renminbi news stories on Newser

Japan, China Cut Currency Deal, Shun Dollar

Kevin Spak — Mon, 26 Dec 2011 09:53:05 CST

Japanese Prime Minister Yoshihiko Noda met with Chinese President Hu Jintao in Beijing today, and emerged with a number of deals—including one that will marginalize the US dollar in Asia. The countries agreed to promote direct yuan-yen trades, the Wall Street Journal reports; until now, the money has usually...

China Threatens 'Trade War' Over Senate Bill

Kevin Spak — Mon, 10 Oct 2011 10:54:24 CDT

A senior Chinese official warned today that the US is in for a “trade war” if it enacts a Senate bill that would punish China for artificially keeping its currency low. The bill “in no way represents the reality of the economic and trade relationship between China and the US,...

China Jacks Up Interest Rates

Kevin Spak — Tue, 08 Feb 2011 05:55:00 CST

China pumped up its interest rates for the third time in four months today, in a desperate attempt to rein in inflation. One-year deposit rates rose to 3%, and the one-year lending rate to 6.06%, the New York Times reports, and analysts expect still more increases down the road.

Mighty China Has a Financial Mess Brewing

Kevin Spak — Fri, 21 Jan 2011 12:41:05 CST

China may be a burgeoning economic superpower, but it’s also embroiled in a monetary fiasco that could turn into a genuine crisis, warns Paul Krugman in the New York Times . The problem is China’s refusal to let its currency rise. The policy has obviously vexed the US, “but a policy...

Traders Go Nuts for Newly Available Yuan

Kevin Spak — Tue, 14 Dec 2010 10:29:05 CST

Currency traders are going wild over their latest toy: China’s yuan. In the few months since Beijing allowed its currency to be bought and sold outside the mainland, daily trading has shot from zero to $400 million, the Wall Street Journal reports. Though China still maintains strict control over the...

House Votes to Sanction China Over Currency

Thu, 30 Sep 2010 05:50:00 CDT

The House has approved legislation that would allow the US to seek trade sanctions against China and other nations for manipulating their currency to gain trade advantages. The 348-79 vote yesterday sends the measure to the Senate, where its prospects are unclear. Senate supporters hope to get a vote on...

China's Hurting Us By Lending to Us

Nick McMaster — Mon, 13 Sep 2010 13:49:01 CDT

When Japan’s finance minister complained last week about recent Chinese purchases of Japanese bonds, it “made me want to bang my head against the wall in frustration,” writes Paul Krugman of the New York Times . See, the US has repeatedly refused to do anything about China’s constant currency manipulation, afraid...

China to Let Currency Rise

Kevin Spak — Thu, 08 Apr 2010 09:02:22 CDT

China plans to revise its currency policies within a few days, producing an instant rise in the yuan against the dollar, and allowing greater fluctuation in the future, sources tell the New York Times . China’s Commerce Ministry has vigorously opposed such a move, but it appears to have lost the...

China Ditching Dollar for Own 'Redback'

Jason Farago — Mon, 03 Aug 2009 05:46:02 CDT

China is speeding up efforts to encourage the use of its currency in international trading, with analysts predicting that the Chinese renminbi will become one of the three top currencies by 2012, reports the Times of London. In recent months Beijing has inked currency-swap deals with central banks from Korea...