April 15, 2010 View this newsletter as a web page on CFR's website. | | | | | | | Top of the Agenda: China's Growth Adds Pressure to Revalue Currency The Chinese economy grew 11.9 percent in the first quarter of 2010 compared to a year ago, supporting the global economic recovery but raising concerns about overheating (FT). It was the fastest growth rate in nearly three years, exceeding economists' expectations and adding pressure on China to raise interest rates and let its currency appreciate. Yesterday, concerns rose about a potential bubble in the housing market when the government announced housing prices increased 11.7 percent in the past year, the fastest rate in five years. In March, China tightened bank lending to reduce the massive stimulus measures it implemented following the economic crisis. China's Commerce Ministry promptly announced its opposition to yuan appreciation (Reuters). A spokesman said the United States was wrong to argue that Beijing was giving Chinese exporters unfair advantages and contributing to U.S. unemployment by undervaluing its currency. Analysis: On the "Daily Beast," Gordon Chang says China's increasing reliance on the American market means it will continue buying U.S. debt. In the Washington Post, Arthur Kroeber offers five myths about China's economic growth. Background: This CFR Backgrounder examines the China-U.S. economic imbalance. | | | | | | | | | MIDDLE EAST: Obama to Shift Israel-Palestinian Approach In a news conference, U.S. President Barack Obama indicated he will likely propose his own parameters for an eventual Palestinian state, frustrated about the lack of progress in bringing Israelis and Palestinians to terms, the New York Times reports. Iran: Envoys from the United States, Russia, China, Britain, France, and Germany met at UN headquarters in New York to discuss a fourth sanctions resolution on Iran's nuclear program. China and Russia called the talks "constructive." Iran's Revolutionary Guard will likely be the target of UN sanctions that could be ready within weeks, says Iran sanctions expert Kenneth Katzman, while Congress focuses on preventing U.S. companies from selling gasoline and refining equipment to Iran. | | | | | | | | | SOUTH AND CENTRAL ASIA: U.S. Leaves Afghan Korengal Valley U.S. forces abruptly withdrew (WashPost) from Afghanistan's Korengal Valley after commanders determined their presence was doing more harm than good. Kyrgyzstan: Gunfire broke out at a rally (AP) where the deposed president Kurmanbek Bakiyev was speaking to a crowd of five thousand in Osh, the largest city in the southern region, which is Bakiyev's support base. In this CFR podcast, CFR's Evan Feigenbaum says the fundamental challenge facing Kyrgyzstan's interim government "is to restore and sustain order but then set the country back on a path to democracy." | | | | | | | | | AFRICA: Nigerian President Vows Clean Elections Acting Nigerian president Goodluck Jonathan pledged to hold free and fair elections (CSMonitor) next year, an attempt to ease concerns about the country's leadership crisis. Read the transcript of Jonathan speaking at the Council on Foreign Relations about the challenges and opportunities facing his country. Madagascar: Madagascar's leader Andry Rajoelina vowed to disband (ANGOP) his internationally rejected government and form an interim body with an ousted opposition leader Marc Ravalomanana, under deadline pressure from army officials. | | | | | |
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