Nobel laureate Paul Krugman said China’s pledge to make the Yuan more flexible was an “exercise in bad faith” intended to fend off international pressure for a stronger currency at this week’s Group of 20 leaders’ summit.
Top Chinese financial officials defended the country’s current economic policy and stated there was no need for a major appreciation of the currency or an increase in interest rates since inflation was declining.
The European Union (EU) has urged the G20 club of nations to agree when to scrap their economic support packages. The EU said a coordinated exit from stimulus measures would help restore confidence and reduce the risk that some countries would be disadvantaged.
The United Nations Secretary-General said Wednesday that despite the international food, fuel and financial crises, there has been progress toward meeting the Millennium Development Goals, or MDGs, of cutting extreme poverty in half by 2015.
By Dr. Ye Yu, Assistant Director of the Institute for Comparative Studies affiliated to the Shanghai Institute for International Studies (Special for People's Daily Online).The Group of Twenty (G-20) Summit (*) has opened a new page in the management of global economy and financial system, and China has played an important positive and constructive role since the First G20 Summit was held in Washington D.C. in November 2008.
The Spanish Parliament voted Tuesday against a proposal urging a ban on the use of floating storage tankers in Gibraltar. The Popular Party motion before the Parliament’s Foreign Affairs Commission called on Madrid to ask the British Government to force Gibraltar to store all bunkering fuel on land.
The Spanish economy will slip back into recession in the second half of the year, a foundation supported by the country’s savings banks said in a publication released Wednesday.
Germany's budget savings policy risks destroying the European project and a collapse of the Euro cannot be ruled out, billionaire investor George Soros said in a newspaper interview.
Attempts to agree a compromise between whaling nations and their opponents at the International Whaling Commission's (IWC) annual meeting in Morocco have failed. After two days of private discussions, delegates reported they had been unable to reach agreement on major issues.
Banks operating in the UK will be hit with a levy in a move set to raise more than £8bn over four years, the chancellor has announced -The levy is part of a joint move between the UK, France and Germany.