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Beijing has taken another step Wednesday in its strategy of gradual internationalization of the yuan, its currency. Bank of China, 70% controlled by the Chinese state, now offers its customers in the United States the possibility to make transactions in yuan. Chinese authorities and show once again their desire to promote the use of its currency in major financial centers worldwide.

Already last year, they had authorized the first issues of government securities in Hong Kong.For Michel Aglietta, Scientific Advisor at CEPII and Professor of Economics at Paris X, conditions are far from being met for the yuan becomes fully convertible.

Lefigaro.fr: The announcement of the Bank of China Is a response to foreign pressure?

Michel Aglietta: Pressure on Beijing about its exchange rate policy, are largely due to Americans, who accuse Chinese authorities of being responsible for the trade balance deficit of the United States vis-à-vis the China. These pressures have focused on the bilateral trade between the U.S. and China and therefore have very little relationship with the global financial imbalances. What matters is the balance of payments and multilateral relations.In the context of financial crisis, the lack of dollar liquidity in the markets has been a catalyst for reform of the yuan by Beijing pledged in 2009.

What is the process of internationalization of the yuan?

The new trade in Asia, with the formalization of the free trade agreement between China and ASEAN countries (Indonesia, Thailand, Malaysia, Singapore, Brunei, Philippines, Cambodia, Laos, Burma and Vietnam, Ed) has allowed the yuan to win at the regional level. Beijing has decided to allow Chinese companies to bill their deliveries in Chinese currency in ASEAN. In fact, the acceleration of Asian integration has challenged the use of a third currency, in this case the dollar, no longer appeared to be optimal.And this, especially as trade within emerging countries showed better growth than trade with Western countries. Finally, last year, China has created a whole new market in Hong Kong, including allowing the first emission of government securities. The regional power of the yuan is now undeniable. But the fragility of the financial system still hinder the Chinese currency to increase its global role.

What he lacks in China for the yuan is needed on the international scene?

China does not liberalize its domestic financial system for several decades. System is kept by the banks themselves very concentrated, and local governments, which are heavily indebted and under the threat of insolvency. Beijing does not let go of the ballast overnight on capital accounts, interest rates or exchange controls.China needs to better regulate intermediary actors who markets and that authorities ensure that operators control risks. It needs actors who can give confidence to foreign investors. This will not happen overnight. However, the Chinese have launched numerous trials since the beginning of the reform of the yuan. The announcement of the Bank of China participated in these experiments. It shows that China does not confined to Hong Kong as a financial-exclusive, but although it aims to internationalize the yuan on all world markets. In the long run, it will be forced to open its financial market.

Chinese companies will be able to invest abroad in yuan

Some Chinese companies will be allowed on a trial basis to make direct investments abroad by using the yuan, a move to internationalize the use of the Chinese currency, announced on Thursday the central bank on its website. This experimental program is intended to "expand the use of the yuan in the border trade and investment to support Chinese companies abroad," the statement said the central bank.

The companies concerned are those that are already on a list they can use the yuan to their trade abroad. In December, Beijing has increased to more than 67,000 the number of such firms, against only 365 before, until the new system to generalize to the entire country.The government plans eventually to extend this possibility to export and import yuan not only to all the countries of the Association of Southeast Asian (ASEAN) but also to Latin America, beginning with Brazil, and Africa. According to several international experts, the equivalent of 400 million yuan will be traded in each day worldwide. This figure could rise to 3000 billion by 2015.

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The hit show Portugal's hardly over, Europe is torn again saving the eurozone, which could weigh on markets in the coming hours, while Spain and Italy back on bond markets, tomorrow, Thursday.

Fed by a forum of European Commissioner for Economic and Financial Affairs, Olli Rehn, who made the headlines in the Financial Times today, about a possible increase in the European Financial Stability Fund (FESF), have excited the good Traders' mood at the time when Portugal launched its test broadcast markets.

On to Ireland, FESF today with a lending capacity of 440 billion euros, an amount considered sufficient to rescue Portugal, but falls far short of needs if Spain, and especially the Italy had to be rescued.The IMF had called for the end of 2010 a doubling of funds to reassure the markets.

The European Commission President Jose Manuel Barroso, for the first time, today called for strengthening the lending capacity of the Fund, by requiring Member States to take a decision by February 4, dated next European Council.

"The Commission made clear that we consider the actual capacity of the loan must be strengthened and that the scope of its activities should be expanded," said Jose Manuel Barroso during a news conference in Brussels. "It is quite possible to make these decisions not later than the next European Council in February," he added.

Enlargement "not necessary"

Germany has sharply reacted to the coup of the EU executive, made "without consultation with capitals," according to European diplomats."It is not sensible nor necessary to discuss an enlargement of this fund," said Steffen Seibert, spokesman for Chancellor Angela Merkel.

Aligned with Germany, France made a statement offended. "France considers that the current capacity of the Fund are large enough to meet the demands" of any country in difficulty, "said government spokesman Baroin. "The position of Commissioner is a contribution to the debate. This is not the agenda of the next European council of ministers, "he added.

Commissioner Olli Rehn ensures that increasing the Fund was raised in Brussels, during preparatory meetings for the next Ecofin of 17 and 18 January.

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So that Monday, the Paris Bourse was heavily affected by the rise of the pressure on Portugal, the CAC 40 colors found on Tuesday morning, up from 0.52% to 3821.99 points.

The benchmark index of the Paris, which ends just above 3800 points yesterday, however, remains fragile. In taking down this psychological threshold during the meeting, the CAC 40 also received a major graphics support drawn December 31.

"The trend becomes clearly negative in the short term. In the very short term, the first resistance is at 3765 points.Below, all indicators are flashing with 3730 points as fast target, "according to technical analysis.

Help Europe, good action of the moment

Europe is again shaken by fears of the need for Portugal to do, its tour after Greece in spring 2010 and Ireland in the autumn, the demand for EU aid to avoid financial collapse. Tuesday, Lisbon will unveiled its monthly bulletin of the Bank of Portugal, together with its economic forecasts.

On Tuesday, Japan's Minister of Finance, Yoshihiko Noda, announced Tuesday that his government planned to buy bonds from the European financial stability (EFSF) to help stabilize the euro area.The other Asian giant, China has already expressed its readiness to help European economies most exposed to a debt crisis, promising to buy government bonds directly from Greece, Portugal and the Spain.

The euro has surged in the wake of the announcement of Japan, from a few minutes dollar 1.2989 1.2910 dollar in Tokyo. He then lost much of its gains and was trading at 1.2940 dollar at 4.30, against 1.2950 dollars the previous day at 23h in New York. According to Yuji Saito, a specialist in foreign exchange at Credit Agricole, the single European currency is then quickly reversed its gains when traders realized that Tokyo would use its reserves in euros to acquire the bonds, which means no massive buying euros is to be expected.

On Tuesday, opening, banking stocks catch up part of their heavy losses the previous day.Credit Agricole rises of 2.35%, BNP Paribas 1.73%, 1,7.3% of Société Générale and Axa of 1.57%. Natixis rises of 0.9%.

Alstom is taking the lead in the index, up 3.26% to 36.14 euros.

On the other hand, EDF has the lowest (-0.99%).

Competition "fair" for tankers

Barack Obama on Monday promised to Nicolas Sarkozy fair competition for the award of the tanker market in the U instant payday loan.S. Air Force, reported the French presidency. The American Boeing and European consortium EADS (0.89% to 19.33 euros) in competition for this market of 50 billion dollars (37 billion euros) which is in his third bid.

Renault: 0.48% to 47.73 euros
Reportedly, two of the three executives have accounts in Switzerland and Liechtenstein supplied by a Chinese company, according to private investigators.Employees attend their meeting on Tuesday to advance to a possible dismissal.

Furthermore, Renault sold last year 2.6 million vehicles (+14%) is less than one million PSA Peugeot Citroen.

Telecoms
Like its competitor Free (subsidiary of Iliad (-0.09%)), the second largest French mobile, a subsidiary of Vivendi (+0.3%), SFR will include effective January 18 calls to mobiles in the unlimited package of its new Internet box "Evolution", as revealed last night the Twitter site specializing N9ws.

ArcelorMittal
The world's largest steelmaker ArcelorMittal has extended its offer until Jan. 21 acquisition of Canadian producer of iron ore Baffinland.

CGG Veritas: 0.53% to € 22.60
The availability rate of its vessels was 84% in the fourth quarter of 2010, against 87% in the third and 86% in the fourth quarter of 2009.

Air France-KLM: 14.64 +0.10% to EUR
The company announced yesterday, Monday, the arrival of the Saudi national carrier Saudi Arabian Airlines in the SkyTeam marketing alliance which will strengthen its presence in the Middle East.

Vinci: 0.28% to 39.75 euros
The group reported Monday the inauguration, last weekend, the duplex A86, a ten kilometer long tunnel that connects Rueil-Malmaison (Hauts-de-Seine) and Velizy (Yvelines), thus completing the motorway A6 The "super device" in the Paris region. The tunnel, whose first section was in service since July 2009, representing an investment of 2.2 billion euros.

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Fimalac wants afford Accor Casinos. Accor, which still holds 49% share of Casino Lucien Barriere, came under discussion with the holding company Fimalac, announced the holding company and the giant hotel, confirming information Wansquare. "If the talks succeed, Fimalac inform the market with a new release," said the holding company of French businessman Marc Ladreit de Lacharriere.

Neither group has characterized these negotiations exclusive.

Accor thus remained in the process, begun there On several months of separating from its casinos Lucien Barriere. Last October, there was talk that the casino operator is introduced in Exchange, but Accor has canceled the operation less than 48 hours before the first quotations. Explanation: The lack of investor interest.The number one casino in France, also owns luxury hotels like Le Fouquet's in Paris, would indeed have been valued below the proposed price range (from 575 to 702,000,000 euros), which was too little for Accor.

Following this failure, the casino operator did not document-Accor maintained that all options were "reopened", including finding investors. However, management prefers Barrier IPO (IPO). This could suggest a new attempt in 2011.

A price around 550 million euros

According to our information, "it would seem reasonable that it is fastened below the price the IPO at around 550 million euros No teletrak payday loan." Even if the purchase price is modest for Accor, "is clearly positive in terms of perception management," said one trader in Paris.

Fimalac, which include 60% owner of the rating agency Fitch, could then finance the acquisition entirely on equity, because it currently has net cash of 261 million euros.

In the 2009/2010 financial year ended September 30, Fimalac has reported a net profit of 30 million euros (+36.4%) for a turnover of 608.9 million euros ( +8.8%).

The group recently acquired the company Vega, French leader operating rooms dedicated to entertainment, sports and events and economic events. The company has notably orchestrated the return of Michel Polnareff in 2007 and is particularly associated with the operation of the Zenith of Rouen. He also holds 40% of Gilbert Coullier Productions, the leading French organization of shows for singers and comedians speaking.

Nothing works for casinos

The casino market has suffered tremendously, both from an economic crisis that has sealed the "entertainment budget" of the French and regulations become more stringent over time.

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In the current context of strong concern about the debt of the euro area, the first issue of France for 2011 was expected by financial markets. It has generally gone well, although conditions have tightened for European states, including top rated (AAA). The Agence France Trésor (AFT), which manages the French debt, has received a request about two times greater than the supply. Which is slightly less than average, usually between 2 and 2.3 times.

"In the last quarter of 2010, the bond market has tended to fall just before or after auctions. It was a sign of difficulty to absorb the supply. Nothing like this has been observed this time, "said Patrick Jacq, bond strategist at BNP Paribas. The weighted average rate (TMP) which Paris has borrowed Thursday rose between 3.36% (for 10-year OATs) and 3.84% for the OAT due 2029."This reflects the increase in rates in the markets in recent months," said Rene Defossez, strategist at Natixis. A significant recovery in 2010, France had borrowed an average of 2.53% at ten years. Over the long term, however, the show took place yesterday at a price still very low by historical average, France borrows at a rate of 4.15% at ten years. "The fact that the rates back is not necessarily bad news because it also illustrates the improvement in economic conditions, it is argued in Bercy. Only problem: the draft budget for 2011 includes a charge of 45 billion euros of debt interest based on a rate of 3%. It is very clear over early this year, which could burden on public finances.

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In the race to recovery, countries are not at the same pace. In Europe, the hare, Germany. And the tortoise, Greece. France is in the forefront. The graphic above represents the race of nations towards growth before, during and after the crisis. The evolution of the economy of each country is measured by the annualized quarterly growth rate. Clearly, the level of economic activity in each quarter compared to the same period a year ago. The first quarter 2010 is reported in the first quarter of 2009.

The bubbles are inflated or deflated each country according to the weight of debt. As during the crisis, state revenues (taxes, etc.) fall and spend it (unemployment benefits, subsidies, etc.) rise, debt has continued to grow.

Some countries, like France, have fared better during the crisis through mechanisms nicknamed "automatic stabilizers" by economists. Specifically, the State spends more on leaner times more likely to compensate unemployed or collects less revenue because of tax cuts. This strategy has its downside: it widens the deficit, which are in turn inflate the debt.

Other economies have been affected more severely, as in Germany. While France has registered a fall of 2% of the wealth produced in 2009, activity in Germany plunged by 4%. But she rebounded with more vigor, flirting with the 3% annual growth in 2010.

Ireland finally knew stratospheric growth rates before the crisis.Then the economic downturn has hit hard, challenging in part because its business model based on such real estate and banks. These have dived with the proliferation of defaults on home loans. The state decided early in the crisis support to 100%, wiping losses in their places. Result, the debt has exploded, increasing from 44.4% in 2009 to 102% in 2012. The drastic austerity plan, quickly became inevitable, is stopping the resumption of growth by cutting.

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For the economist Nouriel Roubini, nicknamed "Mr. Disaster" by the Anglo-Saxon, there is nothing good to wait for 2011. He had anticipated the subprime crisis in The Tribune lists the reasons for despair in the next twelve months.

United States, even if the assumption of a return to recession now seems excluded, do not rejoice so far. "The property prices relapse, the credit crunch continues, unemployment will remain at a high-level significantly beyond 9%, local authorities face funding problems and the process of reducing the federal debt is constantly delayed, "wrote Nouriel Roubini. Result of this last point, interest rates could rise again, lead the recovery.

In the eurozone, the economist Assen that "the current approach of European leaders, which is to take and hopefully it is only a problem of liquidity and not solvency, does not work." Finding Mr. Catastrophe: the eventual release of one or more countries in the euro area. In this context, the growth of developed countries should not exceed 2.1%. Emerging countries, they may instead overheating and therefore hyperinflation coupled with speculative bubble paperless payday loans. With the risk that policies will lead to cooling of a hard landing.

"War of currencies"

With such differences in growth, "all the ingredients for a war of currencies, trade disputes and increasing protectionism," Nouriel Roubini predicts.The commodity prices could also fly over the next six months of the year because of excess liquidity in the markets. If the world manages to cope with these challenges in the first half, lets hope the economist, the last six months of 2011 could mark a return to "the virtuous circle of growth."

Before alarm, remind that all predictions of Nouriel Roubini does not come true in 2010. The economist was counting on such growth "near zero" in the eurozone. It leans more likely between 1.5 and 1.7% on the strength of the German economy.

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Goldman Sachs brings credibility to the stratospheric valuation of Facebook. The U.S. investment bank has in fact invested, alongside Russian Sky Digital Technology, $ 500 million in community site Facebook on the basis of a total valuation of $ 50 billion, said this morning the New York Times. The social network was previously valued at $ 42.4 billion.

This investment amounts to estimating that Facebook is worth more than established groups for much longer, like eBay, Yahoo and Time Warner, says the newspaper, quoting sources involved in the transaction. With this development, Goldman Sachs also ranked the best place to organize the likely future IPO of Facebook, reports the New York Times.

The deal would double the personal wealth of the site's founder, Mark Zuckerberg, the newspaper said, to nearly $ 14 billion.The fathers of Google, Larry Page and Sergey Brin, have them fortune estimated at $ 15 billion. In the race for supremacy of the web taken by Google and Facebook, he would have beaten the second for the first time the United States in 2010. The most visited U.S. social network that the search engine, according to Hitwise.

A valuation carried out on the "gray market"

Facebook is it really $ 50 billion? "The credibility of one of the biggest names on Wall Street, Goldman, could help to justify the valuation of the company," says the New York Times payday loans for bad credit. Not publicly traded securities of the group are traded on the gray market.Specifically, these online platforms as Sharepost SecondMarket or where investors can deliver in shares Twitter, LinkedIn or Zynga.

As their nickname implies, these virtual stock markets do not shine by their transparency and leave some think they favor bubbles. But they allow employees paid partly in shares to sell when desired. Still, Constable American Stock Exchange, the SEC would investigate those companies, according to The New York Times. "Some companies are accused of using the gray market to circumvent the legal obligations of transparency," wrote the newspaper said.

Still, that recovery is still astronomical increase pressure on the leaders of Facebook for they introduce the company stock. Its leaders oppose it since the founding of the group.

Moreover, Facebook has tried to buy Twitter, "said co-founder Biz Stone of Twitter to the Financial Times.

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