UPDATE 1-Russia, China to create joint rating agency as ties grow
Source: Reuters
(Reuters) - Russia and China have reached an agreement to create a joint credit rating agency and are working on a series of measures to make trade easier, Russia's finance minister said on Tuesday, a sign of growing ties between the neighbours.
Speaking during a trip to China, Anton Siluanov told journalists that the new rating agency would be modelled on existing rating agencies.
"We would like (the agency's) ratings to be apolitical," Siluanov said in comments sent by the ministry's press service.
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The plan to create a new agency in conjunction with China appears aimed at gradually building a credible alternative to the big three ratings agencies, which came under fire for failing to anticipate the financial crisis that began in 2007.
Read more: http://uk.reuters.com/article/2014/06/03/russia-china-ratings-idUKL6N0OK1QP20140603?feedType=RSS&feedName=rbssFinancialServicesAndRealEstateNews&utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+reuters%2FUKBankingFinancial+%28News+%2F+UK+%2F+Financial+Services+and+Real+Estate%29
Demeter
(85,373 posts)eppur_se_muova
(36,227 posts)bossy22
(3,547 posts)Despite their HUGE screw up in the financial crisis the big 3 (Fitch, S&P, Moodys) are still well respected.
jtuck004
(15,882 posts)It wasn't a screw up, it was deliberate theft.
Today they are only respected by plantation workers who live under the foot of the owners, the people Malcom X called House Negroes, many of whom hurt others and also lie about it.
bossy22
(3,547 posts)who has some stake in the world capital markets
whether you like it or not they play and important and vital role in our world.
jtuck004
(15,882 posts)weak to walk away from.
Adolph Hitler was a master of economics, created so many jobs that they had to import people to do the work, before they started their conquest and genocide and become the terrible, awful, genocidal maniac he is known for in the cartoon version kids are taught.
Just to put it in perspective, it is my personal belief that he was a more honest person than many of the lying bastards we have in those seats now, including some of our elected officials.
And that is why an entire audience on Jon Stewart laughed AT Geithner, the person, whom the President appointed, they laughed in little Timmy's face when he tried to spread the lies about the health of the financial sector being necessary to prevent further calamity as he wrote in his book on national tv, and why he looked like such a juvenile idiot.
I'm not part of that and there are no good excuses for their theft and the cover up.
bossy22
(3,547 posts)They didn't purposely tank the U.S. financial center, they were just "banking" (no pun intended) that home prices nationwide wouldn't decrease. Keep in mind, untill the 2007-2009 financial crisis home prices never decreased in real terms on a national scale. The bet wrong and they should be held accountable
Despite what you may believe, the finance industry is a vital industry to the U.S. and pretty much any other nation on earth. Want an alternative- the barter system. A system our ancestors left thousands of years ago as society became more complex.
DU is filled with members that have hatred for the financial industry- not just 1% part of it but all of it. You can see them cheer when the stock market declines- because they are "sticking it to the man". The problem is, you are also sticking it to the 99%. the 99% uses the capital markets as well.
Demeter
(85,373 posts)It is a brokering cum skimming operation. More often it is theft than not. Corruption starts and ends at their doorstep, and in their pockets.
KamaAina
(78,249 posts)that could be bad news for the U.S. and especially the EU, much of which depends on Russian gas exports.
dipsydoodle
(42,239 posts)Just an additional market for Russia.
KamaAina
(78,249 posts)Remember the uproar when CNOOC was looking to buy Unocal?
Nitram
(22,671 posts)It's all a big bluff.
joshcryer
(62,265 posts)Good luck with that.
Nitram
(22,671 posts)Two authoritarian regimes for whom the "truth" is just what is politically advantageous at the moment. Good luck with that.
dipsydoodle
(42,239 posts)BEIJING, June 3 (RIA Novosti) - Russia and China are expected to cooperate in the monetary policy sector, Russian Finance Minister Anton Siluanov said Tuesday.
This issue will be discussed in the framework of the meeting with the chairmanship of the national Bank of China, and consider the cooperation issues in the sector of monetary policy will be considered, Siluanov said.
A report from the World Bank's International Comparison Program earlier this year estimated that China could topple the US economy as the world's biggest in 2014. The two countries, both members with the BRICS economic bloc of Brazil, Russia, India, China and South Africa, have long been vying to replace the US dollar as Number One global exchange currency.
Siluanovs visit to China comes on the heels of President Putins meeting with his Chinese counterpart, Xi Jinping, in Shanghai this May, where the two leaders signed a fresh package of financial cooperation accords in what many experts believe to be a clear sign of Russia's growing proximity with China.
On Tuesday, the Russian financial chief is meeting with a panel of Chinese investors to weigh up the outlooks for mutual investment programs. They are also expected to sign a cooperation agreement for closer ties between the Russian and Chinese treasury departments.
http://en.ria.ru/russia/20140603/190321552/Russia-China-Agree-on-Cooperation-in-Monetary-Policy.html