Yuan devaluation boosts Chinese shares, hurts other markets

Hong Kong (AFP) - China's central bank on Tuesday devalued its yuan currency by nearly two percent against the US dollar, as authorities seek to push market reforms and bolster the world's second-largest economy.

Slow growth inevitable for China, 7% GDP rate the new normal: S&P

NEW DELHI: In its latest report titled 'Slower Growth In China: Inevitable, Necessary, And Now More Palatable.', Standard & Poor's Ratings Services on Wednesday said that a 7-7.5% GDP growth rate is a 'new normal' for China.

Shift in policy: China plans to reduce state's role in the economy

SHANGHAI: The Chinese government is planning for private businesses and market forces to play a larger role in its economy, in a major policy shift intended to improve living conditions for the middle class and to make China an even stronger competitor on the global stage.

Top China official visits Afghanistan, signs security deal

KABUL (Reuters) - China has signed security and economic agreements with Afghanistan during a rare trip to Kabul by a top Chinese official, in deals seen aimed at bolstering Beijing's influence ahead of a NATO withdrawal of most combat forces by 2014.

China domestic security spending rises to $111 billion

BEIJING (Reuters) - China will increase spending on police, militia and other domestic security arms by 11.5 percent to $111 billion this year, figures released on Monday showed, ahead of a leadership succession that has kindled fear of instability.

China and Russia Increasing the Speed of Military Modernization

The Kremlin recently revealed that Moscow has pledged $640 billion in an effort to bring 80% of the Russian military establishment up to modern standards by 2020. Consequently, Vladimir Popovkin, deputy defense minister in charge of arms procurement, recently suggested to the media that the Russian defense ministry plans to buy around 600 airplanes and 1000 helicopters. He further stated that the Ministry was planning to fund the development of a “new liquid fuel heavy intercontinental ballistic missile to replace aging RS-18 Stilleto and RS-20 Satan”. These missiles would be able to carry up to 10 warheads with solid fuel missiles each carrying a maximum of three warheads. It was further revealed that the Russian government plans to lend $24 billion to defense companies to help prepare for bigger contracts after 2015.