Speculations about China’s increasing appetite for gold were confirmed today as Beijing revealed its gold holdings to the IMF. China now holds 1,054 tonnes of gold and has overtaken Switzerland, Japan and the Netherlands to become the world’s fifth-largest holder of gold. Beijing’s increased gold purchase is believed to be part of a greater strategy to diversify China’s foreign exchange reserves. As the world’s largest gold producer, China has the option to source gold supplies from local mines but might also refer to the open market for future purchases.
China will provide funding for domestic oil companies’ bids for overseas assets, according to an industry official. Taking advantage of slumping energy prices, the strategy will be part of Beijing’s new oil and petrochemical stimulus package, which is scheduled for announcement within a week. The stimulus plan includes more loans and preferential tax policies for petrochemical companies as well as an increase in oil-product stock-piles and domestic demand.
In an effort to revitalize its struggling textile sector, China announced plans to push for brand-building and higher value-added. Severely hurt by the decline in global demand, China’s textile industry now faces excess capacity, financing difficulties and job losses. While still concentrating on location-specific cost advantages, China’s also plans to build and promote 100 domestic textile brands strong enough to compete in the international market.
China on Thursday staged a parade of 52 Navy vessels and aircraft to mark the 60th anniversary of the People’s Liberation Army Navy. The parade, which was followed by naval delegations from 29 countries, demonstrated China’s growing naval power and included previously unseen nuclear-power submarines. A number of defence analysts in the U.S. and Europe see China’s naval build-up as a challenge to the U.S.–the world’s leading maritime nation. With a stronger Chinese navy, tensions might increase over the Taiwan Strait and disputed regions in the South China Sea.
A few months ago, I wrote about the early stages of the conflict in Ukraine through the lens of Sun Tzu’s The Art of War. While it appears likely that the war will carry on into the foreseeable future, enough time has passed for us to make an honest assessment of each side’s relative […]
The Ukrainian Army has made dramatic strides in the last few weeks. Ukraine’s tactical commanders have outfoxed their Russian counterparts, and by issuing a feint towards the south the UA has been able to earn substantial gains in the north of their country. The impact of these efforts have been compounded by the steady stream […]
In mid-May the Irish political party, Sinn Féin, won the plurality of seats in the Northern Ireland Assembly. Many American readers might not fully understand the significance of Sinn Féin’s political victory- but rest assured that subjects of the United Kingdom and a wide range of political movements the world over have heard the message […]
The first wave of the Russian offensive in Ukraine has fallen short of Russian autocrat Vladmir Putin’s ambitions. Most analysts deduced that Putin had hoped to achieve a decapitation strike of the Ukrainian government- taking Kiev and replacing Ukrainian President Vladimir Zolinski with a pro-Kremlin voice. Kiev has been threatened repeatedly through the course of […]
On the weekend of March 26th, the notorious MS-13 gang went on a massive killing spree in El Salvador which left more than 70 people dead by Sunday. Even for a country where powerful gangs hold massive sway, this recent tragedy stands out considering that it was the bloodiest day on record since the civil […]
