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NEWS ABOUT: yuan

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Chinese Influence Grows in Latin America

Deal by deal, Sino-South American relationships erode U.S. clout

(Newser) - Stepping into a gap created by the 1-2 punch of Bush administration neglect and worldwide recession, China is pumping billions of dollars into Latin America, helping to shore up slowing economies while the US plays catch-up in the region, the New York Times reports. "This is how the balance... More »

China's Trouble: Lots of Dollars, Little Sense

Krugman: Beijing knows it's in trouble, remains tied to old ills

(Newser) - China’s recent call for an alternative to the dollar as a reserve currency underlines how much trouble the country is in after years of stockpiling greenbacks, Paul Krugman writes in the New York Times. The Chinese, long unwilling to let the yuan float freely on foreign exchanges, are signaling... More »

French PM Lobbies US on Weak Economy

In Washington, Fillon seeks alliance to spur Chinese revaluing

(Newser) - While Nicolas Sarkozy struggles with the sputtering French economy at home, his prime minister has traveled to Washington to spur international action. François Fillon will meet with Ben Bernanke and Hank Paulson today, where he is expected to press the US on the subprime crisis, the weak dollar, and... More »

Skyrocketing Yuan Hits Benchmark

Chinese currency's strengthening against the dollar could boost US inflation

(Newser) - For the first time since China unpegged its currency from America’s in 2005, a dollar bought less than 7 yuan at closing today in Beijing, the New York Times reports. Western countries protested for years the yuan was undervalued; its meteoric rise means Chinese goods are getting more expensive... More »

Dollar Hit as Emerging Economies Fight Inflation

$108 oil pushes gas prices higher

(Newser) - A weak US dollar continued to fuel surging commodity prices today, keeping oil near $108 a barrel and moving a gallon of gas to $3.225, with analysts predicting near $4 prices by spring, the Wall Street Journal reports. Stress on the greenback is coming from not only major but... More »

Dollar Slides to Record Low; Oil Tops $102

Investors bet on Fed rate cut, driving euro up against US currency

(Newser) - The dollar declined against most major currencies and fell to its lowest level ever against the euro today as markets anticipated another rate cut from the Fed when it meets March 18, increasing the value of assets outside the US, Bloomberg reports. The dollar’s erosion pushed commodity prices up,... More »

Yuan-Dollar Battle Continues

Despite currency's growth, US criticism of Beijing endures

(Newser) - Despite the yuan's continued appreciation against the dollar this year, at nearly 7%—double its growth in 2006—critics say the currency needs to adjust even higher to balance China's trade surplus, reports the Wall Street Journal. In the US, China’s economic strength has become a standard concern on... More »

China Looks to Buy American

Seeks investments to adjust yuan growth; US official set for talks

(Newser) - China, increasingly being called upon to more rapidly adjust the growth of the yuan against the dollar, is looking to expand its investment in US assets as a way to funnel its powerhouse currency out of the country, Bloomberg reports today. Treasury Secretary Henry Paulson visits Beijing Wednesday for a... More »

China Threatens to Crash Dollar

(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... More »

China's Surplus Soars to $26.9B

Weak yuan is driving China's economy to a record expansion; trade surplus nearly doubled

(Newser) - China's trade surplus surged to a record $26.9B in June, an 87% increase since last year. Economists attribute the trade gap to China's significantly—as much as 40%—underpriced currency, the yuan, reports Bloomberg. Half of China's surplus is with the US, which recently began preparing legislation to sanction... More »

Paulson Resists Labeling China a 'Manipulator'

Congress stews as Beijing keeps yuan weak vs. dollar

(Newser) - Treasury Secretary Henry Paulson has denied congressional requests for a formal accusation of currency manipulation against China, the Wall Street Journal reports. China's tight restrictions have kept the yuan artificially low against the dollar for decades, but recent record highs, combined with signs that Beijing may plan to let up... More »

Bush Cozies Up to China

Patient president avoids hot-button policy issues, treads lightly on trade deficit

(Newser) - President Bush struck a conciliatory tone in yesterday's congress with Chinese Vice Premier Wu Yi, despite thickening indignation over Chinese policies. The Journal reports that the White House meeting tiptoed around China's tolerance of copyright piracy, the export of tainted food products, and Beijing's increasingly worrisome nuclear program. More »

China Deals on Finance, Skips Currency

US-China talks bring good news for securities firms, but no yuan reform

(Newser) - Talks between American and Chinese economic officials thudded to a close today, offering mild changes to the financial sector in lieu of major currency reform. The deal hammered out by Treasury Secretary Hank Paulson and China's vice-premier Wu Yi promise foreign financial companies more access to Chinese markets and allows... More »

China Loosens Up on Yuan

Currency move may be concession to US—or attempt to pop a stock market bubble

(Newser) - Just days before a meeting with US Treasury Secretary Henry Paulson, China is taking baby steps toward letting its currency trade more freely. The government also raised interest rates and the reserve on bank loans today, signaling concern over the country's red-hot economy. China's trade surplus—which some American politicos... More »

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