Monday, June 30, 2014
Saturday, June 28, 2014
Friday, June 27, 2014
BEIJING, June 27 (Xinhua) -- The globalization of the yuan, or renminbi (RMB), will not only benefit the Chinese economy, but generate global economic stability, a senior banker has said.
The yuan did not depreciate during the 1997 Asian financial crisis or the 2008 global financial crisis, helping stabilize the global economy, Tian Guoli, chairman of the Bank of China, said at a forum in London last week, according to the Friday edition of the People's Daily.
China's economy ranks second in the world and its trade ranks first, so it is thought that use of the RMB in cross-border trade will be a mutually beneficial move for China and its trade partners.
The yuan has acquired basic conditions to become an international currency as China's gross domestic product took 12.4 percent of the world's total and its foreign trade 11.4 percent of the world's total in 2013, Tian said.
According to the central bank, RMB flow from China hit 340 billion yuan (55.74 billion U.S. dollars) in the first quarter of 2014, replenishing offshore RMB fluidity. The balance of offshore RMB deposits hit 2.4 trillion yuan at the end of March, 1.51 percent of all global offshore deposits. Offshore trade between the yuan and foreign currencies doubled in the first quarter from the fourth quarter of last year.
Analysts widely forecast five steps in RMB internationalization: RMB used and circulated overseas, RMB as a currency of account in trade, RMB used in trade settlement, RMB as a currency for fundraising and investment, and RMB as a global reserve currency.
Thursday, June 26, 2014
China is moving forward with a plan to create its own version of the World Bank, which will rival institutions that are under the sway of the US and the West. The bank will start with $100 billion in capital.
The Asian Infrastructure Investment Bank (AIIB) will extend China’s financial reach and compete not only with the World Bank, but also with the Asian Development Bank, which is heavily dominated by Japan. The $100 billion in capital is double that originally proposed, the Financial Times (FT) reported.
Asia Times Online :: Seeking truth for 'comfort women'
Wednesday, June 25, 2014
Tuesday, June 24, 2014
Monday, June 23, 2014
|I still want to know where they got these trucks. :-)|
The situation in western Iraq is indeed dismaying. Let’s ransack the strategic canon for a few ideas that may help statesmen and commanders comprehend what has happened and what it all portends. First, scholar Timothy Lomperis reminds us that, at bottom, internal struggles such as the one raging in Iraq and Syria are contests for political legitimacy. Whichever contender best provides ordinary people the basics of life, makes a critical mass of the populace a stakeholder in its rule, and ultimately makes them believers in its right to rule is apt to prevail.
Which, second, makes the Iraqi forces’ collapse all the more disquieting. There is no way a U.S.-equipped and -trained military serving a legitimate regime — a legitimate cause — should throw down arms and capitulate to a vastly outnumbered enemy, no matter how motivated or well led. Iraqi soldiers, it seems never learned an elementary maxim from Chinese strategist Sun Tzu: when on death ground, fight. Or, if you prefer your wisdom from Dr. Johnson: the prospect of being hanged focuses the mind wonderfully. If that basic logic escapes the Maliki regime — if it has failed so catastrophically to win legitimacy and assert sovereign authority — its days may be numbered.
Third, ISIS, the Islamic State in Iraq and Syria, has proved itself a far more serious foe than al-Qaeda, the Taliban, or other adversaries of the post-9/11 years. It’s more Maoist in its operational and strategic outlook. Al-Qaeda seems to think it can bypass Mao Zedong’s classic Phase III battlefield struggle: it can win solely through terrorist action, and without a conventional victory. Doubtful. ISIS clearly understands it has to defeat its opponents to win — just as Mao knew he had to vanquish the Nationalists to bring China under communist rule.
For several years she simply lived and worked in the temple, but when she reached puberty men from the village – usually from higher castes who otherwise consider her ‘untouchable’ – would visit her in the night and have sex with her.
The Korean “Cinema of Assimilation” and the Construction of Cultural Hegemony in the Final Years of Japanese Rule
Figure 3. Spring in the Korean Peninsula (1941). Advertisements. Maeil Sinbo (5 November 1941: 1; 6 November 1941: 3; 8 November 1941: 1 – left to right, and top to bottom). Author’s own collection.The bottom advertisement includes a promotional tie-in campaign for Newtone, a blood replenishing and energizing cure-all-ailment tonic, which is also featured in a window display case in the inserted documentary footage of the cinema screening the Chunhyang film-within-the-film.
Sunday, June 22, 2014
- See more at: http://www.businesskorea.co.kr/article/5115/unexpected-comment-%E2%80%9Cno-military-alliance%E2%80%9D-between-china-and-north-korea#sthash.zIjl94ex.dpuf