debt loses some appeal in Hong Kong In June, China struck a similar agreement with the Bank of England worth up to 200 billion yuan. The deal with the ECB comes as political gridlock in the U.S. weakens the U.S. dollar against many other global currencies. A spokesperson for the ECB said the deal had been in the works for the last few months. China’s wine obsession spurs Bordeaux sales The yuan, also called the renminbi, currently trades directly with the U.S. dollar, the Australian dollar and the Japanese yen . In September, the Bank for International Settlements announced the Chinese yuan was the ninth most traded currency in the world. The yuan was involved in 2.2% of foreign exchange trading worldwide in April, the period examined by the report, more than double its share in April 2010. The dollar was involved in 87% of all trades, the euro was part of 33% of trades, and the Japanese yen was involved in 23%.
natural gas lured investment. The $45.9 billion spent makes it almost certain that annual investment in renewables and energy-smart technologies will fall for the second consecutive year from $281 billion in 2012, Bloomberg New Energy Finance said in a statement. Investment in the quarter was 20 percent lower than the same period last year as spending in China, the U.S. and Europe fell. The U.S. saw the largest decline, sliding 41 percent to $5.5 billion, according to the London-based research company. Europes clean-energy industry is retrenching after subsidies were reduced in nations from Germany to Spain, which helped propel record growth in previous years. Cheap gas in the U.S. driven by a shale-drilling boom and a reduction in Chinas spending on wind power wind power also contributed to the overall decline, the London-based consultant said One of the most facepalm-worthy parts of all of this is that supporters of the Obama administrations regulatory war-on-coal largely and blithely rely on the argument that because the coal-substitute of natural gas has been doing so well, coal is naturally entering its sunset years anyway and will shortly fall prey to the economical powers of creative destruction but strangely, they often forget to mention that coal could easily regain market share in the event that natural gas prices begin to rise for whatever reason The Obama administration is effectively barring that from happening on the domestic scene, while foreign demand for coal is growing; you need look no farther than Europe as a current Exhibit A for that eventuality. The editors of RealClearEnergy , therefore, would rather the Continent spare us the lectures, emphasis mine: What happens when you dont frack and you decide to shut down nuclear? You return to coal. Thats the lesson that Europe is learning these days.
Europe stocks waver amid U.S. deadlock, China data
On Sunday, Senate Republicans and Democrats leaders continued attempts to find a way to break the fiscal impasse between the Republican-led House and President Barack Obama. Read: Fed shutdown and your retirement: Remain calm Treasury Secretary Jack Lew has warned the U.S. will run out of borrowing authority on Oct. 17 unless Congress agrees to raise the debt ceiling. A failure to increase the limit could lead to a technical default, which some fear will drag the economy back into recession . U.S. stocks traded lower on Wall Street . China and Europe data Meanwhile in China, data over the weekend showed a surprise decline in exports in September , signaling the global economy is still struggling to recover. Additionally, Chinese consumer prices rose faster than expected in September, though remaining within the governments target range. On the data front in Europe, Eurostat said industrial production rebounded in August in the euro zone, rising 1% month-on-month. Industrial production data for August support our view that euro-area growth is resuming but is still weak, and risks remain skewed to the downside, said Fabio Fois, southern European economist at Barclays, in a note. Our tentative forecast for euro-area industrial production in Q3 (…) also points to a slowdown in economic activity.