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...financial crisis has worsened in recent weeks, hopeful eyes have turned for help toward China, the newest major player on the world stage - and a country that is sitting atop some $2 trillion in foreign reserves, a cash hoard that some economists and U.S. officials believe could be instrumental in shoring up the battered balance sheets of the world's banks...
...kept its cards close to its chest. Prime Minister Wen Jiabao has pledged that his country would "join hands" with other nations in solving the crisis. But the ruling Communist Party held its Third Plenum in Beijing over the weekend. The meeting is usually an occasion for major policy decisions, but there was no word of what the top cadres' attitude to their country's role in the ongoing crisis might...
...Bank of China, the country's central bank. Speaking at the International Monetary Fund meeting in Washington on Oct. 11, Yi blamed the crisis on "weak financial-policy discipline" by Western countries and said that they should be the ones to fix the problems they had created. "The major reserve-currency-issuing countries should shoulder the responsibility for preventing further spillovers and minimizing shocks to other countries," Yi said...
...Still, China must realize that it is too deeply involved in the global economy to merely sit on the sidelines while the financial system unravels. It can't afford to. China has bought up some $1 trillion in U.S. debt, making it a major financier to the American credit binge. There have been longstanding fears that Beijing would at some point stop buying U.S. Treasury securities. That is unlikely because it could spark a selloff that would cause the U.S. dollar to plunge in value, eroding China's huge dollar holdings. Besides, China is still earning billions a day through...
...Russia's energy security," Russian President Dmitri Medvedev said. "It is our duty to our descendants. We have to ensure the long-term national interests of Russia in the Arctic." Thus, the $5.4 billion - under terms more favorable than Moscow has extended to recapitalize one of its own major banks - seems a modest price to pay. Even if ordinary Russians may have to live off Icelandic herring for years as more conventional foodstuffs are already disappearing from stores...