Here at our CUSEF blog, we share news, updates and stories about China and the United States. We provide more than a cursory glimpse of what’s going on between the two powers - here, we offer an in-depth look into their current state of affairs.

CUSEF Express

CUSEF Express - Sep 22 2022


Russia initiated ‘partial mobilization’

  • President Vladimir Putin announced “partial mobilization” (Ru/En) during a rare speech (Ru/En) on Wednesday, calling up Russian citizens to join military service, a move that could result in the escalation of the war in Ukraine.

  • When asked about Putin’s address, the Chinese Foreign Ministry reiterated its stance on the war yesterday. “We call on the parties concerned to resolve the issue through dialogue and negotiation and find a solution that accommodates all parties’ legitimate security concerns. We also hope the international community will create conditions and space for that,” a spokesperson said.

  • On Tuesday, Russia-leading officials of Donbass, Kherson, and Zaporozhye regions decided to hold referendums from September 23 to 27 on whether to become parts of Russia.

Biden speaks at UN General Assembly

  • In a speech delivered yesterday at the 77th Session of the United Nations General Assembly, U.S. President Joe Biden said the U.S. “seeks to uphold peace and stability across the Taiwan Straits.” He made the remarks days after saying the U.S. would defend Taiwan against Beijing militarily — a claim soon downplayed by his team.

  • The President also accused Russia of an “extremely significant” violation of the U.N. charter, responding to Putin’s executive order on partial mobilization. He also said the war in Ukraine “is about extinguishing Ukraine’s right to exist as a state, … and Ukraine’s right to exist as a people,” telling the assembly that the attempt “should make your blood run cold.”

Fed increased rates by 75 BSP

  • The U.S. Federal Reserve raised the federal-funds rate target by 75 basis points for a third straight time to a range of 3.00% to 3.25% — the highest level since January 30, 2008. According to the central bank’s economic projections, the median forecast of the rate would be 4.4% by the end of this year. Fed officials anticipated the rates would rise to 4.6% in 2023 and decline to 3.9% in 2024 and 2.9% in 2025.

  • At the press conference about the rate hike, Fed Chair Jerome Powell admitted, “Reducing inflation is likely to require a sustained period of below-trend growth, and there will very likely be some softening of labor market conditions.” However, the move is necessary to “achieve maximum employment and stable prices over the longer run,” he said.

China ‘confident’ in complete unification with Taiwan

  • “With regard to resolving the Taiwan question and realizing the complete unification of China, we have strategic composure and historic patience, and we are also full of confidence,” Qiu Kaiming, director of the Research Bureau of the Taiwan Work Office (TAO) of the Communist Party of China Central Committee, said (Zh) on Wednesday. Ma Xiaoguang, a spokesperson of TAO, reaffirmed (Zh) Beijing’s promise to allow Taiwan to “practice a social system different from that of the mainland.” However, Ma sidestepped a question about Beijing’s timeline of retaking Taiwan.

China to establish RMB clearing arrangements with Kazakhstan, Laos

  • Kazakhstan and Laos have agreed with China to establish mechanisms for Chinese yuan clearing in the countries. China’s central bank Tuesday announced the signing of the cooperation memorandum. The arrangements will allow financial institutions and businesses in the three countries to trade in China’s currency and could promote the yuan’s global status.

Iran protests intensify

  • The protests in Iran have spread across the state from the Kurdish-populated regions in the northwest. The unrest was caused by last week’s death of a 22-year-old Kurdish woman during police custody over "unsuitable attire." Social media networks WhatsApp and Instagram have been blocked in part of the country amid extensive outrage on the Internet.

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