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Media Report
June 01 , 2017
  • Reuters：As U.S. retreats, EU and China seek climate leadership at summit
    Reuters reports: "China and the European Union will seek on Friday to save a global pact against climate change from which U.S. President Donald Trump appears to be set to withdraw. As China emerges as Europe's unlikely global partner on areas from free trade to security, Premier Li Keqiang will meet top EU officials at a summit in Brussels that will also address North Korea's missile tests and global steel overcapacity. Speaking on Tuesday in Berlin, Li underlined strong support for the 2015 Paris climate change accord from China, which overtook the United States as the world's biggest emitter of greenhouse gases in 2007. 'China will stand by its responsibilities on climate change,' he told reporters after meeting German Chancellor Angela Merkel and before flying on to Brussels...Miguel Arias Canete, the EU's energy commissioner, told Reuters the bloc could depend on China despite concerns among environmental groups that monitoring and verification measures in the Paris accord would be weaker without the United States. 'I have lots of trust in the Chinese. They are very tough negotiators but they are very consistent with what they negotiate,' Canete said.Trump's presumed plan to follow through on an election campaign pledge to bolt from the Paris deal, agreed on by nearly 200 countries, made China more important, he added. 'At a moment in which the United States have doubts about the benefits of remaining in the Paris agreement ... two major players in the climate arena declare that they are committed to the Paris agreement,' he said of the EU and China."
  • The Washington Post: Opinions：The U.S. challenges China on aluminum — and catches Canada in its dragnet
    The Washington Post comments: "THE UNITED STATES should stand for free trade and, consistent with that policy, exercise its right of redress when other nations try to gain unfair advantage. Fighting back can be tricky, though; Washington has to be careful not to create new problems in the process of dealing with existing ones. Case in point: The Trump administration recently began an investigation into the national security threat allegedly posed by imports of two metals, steel and aluminum, that are undeniably crucial to the manufacture of military hardware. The chief target here is China, whose vast, bloated government-backed industries are flooding the world market with cheap product, threatening the viability of U.S. producers. That, in turn, could create not only economic woes for those companies, but also a dangerous level of dependency for U.S. war-fighters. The basic complaint against China — that it is pumping out exports from money-losing plants and propping them up with cheap loans — is sound. Indeed, one of the last acts of the Obama administration was to file a complaint about this at the World Trade Organization. By invoking its national security interests, the Trump administration seeks to shield any retaliatory measures it may adopt behind an exception to global free-trade rules...The Trump administration, like the Obama administration before it, has a legitimate complaint against China on aluminum. The best way to prosecute its case, however, would be through a broad coalition of countries in support of the U.S. position. Sideswiping Canada through the invocation of Section 232 actually works in the opposite direction. That's not hard-nosed; it's shortsighted."
  • Bloomberg：Here Are the Theories Why China May Be Supercharging the Yuan
    Bloomberg reports: "China's yuan has emerged from hibernation with an improbable surge that's left strategists asking -- why?...Analysts have their theories - here's a round-up:...China was none too pleased with Moody's Investors Service's unexpected credit downgrade, which elicited a stinging rebuke from the finance ministry and a heap of criticism from state media. The yuan has jumped almost 2 percent offshore since the May 24 rating cut, which likely spurred intervention from the authorities and even the changes to the fixing formula...Sentiment toward mainland Chinese assets had deteriorated before the Moody's move, with stock and bond markets whipsawing traders amid Beijing's deleveraging drive...bolstering the yuan could be part of a broader effort to calm markets amid that crackdown...[an]other theory is that the People's Bank of China is bolstering the yuan pre-emptively, amid prospects of another interest-rate hike from the Federal Reserve this month...Concern over the yuan being 'consistently weaker' than the fixing rate at the end of the Chinese trading day triggered the changes to the reference rate...China is deliberately sending it lower to make its exports more competitive... U.S. political pressure may be behind China's quest for a stable yuan...Improving the yuan's prospects and damping market volatility could boost overseas investor appetite for yuan-denominated assets [related to the Belt and Road Initiative]"
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