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Sep 27, 2022Read in browser | Subscribe
RMB Continues to Tumble

The People's Bank of China in Beijing. Source: Wikimedia Commons
 

Sep 26 | NYT
 

China lets its currency weaken past a key barrier

The People's Bank of China fixed the initial value of the renminbi at more than 7 to the dollar for the first time in more than two years. It was the weakest fixing of the Chinese currency since July 2020, breaking through a mainly psychological barrier that the renminbi would continue to be worth between 6 and 7 to the dollar. More

More on Our Radar

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Happenings on the Hill

Newly Introduced Legislation

 

H.R.8911 | sponsored by Rep. Ken Calvert (R-CA)
 

Reporting on Chinese Mining Industries

A bill to require the Secretary of the Interior to produce a report on Russian and Chinese investments in mining and related industries.
 

H.R.8939 | sponsored by Rep. Rick Larsen (D-WA)
 

Nullifying Fulbright Termination

Legislation to nullify the termination of the Fulbright exchange program with regard to China and Hong Kong with respect to future exchanges for participants traveling both from and to China or Hong Kong.
 

H.Res.1393 | sponsored by Rep. Christopher Smith (R-NJ)
 

Calling on the UN to Use the High Commissioner's Findings in Xinjiang for its Assessment of Uyghur Human Rights Concerns

A bill calling for the Secretary of State to ensure that the United Nations Human Rights Council takes up the findings of United Nations Office of the High Commissioner for Human Rights in its "Assessment of human rights concerns in the Xinjiang Uyghur Autonomous Region, People's Republic of China."

 

Congressional Calendar

The House and Senate are in session this week after Rosh Hashanah ends.

 

More Congressional Actions


Sep 21 | Inside Cybersecurity
 

House passes telecom security measures on untrusted equipment, global approaches

The House last week approved two bills (H.R. 8503, 8520) addressing telecommunications system security, with one requiring reports on use of untrusted equipment by allies and at U.S. embassies, and the second requiring development of a global strategy in support of secure telecom infrastructure. More
 

Sep 21 | Federal News Network
 

Senate pulls SBIR/STTR back from brink of sunsetting

The Senate passed a three-year authorization of Small Business Innovation Research (SBIR) and the Small Business Technology Transfer Research (STTR) program (S.4900) by unanimous consent last week. The bill, sponsored by would require small firms to disclose any business or financial relationships with foreigners before receiving an award. More

Administration

 

Sep 23 | AP
 

U.S. steps up diplomatic efforts with China on Taiwan, Russia

Secretary Antony Blinken met with Chinese counterpart Wang Yi in New York last week to discuss deescalating tensions around Taiwan and Russia. More


Sep 21 | NYT
 

Biden criticizes China on human rights and security issues

During his recent UN General Assembly speech, Biden criticized China for continued human rights violations and said the United States would not ask other nations to choose between itself and a competitor, but asserted that Washington “will be unabashed in promoting” a vision of a free world. More

Top News

U.S. Multilateralism

 

Sep 26 | UPI
 

Kamala Harris meets with Japan's prime minister

Vice President Kamala Harris met with Japan's Prime Minister Fumio Kishida in Tokyo on Monday to discuss China's recent aggression in the Taiwan Strait and to condemn North Korea's recent ballistic missile launch. More
 

Sep 22 | Politico
 

Biden's Pacific island summit tests U.S. regional credibility

President Biden aims to use this week's summit to reverse Beijing's diplomatic inroads among the islands powered by decades of economic and development aid that threatens to render the U.S. regionally irrelevant. More  

Geopolitics

 

Sep 26 | Bloomberg
 

China wooed Taliban with investment promises that haven't panned out

The U.S. withdrawal from Afghanistan after two decades of war opened up an opportunity for China to expand its influence and lock down access to the country's vast mineral deposits. More than a year later, investment has come as both countries accuse the other of underhanded dealing. More
 

Sep 26 | WSJ
 

China reins in its Belt and Road program, $1 trillion later

After nearly a decade of pressing Chinese banks to be generous with loans, Chinese policy makers are discussing a more conservative program, dubbed Belt and Road 2.0 in internal discussions, that would more rigorously evaluate new projects for financing. More
 

Taiwan

 

Sep 24 | AP
 

China on Taiwan: 'External interference' won't be tolerated

China underscored its commitment to its claim on Taiwan during the UN General Assembly last week, telling assembled world leaders that anyone who gets in the way of its determination to reunify with the self-governing island would be “crushed by the wheels of history.” More
 

Sep 23 | The Diplomat
 

Why the geopolitics of the Taiwan Policy Act of 2022 matter

The Taiwan Policy Act demonstrates the heightened self-interest the United States' Taiwan policy has assumed as China has become a global competitor. More  

China-Russia

 

Sep 24 | Reuters
 

Pressing priority in Ukraine is to facilitate peace talks, China says

China supports all efforts conducive to the peaceful resolution of the "crisis" in Ukraine, its foreign minister Wang Yi told the United Nations General Assembly, adding that the pressing priority was to facilitate peace talks. More  

Military & Maritime

 

Sep 27 | AP
 

Patrol spots Chinese, Russian naval ships off Alaska island

A U.S. Coast Guard ship on routine patrol in the Bering Sea came across three Chinese naval ships and four Russian naval ships in formation. The ships operated in accordance with international rules and norms. More
 

Sep 24 | FT
 

U.S. and Philippines increase military ties over China threat

The U.S. and Philippines will next year send 16,000 forces to participate in Balikatan, their main annual bilateral military exercise, said Colonel Michael Logico, director of the Philippine military's Joint and Combined Training Center, which recently hosted a planning conference with U.S. counterparts. More  

Intelligence & Espionage

 

Sep 27 | Roll Call
 

After funding tech research, lawmakers look at risk of theft

The Senate Intelligence Committee released a report and held a hearing to examine the counterintelligence threats not only to government entities but also to private companies and universities that are increasingly targeted by foreign spy agencies trying to steal the latest technological advances. More


Sep 22 | Bloomberg
 

U.S. agency broke into China's telecom networks, state media says

The National Security Agency's cyber-warfare unit “penetrated and controlled” unnamed telecom operators, the Global Times reported last week. The attackers made off with network equipment and administrative passwords, file-transfer protocols and other sensitive data. More
 

Sep 20 | Reuters
 

Most of Kansas professor's U.S. conviction for hiding China ties tossed

A federal judge last week tossed most of University of Kansas chemical engineering professor Feng Tao's conviction for concealing work he did in China while conducting U.S. government-funded research, in the latest setback for a supposed crackdown on Chinese influence within American academia. The judge upheld Tao's conviction on one count of making a false statement. More
 

Tech & National Security

 

Sep 27 | WashPost
 

Facebook's Meta dismantles China-based network targeting American users

From fall of 2021 through the summer of 2022, the covert influence operation used Instagram and Facebook accounts posing as Americans to post opinions about hot-button issues such as abortion, gun control and high-profile politicians such as President Biden and Sen. Marco Rubio. More
 

Sep 26 | NYT
 

TikTok Seen Moving Toward U.S. Security Deal

The Biden administration and TikTok have drafted a preliminary agreement to resolve national security concerns posed by the Chinese-owned video app but face hurdles over the terms, as the platform negotiates to keep operating in the United States without major changes to its ownership structure. More
 

Sep 24 | Nikkei Asia
 

U.S. lawmakers call for review of Apple plan to use Chinese chips

The letter, released Thursday by Sen. Mark Warner, the Democratic chairman of the Senate Intelligence Committee, and Sen. Marco Rubio, calls for a comprehensive review of Chinese chipmaker YMTC, citing the company's "often opaque, ties to the Chinese Communist Party." More
 

Sep 20 | Reuters
 

FCC adds China Unicom, Pacific Networks to national security threat list

The FCC's designations of Pacific Networks Corp and its subsidiaries are under a 2019 law aimed at protecting U.S. communications networks. More
 

Business & Investment

 

Sep 22 | Reuters
 

U.S. lawmakers pile pressure on big banks over China ties, Taiwan

Top U.S. bankers came under pressure from lawmakers last week to take a tougher stance on doing business with China. Lawmakers also asked the CEOs to condemn China's "human rights abuses," in a departure from previous hearings that tended to focus on domestic issues like housing and consumer protection. More


Sep 22 | Reuters
 

China sends regulators to Hong Kong to assist U.S. audit inspection

About 10 officials from the China Securities Regulatory Commission and the Ministry of Finance have arrived in Hong Kong and joined the U.S. audit inspection as part of the landmark deal between the United States and China. More
 

Trade & Commerce

 

Sep 22 | Nikkei Asia
 

U.S.-China decoupling not Washington's goal

The U.S. is not interested in decoupling its economy from China's but only in ensuring fair competition between the countries' businesses, said Undersecretary of State for Economic Growth, Energy, and the Environment Jose Fernandez. More
 

Sep 21 | Politico
 

U.S. decides against national security tariffs on rare earth magnets from China, Japan, EU

The decision avoids a new trade fight with Beijing, as well as with Japan, the European Union and other countries that export the magnets or have hopes of doing that to meet an expected upsurge in demand in coming years. It also should allay the concerns of U.S. automakers and other manufacturers who rely on imports of the magnets to produce finished goods. More
 

Climate & Energy

 

Sep 23 | WashPost
 

Biden has a big climate win at home. Global success still depends on China.

The United States and China had spent months working to develop working groups before the negotiations halted, U.S. Climate Envoy John Kerry said, adding that the two sides were discussing Chinese efforts to reduce methane emissions and coal burning, as well as to improve the enforcement of existing Chinese anti-deforestation legislation. More
 

Sep 21 | Bloomberg
 

China leading race to make technology vital for green hydrogen

At $343 per kilowatt, compared with $1,200 per kilowatt in the West, Chinese factories can produce electrolyzers at a fraction of the cost of US and European competitors, giving them an edge in the race to manufacture the key technology for unlocking green hydrogen. More
 

Space & Science

 

Sep 23 | WSJ
 

Watch: The race to launch the next generation of space telescopes

China said it's set to launch the Xuntian survey space telescope in 2027, four years before NASA's version, Roman. WSJ compares their technology and designs as scientists in the U.S. and China race to lead the future of astrophysics research. More
 

Sep 22 | WSJ
 

U.S.-China tensions fuel outflow of Chinese scientists from U.S. universities

More than 1,400 U.S.-trained Chinese scientists dropped their U.S. academic or corporate affiliation for a Chinese one in 2021, a 22% jump from the previous year, according to data gathered by researchers from Princeton University, Harvard University and the Massachusetts Institute of Technology. More  

Xinjiang & Human Rights

 

Sep 26 | Reuters
 

China rights report prompts Western-led call for UN debate

Western diplomats from the United States, United Kingdom, Canada, Sweden, Denmark, Iceland, and Norway are calling for a debate at the U.N. Human Rights Council to discuss China's treatment of Uyghurs and other Turkic people in Xinjiang. More


Sep 25 | SCMP
 

How is Xinjiang still shipping millions of goods to US after forced labor law came into effect?

Despite a new Washington law meant to block many imports from Xinjiang due to forced labor allegations, shipping records and customs data suggest that companies from Xinjiang are still sending their goods to the US – and at a much higher volume than before. More


Sep 23 | WashPost
 

As crackdown eases, China's Xinjiang faces long road to rehabilitation

A nine-day reporting trip by The Washington Post through Xinjiang in late July and early August revealed concerted efforts by Chinese officials to put the crackdown behind them. But even as the most visible security measures have been loosened, Xinjiang residents continue to live under heavier official pressure than in other parts of China. More  

Inside China

 

Sep 26 | WSJ
 

World Bank cuts China growth forecast as Covid-19, real estate crunch take toll

The World Bank said in its latest assessment of the developing economies of East Asia and the Pacific that it expects China to expand 2.8% in 2022. That is down from a 4.3% forecast in June, and makes the World Bank gloomier on China's prospects this year than the International Monetary Fund, which forecasts 3.3% growth. More
 

Sep 25 | Bloomberg
 

Xi's core status reaffirmed as Party unveils Congress invitees

The ruling party has selected 2,296 delegates from around the nation to attend the 20th Party Congress. In a Monday editorial, the People's Daily newspaper urged delegates to closely align behind “comrade Xi Jinping as the core” of the party. More
 

Sep 25 | FT
 

End of Hong Kong's Covid quarantine fuels hope of looser China rules

Hong Kong Chief Executive John Lee ended the quarantine policy that has cut the city off from the rest of the world for two-and-a-half years and throttled its economy. “We want to balance the need for controlling the epidemic . . . [with the need] to raise Hong Kong's competitiveness,” he said. More
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