China Daily Xinhua bashes US economic woes

China retaliated that China is being blamed for the economic woes of America’s own making, after President Barack Obama claimed Sunday that Beijing has “still not done enough” to revalue its currency. But Obama failed to mention the fact that the yuan has already appreciated by about 30 percent against the greenback in the past […]

Time ticking for US dollar as world’s reserve currency

The Fed’s relentlessly easy monetary policy combined with Congress’s reckless spending have driven investors out of the United States and into Asia, South America and elsewhere in search of higher returns and more sustainable growth. This incoming wall of money puts the central bankers in these countries in a bind. If they do nothing, the […]

China establishing its currency as new global Reserve Currency

Reuters provides a simple summary of an announcement on the website of the People’s Bank of China: “China hopes to allow all exporters and importers to settle their cross-border trades in the yuan by this year, as part of plan to grow the currency’s international role. The central bank said it would respond to overseas […]

Prominent economists on failing U.S. economic growth

To hear a number of prominent economists tell it, it doesn’t look good for the U.S. economy, not this year, not in 10 years. Harvard’s Martin Feldstein said he believes the outlook for U.S. economic growth in 2011 is less sanguine than many believe. First, the boost to growth from government spending will be drying […]

The U.S. Govt content with keeping the dollar weak

In his recent visit to Beijing, President Barack Obama was in no position to push China around as far as letting its currency rise against the dollar. Doing so would benefit the U.S. economy by making American-made goods cheaper in China, but the U.S. is reluctant to upset Beijing. China is the No. 1 lender […]