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China is making an even bigger move toward gold in reaction to money printing around the world (via @JamesGRickards ). People's Bank of China official Zhang Jianhua declared yesterday: " No asset is safe now. The only choice to hedge risks is to hold hard currency - gold.
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The American Dream Friday, December 16, 2011 If you were playing a game against a dishonest opponent and you allowed that opponent to lie, cheat and steal as much as they wanted to, who do you think would win? Today, China is absolutely crushing the United States on the global economic stage, but they are hardly playing fair. They shower their own firms with huge government subsidies, they brazenly steal technology, they publicly violate intellectual property rights, they manipulate currency rates so that foreign firms cannot compete with Chinese prices and they slap ridiculously high tariffs on many classes of foreign goods. In short, they basically do everything that they can get away with to give themselves a trade advantage.
NEW YORK (CNNMoney) -- China and the United States are the world's two largest economies and arguably each other's most important trading partners. And now, it seems the two countries find themselves on the brink of a trade war. The U.S.
U.S. Assistant Secretary of State Kurt Campbell (left) meets China's Vice Foreign Minister Cui Tiankai for talks in Beijing on October 11, 2011. BEIJING (CNN) -- A bill that will penalize China for allegedly manipulating its currency to gain a trade advantage is headed for a vote in the U.S. Senate Tuesday, adding pressure on China to appreciate the yuan. China opposes the bill and warns of a trade war if the bill is passed.
The U.S. Senate voted to slap duties on Chinese imports in response to China's undervalued currency. WASHINGTON (CNNMoney) -- In a rare showing of bipartisanship, the Senate passed a bill on Tuesday targeting China's undervalued currency -- and angering Chinese officials who have warned of a "trade war." "China resolutely opposes the currency exchange bill passed by the U.S.
Some U.S. politicians are complaining that China has kept its currency artificially low. But the yuan is actually up against the dollar and euro in 2011. Click chart for more on currencies. NEW YORK (CNNMoney) -- A newsflash to the legislators in Washington who suddenly want to act tough against China for currency manipulation: Have you looked in the mirror lately?
By Steve Goldstein , MarketWatch WASHINGTON (MarketWatch) — The Treasury Department on Tuesday said China was not a currency manipulator, a move that allows the White House to avoid the escalation of a trade dispute with China while escaping some of the fallout due to Congress’s being out of town. In the long-delayed semiannual report to Congress on currencies, the Treasury Department cited the 7.5% appreciation in the yuan /quotes/zigman/4869230/sampled USDCNY -0.37% vs. the dollar since June 2010, the decline in China’s current-account surplus, as well as China’s official commitments at global gatherings to move more rapidly toward exchange-rate flexibility. /conga/story/misc/dc.html 256214
26 December 2011 Last updated at 03:22 GMT China has been pushing for the yuan to become an alternate reserve currency along with the US dollar China and Japan have unveiled plans to promote direct exchange of their currencies in a bid to cut costs for companies and boost bilateral trade.
The run on the dollar that could sink its value and bring surprise hyperinflation to the U.S. has just become a lot more likely. China and Japan are moving to trade each other’s currencies directly rather than use the U.S. dollar as an intermediary. This won’t lead to an immediate shift away from the dollar. After all, the greenback has constituted around 60% or so of central banks’ foreign currency holdings since at least 1995, according to the IMF’s COFER report . The change does signal to other nations that America’s main trading partners will favor the illiquidity risk of less-traded currencies over the valuation risk of holding dollars tied to unsustainable spending.
By Martin Crutsinger, AP Economics Writer Updated 2/11/2011 1:54:06 PM | WASHINGTON — The trade deficit widened in December, closing out a year in which America's gap ballooned by the largest amount in a decade.
Available years: 2013 : U.S. trade in goods with China NOTE: All figures are in millions of U.S. dollars on a nominal basis, not seasonally adjusted unless otherwise specified.
Rebuilding America's crumbling infrastructure is a growing priority, with President Obama highlighting construction jobs as part of his $447 billion jobs plan. The president visited the "functionally obsolete" Brent Spence Bridge in Ohio Thursday and called on lawmakers to do their part in fixing America's infrastructure.
Did you know that the new World Trade Center tower is being constructed with glass from China and steel from Germany? 1 World Trade Center, also known as “The Freedom Tower”, is not just another skyscraper. It is essentially a national monument. But that doesn’t mean that we are above awarding construction contracts to the lowest bidder.
This is a rush transcript. Copy may not be in its final form. JUAN GONZALEZ : This weekend, thousands of people are preparing to gather at the site of the former World Trade Center to mark the 10th anniversary of the 9/11 attacks. On Sunday, a dedication ceremony will be held for the 9/11 Memorial, which will open to the public on Monday. Construction continues on 1 World Trade Center. Once completed, it will stand 1,776 feet tall.