Flag of China. Image: Google Images
Chinese Rating Agency Strips Western Nations of AAA Status
THE TELEGRAPH: China's leading credit rating agency has stripped America, Britain, Germany and France of their AAA ratings, accusing Anglo-Saxon competitors of ideological bias in favour of the West.

Dagong Global Credit Rating Co used its first foray into sovereign debt to paint a revolutionary picture of creditworthiness around the world, giving much greater weight to "wealth creating capacity" and foreign reserves than Fitch, Standard & Poor's, or Moody's.

The US falls to AA, while Britain and France slither down to AA-. Belgium, Spain, Italy are ranked at A- along with Malaysia.

Meanwhile, China rises to AA+ with Germany, the Netherlands and Canada, reflecting its €2.4 trillion (£2 trillion) reserves and a blistering growth rate of 8pc to 10pc a year.

Dominique Strauss-Kahn, chief of the International Monetary Fund, agreed on Monday that the rising East is a transforming global force. "Asia's time has come," he said. >>> Ambrose Evans-Pritchard, International Business Editor | Monday, July 12, 2010

Britain Will 'Obviously' Join Euro Says Mandelson
Euros: Google Images
THE TELEGRAPH: Britain "obviously" remains committed to joining the euro following the currency's "success" in helping its members to weather the economic crisis, Lord Mandelson said.

The newly promoted First Secretary of State, speaking in Berlin, hailed the euro as a saviour that had brought stability to the European Union during financial turmoil.

"It is perfectly clear that the euro has been a great success in anchoring its eurozone members during this financial crisis," he said.

"Imagine where all of us would have been if it hadn't. I hope people will recognise that this represents a major vindication for the single currency."

Asked if the British Government would consider joining the euro, Lord Mandelson replied: "Does it remain an important objective for Britain to find itself in the same currency as that single market in which it interacts? Obviously yes."

He added: "That has to be a decision taken on the right terms in the right circumstances and conditions and therefore at a future time than we have now." >>> By Bruno Waterfield in Brussels | Thursday, June 11, 2009