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Oct31
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Yesterday, the Chinese yuan was set at a record high against the U.S. dollar. It closed at 7.8738 to the dollar in the over-the-counter market, up 0.20% on Friday‘s close of 7.8896.
Statistics showed that at the end of September, China’s international reserves were in the 987.900 billion U.S. dollars, and they would reach the one trillion US dollars mark in the coming weeks.
Holding one trillion U.S. dollar international reserves is not an easy job for China’s banking system. The fluctuations of the U.S. dollar will bring enormous capital losses and economic risks for China.
Fundamentally, the momentum of Chinese Yuan is still on the upside in the foreseeable future. Chinese need to know how to deal with these issues.
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Oct27
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Ford Motor Co., one of the three largest U.S.-based carmakers, posted a $5.8 billion third-quarter loss as U.S. sales slumped. Ford's chairman, William Ford Jr., said in Beijing that the company was going to buy between $2.5 billion and $3...
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Oct26
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Mr. Qiu Xiaohua, the head of China’s National Statistics Bureau, was dismissed from his current post and was put under house arrest by investigators last week. Qiu was charged for being involved in the Shanghai's pension fund corruption case that...
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Oct25
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On Tuesday, Paul Wolfowitz, the current World Bank president, criticized the Chinese government ignoring human rights and environmental standards by offering business loans to developing countries in Africa. Mr. Paul Wolfowitz is a femurs man; he was one of the...
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Oct24
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At the Grameen international conference on Microcredit in China, Dr. Muhammad Yunus, this year's Nobel Peace Prize winner who has offered small and unsecured loans to millions of poor Bangladeshis to help them become self-employed in the past 30 years,...
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Oct23
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The Group of Seven (G-7) including the United States, Japan, Germany, France, British, Italy and Canada, was regarded as most important economies in the world. The Group of Two is the United States and China. "The most important global economic...
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Oct20
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We all know that Wal-Mart has had a long history of banning labor unions from its company, and we also know that Wal-Mart’s policy was strongly criticized by human rights groups. Now, according to All-China Federation of Trade Unions, Wal-Mart’s...
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Oct19
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The Chinese central bank allowed the yuan to strengthen almost five percent in September; the change was widely applauded by media and the Bush administration. They said China’s government was getting serious about its foreign exchange policy. However, since then,...
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Oct18
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The Chinese saving rate has stayed around 35% for many years. However, analysts said this number is incorrect. According to a new report by McKinsey “Putting China's capital to work”, Chinese households actually save 23.8% of their disposable income, much...
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Oct17
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Three months ago, Wal-Mart was quite embarrassingly withdrawn from Germany; the company certainly could not afford another big blow in China. Rumors say that Wal-Mart is paying about $1 billion to acquire the hypermarkets from Trust-Mart, a Taiwanese company. The...
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Oct15
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Her low profile has kept her from the public in the past, but not anymore. Until last Wednesday, Zhang Yin, the founder and chairwoman of the paper company, was reported to be the mainland's richest person with a fortune of...
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Last week, the future oil price for November delivery was settled at $58.52 - the lowest close since it peaked at a record of $77.03 in July. Some members of the Organization of the Petroleum Exporting Countries (OPEC) have called...
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Oct14
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A poll conducted by the Chicago Council on Global Affairs (CCGA) showed that most Chinese saw themselves as the second greatest power in the world, and would become an equivalent force of the United States within the next ten years....
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Oct13
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According to China Business Weekly, Wal-Mart has planned to open 18 to 20 new stores in China this year. If you consider that the company has opened only 56 stores in the past ten years, this new strategic adjustment was...
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Red Dragon, Red China, and Red Army; these kind of words are heard frequently from the CNN Lou Dobbs Tonight show. Now, some may need to remind Lou to update his database by adding one more character, Red Taiwan. Red,...
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“To surpass Britain and catch up with the U.S.” This has been China’s dream for 50 years. According to recent World Bank Statistics, China’s GDP reached US$2.26 trillion, a little higher than Britain, becoming the fourth largest economy in the...
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Oct12
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Wal-Mart’s new wage policy stipulates that employees who earn more than the maximum amount for their jobs won't see a salary increase unless they change positions. The company said that fewer than 3% of Wal-Mart's hourly employees had hit the...
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Oct11
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If the details of the nuclear test on Monday were confirmed, North Korea would be the ninth country known to have nuclear weapons, along with the United States, Russia, Britain, France, China, India, Pakistan, and Israel. Michael Breen, author of...
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Traditionally, new Japanese prime ministers will make their first foreign visit to Washington, and say hello to the President of United States. Last Sunday, however, Shinzo Abe, the first Japanese prime minister born after World War II, changed this rule...
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All the sudden, China, Japan and South Korea seemed to become three good fellows in the past several days. Mr. Abe, who took office on Sept. 26, promised that he would improve the diplomatic relationships with Japan’s neighbors. He probably...
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Oct10
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Today, the members of the UN Security Council are discussing a resolution drafted by the United States to respond to North Korea's nuclear test. The U.S. is pushing for: 1. International inspections on all cargo moving in and out of...
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Experts estimated that China provides over seventy percent of the fuel and forty percent of the food to North Korea each year. Reportedly, China has also offered a two billion US dollar aid package when Chinese President Hu Jintao visited...
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Since 2003, China has hosted the six-nation talks which include the U.S., Russia, Japan, China, North Korea, and South Korea to discuss the conflicts of North Korea’s nuclear program. But Monday’s announcement by North Korea that it had conducted an...
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Oct 9
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Many people say that, China is North Korea’s closest friend. But interestingly enough, people have never said that North Korea is China’s closest friend. The announcement by North Korea that it had conducted an underground nuclear test puts China in...
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There were several conflicting reports on the size of the blast in the northeast North Korea. The head of South Korea's spy agency told lawmakers that the blast was equivalent to 550 tons of TNT, it was relatively small. China and...
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Oct 6
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This is an ancient Chinese folk tale. Once upon a time, there were ten suns circling over the earth, each took its turn. But one day all ten suns appeared together, blazing the earth with their heat. At that time,...
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Oct 5
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For years I have observed that girls are, in average, doing much better in school than boys. Girls are not only better at sitting in the rows and care more about turning in homework, but also, they are consistently getting...
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Laura Mallory, a suburban mother in Atlanta, GA, asked the state Board of Education to remove Harry Potter books from school libraries. She said the popular fiction series are harmful to children. She suggested that teachers should assign other books...
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Oct 4
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Every year, millions of Chinese college graduates prepare to enter the job market. Unfortunately, they are more and more frustrated by the growing unemployment rate, and the hostile labor market environment. According to China Youth Daily, this year nearly 40...
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A report from the New York Times showed that the U.S government approved a $2.4 million grant to finance a new software research that would allow the government to monitor negative opinions of the United States or its leaders in...
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Oct 3
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Last week, U.S. Congress passed a bill that would block using credit cards or online payment systems for internet gambling. In fact, many banks, credit card issuers, and online payment systems, either based on their own risk assessments or under...
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The post I wrote on September 26th told a story about Brian Hunter, a young energy trader at Amaranth that lost the investors’ 6 billion US dollars after his bets on the natural gas prices went the wrong direction. Nonetheless,...
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Oct 2
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As we all know, Wal-Mart has a history of banning labor unions in its company, which is why it has been widely criticized by human rights and labor organizations. However, after several years’ negotiations, Wal-Mart China has finally allowed the...
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Last week, the well-known U.S. - based Michigan Consulting Group released a survey showing that the consumer confidence index in the United States was 82.0 while China’s stood at 106.9. The high consumer confidence, in general, indicated that consumers likely...
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Once again, Wal-Mart has been criticized of pushing the demanding schedule policies and the wage caps. As a matter of fact, other big retailers, such as Sears and Target, have already begun using more part-time workers, adopting pay caps, and...
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