China says US is using currency as a scapegoat

Monday 18th October, 2010


Big News Network.com Saturday 16th October, 2010

A spokesperson for the Chinese Commerce Ministry alleges the US is using the yuan as a scapegoat, despite ongoing criticism of China's restrictive financial system.
China has told the United States not to make the yuan, their national currency, a scapegoat for domestic problems with the US dollar, in a new twist to the deteriorating trade conflict between the world’s two biggest economies.

Yao Jian, a spokesperson for the Chinese Commerce Ministry made the comments just hours before the United States decides whether to formally label their biggest trade competitor a currency manipulator due to allegations of China artificially depressing the value of the yuan.

Jian accused the US government of looking only at China’s trade surplus as evidence of currency manipulation, rather than considering whether that trade surplus was the result of China’s legitimate supremacy over the US in the current financial climate.

China offers a cheaper alternative to most developed countries, which makes it difficult to compete with the export giant, especially in a financial climate in which businesses and governments are seeking to save money wherever they can.

China remains under pressure from major economies such as Japan and the US to enact faster currency reforms in the Asian powerhouse, which is renowned for a financial system that remains restrictive compared to other major economies.

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Explosion in Chinese mine kills 20, over 30 trapped

Monday 18th October, 2010


Big News Network.com (ANI) Saturday 16th October, 2010

An explosion in a Chinese coal mine has killed 20 workers and trapped over 30 underground in Yuzhou City.

According to Xinhua news agency, the blast happened at about 6 a.m. on Saturday morning.

Rescuers have retrieved 20 bodies, and are still searching for other miners.

The mine is owned by Pingyu Coal and Electric Co. Ltd., a company jointly established by Zhong Ping Energy Chemical Group and China Power Investment Corp.he China blast comes shortly after the world was riveted by the Chile's dramatic rescue of 33 trapped miners after they spent over two months in the collapsed San Jose copper and gold mine. (ANI)

Death toll from Central China's mine accident reaches 26

Big News Network.com (ANI)     Sunday 17th October, 2010

The death toll from Saturday's coal mine gas leak in Central China's Henan Province climbed to 26 on Sunday with rescuers still battling to reach the eleven miners, who are still trapped inside. "Rescuers were battling to reach the 11 miners still trapped underground, but chances for them to survive were very slim. Based upon past experience, the remaining 11 miners could be buried in coal dust, so the survival chances are frail," The Xinhua quoted Rescue Headquarters Deputy Chief Du Bo, as saying. "More than 2,500 tonnes of coal dust smothered the pit after the gas leak, which hampered the rescue," he added. The blast occurred around 6 a.m. on Saturday when 276 miners were working underground in the mine in Yuzhou City. Out of 276 miners, 239 escaped when the gas burst. As per the reports of the initial investigation, around 173,500 cubic meters of gas leaked out in the accident. "At around 6 a.m., I felt there was something wrong with the airflow in the shaft, and one of the team captains told me he also felt it and had already reported the problem," said Liu Wenbin, a deputy hief engineer by Pingyu Coal and Electric Co. Ltd., who was in the pit when the accident happened. (ANI)

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