Search Result for : Beijing

The Dollar Business Bureau  To reinforce its control on its currency, China is “considering” a modification in its procedures that would help in bringing more stability to the country’s financial system in near-term. “We were “considering” a change in procedures that would reinforce our control of the renminbi, said Chinese officials. This move by Beijing would probably bring more stability in short-term to the country’s financial system, which has already been the subject of new focus after the credit rating agency Moody’s Investors Service on Wednesday downgraded China’s credit rating on bonds, mentioning its rising debt.  Moody's downgraded the country’s sovereign ratings to A1, stating it believes that the financial strength of the second largest economy of the world would erode in the coming years due ...

PTI India boycotted China's high-profile Belt and Road Forum, taking its protest over a controversial economic corridor traversing through Pakistan- occupied Kashmir (PoK) to a new level despite Beijing's overtures to ensure New Delhi's participation. Following India's boycott, Pakistan Prime Minister Nawaz Sharif, taking a veiled swipe at New Delhi's move, said the multi-billion dollar China-Pakistan Economic Corridor (CPEC) was an economic project open to all the nations in the region and it "must not be politicised". No Indian official of any level was present at the elaborate opening ceremony attended by 29 heads of state and government along with top officials of the world bodies like the UN, the World Bank and the IMF. India skipped the ...

PTI South Korea's new President Moon Jae-In was sworn in Wednesday, just a day after a landslide election victory, and immediately declared his willingness to visit Pyongyang amid high tensions with the nuclear-armed North. Left-leaning Moon, a former human rights lawyer, backs engagement with Pyongyang in the quest for peace -- in contrast to the threatening rhetoric from the Trump administration in recent weeks. “If needed I will fly to Washington immediately,” Moon told lawmakers after taking the oath of office in Seoul's National Assembly building. "I will also go to Beijing and Tokyo and even Pyongyang in the right circumstances."  Moon will have a difficult diplomatic path to tread in his approach to the North, which ...

The Dollar Business Bureau The exports and imports of China increased in the month of April, as foreign and domestic demand weakened and there was a decline in commodity prices. In April, China's exports surged 8% compared to the previous year, missing analysts' predictions, whereas imports expanded 11.9%, an official data revealed on Monday. This has left $38.05 billion of trade surplus for the country in the given month, China’s General Administration of Customs revealed. In March, the country’s exports grew 16.4% and imports rose 20.3%. China's trade surplus in the month of March stood at $23.93 billion. Last week, the Chinese Ministry of Commerce, in its quarterly report, said that the country’s exports and imports are likely to be stabilised and improved in near future. Foreign ...

The Dollar Business Bureau Since the lifting of the mining ban in the three iron-ore rich states of India, Odisha, Karnataka and Goa, India's iron ore production has increased. It is estimated that by 2021 it could touch 185 million tonnes (MT). According to a Fitch Group research company, India’s iron ore production quantity will touch 185 MT in 2021 from 136 MT this year. It should be recollected that mining in all the three states was at its peak between 2000 and 2012, a time when iron-ore powder from Goa was shipped to meet the steel needs of Beijing Olympics in 2008 and India’s iron ore exports to other countries too flourished. It was also during this period that environmental, land-lease and ...

The Dollar Business Bureau China will invest 4 trillion yuan (around $725 billion) to improve its rural transportation projects. The country will spend this huge amount on 300 new projects that will offer good transportation facilities to remote areas where more than 70 million poor people reside. This is a part of the three-year plan of the country to remove poverty by 2020, as reported by China Radio International. Zheng Jian with the National Development and Reform Commission said that the country has planned such a huge spending plan with an aim to bring all the people in China above the poverty line by 2020. Access to good transportation is an essential factor that helps people in coming out of poverty. Therefore, ...

The Dollar Business Bureau The Nepal government has objected to the agreement between India and China which seeks to increase bilateral trade through land routes, saying the pact is against the international norms. During Prime Minister Narendra Modi’s visit last month, India and China signed an agreement to enhance trade through land routes covering Lipu-Lekh Pass. “The two sides agreed to hold negotiation on augmenting the list of traded commodities and expand border trade at Nathu La, Qiangla/Lipu-Lekh Pass and Shipki La," said a joint statement issued by the two governments on May 15. The hilly terrain located far west of Nepal connects the Himalayan country with its two neighbours. According to reports, the Nepal government has asked its foreign ministry to ...