It has been reported that for the first time in six years that China has recorded a trade deficit for the first month. The deficit, which is worth almost $7.2 billion, was blamed onto the rising prices and also the volumes of raw materials which are necessary for the country to import in order to give power to their economy.
An adviser to the People's Bank of China, Xia Bin, said that China should resume a managed float foreign exchange system soon, as the global financial crisis that required the move have since faded. The announcement came a few hours ahead of the meeting between U. S. Treasury Secretary Timothy either and Chinese vice Premier Wang Qishan in Beijing.
It has been reported that the preliminary agreement of a multi - billion dollar deal has been signed by Icon Energy Ltd. with SinoGas Group Ltd., which is based in China. The deal is for a sales contract of liquefied natural gas for twenty years which is worth a whopping amount between $23 billion and $32 billion.
A team of Canadian researchers stated on Tuesday that a network based in China hacked in to the systems of the Indian military and stole its secrets, compromised the systems of the Dalai Lama's office and computer systems in different regions around the world as a part of what they called "an elaborate cyber espionage scheme".