China's Rise Threatens to Turn US Into Britain

(NEWSER) - The Chinese government is threatening to crash the American dollar by liquidating its $1.33 trillion in foreign reserves if the US dares impose trade sanctions to force a revaluation of yuan, reports the Telegraph. Two Communist Party officials have given interviews in recent days with stern warnings directed at the US that China is prepared to engage in an economic "nuclear option." More»

Debate rages over fundamental shift

(NEWSER) - Countries across the globe are divided—and it's only a matter of time. Some, including Britain and China, want to retain a special "leap second" occasionally added to the calendar to keep atomic clocks in line with the Earth's rotation. The US, France, Germany, and others, however, want to ditch the second . The matter is up for debate in Geneva today, the BBC reports, and barring an agreement among 200 countries, it could go to a vote. But "this is not a technical issue, it is more a diplomatic one," says an official with the International Telecommunication Union. More»

Planned resort to feature signs in Mandarin, staff familiar with Chinese culture

(NEWSER) - With Chinese tourism to the UK booming, a developer is planning a resort village aimed at their specific needs. But it's not exactly a stone's throw from London's attractions: Instead, it's calling itself "just three hours away" in Wales. Pantglas Estate would house a 92-bedroom hotel and 80 cottages, with signage in Mandarin and English and staff knowledgeable about Chinese culture, the Telegraph reports. More»

Leaders also discuss North Korea

(NEWSER) - Japanese Prime Minister Yoshihiko Noda met with Chinese President Hu Jintao in Beijing today, and emerged with a number of deals—including one that will marginalize the US dollar in Asia. The countries agreed to promote direct yuan-yen trades, the Wall Street Journal reports; until now, the money has usually been converted to dollars first. Japan will also hold yuan in its typically dollar-dominated foreign-exchange reserves. More»

President says budget talks will continue 'every day'

(NEWSER) - Compromise was the theme of President Obama's press conference today, during which he acknowledged that yesterday's budget talks did not result in a deal—but promised that "we're gonna meet every single day until we get this thing resolved." He insisted that he and "all the leaders" agree that we absolutely cannot fail to raise the debt ceiling and thus "allow the US government to default." He also confirmed he is still looking for "the largest possible deal," and that he appreciates John Boehner's "good-faith efforts on that front." Obama also noted that nobody is talking about increasing taxes right now. More»