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Media Report
January 08 , 2017
  • Financial Times reports that measures taken by Beijing to stem capital flight proved partially effective in December as China's foreign exchange reserves continued to fall but at a slower pace than in previous months.The central bank announced a lower than expected drop in foreign exchange reserves for last month, which fell by $41bn to $3.01tn. A Reuters poll of analysts predicted a $51bn fall for the month after reserves came down by $70bn in November. The People's Bank of China has been anxious to slow the depreciation of the renminbi, which fell 6.6 per cent last year against the dollar. But simply selling off dollars to defend the currency has been expensive — reserves in 2016 fell from $3.3tn to just above $3tn. With an eye on saving reserves, monetary authorities deployed a series of new capital controls at the end of 2016 designed to slow capital outflows. Last week the offshore renminbi jumped 2.6 per cent in two days — its biggest-ever two day gain against the dollar since it was introduced in 2010 — while the onshore rate reached its highest level in more than a month.
  • The Washington Post reports that lobster lovers are used to adjusting to high prices, but this winter, they're shelling out even more for the cherished crustaceans because of a lack of catch off of New England and Canada and heavy exports to China. Winter is typically a slow season for U.S. lobster fishermen and an active one off Atlantic Canada. But catch is slow in both countries this year, in part because of bad weather, industry sources said. And the winter months are also an important time for exports to lobster-crazy China, which celebrates its New Year holiday Jan. 28. It's increasingly popular to celebrate the Chinese New Year with American lobster. That's causing demand at a time when supply is low. American consumers who were paying $9 to $11 per pound for a live lobster in September — already higher than the previous year — are now sometimes paying upward of $13 per pound. American lobster exports to China have topped 12 million pounds and $85 million in value for three years in a row. The country imported a fraction of that amount as recently as 2010, when it imported less than a million pounds of the crustaceans.

  • CNN reports that officials in Beijing are taking steps toward tackling the city's long-standing smog problem with the creation of an environmental police force, according to state media.Spearheaded by Beijing's acting mayor Mayor Cai Qi, the political crackdown on burning fossil fuels comes amid a flurry of concern over the country's choking air pollution.At a meeting on Saturday, the mayor promised to take tougher measures to improve the air quality in the city's 16 districts by 2017, official state media agency Xinhua reported.The new environmental police would among other things, crack down on open-air barbecues, garbage incineration and biomass burning — areas previously overlooked by authorities, Xinhua reported.These recent efforts come amid Beijing's latest spell of smog.
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