debt

Report: Chinese Currency Soars on Hopes of Joe Biden Victory

The Financial Times (FT) reported on Friday that China’s currency, the renminbi, had its biggest rally in 15 years, driven by increased foreign demand and “rising expectations that a Joe Biden victory in next month’s U.S. presidential election could help reset relations between the two superpowers.”

china money 100 bank note background, business and finance concept

Chinese ‘Belt and Road’ Loans Cause Debt Crisis in Pakistan

The Wall Street Journal reported on Sunday that Pakistan is facing a debt crisis due to the enormous loans it has taken out for the Orange Line, an elevated railway in Lahore that is only the first installment in China’s $62 billion plan to bring its “Belt and Road” infrastructure initiative to Pakistan.

Pakistan labourers arrange a welcome billboard featuring the Chinese and Pakistani national flags ahead of the forthcoming visit by Chinese President Xi Jinping in Islamabad on April 18, 2015. Pakistan needs a 'huge amount of financing' for infrastructure and energy projects and China is ready to announce help when President …