China Suspends Exports of Toys Tainted With Precursor of 'Date Rape' Drug
BEIJING (AP) -- China's government has suspended exports of toys covered with a toxic chemical that have been subject to recalls from Australia to the United States after sickening children, the state-run Xinhua News Agency reported Friday.
China's move came as seven more U.S. children were reported ailing after ingesting Chinese-made toy beads because of the toxic chemical coating, bringing the total of U.S. children sickened to nine, according to a spokeswoman for the Consumer Product Safety Commission.
The Chinese government's quality control administration issued the export ban, sealed the toys at the sites where they were produced and ordered an investigation, Xinhua said in a brief report.
Millions of units of the popular toys, which are sold as Aqua Dots in the United States and as Bindeez in Australia, were recalled in those countries as well as in Britain, Malaysia, Singapore and elsewhere this past week after children began falling sick from swallowing the toy's bead-like parts.
Tests showed they were coated with the industrial chemical 1,4-butanediol. When ingested the chemical metabolizes into the "date-rape" drug gamma hydroxy butyrate, and may cause breathing problems, loss of consciousness, seizures, drowsiness, coma and death. In addition to the nine in the U.S., three children in Australia have taken sick.
The new reports of the sickened U.S. children, six of whom were hospitalized, came from at least five states: Texas, Delaware, New Hampshire, Illinois and Utah, said CPSC spokeswoman Julie Vallese.
The agency recalled the Aqua Dots toy Wednesday after two children were hospitalized after eating the beads.
The U.S. recall covers 4.2 million of the Aqua Dots toys, which consist of colored beads that can be arranged into designs and then fused together when sprayed with water.
The agency received its first report of a sickened child Monday and ordered stores to pull the toy two days later, Vallese said.
For China, the recall is the latest in a slew of product quality scandals that has tarnished the image of the country as an exporter of reliable goods. The government has tried to shore up China's reputation by increasing inspections, selectively punishing companies and launching a publicity campaign to boost quality.
Few details were available about the latest export suspension and how a popular toy became coated with a toxic chemical. The toys' maker, Australia-based Moose Enterprises, has said the product was manufactured in China. But neither the company nor the Chinese government have identified the factory or factories where the toys were produced.
Reached by telephone Saturday, a duty officer at the General Administration of Quality Supervision, Inspection and Quarantine, which issued the ban, said officials were not available to comment.
In its report, Xinhua said inspectors "sealed the bead toys at the producer" whose name was not released.
Companies worldwide have increasingly outsourced manufacturing, often choosing Chinese factories for their cost and quality. But heated competition among factories and the rising cost of labor, land and fuel have sometimes put pressure on profits, causing some producers to cut corners.
In the latest case, the Aqua Dots or Bindeez were supposed to have been coated with nontoxic 1,5-pentanediol, a chemical commonly used in computer printer ink. But that chemical generally sells for three or four times the price of the toxic compound found on the tainted toys, 1,4-butanediol.
Friday, November 9, 2007
Wednesday, November 7, 2007
China Threat Sends Dollar Ever Lower
LONDON - Fresh concerns that China could diversify its currency assets away from the greenback sent the euro to a new record against the dollar, and the pound through the psychologically significant $2.10 barrier on Wednesday.
The pound rose to $2.1051 in morning trading in London before settling down to $2.1010, while the euro hit $1.4703, before settling at $1.4674, above its $1.4554 value in late trading in New York the day before.
The trigger was remarks by Cheng Siwei, the vice chairman of China's National People's Congress that the country's forex regulator would shift its foreign exchange holdings and that China should consider moving its reserves to "stronger" currencies.
"The comments certainly spooked the market to say the least," said Peter Scullion, Vice President of the FX Currency Department of Nomura in London. He added that too much should not be read into the comments, given that Cheng was not a particularly senior official and as the Chinese government tried to retract the comments soon after they were made. "It's also not a secret that many central banks, particularly in the Middle East, have been diversifying away from dollars," remarked Scullion.
Scullion said uncertainty about the dollar would continue to drag it down, potentially sending the euro across the $1.50 threshold. "Realistically over the medium term between now and the end of the year there is no reason why markets wouldn’t continue to push the dollar lower," he remarked.
Concerns about the health of the U.S. economy has been the underlying driver of the greenback's fall over the past months. "While we may see some periods of dollar buying, most market participants expect the dollar to weaken further given the tremendous uncertainty about the US economy," Scullion said.
Last week both the euro and the pound gained against greenback, as the U.S. Federal Reserve cut interest rates to 4.5%, ahead of this week's meeting of the European Central Bank and the Bank of England, in which both are expected to hold rates, thus broadening the rates differential even further. (See: " Rate Outlook Undercuts Dollar").
Worse than expected write downs at some of America's largest banks, including Citigroup (nyse: C - news - people ) and Merrill Lynch (nyse: MER - news - people ), could mean that the Federal Reserve will be forced to cut interest rates again, despite some recent positive data, including on jobs.
Scullion said that the gloomy outlook had sent the dollar lower even against the Japanese yen. The yen has remained weak thanks to the stunningly low interest rates, currently 0.75%, that have been maintained by the Japanese central bank. The dollar was trading at 113.16 yen in Tokyo late on Wednesday, from 114.66 yen the day before.
The weak dollar has been a mixed blessing for Europe: while the soaring price of oil and commodities may not be felt as deeply in the stronger European currencies, it has also hit sales. British Airways (nyse: BAIRY - news - people ) and the French energy company Total (nyse: TOT - news - people ) both reported third quarter results that were weighed down by the weak dollar.
The pound rose to $2.1051 in morning trading in London before settling down to $2.1010, while the euro hit $1.4703, before settling at $1.4674, above its $1.4554 value in late trading in New York the day before.
The trigger was remarks by Cheng Siwei, the vice chairman of China's National People's Congress that the country's forex regulator would shift its foreign exchange holdings and that China should consider moving its reserves to "stronger" currencies.
"The comments certainly spooked the market to say the least," said Peter Scullion, Vice President of the FX Currency Department of Nomura in London. He added that too much should not be read into the comments, given that Cheng was not a particularly senior official and as the Chinese government tried to retract the comments soon after they were made. "It's also not a secret that many central banks, particularly in the Middle East, have been diversifying away from dollars," remarked Scullion.
Scullion said uncertainty about the dollar would continue to drag it down, potentially sending the euro across the $1.50 threshold. "Realistically over the medium term between now and the end of the year there is no reason why markets wouldn’t continue to push the dollar lower," he remarked.
Concerns about the health of the U.S. economy has been the underlying driver of the greenback's fall over the past months. "While we may see some periods of dollar buying, most market participants expect the dollar to weaken further given the tremendous uncertainty about the US economy," Scullion said.
Last week both the euro and the pound gained against greenback, as the U.S. Federal Reserve cut interest rates to 4.5%, ahead of this week's meeting of the European Central Bank and the Bank of England, in which both are expected to hold rates, thus broadening the rates differential even further. (See: " Rate Outlook Undercuts Dollar").
Worse than expected write downs at some of America's largest banks, including Citigroup (nyse: C - news - people ) and Merrill Lynch (nyse: MER - news - people ), could mean that the Federal Reserve will be forced to cut interest rates again, despite some recent positive data, including on jobs.
Scullion said that the gloomy outlook had sent the dollar lower even against the Japanese yen. The yen has remained weak thanks to the stunningly low interest rates, currently 0.75%, that have been maintained by the Japanese central bank. The dollar was trading at 113.16 yen in Tokyo late on Wednesday, from 114.66 yen the day before.
The weak dollar has been a mixed blessing for Europe: while the soaring price of oil and commodities may not be felt as deeply in the stronger European currencies, it has also hit sales. British Airways (nyse: BAIRY - news - people ) and the French energy company Total (nyse: TOT - news - people ) both reported third quarter results that were weighed down by the weak dollar.
Saturday, November 3, 2007
美国降息 竟是为“抢”别国的钱？
继９月份降息0.5个百分点后,美联储10月31日决定再次降息。此次降息，一方面固然与美国次贷危机继续蔓延有关系；另一方面从全球资本市场角度考虑，在全球流动性泛滥的背景下，美联储不断降息，有进一步放大全球资产价格泡沫的风险。可以说，美联储此次降息，缓解国内次贷危机是“虚”，通过美元贬值吹大资本输入国资产价格泡沫，为其投机性资金在海外攫取高额投机利润创条件是“实”。之所以如此判断，是基于以下几方面考虑。
首先，美元在国际货币体系中所处的特殊地位，决定了美联储的货币政策行为牵动全球金融市场神经。自布雷顿森林体系崩溃之后，美国凭借其综合实力使美元在国际货币体系中居主导地位。欧元出现以后，虽然在某种程度上挑战了美元的国际地位，但并未从根本上削弱美元在全球货币体系中所处的主导地位。由于美元在实体经济和虚拟经济运行中都处于主导地位，因此，美联储货币政策对全球实体经济和虚拟经济都会产生重要影响。
其次，美元与黄金脱钩以及美元的主导地位，决定了美联储可以通过货币政策调整对全球施加影响，为美国谋求国家利益的最大化。具体言之，在美国国内出现巨额财政赤字时，美国政府可以通过发行美元，以美元贬值的方式向全球输出通货膨胀和收取铸币税；与此同时，其国内投机资金也可以通过资本输出的方式进入那些本币升值的国家，以获取本币升值预期下的资产增值及汇兑收益双重利益。而当其国内资本大鳄在本币升值国赚得盆满钵满时，美元再通过大幅升值的方式，锁定和实现利润。当然从全球角度分析，美元一松一紧，并没有创造任何价值，其完成的只是财富在不同国度再分配而已。
再次，美联储近期再度降息，缓解国内次贷危机只是“虚”的借口。表面上看，美联储此次降息是为了缓解次贷危机的危害，实质上却在很大程度进一步吹大了国际金融市场资产价格泡沫，为美国国内投机资本在国际金融市场“浑水摸鱼”创造了条件。因此，从美元贬值真实内含来看，美元贬值只是美元货币国际流动所导致的供求因素影响所致，与美国综合国力衰退无关。而美国次贷危机对美国本身的经济影响有限，次贷危机的实际分担者是全球金融投资者。就此而言，美联储借次贷危机降息是“醉翁之意不在酒”。
另外，美联储再次降息，将进一步吹大国际金融市场资产价格泡沫。在美元贬值旗号下，美国国内投机资本纷纷进入发展中国家寻求新的投资机会，投机性外资对新兴市场的介入一方面提升了外资流入国本币的需求，使得外资流入国本币出现升值，另一方面外资利用流入国本币升值所形成的货币幻觉，对资源、资产等不动产进行大幅炒作，以获取巨额投机收益。从亚洲主要国家资本市场近年变化来看，2005年以后，随着美元的大幅贬值，亚洲各国房地产市场、证券市场都出现了大幅上涨。资产价格快速上涨已成为各国央行急待解决的难题。
从亚洲地区证券市场近来的表现看，中国内地与中国香港市场无疑成为美国次贷危机爆发后国际热钱热衷的宝地。就中国内地A股市场而言，目前A股市场已呈现明显的资金推动型特征。从资金来源上分析，人民币汇率、贸易顺差、A股走势有明显的正相关性。贸易顺差对人民币汇率的刚性特征，在很大程度上反映了外资正热切地进入中国资本市场。
而在我国国内CPI高企、人民币走入“对外升值对内贬值”怪圈、央行为应对通胀采取小幅加息之际，美联储此次再度降息，无疑加大了我国国内经济调控的难度。一方面，美元降息在很大程度上扰乱了国际金融秩序，进一步吹大了国际金融市场泡沫。另一方面，就中长期而言，美联储宽松的货币政策这么走下去，是否会进一步吹大资本流入国资产价格泡沫，从而为美国的投机资金回归创造条件，更值得关注。
首先，美元在国际货币体系中所处的特殊地位，决定了美联储的货币政策行为牵动全球金融市场神经。自布雷顿森林体系崩溃之后，美国凭借其综合实力使美元在国际货币体系中居主导地位。欧元出现以后，虽然在某种程度上挑战了美元的国际地位，但并未从根本上削弱美元在全球货币体系中所处的主导地位。由于美元在实体经济和虚拟经济运行中都处于主导地位，因此，美联储货币政策对全球实体经济和虚拟经济都会产生重要影响。
其次，美元与黄金脱钩以及美元的主导地位，决定了美联储可以通过货币政策调整对全球施加影响，为美国谋求国家利益的最大化。具体言之，在美国国内出现巨额财政赤字时，美国政府可以通过发行美元，以美元贬值的方式向全球输出通货膨胀和收取铸币税；与此同时，其国内投机资金也可以通过资本输出的方式进入那些本币升值的国家，以获取本币升值预期下的资产增值及汇兑收益双重利益。而当其国内资本大鳄在本币升值国赚得盆满钵满时，美元再通过大幅升值的方式，锁定和实现利润。当然从全球角度分析，美元一松一紧，并没有创造任何价值，其完成的只是财富在不同国度再分配而已。
再次，美联储近期再度降息，缓解国内次贷危机只是“虚”的借口。表面上看，美联储此次降息是为了缓解次贷危机的危害，实质上却在很大程度进一步吹大了国际金融市场资产价格泡沫，为美国国内投机资本在国际金融市场“浑水摸鱼”创造了条件。因此，从美元贬值真实内含来看，美元贬值只是美元货币国际流动所导致的供求因素影响所致，与美国综合国力衰退无关。而美国次贷危机对美国本身的经济影响有限，次贷危机的实际分担者是全球金融投资者。就此而言，美联储借次贷危机降息是“醉翁之意不在酒”。
另外，美联储再次降息，将进一步吹大国际金融市场资产价格泡沫。在美元贬值旗号下，美国国内投机资本纷纷进入发展中国家寻求新的投资机会，投机性外资对新兴市场的介入一方面提升了外资流入国本币的需求，使得外资流入国本币出现升值，另一方面外资利用流入国本币升值所形成的货币幻觉，对资源、资产等不动产进行大幅炒作，以获取巨额投机收益。从亚洲主要国家资本市场近年变化来看，2005年以后，随着美元的大幅贬值，亚洲各国房地产市场、证券市场都出现了大幅上涨。资产价格快速上涨已成为各国央行急待解决的难题。
从亚洲地区证券市场近来的表现看，中国内地与中国香港市场无疑成为美国次贷危机爆发后国际热钱热衷的宝地。就中国内地A股市场而言，目前A股市场已呈现明显的资金推动型特征。从资金来源上分析，人民币汇率、贸易顺差、A股走势有明显的正相关性。贸易顺差对人民币汇率的刚性特征，在很大程度上反映了外资正热切地进入中国资本市场。
而在我国国内CPI高企、人民币走入“对外升值对内贬值”怪圈、央行为应对通胀采取小幅加息之际，美联储此次再度降息，无疑加大了我国国内经济调控的难度。一方面，美元降息在很大程度上扰乱了国际金融秩序，进一步吹大了国际金融市场泡沫。另一方面，就中长期而言，美联储宽松的货币政策这么走下去，是否会进一步吹大资本流入国资产价格泡沫，从而为美国的投机资金回归创造条件，更值得关注。
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