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Trump: China 'just destroying us' with currency devaluation

GOP presidential candidate Donald Trump said on Tuesday that China’s latest currency devaluation is a painful blow to America’s economy.ADVERTISEMENT
The outspoken billionaire criticized Beijing, during a campaign stop in Birch Run, Mich., for devaluing the yuan.

“They’re just destroying us,” Trump said, according to Reuters.

“They keep devaluing their currency until they get it right,” he said. “They’re doing a big cut to the yuan, and that’s going to be devastating for us.

“China has gotten rich off us,” Trump added, the news service reported. “China has rebuilt itself with the money it’s sucked out of the United States and the jobs that it’s sucked out of the United States.”

China on Wednesday devalued its currency for a second straight day, with officials cutting the rate for the yuan by 1.6 percent.

“We will continue to monitor how these changes are implemented and continue to press China on the pace of its reforms, including additional measures to transition to a market-oriented exchange rate and its stated desire to move toward an economy that is more dependent on domestic demand, which is in China and America’s best interests,” a Treasury Department spokesman said on Tuesday evening after the People’s Bank of China made a 1.9 percent adjustment.

“Any reversal in reforms would be a troubling development,” the spokesman added.

Congress members are now urging President Obama to add enforceable currency manipulation into trading agreements, like the Trans-Pacific Partnership.

Obama may also raise the issue with Chinese President Xi Jinping when both leaders meet in Washington next month.

China's Destructive Bear Market May Spread To The U.S. Within 30 Days

Richard Russell:  "The Chinese market did what I thought the US market would do – it had a big blow-off on the upside and then reversed into a violent bear market. At the low, the Shanghai stock exchange was down over 30% and Chinese investors were thrown into a panic. When the planet’s second largest economy is in a bear market, it’s serious.

[King World News - Richard Russell - China's Destructive Bear Market May Spread To The U.S. Within 30 Days]

China's Destructive Bear Market May Spread To The U.S. Within 30 Days


What I am worried about is the strong possibility that China is dealing with a primary bear market. If so, no amount of government interference will turn the tide to bullish. What I am also afraid of is that China’s sickness will be contagious and the US will catch the disease.

China has hosted the signing ceremony of the Asian Infrastructure Investment Bank (AIIB), a new international financial institution set to rival the World Bank and Asian Development Bank.

Delegates from 50 countries signed articles that determine each member's share and the bank's initial capital.

The UK, Germany, Australia and South Korea are among the founding members.

Japan and the US, which oppose the AIIB, are the most prominent countries not to join. Its also important to note that CHINA and RUSSIA have taken themselves off of the Dollar Standard or "Petro Dollar" which has been used by the International BANKERS and FEDERAL RESERVE to CONTROL the Worlds Economy and other currencies.
No Longer will China and Russia (and now other countries) be CONTROLLED by the Fed. therefore our government CAN NO LONGER MANIPULATE their Economies!
Can this be the REASON for our stand against Russia and China?

The US has questioned
the governance standards at the new institution, which it sees as spreading Chinese "soft power", and tried to persuade others to stay away.
The AIIB, which was created in October by 21 countries, led by China, will fund Asian energy, transport and infrastructure projects.
Australian Treasurer Joe Hockey was the first to sign the articles of association

Analysis: Carrie Gracie, China editor, BBC News

This is not just a diplomatic win for China, it serves an important economic objective too. China wants to move away from building infrastructure at home. Its engineering giants need somewhere else to build ports, roads and cities.
Answer - lend the region the money to pay Chinese companies to build a 21st Century Asia according to a Beijing master plan and with Chinese influence at its core.

This is China under President Xi Jinping flexing its muscle as a major power, but many observers say the move might not have come so soon if the US had been able to lead the reform of existing global financial institutions to make room for China at the top.
After 30 years of breakneck Chinese growth, the distribution of power in those institutions no longer reflects the reality of the global economic landscape.

One British official told me: "If an alien landed on earth they would be puzzled by its international financial institutions as China is grossly underrepresented."
Country delegates gathered at Beijing's Great Hall of the People for the signing ceremony.

Australia was the first country to sign the articles of association creating the AIIB's legal framework, followed by 49 other members. Seven more countries are due to sign by the end of the year.
Most Asian countries and countries from the Middle East and Latin America have joined, with the launch of the Beijing-led bank being hailed as a diplomatic and strategic success for China.

It is one of several institutions China has created to push its own economic agenda, largely driven by frustration over its lack of influence in the big global financial institutions such as the World Bank, says the BBC's Martin Patience in Beijing.

The AIIB will begin with authorised capital of $50bn (£31.8bn), eventually to be raised to $100bn.
China will hold a 30.34% stake making it the largest shareholder of the bank, Reuters quotes China's Finance Ministry as saying.
This would give China 26.06% of the voting rights within the multilateral institution.

India will be the second-biggest shareholder with a possible 10-15% stake, while Russia and Germany will make up the third and fourth biggest member stakes, Reuters news agency reports.

Chinese Finance Minister Lou Jiwei said on Monday he was confident the AIIB could start functioning before the end of the year, according to Reuters

CHINA The NEW ECONOMIC SUPERPOWER.