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...could make Asian exports too expensive to buy, Asian central banks have intervened in foreign exchange markets and done something they are loath to do: Actually increase the dollars in their foreign reserves. "Asian central banks are accumulating even more dollars," says Credit Suisse's Desbarres. According to Citigroup, China's foreign reserves ($2.13 trillion as of June, including forward currency contracts) have increased 11.9% since the collapse of Lehman Brothers in September, 2008. Hong Kong's foreign reserves have shot up by nearly 40% over the same period. Economists point out that this new pile-up of dollars will...

Author: /time Magazine | Title: Who Loves the Weak Dollar? Currency Traders | 9/30/2009 | See Source »

...some ways, HSBC is simply reacting to global trends and economic realities. HSBC's announcement coincided with the G-20 summit in Pittsburgh, during which it was decided that the group, which includes developing giants like China and India, would replace the West-dominated G-8 as the top coordinating forum for the world economy. While the U.S. and U.K. struggle to recover from the worst recession since the 1930s, Asia's economies, led by a resurgent China, are emerging from the downturn much more quickly, presenting more enticing business opportunities for HSBC and other global banks. HSBC's decision...

Author: /time Magazine | Title: Why HSBC Is Returning to Hong Kong | 9/30/2009 | See Source »

...Meanwhile, HSBC's Asia businesses continue to thrive. In the first half of 2009, its regional operations notched a pretax profit of $4.5 billion, more than half of it coming from Hong Kong alone. The bank is also continuing to expand in Asia. In China, where HSBC already has the largest branch network of any foreign bank, it is considering an initial public offering of stock on the Shanghai exchange. In May, HSBC completed its acquisition of Bank Ekonomi in Indonesia, almost doubling its number of outlets in that country...

Author: /time Magazine | Title: Why HSBC Is Returning to Hong Kong | 9/30/2009 | See Source »

...It’s very easy for the US-China relationship to come to blows,” he said. “It’s important to gain knowledge in terms of how they work...

Author: By JOANNE S. WONG, CONTRIBUTING WRITER | Title: Wilder Talks U.S.-China Relations | 9/29/2009 | See Source »

...unclear how deeply a new batch of sanctions against Iran would cut, particularly since the U.S. needs Moscow and Beijing as signatories if it wants the initiative to pack a punch. Russia and Iran have shared economic interests, and according to some estimates, China has some $100 billion tied up in Iranian oil and gas reserves. Both countries have been unwilling to rebuke their strategic partner in the past. A watered-down set of sanctions might be disappointing to those, like Israeli Prime Minister Benjamin Netanyahu, who want to "cripple" Iran. But they wouldn't be out of the ordinary...

Author: /time Magazine | Title: Sanctions | 9/29/2009 | See Source »

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