[RED DEMOCRATICA] CFR.org Daily News Brief, March 15, 2010

 

March 15, 2010 View this newsletter as a web page on CFR's website. EXECUTIVE SUMMARY - China Rebuffs Currency Pressure - U.S. Private Contractors to Track Militants - Dodd to Unveil Financial Regulation Bill - Socialist Left Defeats Sarkozy Party Top of the Agenda: China Rebuffs International Currency Pressure Speaking at a meeting of the Chinese legislature, Chinese Premier Wen Jiabao warned other countries (FT) against pressuring China about its currency policy and said the renminbi was not undervalued. Wen said China would continue reforming its currency system but that he was very concerned about the value of its U.S. dollar investments. He said the idea of depreciating one's own currency and pressuring others to appreciate theirs to increase exports was its own form of protectionism. International pressure is mounting for China to let the value of the renminbi rise, especially in the United States, where the Treasury department must decide by mid-April whether to label China a "currency manipulator." China is using inconsistencies in the World Trade Organization's and International Monetary Fund's trade rules to boost its economy at the expense of other countries, the New York Times reports. Over the past year, China has filed more cases with the WTO than any other country. It has also worked to suppress IMF reports that document its currency undervaluation. Analysis: In the Financial Times, Antje Praefcke says markets are overestimating the impact of an appreciation of the renminbi against the U.S. dollar. In the New York Times, Paul Krugman says China is engineering an unwarranted trade surplus that acts as an anti-stimulus on other economies. The U.S. Treasury should identify China as a currency manipulator, he says. Background: This CFR Backgrounder examines the China-U.S. economic imbalance. MIDDLE EAST: Iraq votes split The latest Iraqi election results show votes split (al-Jazeera) between the coalitions of Nouri al-Maliki, the prime minister, and his chief rival, Ayad Allawi. Iran: The European Union is ready to impose unilateral sanctions (AFP) on Iran over its disputed nuclear program, according to French Foreign Minister Bernard Kouchner. PACIFIC RIM: Thai Protesters Denounce Prime Minister Roughly one hundred thousand Thai protesters gathered to denounce (Economist) their prime minister, Abhisit Vejjajiva, and the ruling elite that installed him. They called for Abhisit's resignation and fresh elections. SOUTH AND CENTRAL ASIA: U.S. Private Contractors Used to Track Militants A Defense Department official set up a network of private contractors in Afghanistan and Pakistan to help track and kill suspected militants, reports the New York Times. Pakistani fighter jets killed at least eleven people (al-Jazeera) in Taliban hideouts in northwest Pakistan. India: Indian police arrested two men (TimesofIndia) suspected of plotting attacks on an oil firm, a mall, and a market in Mumbai. AFRICA: Darfur Deal Deadline Unlikely to be Met The deadline for Darfur rebels and the Sudanese government to finalize a peace deal is unlikely to be met (BBC), as a rebel faction pursues separate talks. Zimbabwe: South African President Jacob Zuma visits Zimbabwe this week to assess the state of a power-sharing agreement (TheStandard) between Zimbabwean President Robert Mugabe and his rival, Prime Minister Morgan Tsvangirai. AMERICAS: Dodd to Unveil New Financial Regulation Bill U.S. Senate Banking Committee Chairman Christopher Dodd plans to introduce (WSJ) a new plan for financial regulation Monday without Republican support. This may lead to clashes over consumer protection and the Federal Reserve's role. Mexico: Gunmen believed to be linked to drug traffickers shot (NYT) a pregnant American consulate worker, her husband, and another consular employee's husband. The shootings appeared to be the first deadly attacks on American officials by Mexico's drug cartels. EUROPE: Socialist Left Defeats Sarkozy Party France's Socialist-led left defeated (France24) Nicolas Sarkozy's center-right UMP party in the first round of regional elections, a major blow to Sarkozy before presidential and parliamentary elections in 2012. Greece: European leaders are finalizing a bailout plan for Greece (DeutscheWelle) worth up to $34 billion to help the country solve its debt crisis. TRANSNATIONAL: Small Arms Proliferation Small arms proliferation threatens development and security worldwide, according to a new Center for American Progress report. It outlines short-term steps for the United States to help promote strategic engagement.

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