Member Submitted/Breaking News

Two Chinese marine surveillance ships entered what Japan considers its territorial waters near disputed islands in the East China Sea on Monday, the Japanese Coast Guard said, a move bound to raise tension between Asia's two largest economies.

On Thursday, Sept. 6... just a few days ago, China made the official announcement. China said on that day, our banking system is ready, all of our communication systems are ready, all of the transfer systems are ready, and as of that day, Thursday, Sept. 6, any nation in the world that wishes from this point on, to buy, sell, or trade crude oil, can do using the Chinese currency, not the American dollar.

China has summoned a senior US diplomat in a dispute over the South China Sea. On Friday, the US state department said Beijing was risking an escalation in tensions by establishing a garrison on one of the disputed Paracel islands. The Chinese foreign ministry said the US remarks "disregarded the facts" and "sent a seriously wrong signal". China lays claim to parts of the sea, overlapping areas claimed by the Philippines, Vietnam, Taiwan, Brunei and Malaysia. ... There are thought to be significant oil and gas reserves below parts of the South China Sea subject to ownership disputes.

A tropical storm inched across northern Taiwan on Thursday after already dumping up to five feet of rain that has flooded farmland, swollen rivers and paralyzed life on much of the densely populated island of 23 million people. Saola weakened from a typhoon to a tropical storm by late afternoon, but its slow movement and continuing heavy rains raised the prospect of devastating flooding in areas that have absorbed more than 150 centimeters (58 inches) of rain since Tuesday.

According to the Ministry of Health, over 460,000 people were infected by the disease in May, leading to 132 deaths.

Essentially, Standard Chartered is suggesting that while corporate China have to sell US dollar whenever they receive their payments in US dollar, the data suggests that they are selling a lot more US dollar than the trade surplus data suggest that they should, thus they seem to have been building up a net short position in US dollar.

Chinese state media say torrential rains have killed at least 16 people and affected 1 1/2 million people in southern and northern parts of the country

Ten Langnan Town villagers were injured and another three arrested in a dispute over a large natural gas pipeline near their town in China’s southwestern Guangxi Province. The villagers had been protesting the installation of a new drainage pipe near the gas pipeline and close to an elementary school. They said the pipe could cause environmental pollution or lead to explosions or gas leaks.