China has cautioned that US warnings to halt construction of a massive artificial island and airfield will not deter it from completing the project in disputed waters of the South China Sea. This is the fourth such undertaking in the last 12-18 months.
A British man has become the first person in the country to be diagnosed with a rare tapeworm in his brain. The worm was discovered after the 50-year-old man complained about headaches and strange smells.
The head of the National Security Agency warned Congress on Thursday that China and “one or two” other nations currently possess the capability of crippling the American power grid through cyberattacks.
Sberbank, Russia’s largest lender, will be the first bank in the country to start issuing credit guarantees denominated in Chinese yuan. The new yuan-based letters of credit ensure payments between buyers and sellers, with the bank acting as a router.
European companies now have the opportunity to settle trading accounts in Chinese yuan. The Bank of China in Frankfurt has become the first to operate European yuan clearing. Trading costs will be cut as there will be no dollar exchange first.
China and Australia have sealed a major free trade agreement worth billions of dollars giving the Australian agricultural sector tariff free access to the massive Chinese market, while China will get greater access to investment projects in Australia.
The Chinese mainland is now open for business, at least in terms of its $4.2 trillion capital market. The Shanghai and Hong Kong stock exchanges are now linked giving foreign investors access to the tightly-controlled Chinese capital markets.