Should new laws criminalizing attempts at discrimination against sexual minorities be implemented?
SINGAPORE - Much has been written about the anti-homosexuality history of the newcomers in AWARE’s executive committee together with their supporters, especially their links to the Church of Our Saviour, a charismatic anglican church. The concern with the Church of Our Saviour is that its history has been laden with the anti-homosexuality rhetoric, which explains the alarm of members within the gay community in the wake of the latest developments at AWARE.
When the Singapore government opened its doors of employment to homosexuals to positions within the civil service, the senior pastor of the Church of Our Saviour, Mr Derek Hong, was visibly opposed to such an action. Mr Hong made a passionate speech, vowing to mobilize churches in Singapore to stand up against the homosexual issue, and highlighted his goal of making Singapore a nation of righteous Christians without contamination of the homosexual lifestyle. Mr Hong felt that homosexuality should not be allowed to come out to the surface and made acceptable to the nation. Mr Derek Hong and the Church of Our Saviour aside, a group of 20 Christians from different denominations, voluntary organizations and professions met and agreed on a line of action to tackle the homosexual-friendly hiring policy. Mr Yang Tuck Yoong, a pastor of the Cornerstone Community Church encouraged Christians to express their concerns regarding the new hiring policy to their Member of Parliaments via letters or during meet-the-people sessions.
It can be argued that the actions of such religious figureheads are bordering on sedition, i.e. attempting to create ill-feelings and enmity against a certain group of Singaporeans, the sexual minorities. While the government deserves its fair share of plaudits for adopting a tolerant approach in hiring homosexuals, it should have considered implementing laws equivalent to the LGBT (Lesbian, Gay, Bisexual and Transgender) laws in the U.S.. LGBT laws in the U.S. include anti-discrimination laws to counter employment discrimination based on sexual orientation. President Bill Clinton’s Executive Order 13087 prohibits discrimination based on sexual orientation within the U.S. civil service, and our government should consider having a similar bill.
And more can be done to protect sexual minorities against discrimination. For starters, a new Anti-discrimination against Sexual Minorities Act should be enacted, and this is applicable to everyone regardless of religious beliefs. Such an act criminalizes attempts aimed at provoking discrimination against sexual minorities. What is allowed and not allowed for this proposed Act?
Allowed
1) Expressing one’s personal opinion against the sexual practice/lifestyle of a sexual minority. For instance, a speech or writing expressing negative opinions of a homosexual/lesbian practice is permissible.
E.g. I find anal sex by homosexuals disgusting and extremely unhealthy.
Not allowed
1) Making an attempt either directly or indirectly to curtail the progress of a sexual minority, be it in education, career or in other areas, on the grounds of his/her sexual orientation.
E.g. An organized campaign by a religious figurehead to prevent the employment of homosexuals to the civil service. If the religious figurehead explicitly informs his followers to influence Members of the Parliament to discourage the employment of sexual minorities in the civil service, the figurehead will be violating the Act.
2) Partaking in speeches/campaigns/activities that stirs up ill will against sexual minorities.
E.g. Hate speeches and actions that directly lead to contempt against sexual minorities.
In every mature society, tolerance of differences should be practised. Bigotry still remains a serious scourge and poses a danger, especially to the vulnerable ones who are affected. As such, the latter should be protected by specially designed laws, which ensure that their interests are not curtailed by discrimination.
http://forums.delphiforums.com/sunkopitiam/messages?msg=27589.1
Tuesday, April 21, 2009
Singapore beyond Lee Kuan Yew
Singapore beyond Lee Kuan Yew
Tuesday, 21 April 2009
Deborah Choo
“The price to Singapore of the PAP’s extraordinarily successful half-century of governance is that the system is now particularly vulnerable to the internal self-renewal of the PAP itself.” – Ho Kwon Ping.
International journalists, students, officials, bankers and representatives from established institutions gathered at the National Museum Gallery Theatre yesterday afternoon. They were there for the inaugural Asia Journalism Fellowship (AJF) seminar organized by the Temasek Foundation, Nanyang Technological University (NTU).
The session was chaired by Cherian George, a researcher at the Wee Kim Wee School of Communication and Information,NTU. The seminar was titled, “Singapore Beyond Lee Kuan Yew: Institutionalising The Singapore Way”.
The event brought together two distinguished guest speakers, namely Kishore Mahbubani, Dean and Professor of the Lee Kuan Yew School of Public Policy, National University of Singapore, and Ho Kwon Ping, Executive Chairman, Banyan Tree Holdings; Chairman, Singapore Management University; Chairman, MediaCorp Pte Ltd.
Mr Mahbubani raised three pertinent issues. Firstly, whether it is legitimate to pose the question of Singapore’s prospects beyond Minister Mentor Lee Kuan Yew. Mr Mahbubani acknowledged that many internationally had raised similar concerns, some expressing pessimism over Singapore’s future after MM Lee; one being Professor Samuel Huntington, who had said: “The honesty and efficiency that Senior Minister Lee has brought to Singapore are likely to follow him to his grave. “
Mr Mahbubani feels that the question boils down to MM Lee being an “extraordinary leader”, who is admired as a nation builder, an international statesman, and an effective and persuasive leader.
MM Lee’s legacy
Second, what has Singapore done to ensure that MM Lee’s legacy will be protected? Mr Mahbubani listed seven measures undertaken, namely an “exceptional” education system, national service, strong public institutions, a political party who had “learnt the art of winning elections”, ethnic harmony, meritocracy, and stamping out corruption.
However, when it came to the question of a Singapore after MM Lee, his take was that no one can be sure what this will be. He speculated three scenarios, one: a seamless transition, second: a significant reversal of the legacy left by MM Lee, and third: PAP continues to rule Singapore, but with a strong opposition force.
Mahbubani emphasized that Singapore must be able to conceive the notion of failure, so as to prevent the country degenerating. This was something which former Deputy Prime Minister, Dr Goh Keng Swee, had told him, after the PAP’s monopoly of Parliament was broken in 1981. “As (Dr Goh) has wisely told us, failure happens when we fail to consider the possibility of failure,” said Mr Mahbubani.
Mr Ho Kwon Ping felt that MM Lee had already passed the first test all great leaders faced, which is to personally engineer the transition to the next generation of leaders. However, whether MM Lee’s legacy would last beyond several generations, to become “enshrined in lasting, sustainable institutions”, is still unknown, Mr Ho said.
Singapore “stable, but static”
He is, however, confident that Singapore will see a new generation of leaders coming forth in the self-renewal process. But Mr Ho raised doubts over whether the PAP will continue to advance its current one-party dominance by producing its future leaders in which Singaporeans may or may not support in the future. His other concern is whether tomorrow’s generation can weather a change in the political climate which may see more opposition entering the scene.
He described Singapore’s political equilibrium as “stable, but static”, and feels that a multi-party political system would serve to benefit Singapore. He, however, maintained that “intentionally dividing the
PAP into two sister parties taking turns at the polls to lead the country, is an artificial, unworkable idea.”
Singapore vulnerable to PAP’s internal self-renewal
He cautioned that though Singapore has enjoyed good governance in the past 50 years, it has inevitably also made us particularly vulnerable to the “internal self-renewal of the PAP itself”. Citing China’s political system, he said, “We do not know the process by which Xi Jin Ping, a relatively unknown heir apparent to President Hu Jin Tao, was assessed, tested, and then given the mantle of succession. But a system of internal competition, evaluation, and selection clearly exists. And the system, however non-transparent, is sustainable and meritocratic – and it works.”
Echoing Mr Mahbubani’s stand on a Singapore beyond MM Lee, he concluded, “The only possible answer, since we have not yet crossed that bridge, is that we do not know. But future leaders will certainly not enjoy the huge political legitimacy arising from approval by Lee Kuan Yew.”
Mr Ho expressed uncertainty over the one-party dominance in the post Lee Kuan Yew era, but said that should it succeed, “they will have created a new model of political governance which will genuinely challenge the fundamental assumptions of Western liberal democracy with its requisite two-party model.” He remains confident that the future generation will “rise to the occasion” when the time calls as their “sense of belonging is strong”.
The younger generation
When TOC asked him on his views on the impact of the brain drain in Singapore, Mr Ho said he is not too worried about this, as all Singapore youths want to see the world, but they would return eventually.
Mr Ho disagreed that Singaporean youths are apathetic, as they “may be disinterested in electoral politics, but they are increasingly involved in civil society and community issues.”
The only difference is that the media medium used to air their views is different from that of the older generation. He said, “They seek expression not in Speakers Corner but in alternative digital media and social networking sites.”
The government realizes that it cannot control the new media, and it is good that the government is engaging in discussions at the grassroots level to find out more about it, he told TOC.
Addressing the government liberalizing its hold on the mainstream media, Mr Ho felt that the government has and is adopting a “pragmatic” approach to satisfy the younger generation’s thirst for democracy, but also being cautious not to upset the heartland, nor “endangering” social stability.
Citing the heated debates over gay rights and the Public Order Act, Mr Ho argues that “incremental change is happening.”
“The society Lee Kuan Yew has shaped will not, as Prof Samuel Huntington predicted, follow him to his grave,” he said. “It may not look like the Singapore of Lee’s time, nor may the PAP rule un-interrupted forever, but the people of Singapore, the nation they inhabit, and the society they continue to shape, will thrive so long as our children know that the future of Singapore belongs to them.”
http://forums.delphiforums.com/sunkopitiam/messages?msg=27489.1
Tuesday, 21 April 2009
Deborah Choo
“The price to Singapore of the PAP’s extraordinarily successful half-century of governance is that the system is now particularly vulnerable to the internal self-renewal of the PAP itself.” – Ho Kwon Ping.
International journalists, students, officials, bankers and representatives from established institutions gathered at the National Museum Gallery Theatre yesterday afternoon. They were there for the inaugural Asia Journalism Fellowship (AJF) seminar organized by the Temasek Foundation, Nanyang Technological University (NTU).
The session was chaired by Cherian George, a researcher at the Wee Kim Wee School of Communication and Information,NTU. The seminar was titled, “Singapore Beyond Lee Kuan Yew: Institutionalising The Singapore Way”.
The event brought together two distinguished guest speakers, namely Kishore Mahbubani, Dean and Professor of the Lee Kuan Yew School of Public Policy, National University of Singapore, and Ho Kwon Ping, Executive Chairman, Banyan Tree Holdings; Chairman, Singapore Management University; Chairman, MediaCorp Pte Ltd.
Mr Mahbubani raised three pertinent issues. Firstly, whether it is legitimate to pose the question of Singapore’s prospects beyond Minister Mentor Lee Kuan Yew. Mr Mahbubani acknowledged that many internationally had raised similar concerns, some expressing pessimism over Singapore’s future after MM Lee; one being Professor Samuel Huntington, who had said: “The honesty and efficiency that Senior Minister Lee has brought to Singapore are likely to follow him to his grave. “
Mr Mahbubani feels that the question boils down to MM Lee being an “extraordinary leader”, who is admired as a nation builder, an international statesman, and an effective and persuasive leader.
MM Lee’s legacy
Second, what has Singapore done to ensure that MM Lee’s legacy will be protected? Mr Mahbubani listed seven measures undertaken, namely an “exceptional” education system, national service, strong public institutions, a political party who had “learnt the art of winning elections”, ethnic harmony, meritocracy, and stamping out corruption.
However, when it came to the question of a Singapore after MM Lee, his take was that no one can be sure what this will be. He speculated three scenarios, one: a seamless transition, second: a significant reversal of the legacy left by MM Lee, and third: PAP continues to rule Singapore, but with a strong opposition force.
Mahbubani emphasized that Singapore must be able to conceive the notion of failure, so as to prevent the country degenerating. This was something which former Deputy Prime Minister, Dr Goh Keng Swee, had told him, after the PAP’s monopoly of Parliament was broken in 1981. “As (Dr Goh) has wisely told us, failure happens when we fail to consider the possibility of failure,” said Mr Mahbubani.
Mr Ho Kwon Ping felt that MM Lee had already passed the first test all great leaders faced, which is to personally engineer the transition to the next generation of leaders. However, whether MM Lee’s legacy would last beyond several generations, to become “enshrined in lasting, sustainable institutions”, is still unknown, Mr Ho said.
Singapore “stable, but static”
He is, however, confident that Singapore will see a new generation of leaders coming forth in the self-renewal process. But Mr Ho raised doubts over whether the PAP will continue to advance its current one-party dominance by producing its future leaders in which Singaporeans may or may not support in the future. His other concern is whether tomorrow’s generation can weather a change in the political climate which may see more opposition entering the scene.
He described Singapore’s political equilibrium as “stable, but static”, and feels that a multi-party political system would serve to benefit Singapore. He, however, maintained that “intentionally dividing the
PAP into two sister parties taking turns at the polls to lead the country, is an artificial, unworkable idea.”
Singapore vulnerable to PAP’s internal self-renewal
He cautioned that though Singapore has enjoyed good governance in the past 50 years, it has inevitably also made us particularly vulnerable to the “internal self-renewal of the PAP itself”. Citing China’s political system, he said, “We do not know the process by which Xi Jin Ping, a relatively unknown heir apparent to President Hu Jin Tao, was assessed, tested, and then given the mantle of succession. But a system of internal competition, evaluation, and selection clearly exists. And the system, however non-transparent, is sustainable and meritocratic – and it works.”
Echoing Mr Mahbubani’s stand on a Singapore beyond MM Lee, he concluded, “The only possible answer, since we have not yet crossed that bridge, is that we do not know. But future leaders will certainly not enjoy the huge political legitimacy arising from approval by Lee Kuan Yew.”
Mr Ho expressed uncertainty over the one-party dominance in the post Lee Kuan Yew era, but said that should it succeed, “they will have created a new model of political governance which will genuinely challenge the fundamental assumptions of Western liberal democracy with its requisite two-party model.” He remains confident that the future generation will “rise to the occasion” when the time calls as their “sense of belonging is strong”.
The younger generation
When TOC asked him on his views on the impact of the brain drain in Singapore, Mr Ho said he is not too worried about this, as all Singapore youths want to see the world, but they would return eventually.
Mr Ho disagreed that Singaporean youths are apathetic, as they “may be disinterested in electoral politics, but they are increasingly involved in civil society and community issues.”
The only difference is that the media medium used to air their views is different from that of the older generation. He said, “They seek expression not in Speakers Corner but in alternative digital media and social networking sites.”
The government realizes that it cannot control the new media, and it is good that the government is engaging in discussions at the grassroots level to find out more about it, he told TOC.
Addressing the government liberalizing its hold on the mainstream media, Mr Ho felt that the government has and is adopting a “pragmatic” approach to satisfy the younger generation’s thirst for democracy, but also being cautious not to upset the heartland, nor “endangering” social stability.
Citing the heated debates over gay rights and the Public Order Act, Mr Ho argues that “incremental change is happening.”
“The society Lee Kuan Yew has shaped will not, as Prof Samuel Huntington predicted, follow him to his grave,” he said. “It may not look like the Singapore of Lee’s time, nor may the PAP rule un-interrupted forever, but the people of Singapore, the nation they inhabit, and the society they continue to shape, will thrive so long as our children know that the future of Singapore belongs to them.”
http://forums.delphiforums.com/sunkopitiam/messages?msg=27489.1
Aware should not lose sight of its original role
Aware should not lose sight of its original role
I HAVE followed the news on the Association of Women for Action and Research (Aware) with great interest. To my surprise, questions have focused mainly on the new office-holders' stand on homosexuality.
I am puzzled as to the relevance of these questions. As far as I know, Aware was not set up to establish acceptance of homosexuality.
A check on Aware's website confirmed that its mission is to 'identify areas for improvement in gender equality, encourage positive change, and support women in realising their highest potential'.
In view of that, Aware should not lose sight of its original role and function, but should focus on advancing the cause of women as a whole. The agenda of homosexuality should remain separate.
With the current economic situation, I find it strange that reporters have not asked the new office-bearers what they plan to do to help women coping with job losses, especially single mothers struggling to provide for their families. The questions on homosexuality stand out glaringly at the top of the list, as if that was the main role of Aware. Surely women are now struggling with more urgent and pressing issues than society's acceptance of homosexuality.
I also find that the request from some members for an extraordinary general meeting, with the intent of replacing the committee, borders on the ludicrous.
Examining the write-up on these new office-bearers, I found my respect and confidence in them growing. These are women with stellar credentials, highly successful and respected in their fields. These are women who have broken through glass ceilings. Aware should count itself privileged to have such a diverse team of capable leaders. As a woman, I am happy to have them represent my cause.
I understand how the old guard members must feel. Losing is never easy. I hope they realise that their sacrifice of hard work and time has not gone unnoticed. Even so, a democratic process should be respected for what it stands for.
From the reports, it is clear that Mrs Claire Nazar was nominated by the outgoing president, and she in turn nominated about half of the office-bearers. After which everything was left up to the vote of the members. Frankly, I see nothing suspicious in that. Rather than let bruised egos dictate behaviour, I suggest that perhaps graciousness could be a more dignified way to end one's term in office.
Hannah Han (Ms)
http://forums.delphiforums.com/sunkopitiam/messages?msg=27477.1
I HAVE followed the news on the Association of Women for Action and Research (Aware) with great interest. To my surprise, questions have focused mainly on the new office-holders' stand on homosexuality.
I am puzzled as to the relevance of these questions. As far as I know, Aware was not set up to establish acceptance of homosexuality.
A check on Aware's website confirmed that its mission is to 'identify areas for improvement in gender equality, encourage positive change, and support women in realising their highest potential'.
In view of that, Aware should not lose sight of its original role and function, but should focus on advancing the cause of women as a whole. The agenda of homosexuality should remain separate.
With the current economic situation, I find it strange that reporters have not asked the new office-bearers what they plan to do to help women coping with job losses, especially single mothers struggling to provide for their families. The questions on homosexuality stand out glaringly at the top of the list, as if that was the main role of Aware. Surely women are now struggling with more urgent and pressing issues than society's acceptance of homosexuality.
I also find that the request from some members for an extraordinary general meeting, with the intent of replacing the committee, borders on the ludicrous.
Examining the write-up on these new office-bearers, I found my respect and confidence in them growing. These are women with stellar credentials, highly successful and respected in their fields. These are women who have broken through glass ceilings. Aware should count itself privileged to have such a diverse team of capable leaders. As a woman, I am happy to have them represent my cause.
I understand how the old guard members must feel. Losing is never easy. I hope they realise that their sacrifice of hard work and time has not gone unnoticed. Even so, a democratic process should be respected for what it stands for.
From the reports, it is clear that Mrs Claire Nazar was nominated by the outgoing president, and she in turn nominated about half of the office-bearers. After which everything was left up to the vote of the members. Frankly, I see nothing suspicious in that. Rather than let bruised egos dictate behaviour, I suggest that perhaps graciousness could be a more dignified way to end one's term in office.
Hannah Han (Ms)
http://forums.delphiforums.com/sunkopitiam/messages?msg=27477.1
Being pro-family does not mean one is anti-gay
Being pro-family does not mean one is anti-gay
I REFER to Sunday's article, 'Claire Nazar: Why I quit as Aware president'. In it, questions arose about whether she was anti-gay due to the fact that she was pro-life, pro-family and had written a letter on her concerns regarding same-sex marriages.
Anti-gay accusations, just because one is pro-life and pro-family, are unfair. If one can be easily identified as anti-gay just because of such beliefs, then it should be just as acceptable to come to the following conclusions: that all who believe in marriage are anti-single; that all those passionate about the use of Mandarin are against other languages; and that those who devoutly practise a certain religion are against other religions.
I believe Mrs Nazar's letter to The Straits Times in July 2007 on same-sex marriages was focused on the welfare of the child. The appropriate response for those who do not agree should be to point out the flaws in her concerns, instead of glibly labelling her as 'anti-gay'.
Cecilia Nathen (Ms)
http://forums.delphiforums.com/sunkopitiam/messages?msg=27477.1
I REFER to Sunday's article, 'Claire Nazar: Why I quit as Aware president'. In it, questions arose about whether she was anti-gay due to the fact that she was pro-life, pro-family and had written a letter on her concerns regarding same-sex marriages.
Anti-gay accusations, just because one is pro-life and pro-family, are unfair. If one can be easily identified as anti-gay just because of such beliefs, then it should be just as acceptable to come to the following conclusions: that all who believe in marriage are anti-single; that all those passionate about the use of Mandarin are against other languages; and that those who devoutly practise a certain religion are against other religions.
I believe Mrs Nazar's letter to The Straits Times in July 2007 on same-sex marriages was focused on the welfare of the child. The appropriate response for those who do not agree should be to point out the flaws in her concerns, instead of glibly labelling her as 'anti-gay'.
Cecilia Nathen (Ms)
http://forums.delphiforums.com/sunkopitiam/messages?msg=27477.1
Preventing takeovers: Learn from the PAP
Preventing takeovers: Learn from the PAP
Minister Mentor Lee Kuan Yew, in his book The Singapore Story: Memoirs Of Lee Kuan Yew, wrote about how the PAP had to safeguard itself against any left-wing capture and modelled elections to the PAP central executive committee (CEC) on the system to elect the Pope.
He wrote: 'The amended Constitution established two classes of party membership: ordinary members, who could join either directly through PAP headquarters or through the branches, and cadre members, a select few hundred who would be approved by the central executive committee. Only cadres who had been chosen by the CEC could in turn vote for candidates to the CEC, just as candidates nominated by a Pope could elect another Pope.
'This closed the circuit, and since the CEC controlled the core of the party, the party could not now be captured.'
This is a foolproof way to ensure that an organisation that has been built up over time is not suddenly overwhelmed and taken over by newcomers, albeit democratically.
Peter Teo Boon Haw
http://forums.delphiforums.com/sunkopitiam/messages?msg=27467.1
Yuan trade move 'far reaching'
Apr 21, 2009
Yuan trade move 'far reaching'
By Olivia Chung
HONG KONG - The Chinese government's decision this month to let exporters in a small number of cities settle their overseas trade in yuan rather than in US dollars has far-reaching implications, according to economists, even though the immediate impact is minimal.
The trading hubs of Shanghai at the mouth of the Yangtze River and Guangzhou, Shenzhen, Zhuhai and Dongguan in the Pearl River Delta further south can use the yuan in overseas trade settlement, a State Council, or cabinet, meeting chaired by Premier Wen Jiabao said. The two deltas are the base for most of China's export-oriented industry.
The settlement scheme is voluntary and of benefit to relatively
small groups, said Pauline Loong, senior vice president in charge of China policy and risk research at CIMB-GK Securities (HK) Ltd, but "the implication is far-reaching. The scheme extends the use of the Chinese currency outside of the mainland. We see this as the first step on the road to full liberalization of China's capital account and full convertibility for the renminbi," one term for the Chinese currency, also known as the yuan.
Most international trade is carried out in US dollars. The Chinese scheme is aimed at reducing the risk from exchange-rate fluctuations and giving impetus to declining overseas trade, a statement posted on the Chinese government website said. Further details of related regulations will be released as early as possible, the statement said.
China's exports plunged 25.7% year-on-year in February as overseas consumer demand fell away amid the deepening global financial and economic crisis.
The move to allow international trade settlement in yuan in select cities is in line with the government's gradual approach to currency liberalization, said Jing Ulrich, China equities chairwoman at JP Morgan. Beijing earlier allowed companies in Hong Kong and Macau to use yuan to settle deals with partners in Guangdong and the Yangtze Delta.
A similar yuan settlement trial has been proposed for exporters in the Guangxi Zhuang Autonomous Region and Yunnan province in southwestern China, which would be allowed to use the Chinese currency to settle trade with their counterparts in the 10 countries of the Association of Southeast Asian Nations (ASEAN). Details of the programs haven't yet been disclosed.
Loong said the extension of yuan settlement to five mainland cities was voluntary and of benefit to relatively small groups, citing 1) foreign businesses with a need for Chinese currency, such as importers of Chinese goods who also export to China or who may have operations with yuan outgoings, such as a factory on the mainland; and 2) mainland businesses with enough commercial clout to push their partners to accept a yuan settlement or those with trade partners with a need for the Chinese currency.
Transaction volumes are likely to be modest at the outset, but "that should not worry Beijing too much", said Loong. "The scheme is to test-run convertibility on the capital account while giving a helping hand to importers and exporters. The volume will rise when the Chinese currency gains market acceptance."
China's move to extend use of the yuan comes as concern grows that increased US government spending to halt the financial crisis will reduce the value of the US dollar. That could reduce the amount of money earned by Chinese exporters if the yuan were to strengthen against the US currency. It could also reduce the value of US Treasuries held by the Chinese government.
It is estimated that of China's US$1.95 trillion in foreign exchange reserves at the end of last year, the largest in the world, 70% is invested in US dollar-denominated assets. Increased use of the yuan in international trade could help reduce countries' use of US dollars.
Ulrich said funding of the US government's stimulus plan may lead to a depreciation of the US dollar. "Encouraging China's trading partners to settle in renminbi could help reduce exchange-rate risk and save on transaction costs," she said.
China's central bank governor Zhou Xiaochuan recently said that to reduce the risks associated with the current US dollar-denominated reserve currency system, it may be ideal in the long run to replace the dollar with a new international reserve currency under the mechanism of the International Monetary Fund.
Guangdong province governor Huang Huahua last month said 300 companies in Guangzhou, Shenzhen, Zhuhai and Dongguan will be allowed to use yuan for the yuan settlement program with enterprises in Hong Kong.
Among those looking forward to the scheme is Liang Yufeng, vice general manager of Guangxi Sanhuan Enterprise Group, a leading exporter of ceramic tableware.
Liang said fluctuation of the dollar was a serious problem for the company, which gets about 55% of its sales in Europe and the US. A profit decline of 110 million yuan (US$16 million) last year was largely attributable to exchange rate changes, he said.
The yuan strengthened about 6% against the US dollar last year and has appreciated about 21% since a fixed exchange rate was scrapped in July 2005.
Liang said his company was happy to use the yuan to do business with partners and the scheme could help Sanhuan Enterprise, with employs 6,700 workers, trade with partners in Southeast Asia, where it gets 15% of total sales.
"Since the beginning of last year, the company has tried to find ways to reduce the risk from exchange rate fluctuations," he said. "The most effective is to add clauses to contracts with the permission of trade partners about the trade settlement. For example: the value of a container of goods is 10,000 yuan. In disregarding the change in the exchange rate, the buyers have to pay the same value [10,000 yuan] for the merchandise in US dollars," he said.
He conceded that only larger and long-term clients were willing to accept such a condition. Liang also had doubts whether partners would be willing to pay in yuan once the trial gets underway.
"As the yuan is not freely convertible, our partners will be forced to exchange their own currency into US dollars first before paying yuan in overseas trade settlement, which might be a trouble for them."
Importers, including Simon Shi, former president of the Hong Kong Small and Medium Enterprises Association, also saw difficulties with yuan settlement if China does not relax its foreign-exchange controls.
"Even if I have a personal renminbi account, I cannot withdraw a million yuan and move it between the mainland and Hong Kong," Shi said. "This is because in Hong Kong, we cannot change more than 20,000 yuan in each transaction, and cannot remit more than 80,000 yuan a day."
Frank Song, head of the Center for China Financial Research at the University of Hong Kong, echoed this concern, saying China's foreign-exchange controls could hinder acceptance of the yuan. This meant, for example, that a country couldn't sell yuan to defend its own currency in a balance of payments crisis.
Song saw yuan trading settlement and clearing as a first step in the move towards making the yuan fully convertible into other currencies.
Expanding the use of the yuan globally would be beneficial to China, even if this takes time, Ulrich said.
"Besides, setting up of the basic framework of currency conversion and hedging, foreign companies will need to become confident in using the yuan for settlement," she said.
"Full convertibility is first required for China's currency to truly become international. While it may not replace the dollar in the near future, with continued liberalization, the renminbi may become a regional standard similar to the euro," she said.
http://forums.delphiforums.com/sunkopitiam/messages?msg=27551.1
Yuan trade move 'far reaching'
By Olivia Chung
HONG KONG - The Chinese government's decision this month to let exporters in a small number of cities settle their overseas trade in yuan rather than in US dollars has far-reaching implications, according to economists, even though the immediate impact is minimal.
The trading hubs of Shanghai at the mouth of the Yangtze River and Guangzhou, Shenzhen, Zhuhai and Dongguan in the Pearl River Delta further south can use the yuan in overseas trade settlement, a State Council, or cabinet, meeting chaired by Premier Wen Jiabao said. The two deltas are the base for most of China's export-oriented industry.
The settlement scheme is voluntary and of benefit to relatively
small groups, said Pauline Loong, senior vice president in charge of China policy and risk research at CIMB-GK Securities (HK) Ltd, but "the implication is far-reaching. The scheme extends the use of the Chinese currency outside of the mainland. We see this as the first step on the road to full liberalization of China's capital account and full convertibility for the renminbi," one term for the Chinese currency, also known as the yuan.
Most international trade is carried out in US dollars. The Chinese scheme is aimed at reducing the risk from exchange-rate fluctuations and giving impetus to declining overseas trade, a statement posted on the Chinese government website said. Further details of related regulations will be released as early as possible, the statement said.
China's exports plunged 25.7% year-on-year in February as overseas consumer demand fell away amid the deepening global financial and economic crisis.
The move to allow international trade settlement in yuan in select cities is in line with the government's gradual approach to currency liberalization, said Jing Ulrich, China equities chairwoman at JP Morgan. Beijing earlier allowed companies in Hong Kong and Macau to use yuan to settle deals with partners in Guangdong and the Yangtze Delta.
A similar yuan settlement trial has been proposed for exporters in the Guangxi Zhuang Autonomous Region and Yunnan province in southwestern China, which would be allowed to use the Chinese currency to settle trade with their counterparts in the 10 countries of the Association of Southeast Asian Nations (ASEAN). Details of the programs haven't yet been disclosed.
Loong said the extension of yuan settlement to five mainland cities was voluntary and of benefit to relatively small groups, citing 1) foreign businesses with a need for Chinese currency, such as importers of Chinese goods who also export to China or who may have operations with yuan outgoings, such as a factory on the mainland; and 2) mainland businesses with enough commercial clout to push their partners to accept a yuan settlement or those with trade partners with a need for the Chinese currency.
Transaction volumes are likely to be modest at the outset, but "that should not worry Beijing too much", said Loong. "The scheme is to test-run convertibility on the capital account while giving a helping hand to importers and exporters. The volume will rise when the Chinese currency gains market acceptance."
China's move to extend use of the yuan comes as concern grows that increased US government spending to halt the financial crisis will reduce the value of the US dollar. That could reduce the amount of money earned by Chinese exporters if the yuan were to strengthen against the US currency. It could also reduce the value of US Treasuries held by the Chinese government.
It is estimated that of China's US$1.95 trillion in foreign exchange reserves at the end of last year, the largest in the world, 70% is invested in US dollar-denominated assets. Increased use of the yuan in international trade could help reduce countries' use of US dollars.
Ulrich said funding of the US government's stimulus plan may lead to a depreciation of the US dollar. "Encouraging China's trading partners to settle in renminbi could help reduce exchange-rate risk and save on transaction costs," she said.
China's central bank governor Zhou Xiaochuan recently said that to reduce the risks associated with the current US dollar-denominated reserve currency system, it may be ideal in the long run to replace the dollar with a new international reserve currency under the mechanism of the International Monetary Fund.
Guangdong province governor Huang Huahua last month said 300 companies in Guangzhou, Shenzhen, Zhuhai and Dongguan will be allowed to use yuan for the yuan settlement program with enterprises in Hong Kong.
Among those looking forward to the scheme is Liang Yufeng, vice general manager of Guangxi Sanhuan Enterprise Group, a leading exporter of ceramic tableware.
Liang said fluctuation of the dollar was a serious problem for the company, which gets about 55% of its sales in Europe and the US. A profit decline of 110 million yuan (US$16 million) last year was largely attributable to exchange rate changes, he said.
The yuan strengthened about 6% against the US dollar last year and has appreciated about 21% since a fixed exchange rate was scrapped in July 2005.
Liang said his company was happy to use the yuan to do business with partners and the scheme could help Sanhuan Enterprise, with employs 6,700 workers, trade with partners in Southeast Asia, where it gets 15% of total sales.
"Since the beginning of last year, the company has tried to find ways to reduce the risk from exchange rate fluctuations," he said. "The most effective is to add clauses to contracts with the permission of trade partners about the trade settlement. For example: the value of a container of goods is 10,000 yuan. In disregarding the change in the exchange rate, the buyers have to pay the same value [10,000 yuan] for the merchandise in US dollars," he said.
He conceded that only larger and long-term clients were willing to accept such a condition. Liang also had doubts whether partners would be willing to pay in yuan once the trial gets underway.
"As the yuan is not freely convertible, our partners will be forced to exchange their own currency into US dollars first before paying yuan in overseas trade settlement, which might be a trouble for them."
Importers, including Simon Shi, former president of the Hong Kong Small and Medium Enterprises Association, also saw difficulties with yuan settlement if China does not relax its foreign-exchange controls.
"Even if I have a personal renminbi account, I cannot withdraw a million yuan and move it between the mainland and Hong Kong," Shi said. "This is because in Hong Kong, we cannot change more than 20,000 yuan in each transaction, and cannot remit more than 80,000 yuan a day."
Frank Song, head of the Center for China Financial Research at the University of Hong Kong, echoed this concern, saying China's foreign-exchange controls could hinder acceptance of the yuan. This meant, for example, that a country couldn't sell yuan to defend its own currency in a balance of payments crisis.
Song saw yuan trading settlement and clearing as a first step in the move towards making the yuan fully convertible into other currencies.
Expanding the use of the yuan globally would be beneficial to China, even if this takes time, Ulrich said.
"Besides, setting up of the basic framework of currency conversion and hedging, foreign companies will need to become confident in using the yuan for settlement," she said.
"Full convertibility is first required for China's currency to truly become international. While it may not replace the dollar in the near future, with continued liberalization, the renminbi may become a regional standard similar to the euro," she said.
http://forums.delphiforums.com/sunkopitiam/messages?msg=27551.1
Supporters of AWARE old guards step up internet campaign against new exco
Supporters of AWARE old guards step up internet campaign against new exco
Supporters of AWARE old guards have stepped up their internet campaign to rally for support in a bid to oust the newly elected exco through the coming EGM on 2 May 2009 via a vote of non confidence.
Calling themselves “Save AWARE“, they mince no words in the introductory message on their website here:
“The foundation of AWARE as an inclusive and secular society has been challenged. At the AGM on 28th March 2009, a group of women who were mostly entirely new to AWARE (generally, 2 – 5 months experience) orchestrated a takeover of AWARE to further their own agenda.
We, concerned members of AWARE, are working with former AWARE Committee Members and Founder Members to petition for an EGM to consider a vote of no confidence in the New Exco.”
Considerable efforts and time have been spent in keeping the site as informative as possible with meticulous documentation of AWARE’s vision and mission, its achievements over the last 25 years and testimonies from women who were recipients of its assistance.
While the site is comprehensive in outlining their objectives and in giving a detailed account of what exactly happened, the tone of language used may sound emotional at times.
For example, under the section on “Myths debunked”, the new exco members were alluded to in a less than flattering manner:
“Do we want to be led by ruthless and shadowy persons who cannot speak for themselves, who dishonour and exclude other members, who are evasive and refuse to disclose their plans, aims and visions to the members they lead?”
The main point of contention lies not only in the continued reluctance of the new exco to communicate its plans and goals to its members, but in the disrespectful treatment which it has dished out to veteran members like ex-Presidents Braema Mathi and Constance Singam.
The site leaves no stones unturned in preparing a list of FAQs for visitors who have not been keeping themselves updated on the recent events.
Besides the website, the members have also set up two facegroups and make use of blogs to convey their message across.
The AWARE episode will be watched closely by political observers as it marked the first instance in which online civil activism is mobilized to fight for an offline cause.
http://forums.delphiforums.com/sunkopitiam/messages?msg=27655.1
Supporters of AWARE old guards have stepped up their internet campaign to rally for support in a bid to oust the newly elected exco through the coming EGM on 2 May 2009 via a vote of non confidence.
Calling themselves “Save AWARE“, they mince no words in the introductory message on their website here:
“The foundation of AWARE as an inclusive and secular society has been challenged. At the AGM on 28th March 2009, a group of women who were mostly entirely new to AWARE (generally, 2 – 5 months experience) orchestrated a takeover of AWARE to further their own agenda.
We, concerned members of AWARE, are working with former AWARE Committee Members and Founder Members to petition for an EGM to consider a vote of no confidence in the New Exco.”
Considerable efforts and time have been spent in keeping the site as informative as possible with meticulous documentation of AWARE’s vision and mission, its achievements over the last 25 years and testimonies from women who were recipients of its assistance.
While the site is comprehensive in outlining their objectives and in giving a detailed account of what exactly happened, the tone of language used may sound emotional at times.
For example, under the section on “Myths debunked”, the new exco members were alluded to in a less than flattering manner:
“Do we want to be led by ruthless and shadowy persons who cannot speak for themselves, who dishonour and exclude other members, who are evasive and refuse to disclose their plans, aims and visions to the members they lead?”
The main point of contention lies not only in the continued reluctance of the new exco to communicate its plans and goals to its members, but in the disrespectful treatment which it has dished out to veteran members like ex-Presidents Braema Mathi and Constance Singam.
The site leaves no stones unturned in preparing a list of FAQs for visitors who have not been keeping themselves updated on the recent events.
Besides the website, the members have also set up two facegroups and make use of blogs to convey their message across.
The AWARE episode will be watched closely by political observers as it marked the first instance in which online civil activism is mobilized to fight for an offline cause.
http://forums.delphiforums.com/sunkopitiam/messages?msg=27655.1
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