Yuan sees three day gains to curb inflation
Mark Lee, Bloomberg.com, Aug. 28, 2008
The yuan has seen gains for the last three days after speculations have been made that China seeks to temper inflation as the dollar declines in Asia. Steven Chang, vice president for global markets at State Street Bank & Trust Co. in Hong Kong remarked, “There’s been an appreciation in the yuan on the back of the dollar weakening.” The yuan has risen 0.15 percent to 6.8275 per dollar at market close in Shanghai from 6.8380 yesterday, according to reports from China Foreign Exchange Trade System.--posted by Steve Jefferson
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Dalai Lama admitted to hospital in India for tests
Ramola Talwar Badam, Associated Press via Google News, August 28, 2008
Upon returning from an 11-day visit to France the Dalai Lama was admitted to a hospital in western India on Thursday to undergo tests for abdominal discomfort. Tenzin Takla, a spokesman for the Dalai Lama, has said that tests are not scheduled to begin until Friday and therefore the ailment is not yet known. Takla also stated that the Dalai Lama will spend some days in India's financial capital of Mumbai to rest before returning to Dharmsala, his place of residence since fleeing Tibet in 1959 following an unsuccessful uprising against China. According to the Dalai Lama's office the 73-year-old Tibetan spiritual leader will be canceling upcoming trips to Mexico and the Dominican Republic as well as all appointments in order to recover. The exiled spiritual leader travels the globe for several months a year to teach Buddhism and draw international attention to the struggle of Tibetans for greater freedom in China. –posted by Lelise Gobena
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China hails three-billion-dollar oil deal with Iraq
Agence France-Presse via Google News, August 28, 2008
On Thursday China declared a three-billion-dollar oil agreement with Iraq as a "win" for both nations. The agreement, which was reached during a visit by Iraqi Oil Minister Hussain al-Shahristani to China, essentially revives a contract drafted in 1997 that granted China rights to exploration in the Al-Ahdab oil field in the province of Wassit. The new contract grants the state-owned China National Petroleum Corporation (CNCP) the right to develop the Al-Ahdab oil field located just south of Baghdad. Although some concern has been expressed about the deal, as CNCP is the first foreign firm to enter such an agreement since the end of Saddam Hussein's regime, China has reassured the world that it should not be concerned. According to an Iraqi oil ministry official the oil field is anticipated to become operational in three year's time and is likely to produce oil for the following 20 years. –posted by Lelise Gobena
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Suspected terrorist attack kills two in China's Xinjiang province
Malcolm Moore, UK Telegraph, August 28, 2008
In the fourth and latest attack in China two policemen have been left dead and several have been wounded. The details of the attack, which occurred in a village in Jiashi County in the Xianjing province, still remain unclear but there have been reports that "fierce gunfire" was exchanged. No Chinese state media has yet reported the incident. However an official at the Public Security Bureau said eight Uighurs (local ethnic Muslims) were involved and that one had been captured. The official also stated that early reports of the conflict had been "exaggerated" and that a press conference to clarify the situation would be held soon. In the weeks preceding the Olympics, several groups advocating independence for the region in China's far west claimed that they would launch terrorist attacks to achieve their goals. Although no one has claimed responsibility for any of the incidents government officials have suggested terrorism is behind the violence. –posted by Lelise Gobena
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China, Kyrgyzstan vow to enhance cooperation in various fields
China View, August 28, 2008
On Thursday President Hu Jintao of China and President Kurmanbek Bakiyev of Krygyzstan agreed to promote cooperation between their two nations in a variety of fields. During the meeting, which was held on the sidelines of the SCO summit, Hu stated that his nation views its ties with Kyrgyzstan as being of great importance. Hu urged the two sides to implement bilateral cooperative programs in the building of roads and railways and to promote business at land ports to deepen bilateral trade and economic cooperation. Bakiyev stated that after Hu's visit in 2007 Kyrgyzstan had increased contacts with China "in all fields and at all levels" and will continue to make "all efforts to promote ties and advance cooperation in all areas." Bakiyev additionally stated that Kyrgyzstan will continue to make joint efforts with China and other nations to safeguard peace and stability within the region. –posted by Lelise Gobena
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Shanghai World Financial Centre, China's tallest building, opens Saturday
The Canadian Press via Google News, August 28, 2008
On Saturday China's tallest building, the 101-story Shanghai World Financial Centre, is scheduled to open to the public. The opening comes nearly 14 years after its Japanese property tycoon developer Minoru Mori acquired the site in 1994. Mori began work on the site in 1997. However, due to the Asian financial crisis the land sat idle until 2003. The building was once expected to become the world's tallest but several others have since surpassed that mark. Despite no longer standing as the world's tallest building, the skyscraper's top-floor observation deck remains the worlds highest and will give visitors a sweeping panorama of Shanghai and a view to ground level through transparent flooring. –posted by Lelise Gobena
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Tibetans continue protests against China in Nepal
The Associated Press via Google News, August 28, 2008
Today Nepalese police detained more than 120 Tibetan exiles who were protesting in front of the Chinese diplomatic mission in Katmandu because they were demonstrating in an area in which protests are prohibited. The Tibetans chanted "We want a free Tibet. Tibet belongs to Tibetans" outside of the Chinese Embassy visa office before being taken away to detention centers. Generally, arrested Tibetan protestors in Katmandu are freed the same day. There have been frequent protests by Tibetan exiles in Nepal to show support for the unrest that erupted in Tibet's capital in March. –posted by Lelise Gobena
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After Olympic success, China lights Paralympics torch
Max Duncan, Reuters via UK Guardian, August 28, 2008
Just four days after the closing of the 2008 Summer Olympics China, a torch lighting marked the start of the 2008 Paralympics. The lighting ceremony, which took place at Beijing's ancient Temple of Heaven, began with the passing of the torch from 27-year-old Paralympic fencer Jin Jing to Beijing Olympic chief Liu Qi. Liu subsequently passed the torch to Chinese Premier Wen Jiabao who lit a cauldron and announced the commencement of the relay amongst a brilliant display of traditional Chinese dance by disabled artists. The flame will travel to the ancient capital of Xian on Friday before heading to Shenzhen, a city located in the coastal province of Guangzhou, on Saturday. The Paralympic Games will commence from September 6-17. –posted by Lelise Gobena
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The NBA will play two exhibition games in China in October
The Canadian Press via Google News, August 28, 2008
According to a statement released on Wednesday by the NBA and Chinese Basketball Association the Milwaukee Bucks and the Golden State Warriors will play two exhibition games in China in October. The NBA China Games will kick off on October 15th when the Bucks and Warriors will face off in Guangzhou. The second game will take place at the Beijing Olympic Basketball Arena on October 18th. The NBA is hosting the games in the cities as part of its Sichuan Province earthquake relief efforts. –posted by Lelise Gobena
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China to boost tourism employment to 100 million by 2015: report
Agence France Presse via Google News, August 28, 2008
State media reports issued on Thursday have stated that China's tourism industry is expected to employ 100 million people by 2015. If this goal is successfully reached, one in every 14 Chinese will be working in the tourism sector. According to a statement posted online Wednesday by the National Tourism Administration, measures to facilitate job hunting and subsidize the training of new staff will be adopted by authorities in order to facilitate job growth. In addition, a campaign to expand tourism infrastructure in less developed areas will be launched. China is principally seeking high growth in this industry in order to absorb the millions of new entrants into the labor force every year. –posted by Lelise Gobena
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