China

Financial News

Zhou Seeks to Deflect European, Japanese Appeals for Yuan to Strengthen Chinese central bank Governor Zhou Xiaochuan said he doesn’t think his country is facing too many foreign demands to let the yuan strengthen, deflecting calls from Europe and Japan to do just that.

IMF Says Dollar Being Used to Fund `Carry Trade,' May Still Be Overvalued The International Monetary Fund said traders are probably using the dollar to fund “carry trades” across the world and the currency may still be overvalued even after its slide this year.

Hong Kong Proposes Allowing Class-Action Lawsuits Following Lehman Losses Hong Kong’s Law Reform Commission proposed allowing class-action lawsuits in cases such as the losses thousands of investors in the city suffered on notes guaranteed by failed Lehman Brothers Holdings Inc.

Brown Says G-20 Should Consider Tax on Financial Speculation to Curb Risk U.K. Prime Minister Gordon Brown said the Group of 20 nations should consider measures such as taxing financial transactions to penalize excessive risk taking and limit the burden on taxpayers of bank failures.

AES Agrees to Sell Stock, Wind-Power Stake to China's CIC for $2.2 Billion AES Corp., the U.S. power producer with operations in 29 countries, agreed to sell stock and a 35 percent stake in its wind-power business to China Investment Corp. for $2.2 billion to raise cash for expansion.

Trade Tension With U.S. May Rise After Ruling on Paper, Chemical Exports A U.S. trade commission ruled today that Chinese glossy paper and phosphates are harming domestic producers, escalating trade tensions ahead of President Barack Obama’s visit to China this month.

China May Slow Imports of Vegetable Oils Amid High Stockpiles, Cofco Says China, the world’s largest consumer of vegetable oil, may slow imports in 2009/2010 amid high domestic stockpiles, an executive from Cofco Oil & Grains Co. said.

Chinese ADRs: A-Power, Cnooc, E-House, Huaneng Power, Jiangxi Copper The Bank of New York Mellon China ADR Index, which tracks American depositary receipts, rose 0.3 percent to 382.02. The American Stock Exchange China Index increased 0.1 percent. The Shanghai Composite Index climbed 0.3 percent to 3,164.04.

China Stocks Advance, Capping Index's Biggest Weekly Gain in Three Months China’s stocks rose, sending the Shanghai Composite Index to its biggest weekly gain in more than three months, on speculation the government will extend stimulus measures to cement the economic recovery.

Mattel Barbie Shanghai Manager Laura Lai Leaves 8 Months After Store Opens Mattel Inc.’s general manager for its Barbie store in Shanghai resigned about eight months after the world’s biggest toymaker opened its first dedicated outlet for the blond-haired blue-eyed doll.

General News

China Started Anti-Dumping Investigation of Larger U.S. Automobiles Today China, poised to top the U.S. this year as the world’s largest vehicle market, today commenced anti-dumping and subsidy investigations into U.S. carmakers including General Motors Corp. and Ford Motor Co.

A-Power's Texas Windfarm Doesn't Involve U.S. Stimulus Funds, COO Lin Says A-Power Energy Generation Systems Ltd.’s $1.5 billion wind farm venture in Texas doesn’t “involve” U.S. stimulus funds, said Chief Operating Officer John Lin.

Taiwan Premier Wu Defends Bali Trip With Paroled Gangster, Won't Step Down Taiwan Premier Wu Den-yih said he won’t quit over revelations he traveled to the Indonesian resort island of Bali with a convicted gangster.

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