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China and U.S. Commence Trade Talks with $14 Billion in Deals, but Loose Ends Remain
The United States and China got their fourth round of economic dialogue off to a good start yesterday (Tuesday), with the announcement of $14 billion in business deals. However, several points of tension ranging from currency devaluation to investment restrictions must still be resolved.
Two delegations, one led by U.S. Treasury Secretary Henry Paulson and the other by Chinese Deputy Prime Minister Wang Qishan, met in Annapolis, Md. yesterday, kicking off a two-day summit set to ease tension and enhance cooperation between the two countries.
“The tone will be one of constructive engagement,†Paulson told the International Herald Tribune on Monday. “We’re going to…
18Jun2008 | Money Morning | Comments Off | ContinuedChina’s Export Machine Shifts Into High Gear, Even as U.S. Market Decelerates
China’s exports advanced at a 28% pace in May, despite growing economic turbulence in the United States and Europe, underscoring yet again that the Asian giant doesn’t need Western markets to flourish.
The strong export growth should also give China’s central bank more room to maneuver in its battle against escalating inflation at home.
After growing 21.9% in April, Chinese exports climbed 28.1% to $120.5 billion last month, China’s customs bureau reported. Exports to the United States grew 9.1% in the first five months of year, while exports to the European Union climbed 27.4%.
The increases demonstrate that global demand for Chinese…
12Jun2008 | Money Morning | Comments Off | Continued
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