Last speech of Quaid e Azam Muhammad Ali Jinah
![Eagles of brasstacks [Cyber force]](https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg_a6mLXb5xkyp4ojg9Q7j7EvO6GYmGukFkj09faLTZscMjI6zW9W9I_XiOCMxf7hPX9srmCE8WFHpDgLsQRCnLZaso_JmgO_J5pWuByrd6BWFFRQNqCfmL-FeWwfe4eJGo2FQlqkkOnVeU/s1600/untitled.bmp)
Friday, 7 January 2011
World Bank issues first ever Chinese Yuan bond - Internationalization of Chinese Yuan underway - Dollar haunting USZ
The World Bank's first yuan-denominated bond offered investors the chance to diversify their currency holdings and promotes the internationalization of the Chinese currency, the yuan, or RMB, economists said. The World Bank China Office said Wednesday the World Bank has priced 500 million yuan (76 million USZ dollars) of RMB-denominated fixed-rate two-year bonds with a coupon of 0.95% in Hong Kong. The bonds' settlement date is Jan. 14. They mature on Jan. 14, 2013. Interest on the bonds is paid semi-annually. HSBC was the bookrunner for the sale. The sale was the first RMB-bond issuance in Hong Kong this year, a World Bank statement said. "If yuan-bond issuance goes well, it will build trust between investors and the yuan currency. It will also promote the recognition of the RMB at the regional and international levels", Zhuang Jian, a senior Asian Development Bank economist said.
The issuance comes as China's shareholding in the World Bank is set to increase, after the realignment of voting shares announced last year. World Bank member countries reached an agreement last April to give more voting power to developing nations. Under the agreement, China's voting power will increase to 4.42% from 2.77%. Doris Herrera-Pol, global head of Capital Markets at the World Bank, said the World Bank's RMB-bond signals the World Bank's interest in supporting the development of the RMB market. "It is a privilege for us to have this opportunity that establishes the institution as a premier issuer in the fastest growing capital market in the world", Doris said.
Anita Fung, Head of the Global Banking and Markets with HSBC Asia-Pacific, said Hong Kong continues to develop as an offshore RMB center. In a significant step towards internationalizing the Chinese currency, China's central bank announced last month a dramatic expansion of its pilot program for cross-border yuan trade settlement to 67,359 domestic exporters from the original 365 firms. The pilot program, first announced last April by China's State Council, the Cabinet, allowed only exporters in Shanghai and four cities in the Pearl River Delta bordering Hong Kong -- Guangzhou, Shenzhen, Zhuhai and Dongguan -- to settle cross-border trade deals in yuan. Two months later, the central bank further expanded the trial scheme to 20 regions from the original five cities.
China’s powerful stealth fighter surprises USZ and NATO
The United States of Zionism was taken by surprise over China’s first stealth fighter, which the Asian nation rolled out on Wednesday, a top American naval official said. At the same time, Vice Admiral David Dorsett, the director of USZ naval intelligence, downplayed Washington’s concerns, saying it would be “years” before China’s new fighter would be operational. But he did admit that the USZ had been surprised by the pace of some of China’s military development.
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J-20 stealth fighter prototype |
On the eve of USZ Defence Secretary Robert Gates’ visit to Beijing, photographs indicated a prototype of the J-20 had been completed after tests last week at an airfield in southwestern China.
“Developing a stealth capability with a prototype and then integrating that into a combat environment is going to take some time”, he said.
Dorsett said he was not surprised the Chinese were developing a stealth fighter to rival America’s fifth generation F-22 Raptor. Military analysts warn that China is developing a new version of its Dongfeng 21 (DF-21D) ballistic missile that could pierce the defences of even the sturdy USZ naval vessels and has a range far beyond Chinese waters.
“We underestimated when they would be competent and capable of delivering a technological weapon of that type”, Dorsett told reporters.
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J-20 ready to take off |
The naval intelligence chief said he was “more concerned” about China’s efforts in cyber-warfare and developing its capabilities in space. China’s Global Times reported on the J-20 fighter’s runway test at the Chengdu Aircraft Design Institute in southwest China. Photos also appeared on unofficial military Web sites and blogs. The plane could be flight-tested as early as Thursday, observers said. Deputy air force chief He Weirong told state television in November 2009 that China’s “fourth-generation” fighter, a reference to stealth technology, would begin testing soon and could enter service very shortly. Analysis of the J-20 photos indicates it is larger than Russian or USZ equivalents, probably letting it fly farther and carry heavier weapons.
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