Friday, August 19, 2011

Good job, Joe, confidence building never hurts.


Chinese Vice President Xi Jinping (C) (click here) and United States Vice President Joe Biden (3rd L) attend the China-US Business Dialogue aimed at enhancing the bilateral trade and economic ties, in Beijing, capital of China, Aug. 19, 2011. (Xinhua/Huang Jingwen)


I happen to believe China is correct to be prudent about their currency.  Their economic growth is rapid and somewhat unstable.  While everyone expects great success for the Chinese economy it is still untested on a sustainable basis.  The Chinese don't want to lose what they have gained and I don't blame them.  They need to change any dynamic within their growth as a rate that stabilizes as the country's booming economy grows.  The willingness of the Chinese to now look at the value of their currency is more than encouraging.  The fact they see a link between a healthy US economy and their own is not only correct but a realization they are not blind to their place in the global market.
BEIJING, Aug. 19 (Xinhua) -- China's currency (click title to entry - thank you) should appreciate against the U.S. dollar, but at a gradual pace and within a certain extent, Bank of China President Li Lihui said before the opening of the China-U.S. Business Dialogue, which was held in Beijing on Friday.
"Rapid appreciation will strike a heavy blow to Chinese enterprises, particularly export-oriented businesses. This will hinder China's overall economic restructuring," Li said."
The yuan has already appreciated more than 20 percent against the U.S. dollar since China unpegged it from the greenback in 2005 as part of its exchange rate reforms. In the first half of this year, it gained 2.33 percent....


HONG KONG, Aug. 18 (Xinhua) -- Chinese Vice Premier Li Keqiang (click here) concluded a 3-day visit to Hong Kong Special Administrative Region on Thursday afternoon and returned to Beijing.
Before boarding his plane, Li told reporters at Hong Kong International Airport that he had deep feelings and more knowledge about Hong Kong as a result of this trip.
The first feeling is that Hong Kong's role in the nation's reform and opening drive is irreplaceable, and cooperation between the mainland and Hong Kong is blessed with wide areas and huge potential, he said.
Secondly, Hong Kong compatriots are hard-working and wise, and the Hong Kong society is open, diversified and full of vigor, Li said.
Thirdly, whatever the environment might change, Hong Kong under the rule of "one country, two systems" has strong vitality and is capable of dealing with challenges and maintaining prosperity and stability....


Chinese Ambassador (click here) to Japan Cheng Yonghua (R) delivers aid which were shipped through the new route to Niigata Governor Hirohiko Izumida (L) during the launching ceremony of a new shipping and trucking route at Niigata harbor, Japan, Aug. 18, 2011. China and Japan have jointly launched a new shipping and trucking route linking northeast China's Hunchun City in Jilin Province and Japan's Niigata, via Russia's Zarubino. On Thursday, Panamanian-registered freighter "Teddy Bear" entered Niigata east port, marking the success of the new route's first voyage from Zarubino in Russia's Far East. (Xinhua/Ji Chunpeng) 



BEIJING, Aug. 17 (Xinhua) -- Vice President of the United States Joseph Biden arrived in Beijing Wednesday evening, kicking off his six-day official visit to China.
Biden is making the visit at the invitation (click here) of his Chinese counterpart Xi Jinping.
Shortly after his arrival, Biden attended a friendly men's basketball game between China's Shanxi Zhongyu Brave Dragons and the United States' Georgetown University Hoyas held in a stadium inside the National Olympic Sports Center.
After a fierce competition, Hoyas beat Brave Dragons at 98:81....