China "Pledges" to "Reform" their Currency

China is making front page news with a pledge to reform their currency.

Right. The specifics are clearly lacking and worse, China rejects a one time re-evaluation.

The decision to “increase the renminbi’s exchange-rate flexibility” was made after the economy improved, the central bank said in a statement on its website, without indicating a time-frame for the change. It ruled out a one-off revaluation, saying there is no basis for “large-scale appreciation,” and kept the yuan’s 0.5 percent daily trading band unchanged.

“The recovery and upturn of the Chinese economy has become more solid with the enhanced economic stability,” the People’s Bank of China said in the statement. “It is desirable to proceed further with reform of the renminbi exchange-rate regime and increase the renminbi exchange-rate flexibility.”

The Renminbi is considered undervalued from 23% to 40%. This appears to be a non-announcement announcement from China before the G-20 meeting in order to get the pressure off for China's currency manipulation.

Just yesterday China claimed their currency manipulation was not up for discussion at the G-20 meeting.

The actual announcement is here. China claims their currency peg helped with the financial crisis. Uh huh. From the press release:

The stability of the RMB exchange rate has played an important role in mitigating the crisis´ impact, contributing significantly to Asian and global recovery, and demonstrating China´s efforts in promoting global rebalancing.

If China is referring to their goal to be the world's largest economy over the United States, then in my opinion, that statement is true.

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Red China Expropriates All U.S. Uranium Production

Quietly, China has nationalized the sole U.S. power plant producer of uranium by taking a 5% stake in a Hong Kong based producer. The situs and the stake make for complete control. At a time of its choosing China will cripple the power grid, attack the Pentagon (thousands of daily DoS attacks now), repatriate U.S Treasuries, control the mines in Afghanistan, close the Panama Canal (controlled by Chinese Overseas Shipping Company).

Two weeks ago, China demanded that encryption keys to all U.S. proprietary software be turned over. After the U.S. economy is crippled and darkened, the remaining U.S. nuclear plants will be starved of fuel. Of course, our able Secretary of Treasury got an another empty promise to gradual partial, maybe, we-got-our-fingers-crossed, devaluation.

The big question is not so much when, but how will a slow, stealth attack ever be perceived or opposed in a government filled with stooges.

NYTimes
"
HONG KONG — A company here that is partly owned by the Chinese government has quietly purchased a 5.1 percent stake in the only American-owned provider of enriched uranium for use in civilian nuclear reactors
"

http://www.nytimes.com/2010/06/19/business/global/19nuke.html

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Burton Leed

much worse than that

China has captured by either buying or the corporation moved production to China, a host of strategically critical technologies for national security. It goes from magnets for smart bombs to nuclear technology to allowing China to manufacture a host of critical silicon/chips/components/COTS, putting god knows what in the microcode, to food supplies to even the power grid.

At this point we really had both parties allowing this to happen. But China does not need to attack the U.S. militarily. They have conquered the U.S. through economic means.

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Kind of a pointless discussion

"At this point we really had both parties allowing this to happen."

Why is this discussion silly and pointless?

Gee, does anyone happen to remember it was the Clinton Administration which voluntarily handed over the latest military technology to China back in the late '90s, ostensibly to give them parity?

Gee, does anyone happen to remember that the Bush Administration happily allowed them to buy up the most strategically sensitve bearings plant (lock, stock and barrel)?

It would definitely appear to be by design, not simply allowed. If China takes aggessive action against the Ameritards, it will be because the multinationals have so directed.

Pretty obvious to all paying attention...

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not pointless

while you know that, I know that, EP readers do not know that. Just like they do not know the Bush administration traded nuclear technology to India for Mangoes, along with giving away more U.S. jobs.

It's astounding how little the public realizes in terms of critical to our national security has been given away.

By design? I have no idea. Demanded by MNCs? Yes, documented, our pal Citigroup at the top of the pile.

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Ahead of the curve, as usual

Again, I am ahead of the curve - Iceland writing into legislation to become a safe haven for investigative journalism (the real kind).

Given my inclusion of Icelandic books, and an Icelandic travelogue by those books' author, I am au courant -- and I take what little satisfaction I can find in today's world...

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the press, currency speculators sucked

I cannot believe the press took this seriously. All weekend it's been nothing about the "Re-evaluation". Of course the yuan came out a little lower to the Euro but is basically unchanged.

How can people think China was going to do anything but try to blow off the pressure before the G-20?

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