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Any financial lifeline that Beijing can offer Moscow involves taking on risk and won’t have the power to reverse the damage of sanctions imposed by the United States and its allies.
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China Puts Limits on Foreign Banks, Worrying Businesses
New rules, aimed at taming big money flows and possibly controlling the Chinese currency, could give domestic rivals a competitive edge and make international firms more dependent on local lenders.
The People’s Bank of China, the country’s central bank, issued the new rules on foreign banks.Credit.Wu Hong/EPA, via Shutterstock
April 2, 2021, 5:21 a.m. ET
SHANGHAI To defend against accusations by Washington and others that it doesn’t play fair on trade, Beijing could point to the banks. Chinese leaders have been steadily lowering the barriers they had erected around the country’s vast financial system, giving Wall Street and European lenders a greater shot at winning business in the world’s second-largest economy.
How Can Biden Bring Back Manufacturing Jobs? Weaken the Dollar
Critics of a strong currency say it hurts American factory workers by making imports cheap.
Revere Copper Products in Rome, N.Y., once had two plants and nearly 600 workers. Today the company employs about 300 and operates only one plant.Credit.Joshua Rashaad McFadden for The New York Times
March 1, 2021
President Biden has made reviving American manufacturing a top priority. To deliver, he may first have to deal with something even more fundamental to the U.S. economy: the strength of the dollar.
Because a strong dollar lowers the price of imports and raises the price of exports, it gives foreign companies an advantage over American competitors and can drag down U.S. employment.