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U.S. China News 2011.06.16

Thu, June 16, 2011

US House Democrats push for vote on China currency
Reuters
A Chinese official in Beijing said exchange rates were not the main cause of the US trade deficit with China, which hit a record $273 billion in 2010. “We urge the members of the US Congress involved in this to appreciate the importance of ChinaUS
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China military paper urges steps against US cyber war threat
Reuters
The accusations against China have centred on an intrusion into the security networks of Lockheed Martin Corp and other US military contractors, and deceptions intended to gain access to the Google e-mail accounts of US officials and Chinese human
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REFILE-UPDATE 2-Mulberry eyes US, China as business booms
Reuters
Shares in the firm, best known for its leather handbags priced around 500-900 pounds ($809-$1455), rose more than 6 percent on Thursday after the company outlined its potential for expansion, particularly in China and the United States.
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Starwood Builds 90 Hotels in China, More Than U.S., on ‘Enormous’ Demand
Bloomberg
About 90 Starwood hotels are under construction in China, or 30 percent of its pipeline of 300 properties, President and Chief Executive Officer Frits van Paasschen said. North American locations will account for 20 percent, with the remaining hotels
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China Urges U.S. Lawmakers to Avoid Damage Over Yuan Legislation
San Francisco Chronicle
June 16 (Bloomberg) — China urged US lawmakers not to damage relations between the two countries by seeking “excuses to start trade protection,” following moves to reintroduce legislation aimed at forcing an appreciation in the yuan.
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China: Why U.S. investors should steer clear
CNN
Investors should be wary of US traded Chinese stocks. Shares of Sino-Forest fell off a cliff when its business was called into question. Click chart for more. CNNMoney (NEW YORK) — Who’s making money in China? Kentucky Fried Chicken owner Yum Brands
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US sells off stakes in China
China Daily
Zhang Fan at the Chinese Academy of Social Sciences said a shift in US policy has also resulted in fewer investments in China. US President Barack Obama has been keen to support domestic manufacturing to sell more US products, boost its flagging
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U.S. must confront China export advantages: Eximbank
Reuters
WASHINGTON (Reuters) – The United States needs to use its export financing tools more aggressively to confront growing competition from China and other developing countries not bound by the same rules as rich nations, the head of the US Export-Import
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Kissinger: Partnership with China vital for US
China Daily
Kissinger and Huntsman exchanged ideas on issues ranging from the situation in the South China Sea to China’s economic evolution, and ChinaUS military exchanges to different strategic mindsets rooted in US’ chess-playing and China’s fondness for weiqi
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US film examines American journalism within China
Radio Australia
The film is called ‘Assignment China‘ and chronicles the select club who have wielded great influence on how the public and the policy-makers see China. He is now a Senior Fellow at the USChina Institute at the University of Southern California.
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China returns to net buying of U.S. debt
MarketWatch
By Chris Oliver, MarketWatch HONG KONG (MarketWatch) — China bought a net $7.6 billion of US Treasurys in April, reversing from five months of net selling, according to US Treasury Department data released on Wednesday. Russell Investments’ John Velis
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US creates the storm over South China Sea
China Daily
By Wang Hui (chinadaily.com.cn) To decipher Chinese feelings over the flurry of news on rifts over the South China Sea right now, nothing is more accurate than this Chinese proverb: The tree craves calm, but the wind will not subside.
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US lawmakers press for jets to Taiwan
AFP
WASHINGTON — US lawmakers stepped up pressure Thursday on President Barack Obama’s administration to sell F-16 fighter-jets to Taiwan, urging strong support for the island as China ramps up military spending. Members of the House of Representatives
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Insight: For short sellers of Chinese stocks, it’s time to reap
Reuters
Since March, more than two dozen China-based companies have disclosed auditor resignations or accounting problems, and there are now more than a dozen China issues currently halted from trading on US exchanges. The agenda of this year’s conference
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US Stock Futures Fall On Greek-Debt Worries, Despite US Economic Data
Wall Street Journal
Goldman Sachs expects online video company Youku.com Inc. (YOKU) to recoup its recent tumble–its American depositary shares are down 36% this month–and get back to $55. The stock has cratered amid “China Internet sector de-risking and profit-taking,”
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Human rights spotlight: China
Washington Post (blog)
But the State Department puts out this sort of nonsense: “The Legal Experts Dialogue brings together government and non-government experts from the US and China to address the benefits and practical implementation of the rule of law.
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Oil Rises After Slumping to Four-Month Low; U.S. Distillate Demand Drops
Bloomberg
China’s summer electricity deficit may exceed its most severe in 2004, according to State Grid Corp. of China. Oil tumbled yesterday as manufacturing in the New York region unexpectedly shrank in June and the Energy Department said US fuel demand fell
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Wells Fargo planning to seize US wind market with China’s Guodian
EcoSeed
Wells Fargo & Company has teamed up with China’s Guodian United Power Technology Company Ltd. to explore opportunities in the wind industry in the United States. Wells Fargo has already invested nearly $1.5 billion in wind power projects.
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Hony Capital eyes US and European firms
Reuters
UL, is looking to take leading US and European technology companies into China to increase their value. Hony, among the most successful private equity funds in China, also hopes to raise a fifth US dollar fund at no less than the $1.4 billion size of
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Global Macro Notes: The Bond King Gets Desperate
Business Insider
Oh, and by the way, the big players (including China) are still buying USTs. Via the WSJ: WASHINGTON—China bought US Treasurys in April, boosting its holdings after five straight months of net selling, and remained the largest foreign holder,
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First Take: US as Future Oil Kingpin?, An Overweight World, And More…
GreenBiz.com
By Jonathan Bardelline • Turning from OPEC to US: More demand for oil by China, Asia and the Middle East over the coming years, coupled with flat demand and efficient vehicles in the US and Europe means that world will turn more to the US, Canada,
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Asian Shares Tumble On Greek Debt Fears, US Data
Wall Street Journal
As in the US trading day, financials–which are generally leveraged to economic growth–were casualties in the Asian session, with Agricultural Bank of China Ltd. down 2.4% and China Merchants Bank Co. losing 2.2% in Hong Kong.
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China adding to weapon proliferation: US report
Indian Express
The report further said that such activities have continued to raise questions about China’s commitment to non-proliferation and the need for US sanctions. “China has taken some steps to mollify US and other foreign concerns about its role in weapons
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China Yuan Up Late On Export Settlements Amid Tight Liquidity
Wall Street Journal
SHANGHAI (Dow Jones)–China’s yuan rose against the US dollar late Thursday after major local banks sold dollars in large volumes, likely on behalf of exporters, and amid tighter liquidity conditions onshore, dealers said. On the OTC market,
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John Paulson’s $9bn fund drops more than 20% as China and US bank bets turn sour
The Guardian
Block’s firm challenged the amount of land Sino-Forest said it bought in Lincang City in China’s Yunnan province, saying that it does not match city records. Muddy Waters’ claims are being fiercely disputed by the company.
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China is World’s Largest Energy Consumer
Business Insider
1” positions: China has been the largest producer and consumer of coal and steel in the world. China replaced the US as the world’s largest automobile market after 2009 vehicle sales skyrocketed in the country. And for the first time in 2010,
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‘Born in USA‘ Babies Face Legal Hurdles Back in China
Babble (blog)
Families from China who want American babies face some pretty big hurdles once back home. A whole underground industry of “tourist maternity wards” on the West Coast is thriving, thanks to a frenzy in China for “Born in the USA” babies.
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China delaying probe into fake military parts: US
Oman Tribune
“We’ve been telling the congressmen’s offices that such issues are supposed to be raised through the normal channel of ChinaUS law enforcement cooperation, and we’re ready to stay in touch with the US side,” Wang said. McCain, asked by AFP what would
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China’s purchases of Treasuries strong in April
China Daily
Taylor said the reason China buys US Treasuries is to prevent the exchange rate from appreciating so much. David Backus, a professor from Stern School of Business at New York University, said it is natural for buyers to be concerned but he sees no
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The 40th Anniversary of Ping Pong Diplomacy Set for Nixon Library
PR Newswire (press release)
Huiaiying Zheng and Liang Geliang will again represent the Chinese and Judy Hoarfrost and George Braithwaite, the first Americans to visit China since 1949 at the time, will represent the US Edward Nixon, the President’s younger brother will play a
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The trials and tribulations of China’s anchor babies
Behind the Wall
China’s new rich are increasingly taking advantage of loop holes in American visa law to have their babies in the United States. Parents believe these so called “anchor babies” will have greater economic and educational advantages, but many are just
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Ag Biotech and Food Security Conference Meant to Strengthen USChina Ties
Hoosier Ag Today
China is America’s largest foreign buyer of soybeans – purchasing over 10.8-billion dollars of soybeans in 2010. More than half of US soybean exports – which totals 25-percent of the nation’s entire soybean harvest – was exported to China in 2010.
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Greeks Rage Against Austerity While US Treasury Sells More Paper To China
Forbes (blog)
The yield on a 10-year US Treasury note is back down to 2.97%. Heck, even the Chinese like Treasuries again. According to figures out this morning from the Treasury Department, China was a net buyer of Treasuries in April for the first time in six
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Quiet China giant embodies technology aspirations
BusinessWeek
“In 10 to 15 years, China could be where South Korea is now, as far as having a number of global champions,” Shenkar said. Rising Chinese competition could hamper hopes by the United States and other Western governments to spur growth and create jobs
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China-Biotics: Latest RTO Trading Halt
TheStreet.com (blog)
By Scott Eden 06/16/11 – 01:04 PM EDT NEW YORK (TheStreet) — China-Biotics(CHBT) became the latest Chinese small-cap company to have trading in its shares halted by a US exchange as the fraud scandal surrounding the sector continues to widen.
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Flights lift off for China
Honolulu Star-Advertiser
The addition of direct flights between China and Honolulu will undoubtedly help boost tourism in a key market, but the number of Chinese visitors likely will remain low until the US eases its visa requirement. A Chinese citizen wanting to visit the US
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NY Archbishop Fears Gay Marriage Will Make Us Asian
Queerty
“Last time I consulted an atlas, it is clear we are living in New York, in the United States of America – not in China or North Korea. In those countries, government presumes daily to ‘redefine’ rights, relationships, values, and natural law,” says
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Alcoa names execs in China to support growth there
Boston Globe
The Pittsburgh company also announced that Jiming Zhu will join Alcoa as president of China rolled products. Zhu will succeed Mark Vrablec, who was earlier named vice president of GRP technology and engineering, and will move back to the US after a
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U.S. debt limit debate down to wire
USA Today
Now comes the need to increase the government’s $14.3 trillion debt limit — the amount of money it can owe creditors ranging from China to the Social Security Trust Fund. The ceiling was reached May 16, and only action by a reluctant Congress can
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Korea Chair at CSIS Warns Biggest Crisis for S. Korea, US, China is N. Korea
Arirang News
The most likely crisis the next presidents of South Korea, the US, and China will encounter after they take office in 2012 will be North Korean instability that would occur as a result of the ailing North Korean leader’s death.
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Mazda Consolidates Production in Japan
AutoLoanDaily.com
Previously, the cars were manufactured in three plants in Japan, China and the US Mazda does this apparently with the approval of its partner, Ford. For those who don’t know, the two companies have been operating in tandem since the 1970s,
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Under the Microscope in China: L&L Energy
Motley Fool
Elsewhere, the company has stated: “The application of US mining management and safety practices is a strategic advantage for L&L in China.” Since the company acquired its first coal mining operations in 2008, has never operated a mine in the United
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Ken Rogoff Thinks The US Economy Will Collapse If Its Trade Deficit Declines
Business Insider
First, interest rates in the US would rise. Second, the dollar would plummet, especially against the currencies of countries like China, which have been buying US bonds (eg lending money) as part of a deliberate policy to keep down the value of their
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Sands China announces US$3.5 billion refinancing
Macau Business
Sands China Ltd. has announced that it has received lender commitments for US$3.5 billion (MOP28 billion) and will have the option to raise an incremental US$1.0 billion of new senior secured credit facilities under baskets within the new credit
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Stocks That Still Have Some Sizzle
Wall Street Pit
There are more mobile users in China than the population of the US, the European Union, and Canada combined! Based on my economic analysis, these are exciting times for China’s mobile market, as the regulators, in an effort to increase competitive
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Kissinger donates 1 million papers to Yale
China Daily
He paid a secret visit to China in 1971 that paved the way for a groundbreaking 1972 summit in Beijing between Nixon (1913-1994) and China’s Chairman Mao Zedong (1893-1976). Kissinger’s latest book “On China” is a major analysis of ChinaUS relations.
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Chinasoft International May Revive U.S. Listing Plan Next Year, CEO Says
Bloomberg
Delaying the planned listing of American depositary receipts will also give Chinasoft more time to work on the financing deal with Hony Capital Ltd. that was announced this month, he said. Chinasoft is among companies in China that have postponed
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