@Petrolicious88 @MortyandRick please stop the back and forth, it's off topic and derailing the thread.
Apologies I saw this after I just posted. Sure I'll stop.
@Petrolicious88 @MortyandRick please stop the back and forth, it's off topic and derailing the thread.
The copium that this kind of articles spread is palpable.
Maldives China-friendly president Mohamed Muizzu makes official request to India to withdraw military personnel
- Mohamed Muizzu campaigned on a promise to evict Indian military personnel and balance trade, which he said was heavily in favour of India under his predecessor
- Muizzu’s ally, former President Abdulla Yameen, made the Maldives part of China’s Belt and Road Initiative during his presidency from 2013 to 2018
National Post?FT, WSJ, and the Canadian equivalent (name escapes me ATM) are odd media outlets. Tailored for people willing to pay for access, but not smart enough to actually parse and critically assess the output they receive for lies vs facts.
The copium that this kind of articles spread is palpable.
One of the real reasons why the West is so worried about China's rise: China shows the rest of the world that "there’s a possibility outside the Western paradigm of financial capitalism, endless wars, wokeism etc."
Biden still lives in his own world, while the rest of the world passes him by.
It's official.
To paraphrasing de Gaulle's comment about Brazil: India will be the next China, and will always be.
The first readouts from both sides matches perfectly and expressed the meeting in full according to diplomatic jargon/convention. There is no need to read the rests, or in other words the rest are just lumps of letters and characters to make the paper looks less empty, a perfect expressin in Chinese is "凑数".What are the differences between Chinese and American readouts of the talks between Joe Biden and Xi Jinping?
“a candid and constructive discussion” (US) – “a candid and in-depth exchange of views” (China). This is always the case, when officials from the two countries meet. I guess there is no hidden meaning behind it, it’s just interesting to note.
Cheap yuan catapults China to second-biggest trade funding currency
SHANGHAI/SINGAPORE, Nov 17 (Reuters) - Global companies are making a beeline for China's debt markets, issuing record amounts of yuan-denominated bonds and borrowing heavily from mainland banks, capitalising on rock-bottom yuan interest rates as funding costs elsewhere jump.
Companies and banks are raising record amounts of cash through yuan bonds issued in mainland China and in Hong Kong, known as panda and dim sum bonds, respectively.
The surge in their borrowing from Chinese banks has catapulted the yuan past the euro into becoming the second-biggest currency used in global trade finance, providing a fillip to Beijing's ambitions to internationalize the yuan.
The global rush to borrow from China is counterintuitive, coming as international investors are shunning the world's second-biggest economy out of concerns about geopolitical tensions and weak growth, says Fiona Lim, senior FX strategist at Maybank.
"While the fundamental story is not compelling for Chinese investors looking for growth, the depreciation of the yuan as well as the rate cuts result in a much cheaper cost of borrowing," Lim said.
Foreign companies such as German carmaker BMW and Crédit Agricole S.A as well as overseas units of Chinese firms raised a record 125.5 billion yuan ($17.33 billion) selling panda bonds during the January-October period, a 61% jump from the same period last year.
The National Bank of Canada raised 1 billion yuan from the sale of a three-year panda bond at a coupon of 3.2% late last month, a bargain compared to rates of 4.5% at home.
The issuance of dim sum bonds in Hong Kong also hit a record high, surging 62% from a year ago to 343 billion yuan during the first eight months. Issuance of yuan-denominated loans in the city also soared.
For China, the growing share of yuan in global financing ticks one of its main internationalisation priorities, though the recent burst of activity appears to have been overwhelmingly for domestic use.
"Panda bonds are steadily promoting the renminbi's function as a funding currency", the People's Bank of China (PBOC) said a report last month. It has been motivating banks to lend to offshore firms and allowed broader use of yuan outside China.
The yuan's share as a global currency in trade finance jumped to 5.8% in September from 3.91% at the start of the year, trumping the euro for the first time, according to SWIFT. The international payments system dominates the traffic of letters of credit - a form of short-term financing that facilitates trade.
Regardless, it barely scrapes the dollar's dominance at 84.2%.
Several gauges of yuan internationalisation -- including a Standard Chartered Bank tracker measuring the global use of the yuan, and Bank of China's Cross-border RMB Index (CRI) -- all hit record highs this year.
TOO EARLY TO CELEBRATE
However, analysts point to the limited use and circulation of international yuan bond proceeds so far, and say it’s premature to trumpet internationalisation.
German automaker Volkswagen Group told Reuters it will use its inaugural 1.5 billion yuan panda bond proceeds only for its onshore China business.
The Mercedes-Benz Group also plans to use its panda bond proceeds to support a car leasing business in China.
Yuan internationalisation "isn't going as well as the headline figures might suggest," said Mark Williams, chief Asia economist at Capital Economics.
"It's still the case that more than half of cross-border transactions using the yuan are between the mainland and Hong Kong. This is a very local form of internationalisation."
Maybank's Lim concurs. "We should be discerning of the cross-border transactions that are between China and Hong Kong versus China and the rest of the world."
Within trade finance and payments, the yuan's use is largely limited to developing countries friendly to China, such as those joining its Belt and Road initiative.
"There has been a surge in use of the yuan to settle trade, but only within specific bilateral channels: countries like Russia, Argentina, Pakistan and Nigeria," Williams said.
Countries that are geopolitically aligned with the U.S. "are showing no willingness to switch over to using the yuan. That suggests that global use of the yuan in trade will hit a low ceiling."
($1 = 7.2421 Chinese yuan renminbi)
Reporting by Samuel Shen and Rae Wee Editing by Vidya Ranganathan and Kim Coghill
Global companies are making a beeline for China's debt markets, issuing record amounts of yuan-denominated bonds and borrowing heavily from mainland banks, capitalising on rock-bottom yuan interest rates as funding costs elsewhere jump.
The issuance of dim sum bonds in Hong Kong also hit a record high, surging 62% from a year ago to 343 billion yuan during the first eight months.
The yuan's share as a global currency in trade finance jumped to 5.8% in September from 3.91% at the start of the year, trumping the euro for the first time, according to SWIFT.
Maybe they just want to see what people are supposed to believe -- and thus capitalize on it...like watching Jim Cramer to know what not to do!...Not smart enough to actually parse and critically assess the output they receive for lies vs facts.
Just an obligatory reminder in these Russo-philic times that that's traditional Russian policy goals for China, too. Indeed, Lake Baikal used to be in China and Mongolia was spun away with their connivance...Sergei Shoigu would have been Chinese since the Tuva Republic used to be in China...Vladivostok was originally a Chinese village and its Russian name remains a provocation....The West wants to break up China...they want every province and minority group to break away into their own independent states warring with each other....
Noooooooooo my AI girlfriend suddenly turned off!