JPMorgan’s Fruitful Ties to a Member of China’s Elite

To promote its standing in China, JPMorgan Chase turned to a seemingly obscure consulting firm run by a 32-year-old executive named Lily Chang. Ms. Chang’s firm, which received a $75,000-a-month contract from JPMorgan, appeared to have only two employees. And on the surface, Ms. Chang lacked the influence and public name recognition needed to unlock business for […]

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Gold Vault Opens in China as Bullion Goes From West to East

A gold vault that can store 2,000 metric tons, double China’s projected consumption this year, opened in Shanghai this month as owner Malca-Amit Global Ltd. seeks to benefit from rising demand in Asia’s largest economy. The facility is the biggest for the Hong Kong-based company, and it can also store diamonds, jewelry and art, Joshua Rotbart, […]

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The Chinese Dollar

In the run-up to the 2012 US presidential election, one political hopeful—investor Donald Trump—waged a “Maybe I will; maybe I won’t” run for the highest political office in the US. In the end, he did not formally declare his candidacy, but did repeatedly state that one of his prime issues would be to deal with […]

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Central Banks Drop Tightening Talk as Easy Money Goes On

The Bank of Canada’s dropping of language about the need for future interest-rate increases and today’s decisions by central banks in Norway, Sweden and the Philippines to leave their rates on hold unite them with counterparts in reinforcing rather than retracting loose monetary policy. The Federal Reserve delayed a pullback in asset purchases, while emerging markets from Hungary to Chile cut […]

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Germany Summons U.S. Ambassador to Explain Merkel Phone Tapping

Germany summoned the U.S. ambassador to the Foreign Ministry over reports ChancellorAngela Merkel’s mobile phone was monitored by U.S. spy agencies as European Union leaders prepared to discuss tighter data protection. Ambassador John B. Emerson was called in for talks with Foreign Minister Guido Westerwellein Berlin this afternoon, a ministry spokeswoman said, speaking under customary condition of anonymity. France summoned […]

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Yuan Gains for Sixth Day as Central Bank Sets Record Fixing

China’s yuan advanced for a sixth day, the longest winning streak since May, after the central bank strengthened the currency’s reference rate to a record. The government called for “unrelenting” implementation of its economic policies and reforms to consolidate the nation’s recovery from a slowdown, according to a State Council statement released over the weekend. Asia’s largest […]

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China Just Downgraded America

China’s credit rating agency Dagong has downgraded the U.S. rating from A to A-. “[T]he fundamental situation that the debt growth rate significantly  outpaces that of fiscal income and GDP remains unchanged,” they warned after President Obama signed a deal to end the government shutdown and raise the debt ceiling. continue reading at businessinsider.com

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Debt Ceiling: China Calls for World to Be 'De-Americanised'

China’s official news agency has called for the creation of a “de-Americanised world”, saying the destinies of people should not be left in the hands of a hypocritical nation with a dysfunctional government. Heaping criticism and caustic ridicule on Washington, the Xinhua news agency called the US a civilian slayer, prisoner torturer and meddler in […]

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Moscow Exchange Plans Gold to Silver Trading to Broaden Appeal

“OAO Moscow Exchange will introduce trading of gold and silver as early as this month as part of plans to make metals more accessible to smaller banks by reducing transaction costs. The exchange will quote gold and silver in Russian rubles per gram, with minimum trades starting at 10 grams of gold and 100 grams […]

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Biggest US Foreign Creditors Show Concern on Default Risk

“China and Japan, which together hold more than $2.4 trillion in U.S. Treasuries, raised pressure on the U.S. to resolve a political impasse on its debt ceiling that threatens to destabilize global financial markets. Japan must consider the impact of any default on its bond holdings, even as the U.S. will probably avoid a fiscal […]

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