29 апреля 2011 Архив
По крайне мере такую идею выразил экономист Credit Suisse Group AG, господин Tao Dong, в своей записке для клиентов банка.По его мнению, процентные ставки остаются главным оружием в борьбе с инфляцией для ЦБ Китая.Учитывая, что регулятор не решается бороться с инфляцией за счет усиления курса юаня, будут действовать традиционными методами.По расчетам господина Tao Dong, темпы инфляции в Китае в мае будут высокими, а значит в качестве превентивной меры, ЦБ пойдет на повышение ставки.Самое подходящее время, это 2 мая.Начиная с 2010 года, все ужесточения проходили спустя 7 дней с момента данных по инфляции или в праздничные периоды.2 мая в Китае празднуют День Труда, вот как раз на этот срок господин Tao Dong и рассчитывает на повышение ставки.
April 28 (Bloomberg) — China may raise interest rates as early as a public holiday on May 2 to counter rising prices in the world’s second-biggest economy, Credit Suisse Group AG said. “Rate hikes, in our view, are likely to be a major weapon, along with exchange rate appreciation, for the central bank to tighten,” Credit Suisse economist Tao Dong wrote in a report today. “The most likely timing could be May 2.” Since the start of 2010, China’s increases in rates and bank reserve requirements have mostly come within seven days of monthly inflation data or on weekends or holidays, data compiled by Bloomberg show. Consumer price numbers for this month are due May 11, after inflation accelerated in March to a 5.4 percent annual pace, the fastest since 2008. The central bank’s press office declined to comment today.
The last interest-rate increase, China’s fourth since mid- October, was announced on April 5, the last day of the Tomb Sweeping holiday, and boosted the one-year lending rate to 6.31 percent. Chinese markets will be closed May 2 for the Labor Day holiday. Credit Suisse sees reserve requirements rising “towards” late May. The Swiss bank is at odds with firms including Goldman Sachs Group Inc. in forecasting that the lending rate may climb to as much as 7.66 percent by year-end. In contrast, Goldman said this month that rate increases may be “close to an end.” Separately, China Business News today reported rumors that the yuan may be revalued by 10 percent this weekend, saying they were unlikely to be true because of the adverse impact on exports. Since January 2010, 11 of 14 central bank decisions to either raise interest rates or boost banks’ reserve requirements came on weekends, starting from Friday evenings, or public holidays such as April’s Tomb Sweeping festival and the Lunar New Year.
ГОСПОДИН SAKAKIBARA ПРОГНОЗИРУЕТ РОСТ ВСЕХ ВАЛЮТ АЗИИ ПРОТИВ ДОЛЛАРА
По мнению знаменитого «мистера Иена» господина Eisuke Sakakibara, долгосрочные тенденции доллара весьма мрачные, и направлены на падение американской валюты.В такой ситуации, рост валют Азии будет продолжаться и во второй половине текущего года, хотя умеренными темпами.Господин Eisuke Sakakibara в качестве перспективных азиатских валют видит тайваньский доллар, китайский юань, южнокорейскую вону, валюты Таиланда и Сингапура.
The main Asian currencies, including the New Taiwan dollar, will gradually appreciate against the US dollar in the second half of the year, Japan’s former top currency policy official, Eisuke Sakakibara, said yesterday. The appreciation should help lower inflationary pressure in the Asian markets, Sakakibara said. “The weakening of the US dollar will be a long-term trend, as the pace of recovery in the US economy could slow down in six to nine months amid rising uncertainties from its heavy national debt,” Sakakibara, dubbed “Mr Yen,” told a media briefing. That means the currencies in Taiwan, China, South Korea, Thailand and Singapore will have a great opportunity to appreciate against the greenback in the second half of the year, but these Asian markets need not worry about the appreciation’s negative impact on exports as it would also drive down their import costs, Sakakibara said.
As for the US, Sakakibara expects its slowing economic recovery would delay any interest rate increases. “The US will not increase its policy rates until next year, as the country could face stagflation in the second half of the year,” he said. Rising uncertainties in the US economy could even drive the government to extend its quantitative easing measures, Sakakibara said. The New Taiwan dollar yesterday rose to a fresh 13-and-a-half-year high against the US dollar as foreign buying of local shares boosted demand for the local currency. The NT dollar yesterday closed up NT$0.039 at NT$28.90 against the greenback on the Taipei Forex market, and closed even higher, at NT$28.84, on the smaller Cosmos Foreign Exchange market. It was the third time that the NT dollar has hit a 13-and-a-half-year high this month. The local currency closed at NT$28.991 on April 8, and then at NT$28.926 last Thursday, the strongest levels since the NT dollar closed at NT$28.518 on Oct. 16, 1997. “The stock market’s strong performance helped drive up the NT dollar,” a currency trader at Union Bank of Taiwan (聯邦銀行) said by telephone. Net buying of Taiwanese shares by foreign investors boosted demand for NT dollars, with overseas fund managers and Chinese qualified domestic institutional investors buying a total of NT$12.21 billion (US$422.7 million) on the local bourse, said a trader who declined to be named. Foreign fund inflows also boosted trading volume on the currency market to about US$1.47 billion yesterday, the trader said. On the Taiwan Stock Exchange, the benchmark index closed above the 9,000-point barrier for the first time since early February, with the TAIEX rising 101.11 points, or 1.13 percent, to 9,049.25 on turnover of NT$132.68 billion.
Ссылка: www.taipeitimes.com/News/biz/archives/2011/04/28/2003501848
МИНИСТР ФИНАНСОВ АВСТРИИ ГОВОРИТ:РЕСТРУКТУРИЗАЦИЯ ДОЛГОВ ГРЕЦИИ НЕ ДОЛЖНА СЛУЧИТЬСЯ
VIENNA, April 28 (Reuters) — Austria's finance minister does not think any restructuring of Greek debt would be a good idea because it would hurt her country and take the pressure off Athens, the Austria Press Agency reported. «I am no friend of Greek debt restructuring,» the APA late on Wednesday quoted Maria Fekter as saying. She said that it would also mean the pressure to reform would go away, leaving Greece to act «as if nothing had happened.» Greek bond yields have soared this month on speculation that Athens may have to restructure its 327 billion euro sovereign debt. Fekter said Austria wants Greece to carry out all of its reforms and stick to International Monetary Fund conditions for aid. She did not think Austria should have to shell out money again, APA reported. Fekter became finance minister last week after Josef Proell stepped down for health reasons
ЦЕНТРОБАНК ЮЖНОЙ КОРЕИ ЗАЯВИЛ О ГОТОВНОСТИ ВВЕСТИ КОНТРОЛЬ ЗА ПРИТОКОМ КАПИТАЛА В СТРАНУ
Это возможное решение связано с тем, что местные банки стали активно наращивать краткосрочные заимствования в долларах.Общий объем краткосрочного капитала, который таким образом приходит на корейский финансовый рынок, достиг в марте почти $ 7 миллиардов, это третий по значимости прирост за один месяц и максимум с августа 2008 года.Центробанк пытаясь сдержать укрепление национальной валюты и ограничить риски для банковского сектора, намерен ввести контроль на притоком капитала.
SEOUL, April 28 (Reuters) — South Korea warned on Thursday it may impose fresh capital controls after data showed short-term foreign borrowing jumped the most in 27 months in March amid expectations for further gains in the won currency. Highlighting growing signs of strain in Asia's fourth-largest economy, the central bank also called for more aggressive efforts to control surging household debt, which is already among the highest in the world. «The government will study whether there are additional steps to take (to discourage short-term borrowing abroad) on top of the three policy steps already introduced,» Deputy Finance Minister Choi Jong-ku Choi told Reuters after a briefing, during which he expressed his concern about speculative bets on the won. South Korean authorities have allowed the won to rise nearly 6 percent against the U.S. dollar so far this year as they look to temper imported inflation, but have recently expressed reservations that speculation on additional won gains could potentially destabilise the economy.
Central bank data released earlier in the day showed short-term foreign borrowing, mostly by banks, jumped by a net $6.72 billion in March, the third monthly rise in a row and the biggest gain since August 2008. Banks have been borrowing to fund forward foreign exchange deals with local exporters, who are almost single-handedly driving the country's economic growth in the face of sluggish domestic demand. [ID:nL3E7FQ4GO] High levels of short-term foreign debt and fears of a jump in non-performing loans, particularly in the ailing construction industry, have rekindled memories of the 1997/98 Asian financial crisis, when the country barely averted insolvency thanks to an international bailout.
Choi said dollar/won sales in non-deliverable forward (NDF) trading were growing sharply this year and that «a large part» of the activity appeared to be driven by speculative bets on further won appreciation. «There are various purposes of NDF trading such as hedging by share investors, but a large part of the trades done recently are based on speculative purposes,» he said during the briefing, arranged just a few hours in advance.
The Bank of Korea also stressed the dangers of excessive cross-border capital flows in its biannual report released on THursday, in particular citing the risk of any massive withdrawn of foreign investor funds from the country's stock and bond markets. It called for more efforts to contain such capital flows, but did not make any specific recommendations. The central bank also warned swelling household debt posted growing credit risks for the economy. Household debt in South Korea rose 8.9 percent to 937.3 trillion won ($869.8 billion) at the end of last year, versus an 7.3 percent increase in 2009. Its ratio to disposable income stood at 146 percent, the highest in the OECD after Britain. «To control the excessive increase in household debt, it is necessary that expectations of housing price increases are suppressed using diverse policy measures,» the Bank of Korea said in its report. Despite inflation racing to a 29-month high in March, some market watchers believe concerns about rising household debt have been a key factor in the central bank's cautious approach to raising interest rates this year, along with concerns that higher rates could stifle broader economic growth. South Korea's Financial Supervisory Services has asked five local consumer firms to draw up plans to reduce lending to households, a spokesperson told Reuters on Wednesday.
ONE-WAY WON? As concerns about speculative inflows grew in recent months, South Korea has imposed restrictions on the amount of foreign exchange derivatives positions banks can hold, revived taxes on interest income from foreign investment in government bonds and instituted a levy on foreign debt held by banks. This week, the central bank and the financial regulatory agency launched a joint inspection of four banks — including two foreign bank branches — over currency derivaties trading. Choi said at the briefing that the ceilings on holdings of such derivatives «may be reduced» depending on the findings from the inspection. Multiple government sources suggested earlier the ceilings would be reduced by one-fifth. The won's rise has gathered pace since March this year, adding urgency to the government's risk-reduction efforts. The currency rose a mere 2.6 percent against the dollar for the whole of last year despite robust exports that led the sharp 6.2 percent growth in Asia's fourth-largest economy — the fastest in eight years. It jumped 6 percent in just six weeks to hit a 32-month high of 1,071.1 per dollar on Thursday as the U.S. Federal Reserve's reassurance of easy monetary policy dented the dollar and boosted demand for higher-yieldingb emerging-market assets.
НОВЫЙ ПОСОЛ США В КИТАЕ ГОВОРИТ:КИТАЙ ОБЯЗАН ОТКРЫТЬ ДОСТУП НАШИМ КОМПАНИЯМ НА СВОЙ РЫНОК
Фактически именно это имел в виду U.S. Commerce Secretary, господин Gary Locke, которого назначили на должность нового посла США в КНР.Господин Gary Locke заявил, что "… нам необходимо продолжать добиваться доступа наших компаний на китайский рынок… мы должны быть уверены в том, что американские компании будут иметь такие же возможности конкуренции в Китае как и местные..."
April 28 (Bloomberg) — U.S. Commerce Secretary Gary Locke, President Barack Obama’s choice to be the next ambassador to China, said the U.S. “cannot ever let off our guard” in pressing China to ensure its industrial policy doesn’t unfairly limit access to American companies. “We need to continue to fight for market access,” Locke said in an interview in Gimpo, South Korea. “We just need to make sure that American companies have an opportunity to compete fairly against the Chinese and other companies from around the world.” The Beijing-based American Chamber of Commerce in China released a report this week saying Chinese industrial policies are “favoring domestic companies at the expense of their foreign counterparts.” Departing Ambassador Jon Huntsman brought together business groups and diplomats to push against proposed rules that threatened to restrict U.S. companies such as Microsoft Corp. and General Electric Co. in China’s $1 trillion public procurement market.
If confirmed by the U.S. Senate, Locke will become a central figure in managing the relationship between the world’s two biggest economies, which are at odds over the value of China’s yuan, a persistent U.S. trade deficit with China that reached a record $273.1 billion last year, human rights, Internet freedom and U.S. arms sales to Taiwan. “I think we have to look at the relationship over the long term,” Locke said. Human Rights Critique In his final months as ambassador, Huntsman was critical of China’s human rights record. He attended a Feb. 20 rally in downtown Beijing inspired by the popular revolts sweeping Arab countries. Huntsman, in an April 6 speech in Shanghai, said future U.S. ambassadors will continue to defend and speak out for social activists like jailed Nobel laureate Liu Xiaobo and artist Ai Weiwei, who was detained earlier this month in Beijing. Locke, 61, a former Democratic governor of Washington State who is of Chinese descent, said the ambassadorship will be “a very challenging assignment but also a great adventure.” He said his Chinese heritage could help broaden the relationship. “I think the Chinese leadership knows that I am American, that I am a representative of the American government and I am a representative of President Obama and the American people,” Locke said
April 28 (Bloomberg) — China may raise interest rates as early as a public holiday on May 2 to counter rising prices in the world’s second-biggest economy, Credit Suisse Group AG said. “Rate hikes, in our view, are likely to be a major weapon, along with exchange rate appreciation, for the central bank to tighten,” Credit Suisse economist Tao Dong wrote in a report today. “The most likely timing could be May 2.” Since the start of 2010, China’s increases in rates and bank reserve requirements have mostly come within seven days of monthly inflation data or on weekends or holidays, data compiled by Bloomberg show. Consumer price numbers for this month are due May 11, after inflation accelerated in March to a 5.4 percent annual pace, the fastest since 2008. The central bank’s press office declined to comment today.
The last interest-rate increase, China’s fourth since mid- October, was announced on April 5, the last day of the Tomb Sweeping holiday, and boosted the one-year lending rate to 6.31 percent. Chinese markets will be closed May 2 for the Labor Day holiday. Credit Suisse sees reserve requirements rising “towards” late May. The Swiss bank is at odds with firms including Goldman Sachs Group Inc. in forecasting that the lending rate may climb to as much as 7.66 percent by year-end. In contrast, Goldman said this month that rate increases may be “close to an end.” Separately, China Business News today reported rumors that the yuan may be revalued by 10 percent this weekend, saying they were unlikely to be true because of the adverse impact on exports. Since January 2010, 11 of 14 central bank decisions to either raise interest rates or boost banks’ reserve requirements came on weekends, starting from Friday evenings, or public holidays such as April’s Tomb Sweeping festival and the Lunar New Year.
ГОСПОДИН SAKAKIBARA ПРОГНОЗИРУЕТ РОСТ ВСЕХ ВАЛЮТ АЗИИ ПРОТИВ ДОЛЛАРА
По мнению знаменитого «мистера Иена» господина Eisuke Sakakibara, долгосрочные тенденции доллара весьма мрачные, и направлены на падение американской валюты.В такой ситуации, рост валют Азии будет продолжаться и во второй половине текущего года, хотя умеренными темпами.Господин Eisuke Sakakibara в качестве перспективных азиатских валют видит тайваньский доллар, китайский юань, южнокорейскую вону, валюты Таиланда и Сингапура.
The main Asian currencies, including the New Taiwan dollar, will gradually appreciate against the US dollar in the second half of the year, Japan’s former top currency policy official, Eisuke Sakakibara, said yesterday. The appreciation should help lower inflationary pressure in the Asian markets, Sakakibara said. “The weakening of the US dollar will be a long-term trend, as the pace of recovery in the US economy could slow down in six to nine months amid rising uncertainties from its heavy national debt,” Sakakibara, dubbed “Mr Yen,” told a media briefing. That means the currencies in Taiwan, China, South Korea, Thailand and Singapore will have a great opportunity to appreciate against the greenback in the second half of the year, but these Asian markets need not worry about the appreciation’s negative impact on exports as it would also drive down their import costs, Sakakibara said.
As for the US, Sakakibara expects its slowing economic recovery would delay any interest rate increases. “The US will not increase its policy rates until next year, as the country could face stagflation in the second half of the year,” he said. Rising uncertainties in the US economy could even drive the government to extend its quantitative easing measures, Sakakibara said. The New Taiwan dollar yesterday rose to a fresh 13-and-a-half-year high against the US dollar as foreign buying of local shares boosted demand for the local currency. The NT dollar yesterday closed up NT$0.039 at NT$28.90 against the greenback on the Taipei Forex market, and closed even higher, at NT$28.84, on the smaller Cosmos Foreign Exchange market. It was the third time that the NT dollar has hit a 13-and-a-half-year high this month. The local currency closed at NT$28.991 on April 8, and then at NT$28.926 last Thursday, the strongest levels since the NT dollar closed at NT$28.518 on Oct. 16, 1997. “The stock market’s strong performance helped drive up the NT dollar,” a currency trader at Union Bank of Taiwan (聯邦銀行) said by telephone. Net buying of Taiwanese shares by foreign investors boosted demand for NT dollars, with overseas fund managers and Chinese qualified domestic institutional investors buying a total of NT$12.21 billion (US$422.7 million) on the local bourse, said a trader who declined to be named. Foreign fund inflows also boosted trading volume on the currency market to about US$1.47 billion yesterday, the trader said. On the Taiwan Stock Exchange, the benchmark index closed above the 9,000-point barrier for the first time since early February, with the TAIEX rising 101.11 points, or 1.13 percent, to 9,049.25 on turnover of NT$132.68 billion.
Ссылка: www.taipeitimes.com/News/biz/archives/2011/04/28/2003501848
МИНИСТР ФИНАНСОВ АВСТРИИ ГОВОРИТ:РЕСТРУКТУРИЗАЦИЯ ДОЛГОВ ГРЕЦИИ НЕ ДОЛЖНА СЛУЧИТЬСЯ
VIENNA, April 28 (Reuters) — Austria's finance minister does not think any restructuring of Greek debt would be a good idea because it would hurt her country and take the pressure off Athens, the Austria Press Agency reported. «I am no friend of Greek debt restructuring,» the APA late on Wednesday quoted Maria Fekter as saying. She said that it would also mean the pressure to reform would go away, leaving Greece to act «as if nothing had happened.» Greek bond yields have soared this month on speculation that Athens may have to restructure its 327 billion euro sovereign debt. Fekter said Austria wants Greece to carry out all of its reforms and stick to International Monetary Fund conditions for aid. She did not think Austria should have to shell out money again, APA reported. Fekter became finance minister last week after Josef Proell stepped down for health reasons
ЦЕНТРОБАНК ЮЖНОЙ КОРЕИ ЗАЯВИЛ О ГОТОВНОСТИ ВВЕСТИ КОНТРОЛЬ ЗА ПРИТОКОМ КАПИТАЛА В СТРАНУ
Это возможное решение связано с тем, что местные банки стали активно наращивать краткосрочные заимствования в долларах.Общий объем краткосрочного капитала, который таким образом приходит на корейский финансовый рынок, достиг в марте почти $ 7 миллиардов, это третий по значимости прирост за один месяц и максимум с августа 2008 года.Центробанк пытаясь сдержать укрепление национальной валюты и ограничить риски для банковского сектора, намерен ввести контроль на притоком капитала.
SEOUL, April 28 (Reuters) — South Korea warned on Thursday it may impose fresh capital controls after data showed short-term foreign borrowing jumped the most in 27 months in March amid expectations for further gains in the won currency. Highlighting growing signs of strain in Asia's fourth-largest economy, the central bank also called for more aggressive efforts to control surging household debt, which is already among the highest in the world. «The government will study whether there are additional steps to take (to discourage short-term borrowing abroad) on top of the three policy steps already introduced,» Deputy Finance Minister Choi Jong-ku Choi told Reuters after a briefing, during which he expressed his concern about speculative bets on the won. South Korean authorities have allowed the won to rise nearly 6 percent against the U.S. dollar so far this year as they look to temper imported inflation, but have recently expressed reservations that speculation on additional won gains could potentially destabilise the economy.
Central bank data released earlier in the day showed short-term foreign borrowing, mostly by banks, jumped by a net $6.72 billion in March, the third monthly rise in a row and the biggest gain since August 2008. Banks have been borrowing to fund forward foreign exchange deals with local exporters, who are almost single-handedly driving the country's economic growth in the face of sluggish domestic demand. [ID:nL3E7FQ4GO] High levels of short-term foreign debt and fears of a jump in non-performing loans, particularly in the ailing construction industry, have rekindled memories of the 1997/98 Asian financial crisis, when the country barely averted insolvency thanks to an international bailout.
Choi said dollar/won sales in non-deliverable forward (NDF) trading were growing sharply this year and that «a large part» of the activity appeared to be driven by speculative bets on further won appreciation. «There are various purposes of NDF trading such as hedging by share investors, but a large part of the trades done recently are based on speculative purposes,» he said during the briefing, arranged just a few hours in advance.
The Bank of Korea also stressed the dangers of excessive cross-border capital flows in its biannual report released on THursday, in particular citing the risk of any massive withdrawn of foreign investor funds from the country's stock and bond markets. It called for more efforts to contain such capital flows, but did not make any specific recommendations. The central bank also warned swelling household debt posted growing credit risks for the economy. Household debt in South Korea rose 8.9 percent to 937.3 trillion won ($869.8 billion) at the end of last year, versus an 7.3 percent increase in 2009. Its ratio to disposable income stood at 146 percent, the highest in the OECD after Britain. «To control the excessive increase in household debt, it is necessary that expectations of housing price increases are suppressed using diverse policy measures,» the Bank of Korea said in its report. Despite inflation racing to a 29-month high in March, some market watchers believe concerns about rising household debt have been a key factor in the central bank's cautious approach to raising interest rates this year, along with concerns that higher rates could stifle broader economic growth. South Korea's Financial Supervisory Services has asked five local consumer firms to draw up plans to reduce lending to households, a spokesperson told Reuters on Wednesday.
ONE-WAY WON? As concerns about speculative inflows grew in recent months, South Korea has imposed restrictions on the amount of foreign exchange derivatives positions banks can hold, revived taxes on interest income from foreign investment in government bonds and instituted a levy on foreign debt held by banks. This week, the central bank and the financial regulatory agency launched a joint inspection of four banks — including two foreign bank branches — over currency derivaties trading. Choi said at the briefing that the ceilings on holdings of such derivatives «may be reduced» depending on the findings from the inspection. Multiple government sources suggested earlier the ceilings would be reduced by one-fifth. The won's rise has gathered pace since March this year, adding urgency to the government's risk-reduction efforts. The currency rose a mere 2.6 percent against the dollar for the whole of last year despite robust exports that led the sharp 6.2 percent growth in Asia's fourth-largest economy — the fastest in eight years. It jumped 6 percent in just six weeks to hit a 32-month high of 1,071.1 per dollar on Thursday as the U.S. Federal Reserve's reassurance of easy monetary policy dented the dollar and boosted demand for higher-yieldingb emerging-market assets.
НОВЫЙ ПОСОЛ США В КИТАЕ ГОВОРИТ:КИТАЙ ОБЯЗАН ОТКРЫТЬ ДОСТУП НАШИМ КОМПАНИЯМ НА СВОЙ РЫНОК
Фактически именно это имел в виду U.S. Commerce Secretary, господин Gary Locke, которого назначили на должность нового посла США в КНР.Господин Gary Locke заявил, что "… нам необходимо продолжать добиваться доступа наших компаний на китайский рынок… мы должны быть уверены в том, что американские компании будут иметь такие же возможности конкуренции в Китае как и местные..."
April 28 (Bloomberg) — U.S. Commerce Secretary Gary Locke, President Barack Obama’s choice to be the next ambassador to China, said the U.S. “cannot ever let off our guard” in pressing China to ensure its industrial policy doesn’t unfairly limit access to American companies. “We need to continue to fight for market access,” Locke said in an interview in Gimpo, South Korea. “We just need to make sure that American companies have an opportunity to compete fairly against the Chinese and other companies from around the world.” The Beijing-based American Chamber of Commerce in China released a report this week saying Chinese industrial policies are “favoring domestic companies at the expense of their foreign counterparts.” Departing Ambassador Jon Huntsman brought together business groups and diplomats to push against proposed rules that threatened to restrict U.S. companies such as Microsoft Corp. and General Electric Co. in China’s $1 trillion public procurement market.
If confirmed by the U.S. Senate, Locke will become a central figure in managing the relationship between the world’s two biggest economies, which are at odds over the value of China’s yuan, a persistent U.S. trade deficit with China that reached a record $273.1 billion last year, human rights, Internet freedom and U.S. arms sales to Taiwan. “I think we have to look at the relationship over the long term,” Locke said. Human Rights Critique In his final months as ambassador, Huntsman was critical of China’s human rights record. He attended a Feb. 20 rally in downtown Beijing inspired by the popular revolts sweeping Arab countries. Huntsman, in an April 6 speech in Shanghai, said future U.S. ambassadors will continue to defend and speak out for social activists like jailed Nobel laureate Liu Xiaobo and artist Ai Weiwei, who was detained earlier this month in Beijing. Locke, 61, a former Democratic governor of Washington State who is of Chinese descent, said the ambassadorship will be “a very challenging assignment but also a great adventure.” He said his Chinese heritage could help broaden the relationship. “I think the Chinese leadership knows that I am American, that I am a representative of the American government and I am a representative of President Obama and the American people,” Locke said
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