Economy & Trade

Silk Road Development Weekly

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All the very latest analysis, opinion, financial and infrastructure news from across the new Silk Roads

Analysis & Opinion

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China and Russia’s Strategy to End US Dollar Trade Dominance

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Both China and Russia have been developing, apparently in tandem, strategic plans to unseat the US dollar as the globally dominant currency. The thinking behind this dates back to March 2009, when China and Russia called for a new global currency. They want the world to create a reserve currency “that is disconnected from individual nations and is able to remain stable in the long run, thus removing the inherent deficiencies caused by using credit-based national currencies.” Both countries are concerned that the trillions they both hold in dollars would be worth less should dollar inflation sets in.

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Silk Road Development Weekly

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All the latest Belt & Road opinion, analysis and regional infrastructure developments

Opinion & Analysis

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China Increases Trade with Belt and Road Countries to US$1.14 Trillion in 2017

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The total value of China’s imports and exports to Belt and Road countries rose by 17.8 percent in 2017 on a year-on-year basis, according to Huang Songping, spokesperson for the General Administration of Customs at a press conference held by China’s State Council Information Office on January 12.

The value of China’s imports and exports to Belt and Road countries reached 7.37 trillion yuan (US$1.14 trillion) in 2017, up 17.8 percent on a year-on-year basis, accounting for 26.5 percent of the country’s total value of imports and exports, said Huang.

The Belt and Road Initiative complies with the requirements of the era, and Belt and Road countries’ wishes to accelerate development, which, therefore, will contribute to trade among the en-route countries, Huang noted. He also noted that China will continue to strengthen cooperation with the en-route countries, optimize services concerning customs supervision, and actively engage in making international trade rules to build an open global economy.

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China, France Agree to Joint China Unicom-Eutelsat Belt Road Satellite Venture

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French President Emmanuel Macron’s state visit to China has resulted in the French Eutelsat Communications signing off a Memorandum of Understanding (MoU) with China United Network Communications Co., Ltd, (China Unicom). The MoU is aimed at the fast-growing satellite communications market in the Asia-Pacific, and comes under the framework of the “Belt and Road” initiative.

The MoU, which was signed on January 9 by Rodolphe Belmer, CEO of Eutelsat and Xiaochu Wang, Chairman of China Unicom, is designed to leverage resources on the EUTELSAT 172B satellite to enhance in-flight connectivity services across an area stretching from the West coast of North America to Asia, and down to Australia. Cooperation to further develop satellite communication services across the globe is also under consideration. Eutelsat was built by Airbus.

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China, Russian Combined Gold Reserves to Establish New Gold Standard

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China and Russia have been quietly accumulating gold as a reserve to back up their currencies in the future, according to Ronan Manly, of Singapore’s BullionStar. This is likely to be part of a designed strategy to move away from international trade denominated in US dollars.

The US dollar, like many currencies, is no longer backed by gold reserves, although there is some disquiet about how much gold the United States has in its reserves, including amounts held on behalf of other countries, such as Germany and France.

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Silk Road Development Weekly

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All the very latest news, opinion, analysis and regional developments from across the emerging Silk Road trade corridors.

Opinion & Analysis

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Silk Road Development Weekly

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All the very latest news, opinion, analysis and regional developments from across the emerging Silk Road trade corridors.

Opinion & Analysis

Continue reading…

Where the Belt and Road Opportunities Lie – The Fastest Growing Silk Road Corridors in 2018

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2017 has been an interesting year in Asia, with China’s Belt and Road project really leading the way in influencing governmental policy and a change in thinking across the region. With the need to satisfy Chinese consumers now a priority for the ruling CPC, and a need to counter an economic slowdown of sorts at home, China is now set on exporting its labor and construction expertise across South-East Asia, the Eurasian land mass, and further afield into the EU, Africa, and South America.

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Ex-British PM and HSBC Head Take Prime Positions in UK-China Belt Road Financing Ambitions

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David Cameron, British Prime Minister from 2010-2016

David Cameron, the British Prime Minister until last year, has taken a position managing a private US$1 billion bilateral Belt and Road themed investment fund; while Douglas Flint, the former group chairman of HSBC, is the UK Treasury’s Belt and Road envoy. Flint will sit over a newly formed UK-led BRI investment board.

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