Thursday, April 15, 2010

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

 

From the Council on Foreign Relations

April 15, 2010

View this newsletter as a web page on CFR's website.

EXECUTIVE SUMMARY

- China's Growth Puts Pressure on Yuan
- Obama to Shift Israel-Palestine Approach
- U.S. Leaves Afghan Korengal Valley
- BRIC Countries Meet in Brasilia

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.

PACIFIC RIM: Jakarta Protesters Decry Security Forces

Hundreds of Indonesian protesters gathered in Jakarta demanding that the public security force be disbanded after bloody clashes between police and demonstrators left three dead and at least 156 wounded (TimesofLondon).

Read CFR's Asia Unbound blog, featuring timely analysis from CFR's Asia experts.

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.

AMERICAS: BRIC Countries Meet in Brasilia

Leaders from the world's four biggest emerging economies--Brazil, Russia, India, and China--are meeting for two days (MercoPress) in Brasilia for the second BRIC summit.

Canada: Major shareholders of British Oil producer BP will vote on a resolution (BBC) requiring the company to report on the financial, environmental, and social risks associated with a project in Canada's controversial oil sand reserves.

EUROPE: Greece's Borrowing Costs Rise Again

Greece's borrowing costs rose again (Guardian), indicating that investors do not think the EU's bailout plans will be sufficient to sustain the Greek economy.

Russia: Russia suspended all adoptions (AP) to U.S. citizens until the two countries can agree on procedures, after a seven-year-old adopted Russian boy was sent back to Russia alone.

TRANSNATIONAL: Panel OKs 'Climategate' Scientists' Conduct

An independent academic panel found that the climate researchers at University of East Anglia targeted in the "climategate" scandal did not commit deliberate scientific malpractice (WSJ).

 

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