https://www.scmp.com/rss/318668/feed Paola Subacchi is a senior fellow at Chatham House and the author of The People’s Money: How China Is Building a Global Currency. en https://assets.i-scmp.com/static/img/icons/scmp-meta-1200x630.png https://www.scmp.com Western governments are finding it increasingly difficult to muster the funding Ukraine needs to defend itself. The European Union struggled to reach a €50 billion (US$54 billion) aid deal in February. The United States remains deadlocked over its own US$60 billion funding package. Now, calls to use Russia’s own assets to fund the Ukrainian war effort are growing louder. At stake are some US$300 billion in central bank reserves, which Western governments – including the EU and the US – froze... https://www.scmp.com/opinion/world-opinion/article/3257673/should-frozen-russian-assets-be-handed-over-ukraine?utm_source=rss_feed https://www.scmp.com/opinion/world-opinion/article/3257673/should-frozen-russian-assets-be-handed-over-ukraine?utm_source=rss_feed Wed, 03 Apr 2024 15:00:24 +0000 This week, G20 leaders gather in Rome for their annual summit. But will they use their stay in la grande bellezza to reconcile their differences and lay the groundwork for improved policy cooperation? Will their private dinner reinforce progress, by enabling those who are new to the process – some participants will be meeting US President Joe Biden for the first time – to build relationships with G20 veterans? Since the G20 became a leaders’ summit in 2008, the private dinner has become an... https://www.scmp.com/comment/opinion/article/3153824/g20-must-coax-reluctant-china-back-fold?utm_source=rss_feed https://www.scmp.com/comment/opinion/article/3153824/g20-must-coax-reluctant-china-back-fold?utm_source=rss_feed Wed, 27 Oct 2021 06:30:20 +0000 The recently announced “phase one” agreement between the United States and China has been touted as an important step towards a comprehensive deal that ends the trade war that has raged for over a year. But if you think that US President Donald Trump is ready to abandon his antagonistic China policy, think again. In fact, the Trump administration is already moving to launch another, closely related, war with China, this time over financial flows.  In a highly integrated world economy, trade and... https://www.scmp.com/comment/opinion/article/3034054/attempt-freeze-china-out-us-dollar-system-will-hasten-decoupling?utm_source=rss_feed https://www.scmp.com/comment/opinion/article/3034054/attempt-freeze-china-out-us-dollar-system-will-hasten-decoupling?utm_source=rss_feed Wed, 23 Oct 2019 13:00:13 +0000 Is China’s “Belt and Road Initiative”, as Italian Finance Minister Giovanni Tria says, “a train that Italy cannot afford to miss”? Prime Minister Giuseppe Conte also thinks Italy should jump on board, saying the multibillion-dollar Chinese infrastructure plan is “an opportunity for our country”.  Italy’s government plans to sign a memorandum of understanding with China on the belt and road scheme during Chinese President Xi Jinping’s March 22-24 visit, making it the first founding European Union... https://www.scmp.com/comment/insight-opinion/united-states/article/3002657/cash-strapped-italy-eyes-chinas-belt-and-road?utm_source=rss_feed https://www.scmp.com/comment/insight-opinion/united-states/article/3002657/cash-strapped-italy-eyes-chinas-belt-and-road?utm_source=rss_feed Thu, 21 Mar 2019 15:30:13 +0000 Officials at the People’s Bank of China (PBOC) have long insisted that “China won’t weaponise the renminbi.” And yet, implicit in their promise not to manipulate the currency for strategic ends is their ability to do so if they so desired. China’s monetary policy has come to the fore now that US President Donald Trump has imposed import tariffs on a range of Chinese goods. Many are wondering if China will respond to Trump’s trade war by threatening a currency war. If it does, the world should... https://www.scmp.com/comment/insight-opinion/united-states/article/2156986/why-chinas-central-bank-caught-between-rock?utm_source=rss_feed https://www.scmp.com/comment/insight-opinion/united-states/article/2156986/why-chinas-central-bank-caught-between-rock?utm_source=rss_feed Thu, 26 Jul 2018 18:00:15 +0000 Giving up the spotlight is never easy. The United States, like many ageing celebrities, is struggling to share the stage with new faces, especially China. The upcoming meetings of the International Monetary Fund and the World Bank - two institutions dominated by the US and its Western allies - provide an ideal opportunity to change that. The US must come to terms with the reality that the world has changed. The longer America remains in a state of denial, the more damage it will do to its... https://www.scmp.com/comment/insight-opinion/article/1766154/us-must-wake-multipolar-world-welcoming-china-table?utm_source=rss_feed https://www.scmp.com/comment/insight-opinion/article/1766154/us-must-wake-multipolar-world-welcoming-china-table?utm_source=rss_feed Tue, 14 Apr 2015 06:18:04 +0000