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Posts Tagged ‘currency war’

Currency tensions persist as markets await Fed

Posted in One World Currency, tagged , , , , , on October 15, 2010|

Currency war continues…

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Currency tensions persist as markets await Fed

(Reuters) – Recriminations over currencies reverberated worldwide on Friday ahead of a speech by Federal Reserve chief Ben Bernanke, whose loose policies are blamed by China and others for destabilizing capital flows.

Beijing kept up the heat on the United States, saying Washington should not make China a scapegoat for its own problems by constantly pressing for a swifter rise in the yuan.

Speaking hours before the U.S. Treasury Department is due to deliver its semi-annual assessment of whether China manipulates its currency, Commerce Ministry spokesman Yao Jian said it was not fair to criticize Beijing’s exchange rate policy simply by pointing to China’s trade surplus.

“Other countries have no right to comment on what is a reasonable level for a country’s trade surplus,” Yao told a monthly news conference.

Sniping over what exchange rates are appropriate to put the world economy back on course is intensifying ahead of a pair meetings of the Group of 20 leading economies in South Korea.

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U.S. is currency war’s “tomb maker”: China economist

Posted in End Times Prophecy, One World Currency, tagged , , , , , on October 15, 2010|

How did we get to the point that China’s economist are on the side of the truth and our economists the side of deception?…

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U.S. is currency war’s “tomb maker”: China economist

An employee counts U.S. dollar banknotes at a branch of the Industrial and Commercial Bank of China in Huaibei, Anhui province in this May 25, 2010 file photo. REUTERS/Stringer 

An employee counts U.S. dollar banknotes at a branch of the Industrial and Commercial Bank of China in Huaibei, Anhui province in this May 25, 2010 file photo.

Credit: Reuters/Stringer

BEIJING | Thu Oct 14, 2010 6:39am EDT

BEIJING (Reuters) – The United States fired the first shot in the currency war and the rest of the world must be on guard for its deliberate strategy to devalue the dollar, a Chinese economist said in an official newspaper on Thursday.

In a front-page commentary in the overseas edition of the People’s Daily, Li Xiangyang described the United States as the conflict’s “first maker of tomb figures,” a Chinese idiom that means someone who creates a bad precedent.

Li, head of the Asia department at the Chinese Academy of Social Sciences, a top government think tank, said continued intervention in currency markets by developed economies would deal a blow to global economic recovery.

Chinese leaders have warned before that loose monetary policies in the United States pose a serious challenge for emerging markets, but rarely in such strident language, a window onto the rising anger in Beijing.

“The dollar’s depreciation may appear to be market-driven. In reality, it is a depreciation colored by very strong, deliberate actions,” Li said in the paper, which serves as the chief mouthpiece of China’s ruling Communist Party.

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George Soros warns China of global ‘currency war’

Posted in End Times Prophecy, One World Currency, tagged , , , , , , , on October 12, 2010|

More talk of global currency war, this has move center stage next to Israel peace process concerns…

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George Soros warns China of global ‘currency war’

George Soros has warned that a global “currency war” pitting China versus the rest of the world could lead to the collapse of the world economy.

George Soros warns China of global 'currency war' 

The billionaire currency investor criticised China for deliberately keeping the yuan – its currency – low in order to keep exports cheap, which is hurting US competitors.

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