he said Japan was
trying to liberate China from Western colonial powers. The reality was of
course Japan had moved in literally millions of Japanese farmers giving them
farms stolen from Chinese peasants. During the decade long rampage of rape
and looting they held contests, like the one seen here where two men attempted
to see who could cut off 100 heads the fastest.
Want China Times
After reviewing five Indian weapons systems that China should fear on
the battlefield, Kyle Mizokami, a defense expert from San Francisco has
followed up by discussing five Chinese systems that could pose a threat
to the Indian military.
In an article for the Washington-based National Interest magazine,
Mizokami said that the China’s WU-14 hypersonic glide vehicle is the
deadliest of the five weapons systems. With the ability to travel between
3,840 and 7,680 miles an hour, the Wu-14 is simply too fast and too
difficult for the Indian military to intercept. “A hypersonic weapon
launched from Xinjiang, western China and traveling at Mach 7 could
reach Bangalore in 20 minutes, and Delhi in less than 10,” said Mizokami.
China’s future aircraft carrier is the second weapons system which the
Indian military should fear, according to the expert. Quoting from the
Tokyo-based Diplomat, Mizokami said that China’s future carrier is going
to be larger than the Liaoning, the nation’s first carrier. It still
remains unknown whether the carrier will be nuclear-powered, Mizokami
said, however the new vessel will probably be capable of carrying a total
The third Chinese weapons system that India should fear are all of the
ballistic missiles equipped by the Second Artillery Corps — the People’s
Liberation Army’s strategic missile force. “India should fear the missiles
of the Second Artillery Corps because it has no air defense network in place
to shoot down ballistic missiles,” said Mizokami, adding that India is
developing its anti-ballistic missile system, but it is years away from
Coming in fourth is the Dong Hai-10 also known as the DH-10 cruise missile.
Based on the technology from a recovered US Tomahawk cruise missile,
Mizokami said that the DH-10A is the latest version of the missile family
and has an attacking range of 941 miles. The PLA has formed at least two
DG-10 road-mobile DH-10 brigades, according to a report by the Washington-
based Project 2049 Institute.
If launched by road-mobile launchers from southwestern China’s Yunnan
province, DH-10 missiles would be able to reach as far as Jaipur in
northern India, Mizokami said. If launched from Tibet, the missiles would be
able to strike about two-thirds of northernmost India.
China is estimated to have between 45 and 55 ground launchers for 200 to 500
DH-10 missiles, Mizokami stated, adding that the cruise missiles can be
launched by H-6K strategic bombers as well.
Meanwhile, the J-20, China’s first fifth-generation stealth fighter, is the
last weapons system that India should fear as it is nearly impossible to
detect the J-20 by radar. He added “J-20 fighters could use PLAAF air bases
in Tibet to conduct operations against India. According to the The Times of
India, there are five air bases in Tibet where PLAAF Su-27UBK and Su-30MKK
have practiced operations. These bases would likely be suitable for
Want China Times
Russia, France may opt to use RMB for global transactions
The use of the Chinese yuan for settlements in international trade is
gaining momentum, as recent developments around the world have encouraged
a shift away from the US dollar, reports the Beijing-based China Times.
Christian Noyer, governor of the Bank of France, recently stated in a
television interview on June 11 that companies from his country might
stop using the dollar for trade with China, as French bank BNP Paribas was
still negotiating with US authorities over alleged violations of sanctions
imposed on Iran and Sudan.
Meanwhile, Pavel Teplukhin, head of the Deutsche Bank in Russia, told the
UK’s Financial Times in early June that a growing number of large Russian
companies had expressed an interest in using the yuan and other Asian
currencies, and opening accounts in Asian countries, given the tension
between the United States and Russia over the Ukraine crisis.
Teplukhin said the development is unlikely to be short term and may become
a trend in the market.
While these events seemed unrelated, the paper said they did not happen
overnight. China and Russia already use their own currencies for cross-border
trades, which has risen from 2009′s 3.6 billion yuan (US$578.8 million) to
2013′s 4.6 trillion yuan (US$743.5 billion). In addition, French media
reported that a tenth of France’s trade with China was settled in the Chinese
currency in 2013.
Lian Ping, chief economist of the Bank of Communications, said China recorded
faster growth in trade with Russia, which is set to surge further on imports
of resources and energy, and the use of their respective currencies could help
reduce foreign exchange risks and lower costs for businesses. Lian added that
the use of yuan in China-Russia trades could also help push the
internationalization of the Chinese currency.
Zhang Qizuo, director at the Center for Strategic and Economic Development
Studies for G20 and Emerging Countries, further stated that the reliance on the
US dollar may threaten the national economic security of China and Russia,
both major players among emerging markets.
Meanwhile, a HSBC official told the paper that there is still a long road ahead
for the internationalization of the yuan, but the first of the three phase of
this process — to become a currency for global transactions — is going well, he
The latest Chinese firm to enter Hollywood, after Wanda bought the
second largest U.S. movie theatre chain, is the powerful Private
equity firm Fosun International.
From China Daily..
Chinese conglomerate Fosun International is taking a stake in new US
media company Studio 8 to get Hollywood’s know-how into China’s film
industry, now the second largest market in the world after the United
The deal was signed on June 6, Shanghai-based Fosun said in a statement
on Sunday, without giving the size of the stake or the price paid.
A person close to Studio 8, run by former Warner Bros. executive Jeff
Robinov, told the Wall Street Journal that the company expects to have
combined equity and debt of around $1 billion to produce films. Fosun
is now expected to be Studio 8′s primary partner in China.
In its statement, Fosun said it hoped the transaction will introduce
“Hollywood’s advanced and sophisticated film making expertise and technique,
movie concept and technology and complete production and publication
systems into the China market, in order to drive the development of the
Chinese film industry”.
Clayton Dube, executive director of the US-China Institute at the University
of Southern California, told China Daily in an email on Monday that “China
has attained high technical levels in film and television, but is still
eager to master the story-telling and franchise-building prowess that
distinguishes Hollywood today.”
“They seek these skills and expertise to succeed not only in their home
market but to do what only Hollywood and Bollywood have been able to do:
to sell tickets and DVDs abroad,” he said.
Dube also said that after high-tech and green-tech, many Chinese investors
are eager to enter entertainment industries.”Partly this is because of the
glamour associated with the businesses, but it is also because of the
importance of content and leisure to China’s future,” he said.
Fosun is a Shanghai-based company controlled by Chinese billionaire Guo
Guangchang. It manages different types of business, including industrial
operations, insurance, direct investment and asset management. Fosun has
invested in other entertainment companies including Focus Media and in
luxury brand Follie Follie, fashion brand St. John and resort company Club Med.