The dollar and yen witnessed a jump against higher-yielding currencies on account of fears that China will undertake further measures to stabilize its economy, hampering the demand for higher-yielding assets.
The yen emerged stronger against the New Zealand dollar and South Korean won as people familiar with the matter said China's banks have begun restricting new loans.
In a repeat of the original milk safety scandal of 2008, when six children died and 300,000 were sickened after drinking melamine contaminated baby formula, authorities in the south west China province of Guizhou, have yet again found traces of the industrial chemical which is used to manufacture fertilizers and plastics, in the milk products in China.
In a retaliatory move against Google, and in defense of China’s censorship of Web content, an unnamed spokesperson for China’s State Council Information Office recently emphasized the government’s right to punish citizens who use the Internet for the purpose of confronting Communist Party power and ethnic policies.
Kelvin Wale, president & MD of General Motors China, said the company expects to sell more than two million vehicles in China in 2010.
Mr. Wale has high hopes that company’s Chinese sales would grew faster than the overall Chinese market. Analysts have projected a year-on-year increase of 10 per cent to 15 per cent for the Chinese auto market.
With currency values, trade imbalances, and US weapons sales to Taiwan already being a few of the contentious issues hurting the US-China relations, Chinese Foreign Ministry spokesman Ma Zhaoxu has said that the Thursday speech by US Secretary of State Hillary Clinton, against online censorship, might serve yet another blow to the relations between two big economies.
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