Argentine Ambassador to Russia Pablo Anselmo Tettamanti says the Eurasian Economic Union (EEU) is an important partner for Argentina, and Mercosur wants to continue developing cooperation with their Eurasian partners. He also added that Russia is discussing new investment opportunities with Argentina.
According to the ambassador, Argentina facilitated significant progress in reaching an agreement between Mercosur and the Eurasian Economic Union in the last six months of 2014. A number of meetings held in Moscow and Buenos Aires have led to the creation of a draft cooperation agreement in the economic and trade spheres between the two regional trading blocs. Continue reading
At least 40 central banks have invested in the yuan and several others are preparing to do so, putting the mainland currency on the path to reserve status even before full convertibility, Standard Chartered said.
Twenty-three countries have publicly declared their holdings in yuan, in either the onshore or offshore markets, yet the real number of participating central banks could be far more than that, said Jukka Pihlman, Standard Chartered’s Singapore-based global head of central banks and sovereign wealth funds.
According to Robert Valencia, China is vying for greater economic influence in Latin America, to include possibly constructing and operating an alternative ‘Panama Canal’ through Nicaragua. One unanticipated consequence of this burgeoning US-China rivalry, Valencia observes, is that it might push Latin American countries closer together.
During the first weekend of June, U.S. President Barack Obama and Chinese President Xi Jinping met in California to discuss cyber espionage and territorial claims in the Pacific Rim. While tension on these topics has hogged the headlines, the fight for influence in another area could be even more important—Latin America. Other emerging markets in Africa, where China has an overwhelming influence due to foreign direct investment in mining and oil, also offer economic opportunities, but Latin America has an abundance of natural resources, greater purchasing power, and geographic proximity to the United States, which has long considered Latin America as its “backyard.” Continue reading