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China

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Chuck Baldwin

Lest anyone doubt the communist leanings of President Barack Obama, look no further than to his decision to hoist the Red Chinese flag (for the first time in history) over the South Lawn of the White House in Washington, D.C., on Sunday, September 20.

According to China Daily, "Chinese associations in the United States had applied to hold a ceremony in front of the US President's residence to celebrate the 60th anniversary of the founding of PRC [People's Republic of China] . . .

"More than 1,000 people will attend the ceremony and the performances held after it, according to Zhao Luqun, who will direct the performances.

"Zhao said the performances will demonstrate the friendship, magnanimous spirit and kindness of modern Chinese people."

Trying to find words to describe the extreme offensiveness of flying the Communist Chinese flag over the White House challenges my vocabulary. Words such as UNBELIEVABL

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Telegraph

China has issued what amounts to the “Beijing Put” on gold. You can make a lot of money, but you really can’t lose. I happened to see quite a bit of Cheng Siwei at the Ambrosetti Workshop, a gathering of politicians and global strategists at Lake Como, including a dinner at Villa d’Este last night at which he listened very attentively as a number of American guests tore President Obama’s economic and health policy to shreds. Mr Cheng was until recently Vice-Chairman of the Communist Party’s Standing Committee, and is now a sort of economic ambassador for China around the world — a charming man, by the way, who left Hong Kong for mainland China in 1950 at the age of 16, as young idealist eager to serve the revolution. Sixty years later, he calls himself simply “a survivior”. What he said about US monetary policy and gold – this bit on the record – would appear to validate the long-held belief of gold bugs that China has fundamentally lost confidence in the US dollar and is going to s

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Economic Policy Journal

Will the world run to the safety of gold as a form of international reserve currency, before the U.S. can force SDRs, its chosen alternative to the dollar, on the world? It might just be happening now. A friend sends along this comment from Adrian Douglas: I have recently described what is going on in the physical market to be the equivalent of a "run on the Bank of the Gold Cartel." There are many factors that are leading to that conclusion and here are just a few: -- China is a confirmed large buyer of gold, along with Russia.

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Economic Policy Journal/Financial Times

It's only a first step but, this is big. A new player has entered the ring to compete against the dollar and Treasury securities.China’s finance ministry said China will issue Rmb6bn ($879m) of bonds in Hong Kong on September 28, in a move to “improve the international status” of the currency and to help mainland companies raise funds in the offshore bond market, according to FT. Thank you Mr. Wenzel for keeping us informed! http://www.economicpolicyjournal.com/2009/09/alert-china-to-issue-renminbi-bonds.html

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arclein

China began the long journey to a new international reserve currency with a single step - agreeing to buy $50 billion in notes from the International Monetary Fund. Another proverb, less distinguished than a quote from Daoist philosopher Laozi, also applies here: China put its money where its mouth is.

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The Star

20 finance leaders have agreed to coordinate a removal of emergency economic packages when recovery takes firm hold, but they struggled on the detail of measures to rein in bank pay and lending rules at the root of the recent crisis.With the global economy looking brighter than it had in April when Group of 20 finance ministers and central bankers last met, the focus shifted from crisis-fighting to figuring out how to establish a safer financial system for the future. The G20 statement Saturday showed agreement that emerging nations such as India and China should have a greater say in the running of the International Monetary Fund and World Bank but did not offer up any formula of how this should be achieved.

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Telegraph

Chinese state media said that nuclear intercontinental ballistic missiles, conventional cruise missiles, and an array of medium and short range missiles would be put on public display for the first time. "These missiles are domestically designed and manufactured and have never been officially reported before," said a source from the Second Artillery Force. He added that the missiles were "second generation" and were all battle-ready.

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Telegraph

The report, from the European Union Chamber of Commerce in China, covers the whole gamut of the Chinese economy, from industrial chemicals to mobile phones to banking. It paints a troubling picture of the Chinese business landscape, filled with discrimination against foreign companies, arbitrary laws and regulations, and abuses of China's World Trade Organisation obligations. Although China has repeatedly complained about protectionism in the United States and Europe, the report suggests that China is one of the most protectionist major economies. Joerg Wuttke, the president of the European Chamber, warned that "China needs Europe more than Europe needs China", and pointed out that the EU is a bigger market than the US for China, and exports to European countries make up 7pc of Chinese GDP. According to the World Bank, China ranks 83rd out of 181 countries in its annual assessment of how easy it is to do business. The emerging superpower scored lower than Kenya, Vanu

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dnaindia

Hong Kong: China has signalled a seriousness of intent in 'internationalising' the yuan by appointing a high-profile task force to draw out a roadmap to that ambitious goal, which some economists believe will be realised sooner than most believe. "The latest indications suggest Chinese policy makers are very serious about the plan to internationalise the local currency," says HSBC economist Qu Hongbin. He sees two underlying reasons for this: one, Chinese leaders see internationalising the yuan as "the best solution to free themselves from a dollar trap"; and second, as the third largest economy and now the world's largest exporter, "it doesn't make sense for China to use the US dollar to settle more than 70% of cross-border trade." Vice-premier Wang Qishan, who is in charge of foreign trade and finance, has been appointed to additionally head a taskforce to oversee the moves to make the renminbi the currency of choice for trade settl

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Reuters

[who owns you?]  China's 25-year-old world number one Wang Hao has finally been deemed old enough to have a girlfriend by Chinese table tennis officials.

The men's singles world champion fell foul of the administration's rules on romantic liaisons 5 years ago when he started going out with fellow national team player Fan Ying.

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The Market Ticker

This is hilarious! The State-owned Assets Supervision and Administration Commission, the regulator and nominal shareholder for state-owned enterprises (SOEs), told six foreign banks that SOEs reserved the right to default on contracts, Caijing magazine quoted an unnamed industry source as saying in an article published on Saturday. See what lawless behavior gets you folks? You start this crap - selling worthless paper, intentionally turning a blind eye to fraud, profiting from fraud, screwing consumers and foreigners alike and guess what? BINGO! A foreign government that runs a command economy says "Ok, you think that was cute? Try this!" For banks that are hoping to sell more derivatives hedges in China, the world's fastest-expanding major economy and top commodities consumer, the danger goes beyond the immediate risk to existing contracts to the longer-term precedent that suggests Chinese companies can simply renege on deals when they like. Oh, so ou

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